Common use of New Debtor Clause in Contracts

New Debtor. (a) If any member of the Group: (i) incurs any Liabilities; or (ii) gives any security, guarantee, indemnity or other assurance against loss in respect of any of the Liabilities then, unless the Liabilities incurred or in respect of which that Security, guarantee, indemnity or other assurance agsint loss is given does not exceed USD 100,000 in aggregate, the Debtors will procure that the person incurring those Liabilities or giving that assurance accedes to this Agreement as a Debtor, in accordance with paragraph (b) below, no later than contemporaneously with the incurrence of those Liabilities or the giving of that assurance. (b) With effect from the date of acceptance by the Security Agent of a Debtor Accession Deed duly executed and delivered to the Security Agent by the new Debtor or, if later, the date specified in the Debtor Accession Deed, the new Debtor shall assume the same obligations and become entitled to the same rights as if it had been an original Party to this Agreement as a Debtor.

New Debtor. (a) If any member of the Group: (i) incurs any LiabilitiesLiabilities under the Finance Documents or the Hedging Agreements; or (ii) incurs any other Liabilities in an aggregate amount of £100,000 or more; or (iii) gives any securitySecurity, guarantee, indemnity or other assurance against loss in respect of any of the Liabilities then, unless the Liabilities incurred or in respect of which that Security, guarantee, indemnity or other assurance agsint loss is given does not exceed USD 100,000 in aggregateLiabilities, the Debtors will procure that the person incurring those Liabilities or giving that assurance (if not already a Party as a Debtor) accedes to this Agreement as a Debtor, in accordance with paragraph (bc) below, no later than contemporaneously with the incurrence of those Liabilities or the giving of that assurance. (b) With effect from the date of acceptance by the Security Agent of a Debtor Accession Deed duly executed and delivered to the Security Agent by the new Debtor or, if later, the date specified in the Debtor Accession Deed, the new Debtor shall assume the same obligations and become entitled to the same rights as if it had been an original Party to this Agreement as a Debtor.