Common use of Assignment by Payor Clause in Contracts

Assignment by Payor. Payor may assign any legal or equitable interest in this Agreement, the Lands, the Leases or any portion or portions thereof; PROVIDED THAT, in the event that Payor assigns all or any portion of its interest as aforesaid, Payor will cause its assignees to assume and be bound by all of the terms and provisions of this Agreement insofar as the same relate to the interest so assigned AND PROVIDED FURTHER HOWEVER, Payor shall remain liable therefor until, the assignee assumes such obligations, Payor provides the Royalty Owner a notice of assignment executed by Payor and its assignee, with respect to such obligations and Payor pays the Royalty Owner all outstanding amounts plus accrued interest (if any) due and owing as at the date of receipt of the notice of the assignment.