An assignment of rights agreement is a written document in which one party, the assignor, assigns to another party all or part of their rights under an existing contract. The most common example of this would be when someone wants to sell their shares of stock in a company.
When you buy shares from someone else (the seller), they agree to transfer them over and give up any control they had on that share. This way, another party can take ownership without going through the trouble of trying to buy the whole company themselves.
Below is a list of common sections included in Assignment Of Rights Agreements. These sections are linked to the below sample agreement for you to explore.
ASSIGNMENT AGREEMENT, dated as of December 1, 2007, between JPM ORGAN D ISTRIBUTION S ERVICES , I NC . (“JPMDS”), a corporation organized under the laws of the State of Delaware having its principal office at 1111 Polaris Parkway, Columbus, Ohio, The Managers Funds (“TMF”), an investment company organized as a Massachusetts business trust, on behalf of its series, the Managers Money Market Fund (the “TMF Fund”) and The Managers Investment Group LLC, ( “TMIG”) a corporation having its principal office at 800 Connecticut Avenue, Norwalk, Connecticut.
WHEREAS, JPMDS and TMF are parties to an Administrative Services Agreement made and entered into as of May 15, 2004 between JPMorgan Chase Bank, N.A. (“JPMCB”) and TMF and assigned by JPMCB to JPMDS effective February 19, 2005 (the “Administrative Services Agreement”);
WHEREAS, TMF wishes to assign, transfer and convey its rights and delegate its obligations under the Administrative Services Agreement to TMIG, and TMIG wishes to succeed to the rights and assume the obligations of TMF under the Administrative Services Agreement; and
WHEREAS, JPMDS is willing to consent to the assignment of TMF’s rights and the delegation of TMF’s obligations under the Administrative Services Agreement to TMIG and the succession to the rights and assumption of the obligations of TMF under the Administrative Services Agreement by TMIG.
NOW, THEREFORE, in consideration of the mutual agreements contained in this Agreement, the parties agree as follows:
Section 1.1 Assignment . TMF does hereby assign, transfer, convey and deliver, irrevocably and unconditionally to TMIG, effective as of November 30, 2007 (the “Effective Date”), all of TMF’s right, title and interest, powers, duties, responsibilities, privileges and remedies of TMF under the Administrative Services Agreement. TMF hereby authorizes TMIG, in the name, place and stead of TMF, to take all action necessary or desirable to enforce the rights assigned hereunder. TMF shall give all notices, make all filings and take such other action as TMIG reasonably requests to perfect and preserve TMIG’s rights acquired hereby.
Section 1.2 Assumption . TMF hereby delegates and TMIG hereby assumes all duties, liabilities and obligations and shall render all performance of TMF under the Administrative Services Agreement and accepts the terms of the Administrative Services Agreement as of and from and after the Effective Date. For the avoidance of doubt, TMIG shall have no liability or obligation whatsoever with respect to any duties, liabilities or obligations of TMF with respect to the Administrative Services Agreement existing or arising out of circumstances occurring prior to the Effective Date.
Section 1.3 Consent to Assignment . JPMDS hereby consents to the assignment of TMF’s rights and the delegation of TMF’s obligations under the Administrative Services Agreement to TMIG and the succession to the rights and assumption of the obligations of TMF under the Administrative Services Agreement by TMIG, effective as of the Effective Date.
In addition, JPMDS hereby releases TMF from any obligations of TMF arising and to be performed under the Administrative Services Agreement on or after the Effective Date. JPMDS agrees not to make any claim against TMF with respect to any obligations of TMF arising and to be performed under the Administrative Services Agreement on or after the Effective Date. JPMDS agrees that TMIG has no liability with respect to any obligations arising or to be performed under the Administrative Services Agreement prior to the Effective Date. JPMDS further agrees that TMIG shall have all rights of TMF with respect to JPMDS’ obligations, duties and performance under the Administrative Services Agreement.
Section 1.4 Representations and Warranties . Each party represents and warrants with respect to itself that:
(a) This Agreement has been duly authorized, executed and delivered and constitutes its legal, valid and binding obligation, enforceable against it in accordance with the terms of this Agreement;
(b) It is duly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization. It has all requisite power and authority to execute and deliver this Agreement and to perform its obligations under this Agreement; and
(c) The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby, and the performance of its obligations hereunder (x) do not and will not conflict with, or result in a violation of or default under, its constitutive documents, and (y) do not and will not conflict with in a material manner, or result in a material violation of or material default under, any other governing instrument applicable to it, or any agreement or other instrument to which it is a party or by which it or any of its properties or assets are bound, or any permit, franchise, judgment, decree, injunction, statute, order, law, rule or regulation applicable to it or its businesses, properties or assets.
Section 1.5 Further Assurances . Each party agrees to execute and deliver any and all such other documents and instruments and take or cause to be taken any and all such other actions as any other party may reasonably request (at the cost of the requesting party) or that are reasonably necessary or appropriate in order to give full effect to the terms of this Agreement.
Section 1.6 Headings . The Section headings in this Agreement are for convenience only and shall not affect the construction of this Agreement.
Section 1.7 Amendments/Waivers . This Agreement may be amended, modified, supplemented or be subject to a waiver only by an agreement in writing signed by each party.
Section 1.8 Counterparts . This Agreement may be executed in any number of counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute the same agreement.
Section 1.9 Governing Law . This Agreement shall be governed by and construed in accordance with the laws of the State of New York.
Section 1.10 Notices . All communications and notices hereunder shall be in writing and, except as otherwise provided, shall be delivered, mailed, cabled or telexed to the following addresses: