Accession Deeds Clause Samples
An Accession Deed is a legal instrument that allows a new party to formally join and become bound by the terms of an existing agreement. In practice, this deed is executed by the incoming party and the original parties to the contract, confirming that the new party agrees to adhere to all obligations and rights set out in the original agreement. This mechanism is commonly used in multi-party contracts, such as joint ventures or shareholder agreements, to efficiently add new participants without renegotiating the entire contract. Its core function is to streamline the process of expanding contractual relationships while maintaining consistency and legal certainty among all parties involved.
Accession Deeds. The Obligors shall from time to time at the request of the Facility Agent promptly execute any accession deed to any of the Security Documents and do any other act or thing or execute such further documents as directed by the Facility Agent in connection with the transfer of rights or benefits under clause 16.
Accession Deeds. 5.1 The Company shall not issue Class F Shares unless the subscriber agrees to be bound by, and accede to, this Agreement and each Class F Shareholder irrevocably appoints the Company as its agent to execute an Accession Deed on its behalf with any person who lawfully becomes a New Class F Shareholder under this Agreement.
Accession Deeds. (a) Notwithstanding any other provision of this Agreement, each Accession Deed to be entered into by an acceding Lender, Agent or Hedging Party in accordance with this Agreement shall be executed by the Intercreditor Agent and such acceding Lender, Agent or Hedging Party and such Accession Deed shall be effective without requiring the signature of any other party to this Agreement.
(b) Following the execution of an Accession Deed, the Intercreditor Agent promptly shall notify each other Party that is a party to an agreement to which a Person has acceded of the execution of the Accession Deed; provided, however, that any failure by the Intercreditor Agent to provide any such notification shall not affect the effectiveness or validity of any such accession.
Accession Deeds. (a) An Accession Deed will not be effective until the Security Trustee has executed the Accession Deed.
(b) On an Accession Deed taking effect the relevant new Beneficiary or new Security Provider becomes bound as, and obtains benefits as, a 'Beneficiary' or 'Security Provider' (as applicable) under this document on the same basis as if it were a party to this document.
(c) The Security Trustee must notify the Administrative Agent of a person becoming a new 'Beneficiary' or 'Security Provider' (as applicable) promptly after the relevant Accession Deed takes effect.
(d) Each Beneficiary and each Security Provider for valuable consideration irrevocably authorises each of the Security Trustee and the Security Trustee's Authorised Representatives separately to execute on its behalf any Accession Deed contemplated to be entered into pursuant to this document, and to do anything else that the Security Trustee considers appropriate to effect the accession contemplated by the Accession Deed.
Accession Deeds. Each party to this Deed irrevocably authorises the Security Trustee to execute any Accession Deed on its behalf, without any consultation with it.