Common use of ASSIGNMENTS AND TRANSFERS BY BANKS Clause in Contracts

ASSIGNMENTS AND TRANSFERS BY BANKS. Subject to Clause 29.8 (Conditions of assignment or transfer) and obtaining the prior written consent of the Borrower (such consent not to be unreasonably withheld or delayed), any Bank may, at any time, assign all or any of its rights and benefits under the Finance Documents or transfer in accordance with Clause 29.7 (Transfers by Banks) all or any of its rights, benefits and obligations under the Finance Documents to a bank or financial institution or to a trust fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets, provided that: 29.5.1 the Borrower’s consent is not required if such assignment or transfer is: (a) to any subsidiary, holding company or Affiliate of such Bank; or (b) to any other Bank; 29.5.2 no assignment shall be effective until the performance by the Agent of all “know your customer” or other checks relating to any person that it is required to carry out in relation to such assignment to a new Bank has been completed. The Agent shall promptly notify the Banks and the new Bank of the completion of such “know your customer” checks; and 29.5.3 the Agent shall only be obliged to execute a Transfer Certificate delivered to it by any Bank and a Transferee once it is satisfied it has complied with all necessary “know your customer” or similar other checks under all applicable laws and regulations in relation to the transfer to such Transferee.

ASSIGNMENTS AND TRANSFERS BY BANKS. Subject to Clause 29.8 29.6 (Conditions of assignment or transfer) and obtaining the prior written consent of the Borrower (such consent not to be unreasonably withheld or delayed), any Bank may, at any time, assign all or any of its rights and benefits under the Finance Documents or transfer in accordance with Clause 29.7 29.5 (Transfers by Banks) all or any of its rights, benefits and obligations under the Finance Documents to a bank or financial institution or to a trust fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets, provided that: 29.5.1 29.3.1 the Borrower’s consent is not required if such assignment or transfer is: (a) to any subsidiary, holding company or Affiliate of such Bank; or (b) to any other Bank; 29.5.2 29.3.2 no assignment shall be effective until the performance by the Agent of all “know your customer” or other checks relating to any person that it is required to carry out in relation to such assignment to a new Bank has been completed. The Agent shall promptly notify the Banks and the new Bank of the completion of such “know your customer” checks; and 29.5.3 29.3.3 the Agent shall only be obliged to execute a Transfer Certificate delivered to it by any Bank and a Transferee once it is satisfied it has complied with all necessary “know your customer” or similar other checks under all applicable laws and regulations in relation to the transfer to such Transferee.