Common use of Permitted Assignment by Buyer Clause in Contracts

Permitted Assignment by Buyer. Buyer may, without the consent of Seller, assign its rights under this Agreement to a third party (“Assignee”) upon satisfaction of the following conditions: (i) Assignee shall have executed and delivered to Seller a written instrument executed by an authorized officer of Assignee whereby Assignee expressly and unconditionally assumes and agrees to be bound by all of the obligations of Buyer under this Agreement; (ii) Assignee shall have executed and delivered to Seller a written instrument executed by an authorized officer of Assignee certifying that (a) the unsecured long-term debt of Assignee is at the time of the delivery of such certificate rated Investment Grade; or (b) Assignee is a subsidiary of a parent company (“Parent”) and the unsecured long-term debt of such Parent is at the time of delivery of such certificate rated Investment Grade; and (iii) If Assignee is a subsidiary as described in clause (ii)(b) above, Parent shall have executed and delivered to Seller a written instrument whereby Parent unconditionally guarantees or agrees to perform or cause to be performed all of the obligations of Assignee under this Agreement. Upon satisfaction of the foregoing conditions, the assignment by Buyer of its rights under this Agreement shall be effective to fully release and discharge Buyer from any and all obligations under this Agreement.

Permitted Assignment by Buyer. Buyer may, without the consent of Seller, assign its rights under this Agreement to a third party (“"Assignee”") upon satisfaction of the following conditions: (i) Assignee shall have executed and delivered to Seller a written instrument executed by an authorized officer of Assignee whereby Assignee expressly and unconditionally assumes and agrees to be bound by all of the obligations of Buyer under this Agreement; (ii) Assignee shall have executed and delivered to Seller a written instrument executed by an authorized officer of Assignee certifying that (a) the unsecured long-term debt of Assignee is at the time of the delivery of such certificate rated Investment Grade; or (b) Assignee is a subsidiary of a parent company (“Parent”) and the unsecured long-term debt of such Parent is at the time of delivery of such certificate rated Investment Grade; andterm (iii) If Assignee is a subsidiary as described in clause (ii)(b) above, Parent shall have executed and delivered to Seller a written instrument whereby Parent unconditionally guarantees or agrees to perform or cause to be performed all of the obligations of Assignee under this Agreement. Upon satisfaction of the foregoing conditions, the assignment by Buyer of its rights under this Agreement shall be effective to fully release and discharge Buyer from any and all obligations under this Agreement.