Common use of Change of Subordinated Creditor Clause in Contracts

Change of Subordinated Creditor. (a) Subject to Clause 11.1 (Restriction on Payment: Subordinated Liabilities) and paragraph (b) below, a Subordinated Creditor may assign any of its rights and benefits or transfer any of its rights, benefits and obligations in respect of Subordinated Liabilities if any assignee or transferee (if not already a Party as a Subordinated Creditor) has executed and delivered to the Security Agent a Creditor Accession Undertaking agreeing to be bound by all the terms of this Agreement as if it had originally been a Party as a Subordinated Creditor (or has otherwise subordinated the indebtedness owing to it by any Debtor (which would constitute Subordinated Liabilities) to the Liabilities owing to the Primary Creditors in a manner satisfactory to the Primary Creditors).