Netherlands Security means, collectively, (a) the guaranty executed by Spandex Benelux BV in favor of the Agent and the Lenders, (b) the non-possessory pledge of stock and moveable assets between Spandex Benelux BV and Fleet Capital Corporation, (c) the undisclosed pledge of receivables between Spandex Benelux BV and Fleet Capital Corporation, (d) the agreement of pledge of bank accounts between Spandex Benelux BV and Fleet Capital Corporation, (e) the notarial deed share pledge executed by Spandex Limited in favor of Fleet Capital Corporation with respect to the shares of Spandex Benelux BV, in each case in form and substance acceptable to the Agent, and (f) any other security granted to the Agent or the Lenders as security for the obligations of Spandex Benelux BV in connection with the foregoing and the other Loan Documents.
Each Agent and each Lender hereby acknowledges, agrees and accepts that the Collateral Agent holds Collateral which is the subject of the Netherlands Security Agreement as security agent and sole creditor for and on behalf of the Secured Parties in accordance with the terms of the parallel debt provisions as set forth in the Netherlands Security Agreement and that the terms of its appointment shall be as set forth (or referred to) in the Netherlands Security Agreement and this Agreement.
The Collateral Agent will reasonably cooperate in transferring its rights and obligations under the Parallel Debts to any such successor agent and will reasonably cooperate in transferring all rights under any Netherlands Security Document or any Security Document governed by the laws of the Netherlands (as the case may be) to such successor agent.
Composite Debenture entered into by, inter alia, the Ireland Guarantors dated as of October 13, 2005 Netherlands Security 1.
Nothing contained in any Loan Document and no action taken by US Agent, Collateral Agent, Netherlands Agent, Netherlands Security Trustee or any Lender pursuant hereto or thereto shall be deemed to constitute Lenders to be a partnership, an association, a joint venture or any other kind of entity.
Applicable Agent, Collateral Agent and Netherlands Security Trustee will use reasonable efforts to notify each US Lender or Netherlands Lender, as the case may be, of its receipt of any such notice, unless such notice is with respect to defaults in the payment of principal, interest and fees, in which case Applicable Agent will notify each US Lender or Netherlands Lender, as the case may be, of its receipt of such notice.