Common use of ACCESSION AND ASSUMPTION Clause in Contracts

ACCESSION AND ASSUMPTION. With effect on and from the Effective Date: (a) the Additional Borrower agrees that: (i) it will accede to the Facility Agreement as amended and restated by this Deed as a Borrower and it will assume the obligations of the Original Borrowers thereunder; and 6 (ii) it will be bound, on a joint and several basis with the Original Borrowers, by the terms of the Amended and Restated Facility Agreement; (b) each Original Borrower confirms and acknowledges that it is and remains a party to the Facility Agreement and that its respective obligations under the Facility Agreement and the other Finance Documents remain in full force and effect; (c) each Original Borrower further agrees to be jointly and severally liable together with the Additional Borrowers for: (i) the repayment of the New Tranche plus interest accrued thereon in accordance with the Amended and Restated Facility Agreement; and (ii) all other obligations and liabilities under the Amended and Restated Facility Agreement; (d) the Original Borrowers, the Parent Guarantor and the Lender agree to the accession by the Additional Borrower to the Amended and Restated Facility Agreement as amended and supplemented by this Deed; and (e) the Parent Guarantor: (i) confirms its acceptance of the amendments effected by this Deed; (ii) agrees that it is bound as an Obligor (as defined in the Amended and Restated Facility Agreement); and (iii) confirms that its guarantee and indemnity: (A) continues to have full force and effect on the terms of the Amended and Restated Facility Agreement; and (B) extends to the obligations of the relevant Obligors under the Finance Documents as amended and supplemented by this Deed.

Appears in 1 contract

Samples: Facility Agreement (Seanergy Maritime Holdings Corp.)

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ACCESSION AND ASSUMPTION. With effect on and from (and subject to the occurrence of) the Effective Date: (a) the Additional Borrower agrees New Borrowers agree that: (i) it they will each accede to the Facility Loan Agreement and the Agency and Trust Deed as amended and restated or, as the case may be, supplemented by this Deed as a Borrower Borrowers and it will assume the obligations of the Original Borrowers Released Borrower thereunder; and 6 ; (ii) it they will be bound, on a joint and several basis with the Original Borrowersbasis, by the terms of the Amended and Restated Facility Agreement; (b) each Original Borrower confirms and acknowledges that it is and remains a party to the Facility Agreement and that its respective obligations under the Facility Loan Agreement and the other Finance Documents remain in full force Agency and effect; (c) each Original Borrower further agrees to be jointly and severally liable together with the Additional Borrowers for: (i) the repayment of the New Tranche plus interest accrued thereon in accordance with the Amended and Restated Facility Agreement; and (ii) all other obligations and liabilities under the Amended and Restated Facility Agreement; (d) the Original Borrowers, the Parent Guarantor and the Lender agree to the accession by the Additional Borrower to the Amended and Restated Facility Agreement Trust Deed as amended and supplemented by this Deed; and (eb) the Parent Guarantor: (i) confirms its acceptance New Borrowers agree to be jointly and severally liable for the repayment of the amendments effected Loan plus interest accrued thereon and all other obligations and liabilities under the Amended and Restated Loan Agreement and the Agency and Trust Deed as amended and supplemented by this Deed; (iic) the Corporate Guarantor agrees that that: (i) it is shall be bound as an Obligor (as defined in by the terms of the Amended and Restated Facility Agreement)Loan Agreement and the other Continuing Finance Documents; and (iiiii) confirms that its guarantee and indemnity: (A) continues to have has full force and effect on the terms of the Amended and Restated Facility Loan Agreement; and (B) extends to the obligations of the relevant Obligors other Security Parties under the Continuing Finance Documents Documents. (d) the Original Security Parties and the Creditor Parties agree to the accession by the New Borrowers to the Amended and Restated Loan Agreement and the Agency and Trust Deed as amended and supplemented by this DeedDeed as joint and several Borrowers. On the Effective Date, each Original Security Party confirms that: (a) any Security created by it under the Continuing Finance Documents to which it is a party extends to the obligations of the Security Parties under the Continuing Finance Documents (including, without limitation, the Amended and Restated Loan Agreement); (b) the obligations of the Security Parties arising under the Amended and Restated Loan Agreement are included in the Secured Liabilities; and (c) the Security created pursuant to the Continuing Finance Documents continues in full force and effect on the terms of the respective Continuing Finance Documents.

Appears in 1 contract

Samples: Deed of Accession, Amendment, Release and Restatement (Navios Maritime Partners L.P.)

