Procedure for novations. (a) A novation is effected if the Existing Bank and the New Bank deliver to the Agent a duly completed certificate, substantially in the form of Part 1 of Schedule 5 (a Novation Certificate) and the Agent executes it. (b) Each Party (other than the Existing Bank and the New Bank) irrevocably authorises the Agent to execute any duly completed Novation Certificate on its behalf. (c) To the extent that they are expressed to be the subject of the novation in the Novation Certificate: (i) the Existing Bank and the other Parties (the existing Parties) will be released from their obligations to each other (the discharged obligations); (ii) the New Bank and the existing Parties will assume obligations towards each other which differ from the discharged obligations only insofar as they are owed to or assumed by the New Bank instead of the Existing Bank; (iii) the rights of the Existing Bank against the existing Parties and vice versa (the discharged rights) will be cancelled; and (iv) the New Bank and the existing Parties will acquire rights against each other which differ from the discharged rights only insofar as they are exercisable by or against the New Bank instead of the Existing Bank, all on the date of execution of the Novation Certificate by the Agent or, if later, the date specified in the Novation Certificate.
Appears in 2 contracts
Samples: Revolving Credit Facility (Spirent PLC), Credit Agreement (Spirent PLC)
Procedure for novations. (a) A novation is effected if if:
(i) the Existing Bank and the New Bank deliver to the Agent a duly completed certificate, substantially in the form of Part 1 Schedule 4 (Form of Schedule 5 Novation Certificate) (a Novation Certificate); and
(ii) and the Agent executes it.
(b) Each Party (other than the Existing Bank and the New Bank) irrevocably authorises authorizes the Agent to execute any duly completed Novation Certificate on its behalf.
(c) To the extent that they are expressed to be the subject of the novation in the Novation Certificate:
(i) the Existing Bank and the other Parties (the existing Parties) will be released from their obligations to each other (the discharged obligations);
(ii) the New Bank and the existing Parties will assume obligations towards each other which differ from the discharged obligations only insofar as they are owed to or assumed by the New Bank instead of the Existing Bank;
(iii) the rights of the Existing Bank against the existing Parties and vice versa (the discharged rights) will be cancelled; and
(iv) the New Bank and the existing Parties will acquire rights against each other which differ from the discharged rights only insofar as they are exercisable by or against the New Bank instead of the Existing Bank, all on the date of execution of the Novation Certificate by the Agent or, if later, the date specified in the Novation Certificate.
Appears in 2 contracts
Samples: Credit Agreement (Adecco Sa), Credit Agreement (Adecco Sa)
Procedure for novations. (a) A novation is effected if if:
(i) the Existing Bank and the New Bank deliver to the Agent a duly completed certificate, substantially in the form of Part 1 I of Schedule 5 (a Novation Certificate"NOVATION CERTIFICATE"); and
(ii) and the Agent executes it.
(b) Each Party (other than the Existing Bank and the New Bank) irrevocably authorises the Agent to execute any duly completed Novation Certificate on its behalf.
(c) To the extent that they are expressed to be the subject of the novation in the Novation Certificate:
(i) the Existing Bank and the other Parties (the existing Parties"EXISTING PARTIES") will be released from their obligations to each other (the discharged obligations"DISCHARGED OBLIGATIONS");
(ii) the New Bank and the existing Parties will assume obligations towards each other which differ from the discharged obligations only insofar as they are owed to or assumed by the New Bank instead of the Existing Bank;
(iii) the rights of the Existing Bank against the existing Parties and vice versa (the discharged rights"DISCHARGED RIGHTS") will be cancelled; and
(iv) the New Bank and the existing Parties will acquire rights against each other which differ from the discharged rights only insofar as they are exercisable by or against the New Bank instead of the Existing Bank, all on the date of execution of the Novation Certificate by the Agent or, if later, the date specified in the Novation Certificate.
Appears in 2 contracts
Samples: Credit Facility Agreement (Rexam Acquisition Subsidiary Inc), Multicurrency Revolving Credit Facility (Ti Group PLC)
Procedure for novations. (a) A novation is effected if if:-
(i) the Existing Bank and the New Bank deliver to the Facility Agent a duly completed certificate, substantially in the form of Part 1 of Schedule 5 (a Novation Certificate"NOVATION CERTIFICATE"); and
(ii) and the Facility Agent executes it.
