German Parallel Debt. (a) For purposes of (i) creating a Security in or subject to the laws of Germany and any other jurisdiction whose laws permit Security to be granted to the Security Trustee only to secure obligations directly owing to the Security Trustee and (ii) ensuring the initial and continuing validity of each such Security, each Obligor, the Finance Parties and the Security Trustee, agree that notwithstanding anything to the contrary contained in this Agreement or any Finance Document:
German Parallel Debt. (a) The Borrower hereby irrevocably and unconditionally undertakes (and to the extent necessary undertakes in advance) to pay to the Agent amounts equal to any amounts owing from time to time by the Borrower to any Secured Party under this Agreement and any other Loan Document pursuant to any Obligations as and when those amounts are due under any Loan Document (such payment undertakings under this Section 8.16 and the obligations and liabilities resulting therefrom being the “Parallel Debt”).
German Parallel Debt. (a) Each German Loan Party and Cranes hereby irrevocably and unconditionally undertakes (and to the extent necessary undertakes in advance) to pay to Agent amounts equal to all amounts owing from time to time by such German Loan Party and/or Cranes to any member of the Lending Group under this Agreement and any other Loan Document in respect of any German Obligations (in case of a German Loan Party) and/or any Obligations (in case of Cranes) as and when those amounts are due under any Loan Document (such payment undertakings under this Section 15.20 and the obligations and liabilities resulting therefrom being the “German Parallel Debt”).
German Parallel Debt. (a) Each Guarantor hereby agrees and covenants with the Administrative Agent by way of an abstract acknowledgement of debt (abstraktes Schuldanerkenntnis) that each of them shall pay to the Administrative Agent sums equal to, and in the currency of, any sums owing by it to a Secured Party (other than the Administrative Agent) under any Loan Document (the “Principal Obligations”) as and when the same fall due for payment under the relevant Loan Document (the “German Parallel Obligations”).
German Parallel Debt. (i) Notwithstanding any other provision of this Agreement or any other Credit Document, each Credit Party hereby irrevocably and unconditionally undertakes to pay to the Administrative Agent, as a creditor in its own right and not as a representative of the other Secured Parties, sums (the “German Parallel Debt”) equal to and in the currency of each amount payable by such Credit Party to each of the other Secured Parties under each of the Credit Documents as and when that amount falls due for payment under the relevant Credit Document or would have fallen due but for any discharge resulting from failure of another Secured Party to take appropriate steps, in insolvency proceedings affecting that Credit Party, to preserve its entitlement to be paid that amount. 158
