Common use of New Borrower Clause in Contracts

New Borrower. Upon the satisfaction of the conditions referred to in Section 3.04 of the Credit Agreement, (i) each of the Banks shall make a Loan to Tyco Luxembourg on the terms and conditions set forth in the Credit Agreement, (ii) the proceeds of such Loans shall fund to the extent necessary an inter-company loan by Tyco Luxembourg to Tyco US, which inter-company loan shall fund in whole or in part the repayment of all loans to Tyco US under the Credit Agreement and the Existing Agreements, (iii) Tyco US shall execute a promissory note in favor of Tyco Luxembourg, in form reasonably satisfactory to Tyco Luxembourg, to evidence such inter-company loans, (iv) Tyco Luxembourg shall become a party to the Credit Agreement and shall be the Borrower thereunder with all the rights of the Borrower thereunder and all liabilities and obligations under the Credit Agreement and the Notes arising from and after the effectiveness of this Agreement and (v) Tyco US shall be released from all 117 liabilities and obligations under the Credit Agreement and the Notes to the extent such liabilities and obligations arise from and after the effectiveness of this Agreement and shall cease to be a party to the Credit Agreement. Nothing in this Section shall affect the obligations of Tyco US as a Subsidiary Guarantor.