Common use of Authorization to Take Action Regarding Dutch Pledges Clause in Contracts

Authorization to Take Action Regarding Dutch Pledges. The Administrative Agent is hereby authorized by the Lenders which are a party to this Agreement to execute and deliver any documents necessary or appropriate to create the rights of pledge governed by the laws of the Netherlands for the benefit of the Secured Creditors, including the Dutch Security Agreements. Without prejudice to the provisions of this Agreement and the other Credit Documents, the parties hereto acknowledge and agree with the creation of parallel debt obligations of the Dutch Credit Parties and any other Person providing security under a Dutch Security Agreement as will be described in the Parallel Debt(s), including that any payment received by the Administrative Agent in respect of the Parallel Debt(s) will be deemed a satisfaction of a pro rata portion of the corresponding amounts of the Obligations.