New Transaction Security definition
Examples of New Transaction Security in a sentence
Each Lender and each Existing Security Holder hereby consents to the creation and amendment of Security Interest under the New Transaction Security Documents including Security Interests over those assets which may already be subject to Security Interests in its favor under the Existing Finance Documents and waives any breach of any Existing Finance Document which arises or may arise from the creation or amendment of Security Interests under the New Finance Documents.
The Company shall, within three Business Days of demand, pay (or procure to be paid) to each Finance Party the amount of all costs and expenses (including legal fees) incurred by it in connection with the enforcement of or the preservation of any rights under any Finance Document and the Transaction Security and any proceedings instituted by or against the Common Security Agent as a consequence of taking or holding the New Transaction Security or enforcing these rights.
To the extent that any security interests exist prior to the Effective Date in favor of any of the Agents under the Existing Facility Agreements or the Existing Guarantee Facility Agreement, each of the Parties agrees that such security interests shall be released and replaced with New Transaction Security containing a Security Interest in favor of the Common Security Agent.
Such agreements shall be reasonably acceptable to the Co-ordinator and to the relevant Lenders under the Existing Facility Agreements, with all obligations thereunder fully subordinated to the Existing Finance Documents, the New Transaction Security Documents and the debt under the Super Senior Facility and related documents.