English to Spanish Law/Patents Law: Contract(s)

Hola,

Estoy traduciendo un contrato de préstamo y necesitaría ayuda con "in place of the Transferor", ya no entiendo muy bien el sentido en la frase:

(a)the Transferor shall cease to be entitled to the rights and shall be released from the obligations hereunder which are specified in the Transfer Certificate; and
(b) the Transferee shall become a party hereto as a Lender entitled to rights and liable to observe obligations which differ from those referred to in (a) only insofar as the Transferee is entitled thereto and liable in respect thereof in place of the Transferor.

Muchas gracias.