Common use of Dutch Security Agreement Clause in Contracts

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. 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 Principal 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(a12.23(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.