Glossary entry

English term or phrase:

New Offtaker Finance Party

Arabic translation:

الطرف الجديد المُقرِض للمشتري (أو للمتعهد بالشراء)

Added to glossary by Amany Zakaria
Aug 13, 2023 14:14
10 mos ago
7 viewers *
English term

New Offtaker Finance Party

English to Arabic Bus/Financial Business/Commerce (general)
(f) Contractor shall be a Secured Party in respect of the Purchase Price Balance in accordance with the terms and conditions of the Intercreditor Agreement until the Senior Discharge Date and shall cease to be a Secured Party and to have any rights and/or obligations under the Security Documents, the Intercreditor Agreement and the Lender Direct Agreement from and after the Senior Discharge Date to the extent provided in Section 21.3 of the Intercreditor Agreement and Section 9.12 of the Lender Direct Agreement; provided, however, that if, on or after the Senior Discharge Date, Offtaker agrees to incur any senior secured indebtedness for borrowed money in excess of one billion Dollars ($1,000,000,000) (any Person providing any such senior secured indebtedness for borrowed money, including the Sponsors and their respective Affiliates, a (“New Offtaker Finance Party”), then:
(i) Contractor shall enter into a direct agreement (the “New Lender Direct Agreement”) in the form of the Lender Direct Agreement with
such changes as the New Offtaker Finance Parties, acting reasonably, may request, but on terms and conditions no less favorable to Contractor in any material respect than the Lender Direct Agreement; and

Proposed translations

20 hrs
Selected

الطرف الجديد المُقرِض للمشتري (أو للمتعهد بالشراء)

A "New Offtaker Finance Party" refers to a new entity or group that lends a substantial amount of secured money to the Offtaker. If the Offtaker agrees to borrow more than a specified amount after a certain date, the Contractor is required to establish a new agreement, the "New Lender Direct Agreement," with terms similar to the original agreement but with changes the new lenders may request, while still being favorable to the Contractor.

An "Offtaker" refers to a party or entity that agrees to purchase a product or service, typically in the context of energy or commodities. In the passage you provided, it seems that the Offtaker is involved in a financial agreement with the Contractor. The Offtaker might be a buyer of a specific product or service, and the financial terms and agreements discussed in the passage could relate to that purchase.


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Note added at 20 hrs (2023-08-14 11:05:23 GMT)
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https://uk.practicallaw.thomsonreuters.com/1-383-2206?transi...
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4 KudoZ points awarded for this answer.
2 hrs

مُمول مالى جديد / وسيط مالى جديد

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Note added at 23 hrs (2023-08-14 13:46:43 GMT)
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"طرف تمويل المشتري الجديد"




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