New Creditor definition
Examples of New Creditor in a sentence
The undersigned New Purchaser and New Creditor each hereby acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, it will be deemed to be a party to the Intercreditor Agreement and shall be a “New Purchaser” or “New Creditor”, respectively, under the Intercreditor Agreement and shall have all of the rights and obligations of such respective party thereunder as if it had executed the Intercreditor Agreement.
The New Creditor hereby covenants and agrees (a) to perform each and every covenant, agreement and obligation of a Creditor under the Intercreditor Agreement, at the time, in the manner and in all other respects as provided therein, and (b) to be bound by each and every term and provision of the Intercreditor Agreement as though the Intercreditor Agreement had originally been made, executed and delivered by such Creditor.
Notices to the New Creditor and the New Purchaser pursuant to the Intercreditor Agreement as modified hereby shall be addressed, delivered or transmitted to each such party at its address or facsimile number set forth on Annex I hereto.
Each New Creditor shall assure the Existing Creditor, the other Parties of Financing and each Debtor that he has read and understood all the Financial Documents, has conducted (and will continue to conduct) his own independent study and estimation of financial condition of each Debtor and he did not rely on any information submitted to him by the Existing Creditor when making decision in respect of signing of the Creditor Rights Assignment Agreement.
The New Creditor, as Trustee, in acting under the Intercreditor Agreement is entitled to all rights benefits, protections, immunities and indemnities accorded to it under the Indenture.
For the purposes of the present Article the New Creditor means the person in which favor the Existing Creditor in full or in part assigns the rights and (or) transfers obligations under the Financial Documents indicated in subparagraphs (a) (i) - (a) (v) of section (a) or in section (b) above.
The Parties are the Existing Creditor, the New Creditor, and the Credit Agent, and the Party is each of them.
Upon the effectiveness of this Joinder Agreement, the parties hereto agree that, as used in the Intercreditor Agreement as modified hereby, the term “Receivables Agreements” shall include the Indenture referenced above, the term “Creditor” shall include the New Creditor party hereto, the term “Interest Holders” shall include the Secured Parties (as defined in the Indenture), and the term “Receivables Purchaser” shall include the New Purchaser party hereto.
Until such time as the New Facility (or any amount under the New Facility Agreements) has been repaid in full by the Borrower, the Existing Creditor shall not without the prior written consent of the New Creditor make any repayment demand against the Borrower for any portion of the Existing Facility in priority to the New Facility, except where any such repayment is to be made on a pari passu basis proportionately in respect of the both the Existing Facility and the New Facility.
The New Creditor confirms that its address details for notices in relation to Clause 9 (Notices) are as follows: Address: [ ] Facsimile: [ ] Attention: [ ] This Deed shall be governed by and construed in accordance with English law.