Common use of Parallel Debt Undertaking Clause in Contracts

Parallel Debt Undertaking. (a) In order to ensure the validity and enforceability of Liens under the Dutch Collateral Documents for the benefit of the Secured Parties, each Loan Party hereby irrevocably and unconditionally undertakes (the resulting liabilities and obligations under that undertaking in respect of any amount, a “Parallel Debt Obligation”) to pay to the Collateral Agent amounts equal to and in the same currency as all amounts from time to time due and payable by it to any Secured Party under the Obligations. (b) Each Parallel Debt Obligation shall become due and payable at the same time as the corresponding Obligation. (c) The Parallel Debt Obligations shall be separate from and independent of the Obligations, so that the Collateral Agent will have its own independent right to demand payment of the Parallel Debt Obligations by a Loan Party. (d) The Parallel Debt Obligations shall be owed to the Collateral Agent in its own name and not as agent or representative of the Secured Parties. (e) Other than as set out in paragraph (f) below, the Parallel Debt Obligations shall not limit or affect the existence of the Obligations, for which the Secured Parties shall have an independent right to demand performance. (f) The rights of the Secured Parties to receive payment of the Obligations are several from the rights of the Collateral Agent to receive payment of the Parallel Debt Obligations, provided that: (i) payment by a Loan Party of its Parallel Debt Obligations in accordance with this Section shall to the same extent decrease and discharge the corresponding Obligations owing to the Secured Parties; and (ii) payment by a Loan Party of its corresponding Obligations in accordance with the terms of the relevant Loan Documents shall to the same extent decrease and discharge the relevant Parallel Debt Obligations.

Parallel Debt Undertaking. (a) In order to ensure the continuing validity and enforceability of the Liens expressed to be created under the Dutch Collateral Documents for governed by the benefit laws of the Secured PartiesThe Netherlands, each Dutch Loan Party hereby irrevocably and unconditionally undertakes (the resulting liabilities and obligations under that undertaking in respect of any amount, a “Parallel Debt Obligation”Obligation and in respect of all of them, the Parallel Debt Obligations) to pay to the Collateral Administrative Agent amounts equal to to, and in the same currency as of, all amounts from time to time due and payable by it any Loan Party to any Secured Party under the Secured Obligations as and when the same fall due for payment under the Secured Obligations. (b) Each Parallel Debt Obligation shall become due and payable at the same time as the corresponding Obligation. (c) The Parallel Debt Obligations shall be separate from and independent of the Obligationscorresponding Secured Obligation, so that the Collateral Administrative Agent will have its own independent right to demand payment of the Parallel Debt Obligations by a Loan PartyObligation. (dc) The Parallel Debt Obligations shall be owed to the Collateral Administrative Agent in its own name and not as agent or representative of the Secured Parties. (ed) Other than as set out in paragraph clause (fe) below, the Parallel Debt Obligations shall not limit or affect the existence of the Secured Obligations, for which the Secured Parties shall have an independent right to demand performanceperformance to the extent otherwise set forth herein. (fe) The rights of the Secured Parties to receive payment of the Secured Obligations are several from the rights of the Collateral Administrative Agent to receive payment of the Parallel Debt Obligations, provided that: (i) payment Payment by a Dutch Loan Party of its Parallel Debt Obligations in accordance with this Section 8.12 shall to the same extent decrease and discharge the corresponding Secured Obligations owing to the Secured Parties; and (ii) payment Payment by a Loan Party of its corresponding Secured Obligations in accordance with the terms of the relevant Loan Documents Secured Obligations shall to the same extent decrease and discharge the relevant corresponding Parallel Debt Obligations.

Parallel Debt Undertaking. (a) In order to ensure the validity and enforceability of Liens under the Dutch Collateral Documents for the benefit of the Secured Parties, each Loan Party hereby irrevocably and unconditionally undertakes (the resulting liabilities and obligations under that undertaking in respect of any amount, a “Parallel Debt Obligation”) to pay to the Collateral Agent amounts equal to and in the same currency as all amounts from time to time due and payable by it to any Secured Party under the Obligations. (b) Each Parallel Debt Obligation shall become due and payable at the same time as the corresponding Obligation. (c) The Parallel Debt Obligations shall be separate from and independent of the Obligations, so that the Collateral Agent will have its own independent right to demand payment of the Parallel Debt Obligations by a Loan Party. (d) The Parallel Debt Obligations shall be owed to the Collateral Agent in its own name and not as agent or representative of the Secured Parties. (e) Other than as set out in paragraph (f) below, the Parallel Debt Obligations shall not limit or affect the existence of the Obligations, for which the Secured Parties shall have an independent right to demand performance. (f) The rights of the Secured Parties to receive payment of the Obligations are several from the rights of the Collateral Agent to receive payment of the Parallel Debt Obligations, provided that:: 212 #98388029v19 (i) payment by a Loan Party of its Parallel Debt Obligations in accordance with this Section shall to the same extent decrease and discharge the corresponding Obligations owing to the Secured Parties; and and (ii) payment by a Loan Party of its corresponding Obligations in accordance with the terms of the relevant Loan Documents shall to the same extent decrease and discharge the relevant Parallel Debt Obligations.

Parallel Debt Undertaking. (a) In order to ensure the validity and enforceability of Liens under the Dutch Collateral Documents for the benefit of the Secured Parties, each Loan Party hereby irrevocably and unconditionally undertakes (the resulting liabilities and obligations under that undertaking in respect of any amount, a “Parallel Debt Obligation”) to pay to the Collateral Agent amounts equal to and in the same currency as all amounts from time to time due and payable by it to any Secured Party under the Obligations. (b) Each Parallel Debt Obligation shall become due and payable at the same time as the corresponding Obligation.. 213 #96352060v15 #96352060v15 (c) The Parallel Debt Obligations shall be separate from and independent of the Obligations, so that the Collateral Agent will have its own independent right to demand payment of the Parallel Debt Obligations by a Loan Party. (d) The Parallel Debt Obligations shall be owed to the Collateral Agent in its own name and not as agent or representative of the Secured Parties. (e) Other than as set out in paragraph (f) below, the Parallel Debt Obligations shall not limit or affect the existence of the Obligations, for which the Secured Parties shall have an independent right to demand performance. (f) The rights of the Secured Parties to receive payment of the Obligations are several from the rights of the Collateral Agent to receive payment of the Parallel Debt Obligations, provided that: : (i) payment by a Loan Party of its Parallel Debt Obligations in accordance with this Section shall to the same extent decrease and discharge the corresponding Obligations owing to the Secured Parties; and and (ii) payment by a Loan Party of its corresponding Obligations in accordance with the terms of the relevant Loan Documents shall to the same extent decrease and discharge the relevant Parallel Debt Obligations.. ARTICLE X MISCELLANEOUS Section