Parallel Obligation definition
Examples of Parallel Obligation in a sentence
The Collateral Agent may independently on its own behalf request from the Borrower the fulfilment of the Parallel Obligation on the basis of the Agreement and the Borrower is required to fulfil the respective obligation to the Collateral Agent.
Scramble has the right to, independently in its own name, demand from the Borrower performance of the Parallel Obligation pursuant to the Financing Agreement, in which case the Borrower must perform the obligation to Scramble.
Scramble has the right to, independently in its own name, demand from the Borrower performance of the Parallel Obligation pursuant to the Agreement, in which case the Borrower must perform the obligation to Scramble.
Each Parallel Obligation will become due and payable as and when one or more of the Principal Obligations of the relevant Foreign Credit becomes due and payable.
Each Secured Party confirms that this authority of the Administrative Agent includes, but is not limited to, the authority to agree, on behalf of such Secured Party, with the pledgor under the Dutch Pledge Agreement to the provisions in the Dutch Pledge Agreement regarding the Parallel Obligation.
The amount of the Parallel Obligation is reduced to the extent that a Source Obligation corresponding to the Parallel Obligation has been duly performed to the creditor of that particular Source Obligation, and the amount of a Source Obligation is reduced to the extent that the Parallel Obligation corresponding to the Source Obligation has been duly performed to Scramble (whereas the respective obligation is not deemed to be performed before the respective amount has been fully and irrevocably received).
Each Parallel Obligation shall become due (opeisbaar) when the obligation pursuant to the Principal Obligations to which it corresponds becomes due.
Swaper has the right to, independently in its own name, demand from the Loan Originator performance of the Parallel Obligation pursuant to the Assignment Agreement, in which case the Loan Originator must perform the obligation to Swaper.
Scramble shall, as the mandatary, hold the funds specified in clause 10.6 or otherwise received as performance of the Parallel Obligation in the current account that Scramble has opened in its own name in a duly licensed credit or payment institution that is registered in or has its location of operations in a member state of the European Economic Area.
The amount of the Parallel Obligation is reduced from time to time to the extent that a Source Obligation corresponding to the Parallel Obligation has been duly performed to the Assignee, and the amount of a Source Obligation is reduced from time to time to the extent that the Parallel Obligation corresponding to the Source Obligation has been duly performed to Swaper (whereas the respective obligation is not deemed to be performed before the respective amount has been fully and irrevocably received).