Common use of Essential Term Clause in Contracts

Essential Term. TRANSFER (a) Neither the interests nor the obligations of any party in or under this Agreement (including any Transaction) are capable of being assigned or transferred (whether at law, in equity or otherwise), charged or the subject of any trust (other than the Trust or the trusts created pursuant to the Credit Support Documents in relation to Party B) or other fiduciary obligation. Any action by a party which purports to do any of these things is void. (b) Nothing in this Section 7: (i) restricts a transfer by a party after the other parties have agreed to the variation of this Agreement in accordance with Part 5(20) to the extent necessary to permit such transfer; (ii) restricts a novation of the interests and obligations of a party in or under this Agreement (including any Transaction) for the purposes of giving effect to a transfer under Section 6(b)(ii); (iii) restricts a transfer by a party of all or any part of its interest in any amount payable to it from a Defaulting Party under Section 6(e); (iv) restricts a transfer by Party B or the Trust Manager to a substitute Trustee or substitute Trust Manager, respectively, in accordance with the Master Trust Deed; (v) restricts Party B from granting security over a Transaction or this Agreement pursuant to any Credit Support Document in relation to Party B; or (vi) limits Parts 5(6)(b)(ii), 5(22), 5(23), 5(24) or 5(25). (c) Each party acknowledges that the other party enters into this Agreement and each Transaction on the basis that this Section 7 must be strictly observed and is essential to the terms of this Agreement (including each Transaction)."

Essential Term. TRANSFER (a) Neither the interests nor the obligations of any either party in or under this Agreement (including any Transaction) are capable of being assigned or transferred (whether at law, in equity or otherwise), charged or the subject of any trust (other than the Trust relevant Sub-Fund or the trusts trust and charge created pursuant to the Credit Support Documents Document in relation to Party B) or other fiduciary obligation. Any action by a party which purports to do any of these things is void. (b) Nothing in this Section 7: (i) restricts a transfer by a party after the other parties have agreed to the variation of this Agreement in accordance with Part 5(20) to the extent necessary to permit such transfer; (ii) restricts a novation of the interests and obligations of a party in or under this Agreement (including any Transaction) including, but not limited to, for the purposes of giving effect to a transfer under Section [6(b)(ii)], Part [5(4)(b)(ii)], Part [5(21)(b) or Part 5(27)]; (iii) restricts a transfer by a party of all or any part of its interest in any amount payable to it from a Defaulting Party under Section [6(e)]; (iv) restricts a transfer by Party B or the Trust Manager to a substitute new Trustee or substitute Trust new Manager, respectively, in accordance with the Master Trust Deed or Management Deed;; or (v) restricts Party B from granting security over a Transaction or this Agreement pursuant to any the Credit Support Document in relation to Party B; or (vi) limits Parts 5(6)(b)(ii), 5(22), 5(23), 5(24) or 5(25).B. (c) Each party acknowledges that the other party enters into this Agreement and each Transaction on the basis that this Section 7 [7] must be strictly observed and is essential to the terms of this Agreement (including each Transaction)."

Essential Term. TRANSFER (a) Neither the interests nor the obligations of any party in or under this Agreement (including any Transaction) are capable of being assigned or transferred (whether at law, in equity or otherwise), charged or the subject of any trust (other than the Series Trust or the trusts created pursuant to the Credit Support Documents Document in relation to Party B) or other fiduciary obligation. Any action by a party which purports to do any of these things is void. (b) Nothing in this Section 7: (i) restricts a transfer by a party after the other parties have agreed to the variation of this Agreement in accordance with Part 5(20) to the extent necessary to permit such transfer; (ii) restricts a novation of the interests and obligations of a party in or under this Agreement (including any Transaction) for the purposes of giving effect to a transfer under Section 6(b)(ii); (iii) restricts a transfer by a party of all or any part of its interest in any amount payable to it from a Defaulting Party under Section 6(e); (iv) restricts a transfer by Party B or the Trust Manager to a substitute Substitute Trustee or substitute Trust Substitute Manager, respectively, in accordance with the Master Trust Deed; (v) restricts Party B from granting security over a Transaction or this Agreement pursuant to any Credit Support Document in relation to Party B; or (vi) limits Parts 5(6)(b)(ii), 5(22), 5(23), 5(24) or 5(25). (c) Each party acknowledges that the other party enters into this Agreement and each Transaction on the basis that this Section 7 must be strictly observed and is essential to the terms of this Agreement (including each Transaction)."

Essential Term. TRANSFER (a) Neither the interests nor the obligations of any party in or under this Agreement (including any Transaction) are capable of being assigned or transferred (whether at law, in equity or otherwise), charged or the subject of any trust (other than the Series Trust or the trusts created pursuant to the Credit Support Documents Document in relation to Party B) or other fiduciary obligation. Any action by a party which purports to do any of these things is void. (b) Nothing in this Section 7: (i) restricts a transfer by a party after the other parties have agreed to the variation of this Agreement in accordance with Part 5(20) to the extent necessary to permit such transfer; (ii) restricts a novation of the interests and obligations of a party in or under this Agreement (including any Transaction) for the purposes of giving effect to a transfer under Section 6(b)(ii); (iii) restricts a transfer by a party of all or any part of its interest in any amount payable to it from a Defaulting Party under Section 6(e); (iv) restricts a transfer by Party B or the Trust Manager to a substitute Substitute Trustee or substitute Trust Substitute Manager, respectively, in accordance with the Master Trust Deed; (v) restricts Party B from granting security over a Transaction or this Agreement pursuant to any Credit Support Document in relation to Party B; or (vi) limits Parts 5(6)(b)(ii), 5(22), 5(23), 5(24) or 5(255(24). (c) Each party acknowledges that the other party enters into this Agreement and each Transaction on the basis that this Section 7 must be strictly observed and is essential to the terms of this Agreement (including each Transaction)."