Common use of CO-OBLIGATION OF STATIA CANADA Clause in Contracts

CO-OBLIGATION OF STATIA CANADA. Section 2.01. Co-obligation of Statia Canada. Statia Canada hereby agrees, for the equal and proportionate benefit of the Holders of the Notes, that it shall be jointly and severally and unconditionally liable and obligated for the prompt payment when due of any and all principal of, and premium (if any) and interest on the Notes, in accordance with the terms of the Notes and the Indenture to the same extent as the Company is obligated to pay such amounts, without any kind of joinder of, notice or presentment to, or demand on, the Company; provided, however, Statia Canada shall, 30 days after the delivery of written notice to the Trustee, be released from any liability or obligation under the Notes and the Indenture without any additional action or consent from the Trustee, any Holder or any other Person, other than for any matured payment obligation for principal of, or premium or interest on, the Notes in existence when such notice was given. The undertaking of Statia Canada hereunder is solely one of payment as herein provided and shall include no other obligation of, or restriction on, the Company, as any of such obligations or restrictions shall from time to time exist under the Indenture unless Statia Canada has, by supplemental indenture, otherwise agreed.

CO-OBLIGATION OF STATIA CANADA. Section 2.01. Co-obligation of Statia Canada. Statia Canada hereby agrees, for the equal and proportionate benefit of the Holders of the Notes, that it shall be jointly and severally and unconditionally liable and obligated for the prompt payment when due of any and all principal of, and premium (if any) and interest on the NotesNotes up to an aggregate amount of US$28 million, in accordance with the terms of the Notes and the Indenture to the same extent as the Company is obligated to pay such amounts, without any kind of joinder of, notice or presentment to, or demand on, the Company; provided, however, Statia Canada shall, 30 days after the delivery of written notice to the Trustee, be released from any liability or obligation under the Notes and the Indenture without any additional action or consent from the Trustee, any Holder or any other Person, other than for any matured payment obligation for principal of, or premium or interest on, the Notes in existence when such notice was given. The undertaking of Statia Canada hereunder is solely one of payment as herein provided and shall include no other obligation of, or restriction on, the Company, as any of such obligations or restrictions shall from time to time exist under the Indenture unless Statia Canada has, by supplemental indenture, otherwise agreed.