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 Lender seeks to transfer by novation its rights and obligations under the Security Documents and the Lower Saxony Guarantees each of the Borrower and the Existing Lender shall be released from further obligations towards one another under the Security Documents and the Lower Saxony Guarantees and their respective rights against one another shall be cancelled (being the “Discharged Rights and Obligations”);