Common use of Procedure for assignment Clause in Contracts

Procedure for assignment. (a) Subject to the conditions set out in this Clause 24 an assignment may be effected in accordance with paragraph (b) below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement. LD857960/50 (b) On the Transfer Date: (i) the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents expressed to be the subject of the assignment in the Assignment Agreement; (ii) the Existing Lender will be released from the obligations (the "Relevant Obligations") expressed to be the subject of the release in the Assignment Agreement; and (iii) the New Lender shall become a Party as a "Lender" and will be bound by obligations equivalent to the Relevant Obligations. (c) Lenders may utilise procedures other than those set out in this Clause 24 to assign their rights under the Finance Documents provided that they comply with the conditions set out in Clause 24.2.

Appears in 2 contracts

Sources: Multicurrency Term and Revolving Facilities Agreement (Xstrata PLC), Multicurrency Term and Revolving Facilities Agreement (Xstrata PLC)

Procedure for assignment. (a) Subject to the conditions set out in this Clause 24 an assignment may be effected in accordance with paragraph (b) below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement. LD857960/50LD943539/9 (b) On the Transfer Date: (i) the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents expressed to be the subject of the assignment in the Assignment Agreement; (ii) the Existing Lender will be released from the obligations (the "Relevant Obligations") expressed to be the subject of the release in the Assignment Agreement; and (iii) the New Lender shall become a Party as a "Lender" and will be bound by obligations equivalent to the Relevant Obligations. (c) Lenders may utilise procedures other than those set out in this Clause 24 to assign their rights under the Finance Documents provided that they comply with the conditions set out in Clause 24.2.

Appears in 2 contracts

Sources: Multicurrency Term and Revolving Facilities Agreement (Xstrata PLC), Multicurrency Term and Revolving Facilities Agreement (Xstrata PLC)

Procedure for assignment. (a) Subject to the conditions set out in this Clause 24 25.2 (Conditions of assignment or transfer) an assignment may be effected in accordance with paragraph (bc) below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement. LD857960/50. (b) The Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender upon its completion of all “know your customer” or other checks relating to any person that it is required to carry out in relation to the assignment to such New Lender. (c) On the Transfer Date: (i) the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents expressed to be the subject of the assignment in the Assignment AgreementDocuments; (ii) the Existing Lender will be released from the obligations (the "Relevant Obligations") expressed to be the subject of the release in the Assignment Agreement; and (iii) the New Lender shall become a Party as a "Lender" and will be bound by obligations equivalent to the Relevant Obligations. (cd) Lenders may utilise procedures other than those set out in this Clause 24 25.6 to assign their rights under the Finance Documents provided that they comply with the conditions set out in Clause 24.225.2 (Conditions of assignment or transfer).

Appears in 2 contracts

Sources: Acquisition Facilities Agreement (Cemex Sa De Cv), Acquisition Facilities Agreement (Cemex Sab De Cv)

Procedure for assignment. (a) Subject to the conditions set out in this Clause 24 25.2 (Conditions of assignment or transfer) an assignment may be effected in accordance with paragraph (bc) below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement. LD857960/50. (b) The Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender upon its completion of all "know your customer" or other checks relating to any person that it is required to carry out in relation to the assignment to such New Lender. (c) On the Transfer Date: (i) the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents expressed to be the subject of the assignment in the Assignment AgreementDocuments; (ii) the Existing Lender will be released from the obligations (the "Relevant Obligations") expressed to be the subject of the release in the Assignment Agreement; and (iii) the New Lender shall become a Party as a "Lender" and will be bound by obligations equivalent to the Relevant Obligations. (cd) Lenders may utilise procedures other than those set out in this Clause 24 25.6 to assign their rights under the Finance Documents provided that they comply with the conditions set out in Clause 24.225.2 (Conditions of assignment or transfer).

Appears in 1 contract

Sources: Acquisition Facilities Agreement (Cemex Sa De Cv)

Procedure for assignment. (a) Subject to the conditions set out in this Clause 24 24.2 (Conditions of assignment or transfer), an assignment may be effected in accordance with paragraph (b) below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, as soon as reasonably practicable after receipt by it of Lender execute a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement. LD857960/50. (b) On the Transfer Date: (i) the Existing Lender will assign absolutely to the New Lender its the rights under the Finance Documents expressed to be the subject of the assignment in the Assignment Agreement; (ii) the Existing Lender will be released by each Obligor from the obligations owed by it (the "Relevant Obligations") and expressed to be the subject of the release in the Assignment Agreement; and (iii) the New Lender shall become a Party as a "the “Lender" and will be bound by obligations equivalent to the Relevant Obligations. (c) Lenders The Lender may utilise procedures other than those set out in this Clause 24 24.5 to assign their rights under the Finance Documents provided that they comply with the conditions Documents. (d) The procedure set out in this Clause 24.224.5 shall not apply to any right or obligation under any Finance Document (other than this Agreement) if and to the extent its terms, or any laws or regulations applicable thereto, provide for or require a different means of assignment of such right or release or assumption of such obligation or prohibit or restrict any assignment of such right or release or assumption of such obligation, unless such prohibition or restriction shall not be applicable to the relevant assignment, release or assumption or each condition of any applicable restriction shall have been satisfied.

