Common use of Parallel Debt (Belgium) Clause in Contracts

Parallel Debt (Belgium). (a) For the purpose of this Section 10.34, “Corresponding Obligations” means, with respect to each Guarantor incorporated under the laws of Belgium (each, a “Belgian Guarantor”), any Guarantor’s obligations and liabilities (whether present or future, actual or contingent, and whether incurred jointly or severally, and whether as principal, guarantor or in some other capacity) to one or more Lenders (or any of their successors, transferees or assigns) (i) under or in connection with the Credit Agreement or the other Credit Documents (but, for the avoidance of doubt, excluding the Parallel Debt Undertaking (as defined below)), as the same may be amended, supplemented, extended or restated from time to time (including by way of novation), however fundamental any amendment, supplement, extension or restatement may be, including (without affecting the generality of the foregoing) a change of purpose of any facility or the addition of any facility, or (ii) in connection with any other Indebtedness as the Collateral Agent (acting on instructions of all Lenders) and the Borrower may agree from time to time. (b) Each Belgian Guarantor irrevocably and unconditionally undertakes to pay to the Collateral Agent amounts equal to the Corresponding Obligations as they may exist from time to time (each, a “Parallel Debt Undertaking”). Each Parallel Debt Undertaking will become due and payable at the same time as the Corresponding Obligations become due and payable. (c) The rights of the Collateral Agent under this Section 10.34 are several and independent from any right that a Lender may have under the Credit Agreement or the other Credit Documents. The Collateral Agent may therefore enforce performance of the Parallel Debt Undertaking in its own name as an independent and separate right. This includes any suit, execution, enforcement of security, recovery of guarantees and applications for and voting in respect of any kind of insolvency proceeding. (d) An amount paid by a Belgian Guarantor to the Collateral Agent in respect of the Parallel Debt Undertaking will discharge the liability of such Belgian Guarantor under the Corresponding Obligations in an equal amount. (e) The aggregate amount outstanding under the Parallel Debt Undertaking will never exceed the aggregate amount outstanding under the Corresponding Obligations. (f) The Collateral Agent acts under the Credit Agreement and the other Credit Documents as a creditor under the Parallel Debt Undertaking.

Parallel Debt (Belgium). (a) For the purpose of this Section 10.3413.7, “Corresponding Obligations” means, with respect to each Note Guarantor incorporated under the laws of Belgium (each, a “Belgian Guarantor”), any Note Guarantor’s obligations and liabilities (whether present or future, actual or contingent, and whether incurred jointly or severally, and whether as principal, guarantor or in some other capacity) to the Trustee or one or more Lenders Holders (or any of their successors, transferees or assigns) (i) under or in connection with the Credit Agreement this Indenture or the other Credit Collateral Documents (but, for the avoidance of doubt, excluding the Parallel Debt Undertaking (as defined below)), as the same may be amended, supplemented, extended or restated from time to time (including by way of novation), however fundamental any amendment, supplement, extension or restatement may be, including (without affecting the generality of the foregoing) a change of purpose of any facility or the addition of any facility, or (ii) in connection with any other Indebtedness as the Notes Collateral Agent Agents (acting on instructions of all LendersHolders) and the Borrower Company may agree from time to time. (b) Each Belgian Guarantor irrevocably and unconditionally undertakes to pay to the applicable Notes Collateral Agent amounts equal to the Corresponding Obligations as they may exist from time to time (each, a “Parallel Debt Undertaking”). Each Parallel Debt Undertaking will become due and payable at the same time as the Corresponding Obligations become due and payable. (c) The rights of the each Notes Collateral Agent under this Section 10.34 13.7 are several and independent from any right that a Lender Holder may have under the Credit Agreement this Indenture or the other Credit Collateral Documents. The Each Notes Collateral Agent may therefore enforce performance of the Parallel Debt Undertaking in its own name as an independent and separate right. This includes any suit, execution, enforcement of security, recovery of guarantees and applications for and voting in respect of any kind of insolvency proceeding. (d) An amount paid by a Belgian Guarantor to the any Notes Collateral Agent in respect of the Parallel Debt Undertaking will discharge the liability of such Belgian Guarantor under the Corresponding Obligations in an equal amount. (e) The aggregate amount outstanding under the Parallel Debt Undertaking will never exceed the aggregate amount outstanding under the Corresponding Obligations. (f) The Each Collateral Agent acts under the Credit Agreement this Indenture and the other Credit Collateral Documents as a creditor under the Parallel Debt Undertaking.