Common use of Transfer by the Lender Clause in Contracts

Transfer by the Lender. (a) The Lender (the "Existing Lender") may, with the consent of the Borrower, at any time assign or transfer any of its rights and/or obligations under this Agreement to another bank or financial institution (the "New Lender"). (b) The Borrower hereby acknowledges that any New Lender shall assume the rights and/or obligations of the Existing Lender under this Agreement and shall have the right to claim payment from the Borrower with respect to any payment in respect thereof made by the New Lender to the Existing Lender. (c) Nothing in this Agreement restricts the ability of the Existing Lender to sub-contract an obligation if the Existing Lender remains liable under this Agreement for that obligation.