(b) Each Party (other than the Existing Bank and the New Bank) irrevocably authorises the Facility Agent to execute any duly completed Novation Certificate on its behalf.
(c) To the extent that they are expressed to be the subject of the novation in the Novation Certificate:Certificate:-
(i) the Existing Bank and the other Parties (the existing Parties"EXISTING PARTIES") will be released from their obligations to each other (the discharged obligations"DISCHARGED OBLIGATIONS");
(ii) the New Bank and the existing Parties will assume obligations towards each other which differ from the discharged obligations only insofar as they are owed to or assumed by the New Bank instead of the Existing Bank;
(iii) the rights of the Existing Bank against the existing Parties and vice versa (the discharged rights"DISCHARGED RIGHTS") will be cancelled; and
(iv) the New Bank and the existing Parties will acquire rights against each other which differ from the discharged rights only insofar as they are exercisable by or against the New Bank instead of the Existing Bank, all on the date of execution of the Novation Certificate by the Facility Agent or, if later, the date specified in the Novation Certificate.
Appears in 2 contracts
Samples: Credit Facility (Azurix Corp), Credit Facility Agreement (Azurix Corp)
Procedure for novations. (a) A novation is effected if if:-
(i) the Existing Bank and the New Bank deliver to the Agent a duly completed certificate, substantially in the form of Part 1 I of Schedule 5 (a "Novation Certificate"); and (ii) and the Agent executes it.
(b) Each Party (other than the Existing Bank and the New Bank) irrevocably authorises the Agent to execute any duly completed Novation Certificate on its behalf.
(c) To the extent that they are expressed to be the subject of the novation in the Novation Certificate:Certificate:-
(i) the Existing Bank and the other Parties (the "existing Parties") will be released from their obligations to each other (the "discharged obligations");
; (ii) the New Bank and the existing Parties will assume obligations towards each other which differ from the discharged obligations only insofar as they are owed to or assumed by the New Bank instead of the Existing Bank;
; (iii) the iii)the rights of the Existing Bank against the existing Parties and vice versa (the "discharged rights") will be cancelled; and
(iv) the New Bank and the existing Parties will acquire rights against each other which differ from the discharged rights only insofar as they are exercisable by or against the New Bank instead of the Existing Bank, all on the date of execution of the Novation Certificate by the Agent or, if later, the date specified in the Novation Certificate.
Appears in 2 contracts
Samples: Credit Facility Agreement (Entergy London Capital Lp), Credit Facility Agreement (System Energy Resources Inc)
Procedure for novations. (aA) A novation is effected if if:-
(i) the Existing Bank and the New Bank deliver to the Agent a duly completed certificate, substantially in the form of Part 1 I of Schedule 5 (a “Novation Certificate”); and
(ii) and the Agent executes it.
(bB) Each Party (other than the Existing Bank and the New Bank) irrevocably authorises the Agent to execute any duly completed Novation Certificate on its behalf.
(cC) To the extent that they are expressed to be the subject of the novation in the Novation Certificate:Certificate:-
(i) the Existing Bank and the other Parties (the “existing Parties”) will be released from their obligations to each other (the “discharged obligations”);
(ii) the New Bank and the existing Parties will assume obligations towards each other which differ from the discharged obligations only insofar as they are owed to or assumed by the New Bank instead of the Existing Bank;
(iii) the rights of the Existing Bank against the existing Parties and vice versa (the “discharged rights”) will be cancelled; and
(iv) the New Bank and the existing Parties will acquire rights against each other which differ from the discharged rights only insofar as they are exercisable by or against the New Bank instead of the Existing Bank, all on the date of execution of the Novation Certificate by the Agent or, if later, the date specified in the Novation Certificate.
Appears in 1 contract
Samples: Facility Agreement (Tomkins PLC)
Procedure for novations. (a) A novation is effected if if:
(i) the Existing Bank and the New Bank deliver to the Facility Agent a duly completed certificate, substantially in the form of Part 1 of Schedule 5 4 (a "Novation Certificate"); and
(ii) and the Facility Agent executes it.
