Common use of Novation to Associated Firms Clause in Contracts

Novation to Associated Firms. Each Xxxxxx Xxxxxxx Company (the "Transferor") may at any time by delivering to the Client a written substitution notice (“the Substitution Notice”) cause all or any part of its rights, benefits and/or obligations under this Agreement to be transferred to any other Associated Firm (the “Transferee”) provided that (i) where the Client is listed on the Irish Stock Exchange the Associated Firm is regulated as a broker by a regulator recognised by the Irish Stock Exchange and has a specified credit rating (as defined by the listing requirements and procedures for investment funds of the Irish Stock Exchange); or (ii) in any other case, the Associated Firm has a credit standing similar to that of the Transferor or is supported by a guarantee from a company with a similar credit standing to the Transferor. Upon delivery of a Substitution Notice to the Client, to the extent that in the Substitution Notice the Transferor seeks to cause all or any part of its rights and/or obligations hereunder to be novated, the Client and the Transferor will be released from further obligations to each other hereunder in respect of those rights and/or obligations so novated and, to the extent that they have been novated in accordance with this paragraph, their respective rights and obligations against each other will be cancelled, and the Client and the Transferee will acquire the same rights and assume the same obligations between themselves as they would have had, had the Transferee been an original party hereto instead of the Transferor, with the rights and/or the obligations acquired or assumed by it as a result of such novation. The Client hereby irrevocably authorises Xxxxxx Xxxxxxx as its attorney to acknowledge such Substitution Notice on the Client's behalf.