Non-Recourse Assignment Clause Samples
A Non-Recourse Assignment clause specifies that when a party assigns its rights or interests under an agreement to another party, the assignor is not liable for any future obligations or liabilities arising from those rights after the assignment. In practice, this means that if the assignee fails to perform or if issues arise post-assignment, the original party who made the assignment cannot be held responsible. This clause is commonly used in financial transactions or asset transfers to limit the assignor’s ongoing risk, ensuring that once the assignment is complete, their involvement and liability end, thereby providing certainty and risk allocation for both parties.
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Non-Recourse Assignment. For good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Aero does hereby sell, transfer, assign, and deliver to TigerAir, without recourse to Aero, all of Aero's right, title and interest in, to and under (i) that certain sublease, dated as of October 20, 1994, by and between Aero, as sublessee, and Eagle, as sub-lessor (the "Sublease"), and (ii) that certain option agreement, dated as of October 20, 1994, by and between Aero and Eagle (the "Option Agreement"), pursuant to which, among other things, Eagle granted Aero an option to purchase and acquire, from Eagle, Eagle's leasehold interest at the Houston Hobby Airport in Houston, Texas (the "Airport"), together with all of Eagle's rights, title and interest in and to the Operational Assets (as defined in the Option Agreement) used in the fixed based operations previously managed by Eagle, and currently managed by Aero, at the Airport (the "Houston FBO").
Non-Recourse Assignment. Subject to the terms and conditions of the Fleet Assignment Agreement, each of the Assignors (as defined in the Fleet Assignment Agreement) has assigned to ▇▇▇▇▇ Fargo such Assignor's Assigned Interest (as defined in the Fleet Assignment Agreement) in, among other things, the Existing Credit Agreement. So that each of the Lenders will hold interests in the Revolving Loans made on the Effective Date in accordance with their respective Commitment Percentages, each of ▇▇▇▇▇ Fargo and the Existing Lenders party hereto (collectively, the "Fleet Assignors") shall, effective as of the Effective Date, be deemed to have irrevocably sold, assigned and transferred to each other Lender, and each other Lender shall be deemed to have irrevocably purchased, taken and assumed from the Fleet Assignors, an interest (each a "Transferred Interest") in the Fleet Assignors' Assigned Interests (as defined in the Fleet Assignment Agreement) in the amount, if any, necessary so that after giving effect to such sales, assignments and transfers each of the Lenders will hold interests in the Revolving Loans made on the Effective Date in accordance with their respective Commitment Percentages. No Fleet Assignor shall have any duties or obligations whatsoever with respect to, and shall have no further interest in, the Transferred Interest from and after the Effective Date. Further, each assignment by a Fleet Assignor to a Lender of a Transferred Interest is "as is" and without recourse to such Fleet Assignor.
Non-Recourse Assignment. Assignee acknowledges that it has made an independent investigation and assessment of the Receivables and Related Rights. Assignee further acknowledges that the assignment of the Receivables and Related Rights to Assignee is being made without representation or warranty, express or implied as to their quality, character, amount, collectability, or anything else (other than as expressly stated in this Assignment), and that Assignee shall have no claim or recourse against Assignor based upon any such matter.