(b) Each Party (other than the Existing Bank and the New Bank) irrevocably authorises the Facility Agent to execute any duly completed Novation Certificate on its behalf.
(c) To the extent that they are expressed to be the subject of the novation in the Novation Certificate:
(i) the Existing Bank and the other Parties (the "existing Parties") will be released from their obligations to each other (the "discharged obligations");
(ii) the New Bank and the existing Parties will assume obligations towards each other which differ from the discharged obligations only insofar as they are owed to or assumed by the New Bank instead of the Existing Bank;
(iii) the rights of the Existing Bank against the existing Parties and vice versa (the "discharged rights") will be cancelled; and
(iv) the New Bank and the existing Parties will acquire rights against each other which differ from the discharged rights only insofar as they are exercisable by or against the New Bank instead of the Existing Bank, all on the date of execution of the Novation Certificate by the Facility Agent or, if later, the date specified in the Novation Certificate.
Appears in 1 contract
Samples: Multicurrency Revolving Credit Facility (Securitas Ab)
Procedure for novations. (a) A novation is effected if the Existing Bank and the New Bank deliver to the Agent a duly completed certificate, substantially Novation Certificate in the form of Part 1 of Schedule 5 (a Novation Certificate) and the Agent executes it.
(b) Each Party (other than the Existing Bank and the New Bank) irrevocably authorises the Agent to execute any duly completed Novation Certificate in the form of Schedule 5 on its behalf.
(c) To the extent that they are expressed to be the subject of the novation in the Novation Certificate:
(i) the Existing Bank and the other Parties (the "existing Parties") will be released from their obligations to each other (the "discharged obligations");
(ii) the New Bank and the existing Parties will assume obligations towards each other which differ from the discharged obligations only insofar as they are owed to or assumed by the New Bank instead of the Existing Bank;
(iii) the rights of the Existing Bank against the existing Parties and vice versa (the "discharged rights") will be cancelled; and
(iv) the New Bank and the existing Parties will acquire rights against each other which differ from the discharged rights only insofar as they are exercisable by or against the New Bank instead of the Existing Bank, all on the date of execution of the Novation Certificate by the Agent or, if later, the date specified in the Novation Certificate.. -------------------------------------------------------------------------------- --------------------------------------------------------------------------------
Appears in 1 contract
Samples: Multicurrency Revolving Credit Facility (Scottish Power PLC)
Procedure for novations. (a) A novation is effected if if:
(i) the Existing Bank and the New Bank deliver to the Agent a duly completed certificate, substantially in the form of Part 1 of Schedule 5 (a Novation Certificate"NOVATION CERTIFICATE"); and
(ii) and the Agent executes it.
(b) Each Party (other than the Existing Bank and the New Bank) irrevocably authorises the Agent to execute any duly completed Novation Certificate on its behalf.
(c) To the extent that they are expressed to be the subject of the novation in the Novation Certificate:
(i) the Existing Bank and the other Parties (the existing Parties"EXISTING PARTIES") will be released from their obligations to each other (the discharged obligations"DISCHARGED OBLIGATIONS");
(ii) the New Bank and the existing Parties will assume obligations towards each other which differ from the discharged obligations only insofar as they are owed to or assumed by the New Bank instead of the Existing Bank;
(iii) the rights of the Existing Bank against the existing Parties and vice versa (the discharged rights"DISCHARGED RIGHTS") will be cancelled; and
(iv) the New Bank and the existing Parties will acquire rights against each other which differ from the discharged rights only insofar as they are exercisable by or against the New Bank instead of the Existing Bank, all on the date of execution of the Novation Certificate by the Agent or, if later, the date specified in the Novation Certificate.
Appears in 1 contract
Procedure for novations. (a) A novation is effected if the Existing Bank and the New Bank deliver to the Agent a duly completed certificate, substantially in the form of Part 1 I of Schedule 5 (a “Novation Certificate”) and the Agent executes it.
(b) Each Party (other than the Existing Bank and the New Bank) irrevocably authorises the Agent to execute any duly completed Novation Certificate on its behalf.
