Common use of On the Transfer Date Clause in Contracts

On the Transfer Date. (a) to the extent that in the Transfer Certificate the Existing Participant seeks to transfer its rights, ownership interests and obligations under the Finance Documents, each of the Company and the Existing Participant shall be released from further obligations towards one another under the Finance Documents and their respective rights and ownership interests against one another under the Finance Documents shall be cancelled (being the Discharged Rights and Obligations); (b) each of the Company and the New Participant shall assume obligations towards one another and/or acquire rights and ownership interests against one another which differ from the Discharged Rights and Obligations only insofar as that Company and the New Participant have assumed and/or acquired the same in place of each released Obligor and the Existing Participant; (c) the Arranger, the Investment Agent, the Security Agent, the New Participant and the other Participants shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New Participant been an Original Participant with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Arranger, the Investment Agent, the Security Agent and the Existing Participant shall each be released from further obligations to each other under the Finance Documents; and (d) the New Participant shall become a Party as a Participant.

On the Transfer Date. (a) to the extent that in the Transfer Certificate the Existing Participant seeks to transfer by novation its rights, ownership interests rights and obligations under the Finance Transaction Documents, each of the Company Obligors and the Existing Participant shall be released from further obligations towards one another under the Finance Transaction Documents and their respective rights and ownership interests against one another under the Finance Transaction Documents shall be cancelled (being the Discharged Rights and Obligations); (b) each of the Company Obligors and the New Participant shall assume obligations towards one another and/or acquire rights and ownership interests against one another which differ from the Discharged Rights and Obligations only insofar as that Company Obligor and the New Participant have assumed and/or acquired the same in place of each released that Obligor and the Existing Participant; (c) the Arranger, the Investment investment Agent, the Security Agent, the New Participant and the other Participants shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New Participant been an Original Participant with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Arranger, the Investment Agent, the Security Agent and the Existing Participant shall each be released from further obligations to each other under the Finance Transaction Documents; and (d) the New Participant shall become a Party as a Participant.