Appears in 1 contract

Sources: Facility Agreement (Cheng Zheng)

Procedure for assignment. (a) Subject to the conditions set out in this Clause 24 an assignment may be effected in accordance with paragraph (b) below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, as soon as reasonably practicable after receipt by it of a duly completed Assignment LD857960/38 Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement. LD857960/50. (b) On the Transfer Date: (i) the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents expressed to be the subject of the assignment in the Assignment Agreement; (ii) the Existing Lender will be released from the obligations (the "Relevant Obligations") expressed to be the subject of the release in the Assignment Agreement; and (iii) the New Lender shall become a Party as a "Lender" and will be bound by obligations equivalent to the Relevant Obligations. (c) Lenders may utilise procedures other than those set out in this Clause 24 to assign their rights under the Finance Documents provided that they comply with the conditions set out in Clause 24.2.

Appears in 1 contract

Sources: Multicurrency Term and Revolving Facilities Agreement (Xstrata PLC)

Procedure for assignment. (a) Subject to the conditions set out in this Clause 24 27, an assignment may be effected in accordance with paragraph (b) below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement. LD857960/50. (b) On the Transfer Date: (i) the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents expressed to be the subject of the assignment in the Assignment Agreement; (ii) the Existing Lender will be released from the obligations (the "Relevant Obligations") expressed to be the subject of the release in the Assignment Agreement; and (iii) the New Lender shall become a Party as a "Lender" and will be bound by obligations equivalent to the Relevant Obligations. (c) Lenders may utilise procedures other than those set out in this Clause 24 27 to assign their rights under the Finance Documents provided that they comply with the conditions set out in Clause 24.227.2.

Appears in 1 contract

Sources: Facility Agreement (Rio Tinto PLC)

Procedure for assignment. (a) Subject to the conditions set out in this Clause 24 24.2 (Conditions of assignment or transfer) an assignment may be effected in accordance with paragraph (bc) below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement. LD857960/50. (b) The Facility Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender upon its completion of all “know your customer” or other checks relating to any person that it is required to carry out in relation to the assignment to such New Lender. (c) On the Transfer Date: (i) the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents expressed to be the subject of the assignment in the Assignment AgreementDocuments; (ii) the Existing Lender will be released from the obligations (the "Relevant Obligations") expressed to be the subject of the release in the Assignment Agreement; and (iii) the New Lender shall become a Party as a "Lender" and will be bound by obligations equivalent to the Relevant Obligations. (cd) Lenders may utilise procedures other than those set out in this Clause 24 24.6 to assign their rights under the Finance Documents provided that they comply with the conditions set out in Clause 24.224.2 (Conditions of assignment or transfer).

Appears in 1 contract

Sources: Facilities Agreement (Cemex Sab De Cv)

Procedure for assignment. (a) Subject to the conditions set out in this Clause 24 26.2 (Conditions of Transfers), an assignment by an Existing Lender of its rights under any Finance Document to a New Lender may be effected in accordance with paragraph (bc) below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the that Existing Lender and the that New Lender. The Facility Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement. LD857960/50. (b) On the Transfer Date: (i) the The Agent shall only be obliged to execute an Assignment Agreement delivered to it by an Existing Lender will assign absolutely and a New Lender once it is satisfied it has complied with all necessary "know your customer" or similar checks under all applicable laws and regulations in relation to the assignment to such New Lender its rights under the Finance Documents expressed to be (the subject of the assignment in the such Assignment Agreement; (ii) the Existing Lender will be released from the obligations (the "Relevant Obligations") expressed to be the subject of the release in the Assignment Agreement; and (iii) the , if any New Lender shall become is not a Party as a "Lender" and will be bound by obligations equivalent to FATCA Exempt Party, the Relevant ObligationsAgent has provided its approval of such assignment. (c) Lenders may utilise procedures other than those set out in this Clause 24 On the Transfer Date relating to assign their any assignment by an Existing Lender of its rights under the any Finance Documents provided that they comply with the conditions set out in Clause 24.2.Document to a New Lender:

Appears in 1 contract

Sources: Facilities Agreement (New Frontier Health Corp)