(c) To the extent that they are expressed to be the subject of the novation in the Novation Certificate:
(i) the Existing Bank and the other Parties (the “existing Parties”) will be released from their obligations to each other (the “discharged obligations”);
(ii) the New Bank and the existing Parties will assume obligations towards each other which differ from the discharged obligations only insofar as they are owed to or assumed by the New Bank instead of the Existing Bank;
(iii) the rights of the Existing Bank against the existing Parties and vice versa (the “discharged rights”) will be cancelled; and
(iv) the New Bank and the existing Parties will acquire rights against each other which differ from the discharged rights only insofar as they are exercisable by or against the New Bank instead of the Existing Bank, all on the date of execution of the Novation Certificate by the Agent or, if later, the date specified in the Novation Certificate.
Appears in 1 contract
Samples: Facility Agreement (Spirent PLC)
Procedure for novations. (a) A novation is effected if if:
(i) the Existing Bank and the New Bank deliver to the Agent a duly completed certificate, substantially in the form of Part 1 I of Schedule 5 6 (a "Novation Certificate"); and
(ii) and the Agent executes it.
(b) Each Party (other than the Existing Bank and the New Bank) irrevocably authorises the Agent to execute any duly completed Novation Certificate on its behalf.
(c) To the extent that they are expressed to be the subject of the novation in the Novation Certificate:
(i) the Existing Bank and the other Parties (the "existing Parties") will be released from their obligations to each other (the "discharged obligations");
(ii) the New Bank and the existing Parties will assume obligations towards each other which differ from the discharged obligations only insofar as they are owed to or assumed by the New Bank instead of the Existing Bank;
(iii) the rights of the Existing Bank against the existing Parties and vice versa (the "discharged rights") will be cancelled; and
(iv) the New Bank and the existing Parties will acquire rights against each other which differ from the discharged rights only insofar as they are exercisable by or against the New Bank instead of the Existing Bank, all on the date of execution of the Novation Certificate by the Agent or, if later, the date specified in the Novation Certificate.
Appears in 1 contract
Procedure for novations. (a) A novation is effected if if:
(i) the Existing Bank and the New Bank deliver to the Agent a duly completed certificate, substantially in the form of Part 1 Schedule 4 (Form of Schedule 5 (a Novation Certificate) and (a "Novation Certificate"); and
(ii) the Agent executes it.
(b) Each Party (other than the Existing Bank and the New Bank) irrevocably authorises authorizes the Agent to execute any duly completed Novation Certificate on its behalf.
(c) To the extent that they are expressed to be the subject of the novation in the Novation Certificate:
(i) the Existing Bank and the other Parties (the "existing Parties") will be released from their obligations to each other (the "discharged obligations");
(ii) the New Bank and the existing Parties will assume obligations towards each other which differ from the discharged obligations only insofar as they are owed to or assumed by the New Bank instead of the Existing Bank;
(iii) the rights of the Existing Bank against the existing Parties and vice versa (the "discharged rights") will be cancelled; and
(iv) the New Bank and the existing Parties will acquire rights against each other which differ from the discharged rights only insofar as they are exercisable by or against the New Bank instead of the Existing Bank, all on the date of execution of the Novation Certificate by the Agent or, if later, the date specified in the Novation Certificate.
Appears in 1 contract
Samples: Loan Agreement (Adecco Sa)
Procedure for novations. (a) A novation is effected if if:
(i) the Existing Bank and the New Bank deliver to the Agent a duly completed certificate, substantially in the form of Part 1 Schedule 4 (Form of Schedule 5 (a Novation Certificate) and (a “Novation Certificate”); and
(ii) the Agent executes it.
(b) Each Party (other than the Existing Bank and the New Bank) irrevocably authorises authorizes the Agent to execute any duly completed Novation Certificate on its behalf.
