Common use of Creditor Accession Undertaking Clause in Contracts

Creditor Accession Undertaking. With effect from the date of acceptance by the Security Agents of a Creditor Accession Undertaking duly executed and delivered to the Security Agents by the relevant acceding party or, if later, the date specified in that Creditor Accession Undertaking: (a) any Party ceasing entirely to be a Creditor shall be discharged from further obligations towards the Security Agents and other Parties under this Deed and their respective rights against one another shall be cancelled (except in each case for those rights which arose prior to that date); and (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.

Creditor Accession Undertaking. (a) With effect from the date of acceptance by the Security Agents Intercreditor Agent of a Creditor Accession Undertaking duly executed and delivered to the Security Agents Intercreditor Agent by the relevant acceding party or, if later, the date specified in that Creditor Accession Undertaking: (ai) any Party ceasing entirely to be a Creditor shall be discharged from further obligations towards the Security Agents Intercreditor Agent and other Parties under this Deed Agreement and their respective rights against one another shall be cancelled (except in each case for those rights which arose prior to that date); and (bii) 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.