Common use of BUSINESS STRUCTURE AND ASSIGNMENTS Clause in Contracts

BUSINESS STRUCTURE AND ASSIGNMENTS. Nothing in this Article, however, prevents the creation of a security interest in the Network Nodes as described in the Texas Business & Commerce Code. In the case of such an enforcement of that security interest by the holder of the security interest, as an assignee, Licensee shall immediately furnish to the City proof of the assignment and the name, telephone number, and address of the assignee and a clear contractual obligation that the assignee shall and does assume all the liabilities and responsibilities of Licensee under this Agreement, including responsibilities for any unpaid past due payments, and current and future payments that may be due the City. Such assignment does not release Licensee of its obligations and payments due or to be due the City, unless there is an express written release agreed to by the City.