Common use of Procedure for novations Clause in Contracts

Procedure for novations. (a) A novation is effected if: (i) the Existing Funding 1 Liquidity Facility Provider and the New Funding 1 Liquidity Facility Provider deliver to the Security Trustee a duly completed Novation Certificate, substantially in the form of Schedule 4; and (ii) the Security Trustee executes such Novation Certificate. (b) To the extent that they are expressed to be the subject of the novation in the Novation Certificate: (i) the Existing Funding 1 Liquidity Facility Provider and the other Parties (the Existing Parties) will be released from their obligations to each other (the Discharged Obligations); (ii) the New Funding 1 Liquidity Facility Provider 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 Funding 1 Liquidity Facility Provider instead of the Existing Funding 1 Liquidity Facility Provider; (iii) the rights of the Existing Funding 1 Liquidity Facility Provider against the Existing Parties and vice versa (the Discharged Rights) will be cancelled; and (iv) the New Funding 1 Liquidity Facility Provider 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 Funding 1 Liquidity Facility Provider instead of the Existing Funding 1 Liquidity Facility Provider, all on the date of execution of the Novation Certificate by the Security Trustee or, if later, the date specified in the Novation Certificate.

Procedure for novations. (a) A novation is effected if: (i) the Existing Funding 1 Liquidity Facility Provider and the New Funding 1 Liquidity Facility Provider deliver to the Security Trustee a duly completed Novation Certificate, substantially in the form of Schedule 4; and (ii) the Security Trustee executes such Novation Certificate. (b) To the extent that they are expressed to be the subject of the novation in the Novation Certificate: (i) the Existing Funding 1 Liquidity Facility Provider and the other Parties (the Existing PartiesEXISTING PARTIES) will be released from their obligations to each other (the Discharged ObligationsDISCHARGED OBLIGATIONS); (ii) the New Funding 1 Liquidity Facility Provider 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 Funding 1 Liquidity Facility Provider instead of the Existing Funding 1 Liquidity Facility Provider; (iii) the rights of the Existing Funding 1 Liquidity Facility Provider against the Existing Parties and vice versa (the Discharged RightsDISCHARGED RIGHTS) will be cancelled; and (iv) the New Funding 1 Liquidity Facility Provider 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 Funding 1 Liquidity Facility Provider instead of the Existing Funding 1 Liquidity Facility Provider, all on the date of execution of the Novation Certificate by the Security Trustee or, if later, the date specified in the Novation Certificate.

Procedure for novations. (a) A novation is effected if: (i) the Existing Funding 1 Liquidity Facility Provider and the New Funding 1 Liquidity Facility Provider deliver to the Security Trustee a duly completed Novation Certificate, substantially in the form of Schedule 4; and (ii) the Security Trustee executes such Novation Certificate. (b) To the extent that they are expressed to be the subject of the novation in the Novation Certificate: (i) the Existing Funding 1 Liquidity Facility Provider 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 Funding 1 Liquidity Facility Provider 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 Funding 1 Liquidity Facility Provider instead of the Existing Funding 1 Liquidity Facility Provider; (iii) the rights of the Existing Funding 1 Liquidity Facility Provider against the Existing Parties and vice versa (the Discharged Rights"DISCHARGED RIGHTS") will be cancelled; and (iv) the New Funding 1 Liquidity Facility Provider 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 Funding 1 Liquidity Facility Provider instead of the Existing Funding 1 Liquidity Facility Provider, all on the date of execution of the Novation Certificate by the Security Trustee or, if later, the date specified in the Novation Certificate.