Common use of Effects of the Transfer Clause in Contracts

Effects of the Transfer. On the Transfer Date: (a) to the extent that in the Transfer Certificate the Existing GIEK Lender seeks to transfer its rights and obligations under the Finance Documents, the Obligors and the Existing GIEK 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 GIEK 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 GIEK Lender have assumed and/or acquired the same in place of the Obligors and the Existing GIEK Lender; (c) the GIEK Facility Agent, the New GIEK Lender and the other GIEK Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New GIEK Lender been an original GIEK Lender hereunder with the rights and/or obligations acquired or assumed by it as a result of the Transfer and to that extent the GIEK Facility Agent and the Existing GIEK Lender shall each be released from further obligations to each other under the Finance Documents; and (d) the New GIEK Lender shall become a Party as a “GIEK Lender”.

Effects of the Transfer. On the Transfer Date: (a) to the extent that in the Transfer Certificate the Existing GIEK Lender seeks to transfer its rights and obligations under the Finance Documents, the Obligors and the Existing GIEK 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”), but the existing obligations owed by the Obligors under the Finance Documents shall not be released; (b) the Obligors and the New Lender or the New GIEK 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 or the New GIEK Lender have assumed and/or acquired the same in place instead of the Obligors and the Existing GIEK Lender; (c) the GIEK Facility Agent, the New Lender or the New GIEK Lender and the other GIEK Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New Lender or the New GIEK Lender been an original GIEK Lender hereunder with the rights and/or obligations acquired or assumed by it as a result of the Transfer and to that extent the GIEK Facility Agent and the Existing GIEK Lender shall each be released from further obligations to each other under the Finance Documents; and (d) the New Lender or the New GIEK Lender shall become a Party as a “GIEK Lender”.

Effects of the Transfer. On the Transfer Date: (a) to the extent that in the Transfer Certificate the Existing GIEK Lender seeks to transfer its rights and obligations under the Finance Documents, the Obligors and the Existing GIEK 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”), but the existing obligations owed by the Obligors under the Finance Documents shall not be released; (b) the Obligors and the New GIEK 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 GIEK Lender have assumed and/or acquired the same in place instead of the Obligors and the Existing GIEK Lender; (c) the GIEK Facility Agent, the New GIEK Lender and the other GIEK Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New GIEK Lender been an original GIEK Lender hereunder with the rights and/or obligations acquired or assumed by it as a result of the Transfer and to that extent the GIEK Facility Agent and the Existing GIEK Lender shall each be released from further obligations to each other under the Finance Documents; and (d) the New GIEK Lender shall become a Party as a “GIEK Lender”.

Effects of the Transfer. On Always provided compliance with Clause 26.3 (Assignments and Transfer by the Lenders), on the Transfer Date: (a) to the extent that in the Transfer Certificate the Existing GIEK Lender seeks to transfer its rights and obligations under the Finance Documents, the Obligors and the Existing GIEK 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 GIEK 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 GIEK Lender have assumed and/or acquired the same in place of the Obligors and the Existing GIEK Lender; (c) the GIEK Facility Agent, the New GIEK Lender and the other GIEK Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New GIEK Lender been an original GIEK Lender hereunder with the rights and/or obligations acquired or assumed by it as a result of the Transfer and to that extent the GIEK Facility Agent and the Existing GIEK Lender shall each be released from further obligations to each other under the Finance Documents; and (d) the New GIEK Lender shall become a Party as a “GIEK Lender”.