Common use of Right to Designate Clause in Contracts

Right to Designate. Pursuant to section 1401 et seq. of the Code, the Person originally entering into this Agreement as the Purchaser may assign all (but not less than all) of its rights and delegate all (but not less than all) of its obligations under this Agreement to its wholly owned subsidiary Sun Hydraulik Holdings Limited, ▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇, Company number 02537433, or another direct or indirect wholly owned subsidiary of Purchaser, it being understood however that no such assignment and delegation will relieve the Person originally entering into this Agreement as the Purchaser of any of its obligations or duties hereunder and that therefore such Person and its assignee will be jointly and severally liable to the Sellers hereunder. The right under this Section 2.2 may be exercised by the Person originally entering into this agreement as the Purchaser by delivering to the Sellers a written notice at least 5 (five) Business Days prior to the Closing Date.