Parallel Obligations definition

Parallel Obligations means the independent obligations of any of the Grantors arising pursuant to the First Lien Intercreditor Agreement to pay to the Collateral Agent sums equal to the sums owed by such Grantor to the other Secured Parties (or any of them) under the Credit Documents.
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Parallel Obligations shall have the meaning assigned to such term in Section 9.23(a).
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Parallel Obligations means, in relation to Bonds that are granted priority in respect of the statutory security in accordance with the Covered Bond Act, any (i) Outstanding Bonds that are granted priority in respect of the statutory security in accordance with the Covered Bond Act, (ii) liabilities of the Issuer under Derivative Contracts, and (iii) all other obligations of the Issuer which are granted the same priority in respect of the statutory security in accordance with the Covered Bond Act.
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Examples of Parallel Obligations in a sentence

  • In the event of a good discharge of the Principal Obligations the Administrative Agent shall not be entitled any more to demand payment of the corresponding German Parallel Obligations and such German Parallel Obligations shall cease to exist.

  • This shall apply accordingly in the event of a good discharge of the German Parallel Obligations to the corresponding Principal Obligations.

  • This shall apply accordingly in the event of a good discharge of the Parallel Obligations to the corresponding Principal Obligations.

  • The rights of the Secured Parties to receive payment of the Principal Obligations are several from the rights of the Security Agent to receive the Parallel Obligations.

  • In the event of a good discharge of any Principal Obligations the Trustee shall not be entitled to demand payment of the corresponding Parallel Obligations and such Parallel Obligations shall be discharged to the same extent.


More Definitions of Parallel Obligations

Parallel Obligations shall have the meaning given to the term in Section 2.14(d)(i).
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Parallel Obligations means the Parallel Debt as described in Clause 17.2 of the Intercreditor Agreement, to the extent they constitute obligations for the payment of money (vorderingen tot voldoening van een geldsom);
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Parallel Obligations as defined in Section 14.19. Parent: as defined in the preamble to this Agreement.
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Parallel Obligations is defined in Section 9.9.
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Parallel Obligations as defined in Section 7.13(a)(i).
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Parallel Obligations as defined in Section 12.16. Participant: as defined in Section 13.2.
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Parallel Obligations means the monetary obligations arising from the Parallel Debt; and
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