Common use of Acceptance of Assignment and Assumption Clause in Contracts

Acceptance of Assignment and Assumption. Upon the execution of an assignment agreement pursuant to this Section 12, the assigning Lender shall give prompt notice thereof to the Borrowers and the Agent. Within five Banking Days after receipt of notice, the Borrowers, at their own expense, shall execute and deliver to the assigning Lender, in exchange for each surrendered Note, (i) a new Note to the order of such Assignee in a principal amount equal to the amount of the Loans evidenced by the surrendered Note which has been assumed by such Assignee pursuant to such assignment agreement and (ii) a new Note to the order of the assigning Lender in a principal amount equal to the amount of the Loan evidenced by the surrendered Note which has been retained by such assigning Lender. Such new Notes shall be in an aggregate principal amount equal to the aggregate principal amount of the surrendered Notes, and shall be dated the date of the surrendered Notes which they replace.

Acceptance of Assignment and Assumption. Upon the execution of an assignment agreement pursuant to this Section 1211, the assigning Lender shall give prompt notice thereof to the Borrowers Borrower and the Agent. Within five Banking Days after receipt of notice, the BorrowersBorrower, at their its own expense, shall execute and deliver to the assigning Lender, in exchange for each surrendered Note, (i) a new Note to the order of such Assignee in a principal amount equal to the amount of the Loans evidenced by the surrendered Note which has been assumed by such Assignee pursuant to such assignment agreement and (ii) a new Note to the order of the assigning Lender in a principal amount equal to the amount of the Loan evidenced by the surrendered Note which has been retained by such assigning Lender. Such new Notes shall be in an aggregate principal aggregat▇ ▇▇▇▇cipal amount equal to the aggregate principal amount of the surrendered Notes, and shall be dated the date of the surrendered Notes which they replace.