Effects of the Transfer. On the Transfer Date: (a) to the extent that in the Transfer Certificate the Existing Lender seeks to transfer its rights and obligations under the Finance Documents, the Obligors and the Existing Lender shall be released from further obligations to one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (the “Discharged Rights and Obligations”); (b) the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as the Obligors and the New Lender have assumed and/or acquired the same in place of the Obligors and the Existing Lender; (c) the Agent, the New Lender and the other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New Lender been an original Lender hereunder with the rights and/or obligations acquired or assumed by it as a result of the Transfer and to that extent the Agent and the Existing Lender shall each be released from further obligations to each other under the Finance Documents; and (d) the New Lender shall become a Party as a “Lender”.
Appears in 7 contracts
Samples: Senior Secured Credit Facility Agreement, Senior Secured Credit Facility Agreement, Senior Secured Credit Facility Agreement (Seadrill Partners LLC)
Effects of the Transfer. On the Transfer Date:
(a) to the extent that in the Transfer Certificate the Existing Lender seeks to transfer its rights and obligations under the Finance Documents, the Obligors Borrower and the Existing Lender shall be released from further obligations to one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (the “Discharged Rights and Obligations”);
(b) the Obligors Borrower and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as the Obligors Borrower and the New Lender have assumed and/or acquired the same in place of the Obligors Borrower and the Existing Lender;
(c) the Agent, the Arranger, the New Lender and the other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New Lender been an original Lender hereunder with the rights and/or obligations acquired or assumed by it as a result of the Transfer and to that extent the Agent Agent, the Arranger and the Existing Lender shall each be released from further obligations to each other under the Finance Documents; and
(d) the New Lender shall become a Party as a “Lender”.
Appears in 3 contracts
Samples: Multi Currency Revolving Credit Facility Agreement (Gulfmark Offshore Inc), Long Term Facility Agreement (General Geophysics Co), Term Loan Agreement (Helix Energy Solutions Group Inc)
Effects of the Transfer. On the Transfer Date:
(a) to the extent that in the Transfer Certificate the Existing Lender seeks to transfer its rights and obligations under the Finance Documents, the Obligors Borrower and the Existing Lender shall be released from further obligations to one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (the “"Discharged Rights and Obligations”");
(b) the Obligors Borrower and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as the Obligors Borrower and the New Lender have assumed and/or acquired the same in place of the Obligors Borrower and the Existing Lender;
(c) the Agent, the Arranger, the New Lender and the other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New Lender been an original Lender hereunder with the rights and/or obligations acquired or assumed by it as a result of the Transfer and to that extent the Agent Agent, the Arranger and the Existing Lender shall each be released from further obligations to each other under the Finance Documents; and
(d) the New Lender shall become a Party as a “"Lender”".
Appears in 1 contract
Samples: Multi Currency Revolving Credit Facility Agreement (Gulfmark Offshore Inc)
Effects of the Transfer. On the Transfer Date:
(a) to the extent that in the Transfer Certificate the Existing Lender seeks to transfer its rights and obligations under the Finance Documents, each of the Obligors and the Existing Lender shall be released from further obligations to one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (the “"Discharged Rights and Obligations”");
(b) each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as the Obligors that Obligor and the New Lender have assumed and/or acquired the same in place of the Obligors that Obligor and the Existing Lender;
(c) the Agent, the Arrangers, the New Lender and the other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New Lender been an original Lender hereunder with the rights and/or obligations acquired or assumed by it as a result of the Transfer and to that extent the Agent Agent, the Arrangers and the Existing Lender shall each be released from further obligations to each other under the Finance Documents; and
(d) the New Lender shall become a Party as a “"Lender”".
Appears in 1 contract
Samples: Term Loan Facility (Flex LNG Ltd.)
Effects of the Transfer. On the Transfer Date:
(a) to the extent that in the Transfer Certificate the Existing Lender seeks to transfer its rights and obligations under the Finance Documents, the Obligors Borrower and the Existing Lender shall be released from further obligations to one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (the “Discharged Rights and Obligations”);
(b) the Obligors Borrower and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as the Obligors Borrower and the New Lender have assumed and/or acquired the same in place of the Obligors Borrower and the Existing Lender;
(c) the Agent, the New Lender and the other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New Lender been an original Lender hereunder with the rights and/or obligations acquired or assumed by it as a result of the Transfer and to that extent the Agent and the Existing Lender shall each be released from further obligations to each other under the Finance Documents; and
(d) the New Lender shall become a Party as a “Lender”.
Appears in 1 contract
Effects of the Transfer. On the Transfer Date:
(a) to the extent that in the Transfer Certificate the Existing Lender seeks to transfer its rights and obligations under the Finance Documents, the Obligors Borrower and the Existing Lender shall be released from further obligations to one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (the “"Discharged Rights and Obligations”");,
(b) the Obligors Borrower and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as the Obligors Borrower and the New Lender have assumed and/or acquired the same in place of the Obligors Borrower and the Existing Lender;,
(c) the Agent, the Arranger, the New Lender and the other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New Lender been an original Lender hereunder with the rights and/or obligations acquired or assumed by it as a result of the Transfer and to that extent the Agent Agent, the Arranger and the Existing Lender shall each be released from further obligations to each other under the Finance Documents; , and
(d) the New Lender shall become a Party as a “"Lender”."
Appears in 1 contract
Samples: Revolving Credit Facility Agreement (Nordic American Tanker Shipping LTD)
Effects of the Transfer. On the Transfer Date:
(a) to the extent that in the Transfer Certificate the Existing Lender seeks to transfer its rights and obligations under the Finance Documents, the Obligors Borrower and the Existing Lender shall be released from further obligations to one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (the “Discharged Rights and Obligations”);
(b) the Obligors Borrower and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as the Obligors Borrower and the New Lender have assumed and/or acquired the same in place of the Obligors Borrower and the Existing Lender;
(c) the Agent, the Arranger, the New Lender and the other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New Lender been an original Lender hereunder with the rights and/or obligations acquired or assumed by it as a result of the Transfer and to that extent the Agent Agent, the Arranger and the Existing Lender shall each be released from further obligations to each other under the Finance Documents; and
(d) the New Lender shall become a Party as a “Lender”.
Appears in 1 contract
Samples: Senior Secured Revolving Credit Facility Agreement (Gulfmark Offshore Inc)