ACCESSION AND ASSUMPTION. With effect on and from (and subject to the occurrence of) the Effective Date: (a) the Additional Borrower agrees that: (i) it will accede to the Facility Loan Agreement and the Agency and Trust Deed as amended and restated by this Deed as a Borrower and it will assume the obligations of the Original Borrowers thereunder; and 6 ; (ii) it will be bound, on a joint and several basis with the Original Borrowers, by the terms of the Amended and Restated Facility Agreement;Loan Agreement and the Agency and Trust Deed as amended and supplemented by this Deed; and (b) each the Original Borrower confirms and acknowledges that it is and remains a party to the Facility Agreement and that its respective obligations under the Facility Agreement and the other Finance Documents remain in full force and effect; (c) each Original Borrower further agrees Borrowers agree to be jointly and severally liable together with the Additional Borrowers Borrower for: (i) the repayment of the New Tranche Additional Advance plus interest accrued thereon in accordance with the Amended and Restated Facility Loan Agreement; and and (ii) all other obligations and liabilities under the Amended and Restated Loan Agreement and the Trust Deed as amended by this Deed. (c) each of the Corporate Guarantor and the Collateral Guarantor agrees that: (i) it shall be bound by the terms of the Amended and Restated Facility Agreement and the other Finance Documents; (ii) its guarantee and indemnity: (A) has full force and effect on the terms of the Amended and Restated Loan Agreement;; and (B) extends to the obligations of the other Security Parties under the Finance Documents (including, without limitation, the Amended and Restated Loan Agreement). (d) the Original Borrowers, the Parent Guarantor Security Parties and the Lender Creditor Parties agree to the accession by the Additional Borrower to the Amended and Restated Facility Loan Agreement and the Trust Deed as amended and supplemented by this Deed; and (e) the Parent Guarantor: (i) confirms its acceptance of the amendments effected by this Deed; (ii) agrees that it is bound Deed as an Obligor (as defined in the Amended and Restated Facility Agreement); and (iii) confirms that its guarantee and indemnity: (A) continues to have full force and effect on the terms of the Amended and Restated Facility Agreement; and (B) extends to the obligations of the relevant Obligors under the Finance Documents as amended and supplemented by this Deeda Borrower.

Appears in 1 contract

Samples: Deed of Accession, Amendment and Restatement (Navios Maritime Containers Inc)

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ACCESSION AND ASSUMPTION. With effect on and from the Effective Date: (a) the Additional Borrower New Parent Guarantor agrees that: (i) it will accede to the Facility Agreement as amended and restated by this Deed as a Borrower guarantor and it will assume the obligations of the Original Borrowers Parent Guarantor thereunder; and 6 ; (ii) it will be bound, on a joint and several basis with the Original Borrowers, bound by the terms of the Amended and Restated Facility Agreement; (b) each Original Borrower confirms and acknowledges that it is and remains a party to the Facility Agreement and that its respective obligations under the Facility Agreement and the other Finance Documents remain in full force and effectDocuments; (c) each Original Borrower further agrees to be jointly and severally liable together with the Additional Borrowers for: (i) the repayment of the New Tranche plus interest accrued thereon in accordance with the Amended and Restated Facility Agreement; and (ii) all other obligations and liabilities under the Amended and Restated Facility Agreement; (d) the Original Borrowers, the Parent Guarantor and the Lender agree to the accession by the Additional Borrower to the Amended and Restated Facility Agreement as amended and supplemented by this Deed; and (e) the Parent Guarantor: (i) confirms its acceptance of the amendments effected by this Deed; (ii) agrees that it is bound as an Obligor (as defined in the Amended and Restated Facility Agreement); and (iii) confirms that its guarantee and indemnityindemnity pursuant to clause 17 (Guarantee and Indemnity – Parent Guarantor) of the Facility Agreement: (A) continues to have has full force and effect on in accordance with the terms of the Amended and Restated Facility Agreement; and (B) extends to the obligations of the relevant Obligors Borrower under the Amended and Restated Facility Agreement and the other Finance Documents (as amended and supplemented by this DeedDeed and as may be further amended and supplemented from time to time); and (b) the Borrower confirms and acknowledges it is and remains a party to the Facility Agreement as amended and restated by this Deed and that its respective obligations thereunder and the other Finance Documents remain in full force and effect; and (c) the Borrower and the Finance Parties agree to the accession by the New Parent Guarantor to the Amended and Restated Facility Agreement.

Appears in 1 contract

Samples: Facility Agreement (Capital Product Partners L.P.)

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