Common use of Syndication Procedure Clause in Contracts

Syndication Procedure. The procedure for the assignment and transfer (by way of Vertragsübernahme) shall be as described below. 23.4.1 In this Clause “Transfer Date” in a Transfer Certificate has the following meaning: 23.4.1.1 the Transfer Date which is specified in detail in the Transfer Certificate, or, if later, 23.4.1.2 the date on which the Agent signs the Transfer Certificate. 23.4.2 A transfer is effected if: 23.4.2.1 the transferring Lender and the New Lender furnish the Agent with a duly signed Transfer Certificate; 23.4.2.2 the Agent signs the Transfer Certificate; and 23.4.2.3 the New Lender has acceded to the Agency and Security Pooling Agreement. 23.4.3 Each party, including, but not limited to, the Borrowers, hereby grants the Agent an irrevocable power of attorney for the acceptance of the Transfer Certificate in its name and subject to release from the restrictions imposed by § 181 of the German Civil Code. 23.4.4 On the Transfer Date: 23.4.4.1 The New Lender assumes the rights and obligations of the transferring Lender, which, pursuant to the Transfer Certificate are the subject of the transfer; and 23.4.4.2 the transferring Lender is released from its relevant duties.