Common use of Procedure for novations Clause in Contracts

Procedure for novations. (a) A novation is effected if:- (i) the Existing Bank and the New Bank deliver to the Agent a duly completed Transfer Notice; and (ii) the Agent executes it within ten (10) days after execution by the Existing Bank and the New Bank. (b) Each party hereto (other than the Existing Bank and the New Bank) irrevocably authorises the Agent to execute any duly completed Transfer Notice on its behalf. The Agent shall be entitled (but not obliged) to decline to accept and/or countersign any proposed Transfer Notice which is not in the form set out in Appendix 4; ---------- (c) To the extent that they are expressed to be the subject of the novation in the Transfer Notice:- (i) the Existing Bank and the other parties hereto (the "existing Parties") will be released from their obligations ---------------- to each other (the "discharged obligations"); ---------------------- (ii) the New Bank and the existing Finance Parties will assume obligations towards each other which differ from the discharged obligations only insofar as they are owed to or assumed by the New Bank instead of the Existing Bank; (iii) the rights of the Existing Bank against the existing Finance Parties and vice versa (the "discharged rights") ----------------- will be cancelled; and (iv) the New Bank and the existing parties hereto will acquire rights against each other which differ from the discharged rights only insofar as they are exercisable by or against the New Bank instead of the Existing Bank, all on the date of execution of the Transfer Notice by the Agent or, if later, the date specified in the Transfer Notice.

Procedure for novations. (a) A novation is effected if:- (i) if the Existing Bank and the New Bank deliver to the Agent a duly completed Transfer Notice; and (ii) Novation Certificate in the form of Schedule 5 and the Agent executes it within ten (10) days after execution by the Existing Bank and the New Bankit. (b) Each party hereto Party (other than the Existing Bank and the New Bank) irrevocably authorises the Agent to execute any duly completed Transfer Notice Novation Certificate in the form of Schedule 5 on its behalf. The Agent shall be entitled (but not obliged) to decline to accept and/or countersign any proposed Transfer Notice which is not in the form set out in Appendix 4; ----------. (c) To the extent that they are expressed to be the subject of the novation in the Transfer Notice:-Novation Certificate: (i) the Existing Bank and the other parties hereto Parties (the "existing Parties") will be released from their obligations ---------------- to each other (the "discharged obligations"); ----------------------; (ii) the New Bank and the existing Finance Parties will assume obligations towards each other which differ from the discharged obligations only insofar as they are owed to or assumed by the New Bank instead of the Existing Bank; (iii) the rights of the Existing Bank against the existing Finance Parties and vice versa (the "discharged rights") ----------------- will be cancelled; and (iv) the New Bank and the existing parties hereto Parties will acquire rights against each other which differ from the discharged rights only insofar as they are exercisable by or against the New Bank instead of the Existing Bank, all on the date of execution of the Transfer Notice Novation Certificate by the Agent or, if later, the date specified in the Transfer Notice.Novation Certificate. -------------------------------------------------------------------------------- --------------------------------------------------------------------------------

Procedure for novations. (a) A novation is effected if:-if: (i) the Existing Bank and the New Bank deliver to the Agent a duly completed Transfer Noticecertificate, substantially in the form of Schedule 5 (Form of Novation Certificate) (a Novation Certificate); and (ii) the Agent executes it, provided that the Agent is only obliged to execute a Novation Certificate upon its satisfaction (acting reasonably) with the results of all “know your customer” or other checks relating to the identity of any person that it within ten (10) days after execution by is required to carry out in relation to the Existing Bank and the transfer to such New Bank. (b) Each party hereto Party (other than the Existing Bank and the New Bank) irrevocably authorises the Agent to execute any duly completed Transfer Notice Novation Certificate on its behalf. The Agent shall be entitled (but not obliged) to decline to accept and/or countersign any proposed Transfer Notice which is not in the form set out in Appendix 4; ----------. (c) To the extent that they are expressed to be the subject of the novation in the Transfer Notice:-Novation Certificate: (i) the Existing Bank and the other parties hereto Parties (the "existing Parties") will be released from their obligations ---------------- to each other (the "discharged obligations"); ----------------------; (ii) the New Bank and the existing Finance Parties will assume obligations towards each other which differ from the discharged obligations only insofar as they are owed to or assumed by the New Bank instead of the Existing Bank; (iii) the rights of the Existing Bank against the existing Finance Parties and vice versa (the "discharged rights") ----------------- will be cancelled; and (iv) the New Bank and the existing parties hereto Parties will acquire rights against each other which differ from the discharged rights only insofar as they are exercisable by or against the New Bank instead of the Existing Bank, all on the date of execution of the Transfer Notice Novation Certificate by the Agent or, if later, the date specified in the Novation Certificate (the Transfer NoticeDate).

Procedure for novations. (a) A novation is effected if:-if: (i) the Existing Bank and the New Bank deliver to the Agent a duly completed Transfer Noticecertificate (a "Novation Certificate"), substantially in the form of Part I of Schedule 5, with such amendments as the Agent approves to achieve a substantially similar effect (which may be delivered by fax and confirmed by delivery of a hard copy original but the fax will be effective irrespective of whether confirmation is received); and (ii) the Agent executes it within ten (10) days after execution by which the Existing Bank and the New BankAgent shall promptly do). (b) Each party hereto Party (other than the Existing Bank and the New Bank) irrevocably authorises the Agent to execute any duly completed Transfer Notice Novation Certificate on its behalf. The Agent shall be entitled (but not obliged) to decline to accept and/or countersign any proposed Transfer Notice which is not in the form set out in Appendix 4; ----------. (c) To the extent that they are expressed to be the subject of the novation in the Transfer Notice:-Novation Certificate: (i) the Existing Bank and the other parties hereto Parties (the "existing Parties") will be released from their obligations ---------------- to each other (the "discharged obligations"); ----------------------; (ii) the New Bank and the existing Finance Parties will assume obligations towards each other which differ from the discharged obligations only insofar as they are owed to or assumed by the New Bank instead of the Existing Bank; (iii) the rights of the Existing Bank against the existing Finance Parties and vice versa (the "discharged rights") ----------------- will be cancelled; and (iv) the New Bank and the existing parties hereto Parties will acquire rights against each other which differ from the discharged rights only insofar as they are exercisable by or against the New Bank instead of the Existing Bank, all on the date of execution of the Transfer Notice Novation Certificate by the Agent or, if later, the date specified in the Transfer NoticeNovation Certificate.