Common use of Change of Secured Creditor Clause in Contracts

Change of Secured Creditor. Any person which is (subject only to its accession to this Deed) a permitted assignee or a transferee of a Lender, a transferee of a Term Loan Hedging Creditor or a successor Facility Agent, in each case for the purposes of and in accordance with the terms of the Credit Agreement, shall be entitled to execute and deliver to the Collateral Agent a Secured Creditor Accession Undertaking, a Transfer Certificate or Assignment Agreement and, with effect from (x) the date of acceptance by, where appropriate, the Facility Agent (or, if appropriate, the outgoing Facility Agent) and the Collateral Agent or (y) if later, the date specified in that Secured Creditor Accession Undertaking, Transfer Certificate or Assignment Agreement: (a) the Secured Creditor ceasing to be a Lender and/or Facility Agent shall be discharged from further obligations towards the Collateral Agent and other Secured Creditors under this Deed and their respective rights against one another shall be cancelled (except in each case for those rights which arose prior to such date); and (b) as from that date, the new Lender or Facility Agent shall assume the same obligations, and become entitled to the same rights as it would have had if it had been an original party to this Deed in that capacity.