Dutch Law Provisions Sample Clauses

Dutch Law Provisions. The Collateral Trustee is hereby authorized to execute and deliver any documents necessary or appropriate to create and perfect the rights of pledge for the benefit of the Secured Parties under Security Documents governed by the laws of the Netherlands (the “Dutch Security Documents”). Without prejudice to the provisions of this Agreement and the other Secured Debt Documents, the parties hereto acknowledge and agree with the creation of parallel debt obligations of Parent or any relevant Subsidiary as will be described in the Dutch Security Documents (the “Parallel Debt”), including that any payment received by the Collateral Trustee in respect of the Parallel Debt will, conditionally upon such payment not subsequently being avoided or reduced by virtue of any provisions or enactments relating to bankruptcy, insolvency, preference, liquidation or similar laws of general application, be deemed a satisfaction of a pro rata portion of the corresponding amounts of the Secured Obligations, and any payment to the Secured Parties in satisfaction of the Secured Obligations shall, conditionally upon such payment not subsequently being avoided or reduced by virtue of any provisions or enactments relating to bankruptcy, insolvency, preference, liquidation or similar laws of general application, be deemed as satisfaction of the corresponding amount of the Parallel Debt. The parties hereto acknowledge and agree that, for purposes of the Dutch Security Documents, any resignation by the Collateral Trustee is not effective until its rights under the Parallel Debt are assigned to the successor Collateral Trustee.
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Related to Dutch Law Provisions

  • Local Law Provisions [To Come] [The remainder of this page has been intentionally left blank]

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