Common use of Loan Assignment Clause in Contracts

Loan Assignment. Subject to the payment of the Purchase Price, the Seller agrees to grant, assign, and transfer (or cause CECEP Lux to grant, assign, and transfer) to the Purchaser, and the Purchaser agrees to assume and accept from the Seller (or CECEP Lux, as the case may be), all of the Seller’s (or CECEP Lux’s) right, title, benefit and interest in and to certain outstanding loan amounts due to the Seller and CECEP Lux from the CECEP Lux Project Companies as of the date of this Agreement (the “Loans”) in connection with the relevant loan agreements between the Seller or CECEP Lux, as applicable, and the CECEP Lux Project Companies, which are identified on Schedule 1.2 attached thereto. The Seller hereby acknowledges and agrees to unconditionally and irrevocably release CECEP Lux, the CECEP Lux Project Companies and Italsolar from any liability or claim, in tort or in contract, that the Seller or any affiliate of Seller might have arising out of the Loans to which it is a party.