Common use of Transfer by novation Clause in Contracts

Transfer by novation. On the Syndication Date (whether or not a Default is continuing) each Existing Lender shall transfer by novation all or part of its Commitment, rights and obligations under the Finance Documents to a New Lender, so that: (a) each New Lender will become a Lender under the Amended Agreement with a Revolving Facility Commitment and/or a Swingline Commitment as set out in the relevant columns opposite its name in Part I, Part II or Part III of Schedule 2 (The Lenders); (b) each Existing Lender's Revolving Facility Commitment and/or Swingline Commitment shall be reduced to the respective amount set out in the relevant columns opposite its name in Part I, Part II or Part III of Schedule 2 (The Lenders); (c) each New Lender will become a Lender under the Amended Agreement with a participation in each Loan as notified to it by the Facility Agent pursuant to paragraphs (a) and (d) of Clause 4.6 (Lenders participations); and (d) each Existing Lender's participation in each Loan shall be as notified to it by the Facility Agent pursuant to paragraphs (a) and (d) of Clause 4.6 (Lenders participations).

Transfer by novation. On the Syndication Date (whether or not a Default is continuing) each Existing Lender shall transfer by novation all or part of its Commitment, rights and obligations under the Finance Documents to a New Lender, so that: (a) each New Lender will become a Lender under the Amended Facilities Agreement with a Revolving Facility A Commitment and/or and a Swingline Facility B Commitment as set out in the relevant columns opposite its name in Part I, Part II or Part III of Schedule 2 (The Lenders); (b) each Existing Lender's Revolving ’s Facility A Commitment and/or Swingline and Facility B Commitment shall be reduced to the respective amount set out in the relevant columns opposite its name in Part I, Part II or Part III of Schedule 2 (The Lenders); (c) each New Lender will become a Lender under the Amended Facilities Agreement with a participation in each Loan as notified to it by the Facility Agent pursuant to paragraphs (a) and (dc) of Clause 4.6 (Lenders participations); and (d) each Existing Lender's ’s participation in each Loan shall be as notified to it by the Facility Agent pursuant to paragraphs (a) and (dc) of Clause 4.6 (Lenders participations).