Common use of On the Transfer Date Clause in Contracts

On the Transfer Date. (a) the Transfer shall take effect under the Finance Documents so that the rights and/or obligations which are the subject of the Transfer shall be ceded and delegated by the Existing Lender to the New Lender (being the Transferred Rights and Obligations);

On the Transfer Date. (a) to the extent that in the Transfer shall take effect Certificate the Lender seeks to transfer by novation its rights and obligations under the Finance Documents so that the rights and/or obligations which are Borrower and the subject of the Transfer Lender shall be ceded released from further obligations towards one another under the Finance Documents and delegated by their respective rights against one another under the Existing Lender to the New Lender Finance Documents shall be cancelled (being the Transferred “Discharged Rights and Obligations”);