Common use of Transferability and Assignability Clause in Contracts

Transferability and Assignability. This Note and all rights hereunder are transferable, in whole or in part, by surrendering such Note to the Maker duly endorsed for transfer or accompanied by a duly executed instrument of transfer naming the new Payee, together with written instructions for the issuance of one or more new Notes specifying the respective principal amounts of each new Note and the name of each new Payee therefor. Upon such transfer and, if required, any payments, the Maker shall execute and deliver a new Note in the name of the transferee, as applicable, and in the denomination or denominations as specified, and if applicable shall issue to the transferer a new Note evidencing the portion of this Note not so transferred, and this Note shall promptly be cancelled. In lieu of the foregoing procedures, Payee may assign a Note to a new party by sending written notice to the Maker of such assignment specifying the new Payee; in such case, the Maker shall promptly acknowledge such assignment in writing to both the old and new Payee.

Transferability and Assignability. This Note and all rights hereunder are transferable, in whole or in part, by surrendering such Note to the Maker duly endorsed for transfer or accompanied by a duly executed instrument of transfer naming the new Payee, together with written instructions for the issuance of one or more new Notes specifying the respective principal amounts of each new Note and the name of each new Payee therefor. Upon such transfer and, if required, any payments, the Maker shall execute and deliver a new Note in the name of the transferee, as applicable, and in the denomination or denominations as specified, and if applicable shall issue to the transferer a new Note evidencing the portion of this Note not so transferred, and this Note shall promptly be cancelled. In lieu of the foregoing procedures, Payee may assign a this Note to a new party by sending written notice to the Maker of such assignment specifying the new Payee; in such case, the Maker shall promptly acknowledge such assignment in writing to both the old and new Payee.