Common use of Assignment and Sub Participation Clause in Contracts

Assignment and Sub Participation. 14.1 Lenders’ rights Notwithstanding the provisions of Clause 10.12 (Sinosure Insurance Proceeds) a Lender may, without notice to or the consent of the Borrower or the Guarantor or any Charterer, assign any of its rights under this Agreement or transfer by novation any of its rights and obligations under this Agreement to any third party, to any other branch of that Lender or to any other bank or financial institution or (for the purpose of a securitisation of that Lender’s rights or obligations under the Finance Documents or a similar transaction of broadly equivalent economic effect) to any special purpose vehicle, and may grant sub-participations in all or any part of its Commitment.