Common use of No Common Property; Administration Agreement Clause in Contracts

No Common Property; Administration Agreement. Each party to this Agreement confirms that, in accordance with this Section 14, a claim of the Collateral Agent against the Borrower in respect of the Parallel Debt does not constitute common property within the meaning of Section 3:166 Dutch Civil Code and that the provisions relating to such common property shall not apply. If, however, it shall be held that such claim of the Collateral Agent does constitute such common property and such provisions do apply, the parties agree that this Agreement shall contain the administration agreement within the meaning of Section 3:168 Dutch Civil Code. Notwithstanding anything to the contrary in this Agreement, Section 14 of this Agreement, and the rights and obligations of the parties under Section 14, shall be governed by, and construed and interpreted in accordance with, the laws of the Netherlands.

No Common Property; Administration Agreement. Each party to this Agreement confirms that, in accordance with this Section 14, a claim of the Collateral Agent against the Borrower in respect of the Parallel Debt does not constitute common property within the meaning of Section 3:166 Dutch Civil Code and that the provisions relating to such common property shall not apply. If, however, it shall be held that such claim of the Collateral Agent does constitute such common property and such provisions do apply, the parties agree that this Agreement shall contain the administration agreement within the meaning of Section 3:168 Dutch Civil Code. Notwithstanding anything to the contrary in this Agreement, Section 14 of this Agreement, and the rights and obligations of the parties under Section 14, shall be governed by, and construed and interpreted in accordance with, the laws of the Netherlands. SECTION 15.

No Common Property; Administration Agreement. Each party to this Agreement confirms that, in accordance with this Section 1415, a claim of the Collateral Agent against the Borrower in respect of the Parallel Debt does not constitute common property within the meaning of Section 3:166 Dutch Civil Code and that the provisions relating to such common property shall not apply. If, however, it shall be held that such claim of the Collateral Agent does constitute such common property and such provisions do apply, the parties agree that this Agreement shall contain the administration agreement within the meaning of Section 3:168 Dutch Civil Code. Notwithstanding anything to the contrary in this Agreement, Section 14 15 of this Agreement, and the rights and obligations of the parties under Section 1415, shall be governed by, and construed and interpreted in accordance with, the laws of the Netherlands.