Common use of Assignments and transfers by the Lender Clause in Contracts

Assignments and transfers by the Lender. (a) Subject to this Clause 18, a Lender (the “Existing Lender”) may: (i) assign any of its rights; or (ii) transfer by novation any of its rights and obligations, under the Finance Documents to any 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 or to any other person (the “New Lender”). (b) The consent of the Borrower shall be required for any assignment or transfer pursuant to paragraph (a) above, in each case, unless the relevant assignment or transfer is (i) to an Affiliate of the Lender or (ii) made at a time when an Event of Default is occurring. The consent of the Borrower to a transfer or assignment must not be unreasonably withheld or delayed. The Borrower will be deemed to have given its consent five (5) Business Days after the Existing Lender has requested it unless consent is expressly refused by the Borrower within that time. (c) An assignment will be effective only on receipt by the Existing Lender of written confirmation from the New Lender that the New Lender will assume the same obligations as it would have been under if it was the Existing Lender. (d) A transfer will be effective only if the procedure set out in Clause 18.3 (Procedure for transfer) is complied with.