Bank Assignment Clause Samples
The Bank Assignment clause designates the rights and obligations under a contract to a specific bank, often for the purpose of securing financing or facilitating payment arrangements. In practice, this clause allows a party to transfer its receivables or other contractual benefits to a bank, which may then collect payments directly from the counterparty. This mechanism is commonly used in trade finance or project finance to provide assurance to lenders and streamline the flow of funds. Its core function is to enable the assignment of contractual interests to a bank, thereby supporting financial transactions and mitigating credit risk for the assigning party.
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Bank Assignment. The Bank Assignment shall have been duly executed and delivered by the parties thereto effecting the transfers of the Existing Term Loans contemplated thereby.
Bank Assignment. (a) At any time from the Interim Term Commencement Date until the Bank Commitment Expiration Date, in the event that on an Acceptance Date, the Initial Lender does not make a Loan requested by the Owner Trustee, then at any time, the Lessee (on behalf of the Owner Trustee) shall have the right to require the Initial Lender to assign its interest in the Loans, the Notes and all of its right, title, interest and obligations under the Operative Agreements in whole to the Bank Lenders pursuant to this Section 8.1(a). In addition, at any time on or prior to the Bank Commitment Expiration Date, if the Initial Lender elects to give notice to the Owner Trustee that it desires to assign its interest in the Loans, the Notes and all of its right, title, interest and obligations under the Operative Agreements to the Bank Lenders, the Owner Trustee hereby requests and directs, and the Lessee hereby agrees to such request and direction, that the Initial Lender assign its interest in the Loans, the Notes and all of its right, title, interest and obligations under the Operative Agreements in whole to the Bank Lenders and the Owner Trustee hereby agrees to pay the amounts described in Section 8.2(b) below (with funds provided by the Lessee as Supplemental Rent). An assignment by either the Initial Lender or Bank Lender of an interest in the Loans, the Notes and the related rights under the Operative Agreements is referred to herein as a "Bank Assignment," and the effective date of any such Bank Assignment is referred to herein as the "Effective Date." Upon any such election by the Initial Lender or any such request by the Owner Trustee, the Initial Lender may effect a Bank Assignment and the Bank Lenders shall accept such Bank Assignment without setoff, counterclaim or defenses of any kind and shall assume all of the Initial Lender's obligations with respect to the Loans, the Notes and all of the Initial Lender's right, title, interest and obligations under the Operative Agreements. Notwithstanding the foregoing, no Bank Lender shall be obligated to effectuate a Bank Assignment unless the Agent shall have certified in writing to such Bank Lender that the Net Receivables Balance equals or exceeds the Net Investment on the related Effective Date. In connection with any Bank Assignment by the Initial Lender, each Bank Lender shall, on the related Effective Date, pay to the Initial Lender the amount specified in Section 8.2(a) below. Upon any assignment by the Initial Lender t...
Bank Assignment. In the event Bank or the holder of the Note shall sell and assign the Loan (or any portion of the Loan or a participation interest in the Loan) to any bank or other entity, subject to the presentation of the written assignment, Guarantor will accord full recognition thereto and agree that all rights and remedies of Bank or such holder hereunder shall be enforceable against any Guarantor by such bank or other entity with the same force and effect and to the same extent as would have been enforceable by Bank or such holder but for such assignment. In connection therewith Bank may disclose to any proposed assignee, participant or transferee, without notice to Guarantor, all financial and other materials, documents and information now or hereafter in the Bank’s possession relating to Guarantor, Borrower or the Project.
Bank Assignment. 24 (z) Assigned Contracts; Consents..................... 24 (aa) Insurance Advisor's Report....................... 24 (bb) Engineer's Report................................ 24 (cc) Notes............................................ 25 (dd) Fees............................................. 25 (ee) Pro Forma Financial Statements................... 25 (ff) Debt Service Letter of Credit.................... 25 (gg) Power Purchase Agreement Amendment............... 25 (hh) Power Purchaser Notice........................... 25 (ii) Borrowing Request................................ 25 (jj) Payment of Interest and Fees..................... 26 (kk) Additional Matters............................... 26 4.2 Conditions to Additional Term Loans................... 26 (a) No Default....................................... 26 (b) No Event of Loss................................. 26
Bank Assignment. Bank may assign its rights and obligations in and to this Agreement and the Related Documents to another lender having the financial ability to perform Bank's obligations. Any such assignment by Bank shall be deemed to have been made pursuant to this Agreement and not to be a modification hereof, and the disbursements made by any such assignee hereunder shall be evidenced and secured by the Deed of Trust.