Common use of Acknowledgment of Parallel Debt Obligation Clause in Contracts

Acknowledgment of Parallel Debt Obligation. Each of the parties to this Agreement acknowledges that each Parallel Debt represents the Collateral Agent’s own claim to receive payment of such Parallel Debt from the relevant Credit Party and that the amount which may become due and payable by a Credit Party under its Parallel Debt pursuant to this Section 11.12 shall never exceed the total amount which becomes due and payable by such Credit Party to the Secured Parties under its Principal Obligations.

Acknowledgment of Parallel Debt Obligation. Each of the parties to this Agreement acknowledges that each Parallel Debt represents the Collateral Agent’s own claim to receive payment of such Parallel Debt from the relevant Credit Party and that the amount which may become due and payable by a Credit Party under its Parallel Debt pursuant to this Section 11.12 shall never exceed the total amount which becomes due and payable by such Credit Party to the Secured Parties under its Principal Obligations.

Acknowledgment of Parallel Debt Obligation. Each of the parties to this Agreement acknowledges that each Parallel Debt represents the Collateral Agent’s own claim to receive payment of such Parallel Debt from the relevant Credit Loan Party and that the amount which may become due and payable by a Credit Loan Party under its Parallel Debt pursuant to this Section 11.12 12.15 shall never exceed the total amount which becomes due and payable by such Credit Loan Party to the Secured Parties under its Principal Obligations.