Common use of Parallel Debt as Independent Payment Obligation Clause in Contracts

Parallel Debt as Independent Payment Obligation. For the avoidance of doubt it is confirmed that Section 11.12(a) means that each Parallel Debt constitutes a payment obligation of the relevant Credit Party to the Collateral Agent which is separate and independent from, and without prejudice to, its Principal Obligations and shall become due and payable to the Collateral Agent as soon as, and to the extent that, any amount owed by such Credit Party to the relevant Secured Party under its Principal Obligations becomes due and payable.

Parallel Debt as Independent Payment Obligation. For the avoidance of doubt it is confirmed that Section 11.12(a) means that each Parallel Debt constitutes a payment obligation of the relevant Credit Party to the Collateral Agent which is separate and independent from, and without prejudice to, its Principal Obligations and shall become due and payable to the Collateral Agent as soon as, and to the extent that, any amount owed by such Credit Party to the relevant Secured Party under its Principal Obligations becomes due and payable.

Parallel Debt as Independent Payment Obligation. For the avoidance of doubt it is confirmed that Section 11.12(a) 12.15.1 means that each Parallel Debt constitutes a payment obligation of the relevant Credit Loan Party to the Collateral Agent which is separate and independent from, and without prejudice to, its Principal Obligations and shall become due and payable to the Collateral Agent as soon as, and to the extent that, any amount owed by such Credit Loan Party to the relevant Secured Party under its Principal Obligations becomes due and payable.