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What is an Assignment And Assumption Agreement?
An assignment and assumption agreement transfers one party's rights and obligations to a third party. The party making the assignment is called the assignor, while the third party accepting the assignment is known as the assignee.
The assignor assigns their rights and duties under the contract to the assignee and the assignee accepts, or "assumes," those rights and duties.
The other party to the initial contract must also consent to the transfer of rights and obligations to the assignee. For a valid assignment and assumption agreement, the initial contract must provide for the possibility of assignment by one of the initial contracting parties.
Common Sections in Assignment And Assumption Agreements
Below is a list of common sections included in Assignment And Assumption Agreements. These sections are linked to the below sample agreement for you to explore.
Assignment And Assumption Agreement Sample
ASSIGNMENT AND ASSUMPTION AGREEMENT
This ASSIGNMENT AND ASSUMPTION AGREEMENT is entered into as of October 28, 2011 (this “Agreement”) by and between Nuveen HydePark Group, LLC, a Delaware limited liability company (“Assignor”), and Nuveen Asset Management, LLC, a Delaware limited liability company (“Assignee”).
WHEREAS, Assignee is an affiliate of Assignor; and
WHEREAS, Assignor desires to assign all of its rights, interests and obligations under certain contracts to which it is a party to Assignee as set forth herein, and Assignee wishes to assume such rights, interests and obligations.
NOW, THEREFORE, in consideration of the foregoing recitals and the mutual agreements and covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1. Assignment. Assignor hereby assigns and conveys to Assignee for the benefit of Assignee, its successors and assigns, all of Assignor’s right, title and interest in, to and under the contracts set forth on Annex A attached hereto (the “Assumed Contracts”), together with all rights, privileges and benefits appertaining thereto (collectively with the Assumed Contracts, the “Assigned Rights”).
2. Assumption. Assignee hereby accepts the assignment and conveyance of the Assigned Rights by Assignor pursuant to paragraph 1 above and does hereby assume, and undertake and agree to hereafter pay, perform and discharge in accordance with their terms any and all of the liabilities, obligations and commitments of Assignor relating to the Assigned Rights.
3. Benefit of the Agreement. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Nothing in this Agreement, express or implied, shall confer on any person or entity other than the parties hereto, and their respective successors and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement, including any third party beneficiary rights.
4. Headings. The headings used in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
5. Governing Law. This Agreement shall be governed by and interpreted and construed in accordance with the substantive laws of the State of Delaware without regard to applicable choice of law provisions thereof.
6. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but both of which taken together shall constitute one and the same agreement, it being understood that all of the parties hereto need not sign the same counterpart. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.
[signature page follows]
IN WITNESS WHEREOF, the parties hereto have executed and delivered this Assignment and Assumption Agreement as of the date first above written.
|NUVEEN HYDEPARK GROUP, LLC|
|By:||/s/ Gifford R. Zimmerman|
|Name: Gifford R. Zimmerman|
|Title: Vice President|
|NUVEEN ASSET MANAGEMENT, LLC|
|By:||/s/ Kevin J. McCarthy|
|Name: Kevin J. McCarthy|
|Title: Managing Director|
[Signature Page to Assignment and Assumption Agreement]
|1.||Investment Sub-Advisory Agreement between Assignor and Nuveen Fund Advisors, Inc. (f/k/a Nuveen Asset Management) dated as of November 14, 2007, with respect to Nuveen Multi-Manager Large-Cap Value Fund (f/k/a Nuveen Large-Cap Value Fund), a series of Nuveen Investment Trust.|
|2.||Investment Sub-Advisory Agreement between Assignor and Nuveen Fund Advisors, Inc. (f/k/a Nuveen Asset Management) dated as of October 28, 2010, with respect to NASDAQ Premium Income & Growth Fund Inc.|
Investment Sub-Advisory Agreement between Assignor and Nuveen Fund Advisors, Inc. (f/k/a Nuveen Asset Management) dated as of October 6, 2010, with respect to Dow 30SM Premium & Dividend Income Fund Inc.
Investment Sub-Advisory Agreement between Assignor and Nuveen Fund Advisors, Inc. (f/k/a Nuveen Asset Management) dated as of October 6, 2010, with respect to Dow 30SM Enhanced Premium & Dividend Income Fund Inc.
Security Exchange Commission - Edgar Database, EX-99.D.13 3 d416323dex99d13.htm ASSIGNMENT AND ASSUMPTION AGREEMENT, Viewed October 6, 2021, https://www.sec.gov/Archives/edgar/data/1013881/000119312512439074/d416323dex99d13.htm.
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Meet some of our Assignment And Assumption Agreement Lawyers
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I am an experienced in house counsel and have worked in the pharmaceutical, consumer goods and restaurant industry. I have experience with a variety of agreements, below is a non-exhaustive list of types of agreements I can help with: Supply Agreements Distribution Agreements Manufacture Agreements Service Agreements Employment Agreements Consulting Agreements Commercial and residential lease agreements Non-compete Agreements Confidentiality and Non-Disclosure Agreements Demand Letters Termination notice Notice of breach of contract My experience as in house counsel has exposed me to a wide variety of commercial matters for which I can provide consulting and assistance on. I have advised US, Canadian and International entities on cross-functional matters and have guided them when they are in different countries and jurisdictions as their counterparties. I can provide assistance early on in a business discussion to help guide you and make sure you ask the right questions even before the commercial agreement needs to be negotiated, but if you are ready to put a contract in place I can most definitely help with that too.