New Junior Creditors Clause Samples
New Junior Creditors.
17.2.1 If:
(a) the Borrower incurs any obligation or liability to an Affiliate of a Junior Party which is not a Junior Creditor; or
(b) an Affiliate of the Borrower or Obligor which is not a Junior Party incurs any obligation or liability to a Junior Creditor; or
(c) any Affiliate of a Junior Party which is not a Junior Creditor intends to lend or provide any form of credit to the Borrower, other than obligations or liabilities owed to an Affiliate related to bookkeeping and accounting, maintenance of corporate status, receipt of advice from outside advisors and obligations or liabilities in the ordinary course of ordinary business in connection with auditing, accounting, tax advice or corporate administration, the Junior Parties will procure that the Affiliate concerned will, before such obligation or liability is incurred, become a New Junior Creditor or, as the case may be, New Obligor by delivering to the Lender a Junior Creditor Accession Letter, duly executed by that Affiliate.
17.2.2 If Dalsimer incurs any obligation or liability to any Junior Party (other than in respect of the payment of a dividend or other distribution provided that such dividend or other distribution is immediately paid once declared), the Junior Parties will procure that Dalsimer will, before such obligation or liability is incurred, become a New Junior Creditor by delivering to the Lender a Junior Creditor Accession Letter, duly executed by Dalsimer.
17.2.3 Provided that the obligation or liability referred to in Clause 17.2.1 above is permitted under the Finance Documents, the Lender shall be obligated to execute a Junior Creditor Accession Letter provided that:
(a) at the same time as that Junior Creditor Accession Letter is delivered to the Lender, there is also delivered to the Lender all those other items listed in Part 1 of Schedule 7 (Conditions Precedent) relative to the relevant Affiliate, in each case in form and substance satisfactory to the Lender unless waived or deferred by the Lender on such terms as the Lender considers fit; and
(b) no Default has occurred and is continuing or would occur upon that Affiliate acceding as a party to this Agreement.
17.2.4 Each Junior Party (other than the Affiliate concerned) irrevocably authorises the Borrower to execute any duly completed Junior Creditor Accession Letter on its behalf unless the Lender requires such Party to execute such Junior Creditor Accession Letter itself.
17.2.5 A Junior Creditor Accession Letter will t...
New Junior Creditors. Two copies of a Junior Creditor Accession Letter duly executed by such New Junior Creditor.
New Junior Creditors. (a) Notwithstanding any provision herein to the contrary, the Borrower shall not incur any further indebtedness to any other person (a “Proposed New Junior Creditor’) unless, and the Junior Creditor and the Borrower shall procure that:
(i) The Proposed New Junior Creditor accedes to this Agreement and assumes the same rights and obligations as the Junior Creditor hereunder; and
(ii) that person delivers to the Senior Creditor a duly completed and signed Accession Deed.
(b) Each Party irrevocably authorises the Senior Creditor to execute on its behalf any Accession Deed which has been duly completed and signed on behalf of that person.