Dutch Security Agreement Clause Samples
A Dutch Security Agreement is a legal instrument used to create and formalize a security interest over assets located in the Netherlands, typically as collateral for a loan or other financial obligation. This agreement outlines the specific assets being pledged, the rights and obligations of both the debtor and the secured party, and the procedures for enforcement in case of default. By establishing a clear and enforceable security interest under Dutch law, the clause ensures that the lender has a prioritized claim to the specified assets, thereby reducing credit risk and providing assurance of repayment.
Dutch Security Agreement. Subject to Section 5.15, each of the Dutch Security Agreements is effective to create in favor of the Collateral Agent for its benefit (as creditor under the Parallel Debt provision set forth in Section 11.36) and for the benefit of the Secured Parties, legal, valid and enforceable Liens on, and security interests in, the Security Agreement Collateral referred to therein and, upon the registrations, recordings and other actions specified on Schedule 7 to the relevant Perfection Certificate as in effect on the date such Person becomes a Loan Party, the Liens created by such Dutch Security Agreement shall constitute valid, perfected First Priority Liens on, and security interests in, all right, title and interest of the grantors thereunder in the Security Agreement Collateral referred to therein (other than such Security Agreement Collateral in which a security interest cannot be perfected under applicable law as in effect at the relevant time in the relevant jurisdiction), in each case subject to no Liens other than Permitted Liens.
Dutch Security Agreement. Notwithstanding anything contained in this Agreement and the other Loan Documents and solely for the purpose of ensuring and preserving the validity and continuity of the security rights granted and to be granted under or pursuant to the security agreements (including, without limitation, the Pledge Agreements) governed by the laws of The Netherlands (the "Dutch Security Agreements"), (i) each of the Loan Parties hereby irrevocably and unconditionally undertakes to pay to the Collateral Agent an amount equal to the aggregate amount of the Obligations as they may exist from time to time (the payment undertaking of the Loan Parties to the Collateral Agent under this Section 13.23(a) is referred to as the "Parallel Debt"), and (ii) each of the Lenders and the other parties hereto hereby acknowledges and consents to (x) the undertaking by the relevant Loan Party to the Collateral Agent, in its individual capacity and not as agent, representative or trustee, amounts which are equal to and in the currency of the Obligations from time to time due in accordance with the terms of the Obligations, and (y) the granting of the security rights contemplated by the Dutch Security Agreements in favor of the Collateral Agent in its individual capacity as security for its claims under the Parallel Debt.
Dutch Security Agreement. (a) Notwithstanding anything contained in this Agreement and the other Loan Documents and solely for the purpose of ensuring and preserving the validity and continuity of the security rights granted and to be granted under or pursuant to (a) the security agreements governed by the laws of The Netherlands (the "Dutch Security Agreements"), each of the Lenders and the other parties hereto hereby acknowledges and consents to (i) the Loan Parties that are party to the Dutch Security Agreements undertaking therein to pay to the Collateral Agent, in its individual capacity and not as agent, representative or trustee, amounts which are equal to and in the currency of the Principal Obligations (as will be defined in the Dutch Security Agreements) from time to time due in accordance with the terms of the Principal Obligations (such payment undertaking and the obligations and liabilities resulting therefrom, as more fully described in the Dutch Security Agreements, the "Parallel Debt"), and (ii) the security rights contemplated by the Dutch Security Agreements being granted in favor of the Collateral Agent in its individual capacity as security for its claims under the Parallel Debt.
(b) The Lenders and the other parties hereto agree that the Parallel Debt is a claim of the Collateral Agent which is separate and independent from, and without prejudice to, the claims of the Lenders in respect of the Principal Obligations, and neither such claim nor the security rights as contemplated by the Dutch Security Agreements are held jointly with the Lenders, provided that to the extent any amount is paid to and received by the Collateral Agent in payment of the Parallel Debt, the total amount due and payable in respect of the Principal Obligations shall be decreased as if such amount were received by the Lenders or any of them in payment of the corresponding Principal Obligations. The Collateral Agent, acting in its individual capacity, hereby agrees to apply all proceeds that it receives in connection with any enforcement action taken under or pursuant to the Dutch Security Agreements or otherwise in satisfaction in whole or in part of the Parallel Debt, mutatis mutandis, in accordance with the provisions of this Agreement and the other Loan Documents.
Dutch Security Agreement. This Agreement, any Supplemental Pledge Agreement and any Bank Consent Letter is a Dutch Security Agreement.
Dutch Security Agreement. The Issuer and GFL Aircraft Leasing Netherlands B.V. undertake with the Security Trustee to enter into the Dutch Security Agreement and the Dutch Security Documents (as defined therein) on the date that the Issuer acquires the shares of GFL Aircraft Leasing Netherlands B.V. pursuant to the Asset Purchase Agreement.