Common use of ASSIGNMENT OF LENDER'S INTEREST Clause in Contracts

ASSIGNMENT OF LENDER'S INTEREST. Lender shall have the right to assign the Loan and all or any portion of its rights in or pursuant to this Agreement or any of the other Loan Documents to any subsequent holder or holders of the Note or the Obligations that assumes Lender's obligations hereunder and is a bank, pension fund, insurance company, or other institutional investor. The consent of Borrower shall not be required prior to any such assignment's becoming effective. Borrower shall be directly obligated to each assignee with respect to the Obligations assigned to such assignee and shall have no rights of setoff or other remedies against the assignee as a consequence of Lender's acts or omissions under this Agreement prior to such assignment. Upon the consummation of any assignment to an assignee pursuant to this Section 9.8, Lender and Borrower shall, if Lender or its assignee desires that the assignment be evidenced in part by a new promissory note, make appropriate arrangements for a new promissory note or, as appropriate, a replacement promissory note to be issued to Lender and for a new promissory note or, as appropriate, a replacement promissory note, to be issued to the assignee, in each case in principal amounts reflecting their respective rights to payment.