Common use of Creditor Accession Undertaking Clause in Contracts

Creditor Accession Undertaking. With effect from the date of acceptance by the Security Agent of a Creditor Accession Undertaking duly executed by the relevant acceding party and delivered to the Security Agent, (a) any Party ceasing entirely to be a Creditor shall be discharged from further obligations towards the Security Agent and other Parties under this Agreement and their respective rights against one another shall be cancelled (except in each case for those rights which arose prior to that date); (b) as from that date, the replacement or new Creditor shall assume the same obligations and become entitled to the same rights, as if it had been an original Party in the capacity specified in the Creditor Accession Undertaking; and (c) as from that date, the successor Security Agent shall become Security Agent (if applicable to that Creditor Accession Undertaking).