Undertaking and Assumption Sample Clauses
The Undertaking and Assumption clause establishes that one party formally agrees to take on certain responsibilities, obligations, or liabilities specified in the contract. In practice, this clause may require a party to perform specific duties, fulfill contractual promises, or assume risks that would otherwise belong to another party. Its core function is to clearly allocate responsibility and ensure that all parties understand who is accountable for particular actions or liabilities, thereby reducing ambiguity and potential disputes.
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Undertaking and Assumption. As additional consideration, Buyer assumes and will perform all obligations of Seller arising from the terms of the Partnership Agreements included in the Selected Assets, provided however, Buyer’s obligations are limited to performance that arises on and after the Effective Date. Buyer is not authorized to extend or enlarge any obligation but may terminate any of the foregoing if the same can be done without breach and without liability to Seller.
Undertaking and Assumption. To the extent that any Collateral Obligation requires that any transferee of an interest therein must execute an assignment and assumption agreement whereby such transferee assumes all of the obligations of the holder thereof with respect to such Collateral Obligation or portion thereof being transferred, and such an agreement has not already been executed and delivered, the parties hereto intend that this Agreement shall constitute such an assignment and assumption agreement (within the meaning of such Collateral Obligation) with respect to the transfer of such Collateral Obligation to the Issuer and the Issuer may enter into an omnibus assignment and assumption agreement to evidence such assignment and assumption pursuant to this Agreement. The Issuer hereby assumes and undertakes to perform, pay or discharge in accordance with the terms and conditions thereof all obligations of the Seller in its capacity as the holder of each Sold Asset under the related Collateral Obligation, to the extent such obligations are to be performed, paid or discharged after the effectiveness of the transfer of each such Sold Asset and related Collateral Obligation to the Issuer. The Issuer hereby agrees to be bound by the terms, provisions, covenants and conditions in each Collateral Obligation applicable to the holder of each such Sold Asset. The Seller hereby retains and undertakes to perform, pay or discharge in accordance with the terms and conditions under such Collateral Obligation all of the obligations of the holder of the Sold Asset to the extent such obligations arose or accrued prior to the effectiveness of such transfer. The Issuer agrees to execute and deliver all such further assurances as may be reasonably requested by the Seller in order to effect the assumption by the Issuer of the obligations of the Seller under such Collateral Obligation with respect to the Sold Assets as contemplated herein. Except as may otherwise have been agreed to between the parties with respect to any particular Sold Asset, (i) the Seller hereby represents, warrants and agrees that any amounts received by it with respect to any Sold Asset and which accrue from and after the effectiveness of the transfer of such Sold Asset shall be held in trust for the benefit of and shall be promptly remitted to the Issuer upon receipt thereof, and (ii) the Issuer hereby represents, warrants and agrees that any amounts received by it with respect to a Sold Asset which accrue with respect to the per...