Common use of Transfer clause Clause in Contracts

Transfer clause. 10.1 The Bank undertakes not to exercise its right to assign or pledge, in full or in part, the claims due to it under this Agreement—if applicable, including any pertaining security—to third parties, except for the cases provided for in clause 10.2, and not to sell, assign or pledge such claims to one or more third parties as long as: (a) the financial situation of the Borrower or the economic value of a security provided for the loan does not deteriorate or threaten to deteriorate materially which would endanger repayment of the loan even upon realisation of the security, and (b) all amounts owed under this Agreement and the individual transactions entered into thereunder are (re)paid when due in compliance with the agreements made. 10.2 Notwithstanding the aforementioned provisions, the Bank may, even if the conditions stated there have been met, (a) assign or pledge its claims under this Agreement in whole or in part to (i) a member of the European System of Central Banks (e.g. the Deutsche Bundesbank) or (ii) a bank providing investment aid (Förderbank) (e.g. KfW-Kreditanstalt für Wiederaufbau or the European Investment Bank EIB), or (iii) any other company of the Commerzbank Group, or (b) insure the economic risk of lending with third parties or transfer it to third parties in full or in part (e.g. by means of credit derivatives, asset-backed securities transactions or risk sub-participations). 10.3 In the event of a transfer or pledge of claims to the Deutsche Bundesbank, the Borrower shall provide annual financial statements and/or information on its own financial situation at the Deutsche Bundesbank’s request. 10.4 For the purpose of transferring claims or the economic risk of lending pursuant to clause 10.2 and in the event that the conditions stated in clause 10.1 are no longer met, the Borrower releases the Bank from its duty of banking secrecy to the extent required. The Bank is authorised to pass on the required information to the third party and to those persons involved in the transfer for technical or legal reasons, e.g. rating agencies or auditors. Prior to passing on the information, the Bank shall bind such third parties and the other above-mentioned persons to secrecy by means of a confidentiality agreement on all data concerning the Borrower and the guarantor, if any, unless such obligation already exists by virtue of statutory or professional regulations.

Transfer clause. 10.1 13.1 The Bank undertakes not to exercise its right to assign or pledge, in full or in part, the claims due to it under this Agreement—Agreement — if applicable, including any pertaining security—security — to third parties, except for the cases provided for in clause 10.2Clause 13.2, and not to sell, assign or pledge such claims to one or more third parties as long as: (a) the financial situation of the Borrower or the economic value of a security provided for the loan does not deteriorate or threaten to deteriorate materially which would endanger repayment of the loan even upon realisation of the security, and (b) all amounts owed under this Agreement and the individual transactions entered into thereunder are (re)paid when due in compliance with the agreements made. 10.2 13.2 Notwithstanding the aforementioned provisions, the Bank may, even if the conditions stated there have been met, (a) assign or pledge its claims under this Agreement in whole or in part to (i) a member of the European System of Central Banks (e.g. the Deutsche Bundesbank) or (ii) a bank providing investment aid (Förderbank) (e.g. KfW-Kreditanstalt für fur Wiederaufbau or the European Investment Bank EIB), or (iii) any other company of the Commerzbank Group, or (b) insure the economic risk of lending with third parties or transfer it to third parties in full or in part (e.g. by means of credit derivatives, asset-backed securities transactions or risk sub-participations). 10.3 13.3 In the event of a transfer or pledge of claims to the Deutsche Bundesbank, the Borrower shall provide annual financial statements and/or information on its own financial situation at the Deutsche Bundesbank’s request. 10.4 13.4 For the purpose of transferring claims or the economic risk of lending pursuant to clause 10.2 Clause 13.2 and in the event that the conditions stated in clause 10.1 Clause 13.1 are no longer met, the Borrower releases the Bank from its duty of banking secrecy to the extent required. The Bank is authorised to pass on the required information to the third party and to those persons involved in the transfer for technical or legal reasons, e.g. rating agencies or auditors. Prior to passing on the information, the Bank shall bind such third parties and the other above-mentioned persons to secrecy by means of a confidentiality agreement on all data concerning the Borrower and the guarantor, if any, unless such obligation already exists by virtue of statutory or professional regulations.