Common use of Assignment; Participations Clause in Contracts

Assignment; Participations. (a) Secured Party and/or any Lender may assign its interest in any or all of the Obligations and may transfer therewith any or all of the Collateral therefor in accordance with the provisions of the Credit Agreement and the transferee shall have the same rights with respect thereto as had the transferor, whether the Secured Party or a Lender, as the case may be. Upon such transfer, Secured Party or a Lender, as the case may be, shall be released from all responsibility for the Collateral so transferred. (b) Any Lender may from time to time sell or otherwise grant participations in any of the Obligations in accordance with the provisions of the Credit Agreement and the holder of any such participation shall, subject to the terms of any agreement between such Lender and such holder, be entitled to the same benefits with respect to any Collateral for the Obligations in which such holder is a participant as such Lender. Obligor agrees that each such holder may exercise any and all rights of banker's lien, set-off and counterclaim with respect to its participation in the Obligations as fully as though Obligor were directly indebted to such holder in the amount of such participation.