Common use of Transfer Certificates Clause in Contracts

Transfer Certificates. If a Creditor Party wishes to transfer any of its rights and obligations under or pursuant to this Agreement, it may do so by delivering to the Agent a duly completed Transfer Certificate, in which event on the Transfer Date: 16.4.1 to the extent that that Creditor Party seeks to transfer its rights and obligations, the Borrowers (on the one hand) and that Creditor Party (on the other) shall be released from all further obligations towards the other; 16.4.2 the Borrowers (on the one hand) and the transferee (on the other) shall assume obligations towards the other identical to those released pursuant to Clause 16.4.1; and 16.4.3 the Creditor Parties and the transferee shall have the same rights and obligations between themselves as they would have had if the transferee had been an original party to this Agreement as a Lender PROVIDED THAT the Agent shall only be obliged to execute a Transfer Certificate once: 16.4.4 it is satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the transfer to the transferee; and 16.4.5 the transferee (if it is not another branch, subsidiary, holding company or other subsidiary of the holding company of the Transferor) has paid to the Agent for its own account a transfer fee of two thousand Dollars ($2,000). The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate, send to the Borrowers a copy of that Transfer Certificate.

Appears in 1 contract

Sources: Loan Agreement (Danaos Corp)

Transfer Certificates. If a Creditor Party Lender wishes to transfer any of its rights and obligations under or pursuant to this Agreement, it may do so by delivering to the Agent a duly completed Transfer Certificate, in which event on the Transfer Date: 16.4.1 14.5.1 to the extent that that Creditor Party Lender seeks to transfer its rights and obligations, the Borrowers (on the one hand) and that Creditor Party Lender (on the other) shall be released from all further obligations towards the other; 16.4.2 14.5.2 the Borrowers (on the one hand) and the transferee (on the other) shall assume obligations towards the other identical to those released pursuant to Clause 16.4.114.5.1; and 16.4.3 14.5.3 the Creditor Parties Agent, each of the Lenders and the transferee shall have the same rights and obligations between themselves as they would have had if the transferee had been an original party to this Agreement as a Lender PROVIDED THAT Provided that the Agent shall only be obliged to execute a Transfer Certificate once: 16.4.4 (a) it is satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the transfer to the transferee; and 16.4.5 (b) the transferee (if it is not another branch, subsidiary, holding company or other subsidiary of the holding company of the Transferor) has paid to the Agent for its own account a transfer fee of two five thousand Dollars ($2,0005,000). The Agent is hereby authorised to sign any Transfer Certificate on behalf of each Finance Party and the Borrowers and shall, as soon as reasonably practicable after it has executed a Transfer Certificate, send to the Borrowers a copy of that Transfer Certificate.

Appears in 1 contract

Sources: Secured Credit Facility (Teekay Offshore Partners L.P.)

Transfer Certificates. If a Creditor Party Lender wishes to transfer any of its rights and obligations under or pursuant to this Agreement, it may do so by delivering to the Agent a duly completed Transfer Certificate, in which event on the Transfer Date: 16.4.1 14.5.1 to the extent that that Creditor Party Lender seeks to transfer its rights and obligations, the Borrowers Borrower (on the one hand) and that Creditor Party Lender (on the other) shall be released from all further obligations towards the other; 16.4.2 14.5.2 the Borrowers Borrower (on the one hand) and the transferee (on the other) shall assume obligations towards the other identical to those released pursuant to Clause 16.4.114.5.1; and 16.4.3 14.5.3 the Creditor Parties Agent, each of the Lenders and the transferee shall have the same rights and obligations between themselves as they would have had if the transferee had been an original party to this Agreement as a Lender PROVIDED THAT the Agent shall only be obliged to execute a Transfer Certificate once: 16.4.4 (a) it is satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the transfer to the transferee; and 16.4.5 (b) the transferee (if it is not another branch, subsidiary, holding company or other subsidiary of the holding company of the Transferor) has paid to the Agent for its own account a transfer fee of two five thousand Dollars ($2,0005,000). The Agent is hereby authorised to sign any Transfer Certificate on behalf of each Finance Party and the Borrower and shall, as soon as reasonably practicable after it has executed a Transfer Certificate, send to the Borrowers Borrower a copy of that Transfer Certificate.

Appears in 1 contract

Sources: Secured Credit Facility (Teekay Offshore Partners L.P.)