Common use of Right to Assignment Clause in Contracts

Right to Assignment. The Collateral Agent or its assignee or designee may assign any rights and interests it may have as a Substitute Party pursuant to Section 4(d) (Substitute Party) hereof or as a party to a New Assigned Agreement pursuant to Section 4(e) (New Assigned Agreement) hereof to any additional purchaser or transferee, if such purchaser or transferee shall assume all of the obligations of any Assignor under the original Assigned Agreement or the New Assigned Agreement, as applicable; provided that such person is a Permitted Party. Upon such assignment and assumption, the Collateral Agent or its assignee or designee shall be relieved of all its obligations arising under the original Assigned Agreement or the New Assigned Agreement, as applicable. The Consenting Party hereby agrees to be bound by any such assignment and assumption.