(c) To the extent that they are expressed to be the subject of the novation in the Novation Certificate:
(i) the Existing Bank and the other Parties (the “existing Parties”) will be released from their obligations to each other (the “discharged obligations”);
(ii) the New Bank and the existing Parties will assume obligations towards each other which differ from the discharged obligations only insofar as they are owed to or assumed by the New Bank instead of the Existing Bank;
(iii) the rights of the Existing Bank against the existing Parties and vice versa (the “discharged rights”) will be cancelled; and
(iv) the New Bank and the existing Parties will acquire rights against each other which differ from the discharged rights only insofar as they are exercisable by or against the New Bank instead of the Existing Bank, all on the date of execution of the Novation Certificate by the Agent or, if later, the date specified in the Novation Certificate.
Appears in 1 contract
Samples: Facility Agreement (Adecco Sa)
Procedure for novations. (a) A novation is effected if if:
(i) the Existing Bank and the New Bank deliver to the Agent a duly completed certificate, substantially in the form of Part 1 of Schedule 5 3 (a Novation Certificate); and
(ii) and the Agent executes it.
(b) Each Party (other than the Existing Bank and the New Bank) irrevocably authorises the Agent to execute any duly completed Novation Certificate on its behalf.
(c) To the extent that they are expressed to be the subject of the novation in the Novation Certificate:
(i) the Existing Bank and the other Parties (the existing Parties) will be released from their obligations to each other (the discharged obligations);
(ii) the New Bank and the existing Parties will assume obligations towards each other which differ from the discharged obligations only insofar as they are owed to or assumed by the New Bank instead of the Existing Bank;
(iii) the rights of the Existing Bank against the existing Parties and vice versa (the discharged rights) will be cancelled; and
(iv) the New Bank and the existing Parties will acquire rights against each other which differ from the discharged rights only insofar as they are exercisable by or against the New Bank instead of the Existing Bank, all on the date of execution of the Novation Certificate by the Agent or, if later, the date specified in the Novation Certificate.
Appears in 1 contract
Procedure for novations. (a) A novation is effected if if:-
(i) the Existing Bank and the New Bank deliver to the Agent a duly completed certificate, substantially in the form of Part 1 of Schedule 5 4 (a "Novation Certificate"); and
(ii) and the Agent executes it.
(b) Each Party (other than the Existing Bank and the New Bank) irrevocably authorises authorizes the Agent to execute any duly completed Novation Certificate on its behalf.
(c) To the extent that they are expressed to be the subject of the novation in the Novation Certificate:Certificate:-
(i) the Existing Bank and the other Parties (the "existing Parties") will be released from their obligations to each other (the "discharged obligations");
(ii) the New Bank and the existing Parties will assume obligations towards each other which differ from the discharged obligations only insofar as they are owed to or assumed by the New Bank instead of the Existing Bank;
(iii) the rights of the Existing Bank against the existing Parties and vice versa (the "discharged rights") will be cancelled; and
(iv) the New Bank and the existing Parties will acquire rights against each other which differ from the discharged rights only insofar as they are exercisable by or against the New Bank instead of the Existing Bank, all on the date of execution of the Novation Certificate by the Agent or, if later, the date specified in the Novation Certificate.
Appears in 1 contract
Procedure for novations. (a) A novation is effected if if:
(i) the Existing Bank and the New Bank deliver to the Agent a duly completed certificate, substantially in the form of Part 1 of Schedule 5 6 (Novation Certificate) (a Novation Certificate); and
(ii) and the Agent executes it.
(b) Each Party (other than the Existing Bank and the New Bank) irrevocably authorises the Agent to execute any duly completed Novation Certificate on its behalf.
(c) To the extent that they are expressed to be the subject of the novation in the Novation Certificate:
(i) the Existing Bank and the other Parties (the existing Parties) will be released from their obligations to each other (the discharged obligations);
(ii) the New Bank and the existing Parties will assume obligations towards each other which differ from the discharged obligations only insofar as they are owed to or assumed by the New Bank instead of the Existing Bank;
(iii) the rights of the Existing Bank against the existing Parties and vice versa (the discharged rights) will be cancelled; and
(iv) the New Bank and the existing Parties will acquire rights against each other which differ from the discharged rights only insofar as they are exercisable by or against the New Bank instead of the Existing Bank, all on the date of execution of the Novation Certificate by the Agent or, if later, the date specified in the Novation Certificate.
Appears in 1 contract
