Common use of Transfer by Bank Clause in Contracts

Transfer by Bank. The Bank may transfer all or any part of its rights, benefits and/or obligations under this Agreement and/or any of the other Security Documents to any one or more banks or other financial institutions (a “Transferee”) (i) if such assignment is to any bank or financial institution affiliated to the Bank, without the consent of the Borrowers or (ii) if such assignment is to any arms length bank or financial institution, with the prior consent of the Borrowers, such consent not to be unreasonably withheld, provided always that any such Transferee, by delivery of such undertaking as the Bank may approve, becomes bound by the terms of this Agreement and agrees to perform all or, as the case may be, relevant part of the Bank’s obligations under this Agreement.

Transfer by Bank. The Each Bank may assign or transfer all or any part of its respective rights, benefits and/or obligations under this Agreement and/or any of the other Security Documents to any one or more banks or other financial institutions (a “Transferee”) (i) if the Transferee is a company affiliated to, or in the same group or ownership or control as such assignment is to any bank or financial institution affiliated to the Bank, without the consent of the Borrowers or Borrower and (ii) if such assignment is to any arms length bank or financial institutionotherwise, with the prior written consent of the Borrowers, Borrower (such consent not to be unreasonably withheld, ) provided always that any such Transferee, by delivery of such undertaking as the relevant Bank may approve, becomes bound by the terms of this Agreement and agrees to perform all or, as the case may be, relevant part of the that Bank’s obligations under this Agreement.