Parallel Debt (Covenant to pay the Security Agent)
(a) Each Obligor irrevocably and unconditionally undertakes to pay to the Security Agent its Parallel Debt which shall be amounts equal to, and in the currency or currencies of, its Corresponding Debt.
(b) The Parallel Debt of an Obligor:
Parallel Debt (Covenant to pay. (a) Each Note Party, by way of an independent payment obligation, hereby irrevocably and unconditionally undertakes to pay to the Collateral Agent, as creditor in its own right and not as representative of the other Secured Parties, any amounts owing from time to time by that Note Party to any Secured Party (other than the Collateral Agent) under any of the Note Documents (its “Corresponding Debt”), as and when those amounts are due (such Note Party’s payment and undertaking pursuant to this paragraph (a), its “Parallel Debt”).
(b) Each Note Party and the Collateral Agent acknowledges that the Parallel Debt of each Note Party is several and is separate and independent from, and shall not in any way limit or affect, the Corresponding Debt of that Note Party nor shall the amounts for which each Note Party is liable under its Parallel Debt be limited or affected in any way by its Corresponding Debt; provided that, notwithstanding any other provision of this Agreement or the Note Documents:
(i) the Parallel Debt of each Note Party shall be automatically decreased and discharged to the extent that its Corresponding Debt has been irrevocably paid or, in the case of guarantee obligations, discharged;
(ii) the Corresponding Debt of each Note Party shall be automatically decreased and discharged to the extent that its Parallel Debt has been irrevocably paid or, in the case of guarantee obligations, discharged;
(iii) the amount of the Parallel Debt of each Note Party shall at all times be equal to the amount of its Corresponding Debt; and
(iv) the aggregate amount outstanding owed by the Note Parties under the Note Documents at any time shall not exceed the amount of the Corresponding Debt at that time.
(c) For the purposes of this Section 8.13, the Collateral Agent acts in its own name and not as an agent, representative or a trustee, and its claims in respect of the Parallel Debt shall not be held on trust. The Collateral Agent shall have its own independent right to demand payment of the amounts payable by each Note Party under this Section 8.13. The Collateral granted under the Security Documents to the Collateral Agent to secure the Parallel Debt is granted to the Collateral Agent in its capacity as creditor of the Parallel Debt and shall not be held on trust.
(d) Without limiting or affecting the rights of the Collateral Agent against the Note Parties (whether under this Section 8.13 or any other provision of this Agreement or the Note Documents), each Note Pa...
Parallel Debt (Covenant to pay the Security Agent)
(a) Each Obligor irrevocably and unconditionally undertakes to pay to the Security Agent any amount it owed to a Finance Party under or in connection with any Finance Document from time to time which shall be amounts equal to, and in the currency or currencies of, its Corresponding Debt.
(b) The Parallel Debt of an Obligor:
(i) shall become due and payable at the same time as its Corresponding Debt;
(ii) is independent and separate from, and without prejudice to, its Corresponding Debt.
(c) For the purposes of this Clause 33.2 (Parallel Debt (Covenant to pay the Security Agent)), the Security Agent:
(i) is the independent and separate creditor of each Parallel Debt;
(ii) acts in its own name and not as agent, representative or trustee of the Finance Parties and its claims in respect of each Parallel Debt shall not be held on trust; and
(iii) shall have the independent and separate right to demand payment of each Parallel Debt in its own name (including, without limitation, through any suit, execution, enforcement of security, recovery of guarantees and applications for and voting in any kind of insolvency proceeding).
(d) The Parallel Debt of an Obligor shall be:
(i) decreased to the extent that its Corresponding Debt has been irrevocably and unconditionally paid or discharged; and
(ii) increased to the extent that its Corresponding Debt has increased, and the Corresponding Debt of an Obligor shall be decreased to the extent that its Parallel Debt has been irrevocably and unconditionally paid or discharged, in each case provided that the Parallel Debt of an Obligor shall never exceed its Corresponding Debt.
(e) All amounts received or recovered by the Security Agent in connection with this Clause 33.2 (Parallel Debt (Covenant to pay the Security Agent)) to the extent permitted by applicable law, shall be applied in accordance with Clause 36.5 (Application of receipts; partial payments).
(f) This Clause 33.2 (Parallel Debt (Covenant to pay the Security Agent)) shall apply, with any necessary modifications, to each Finance Document.
Parallel Debt (Covenant to pay the Security Agent)
(a) In this Clause 17.3:
Parallel Debt (Covenant to pay the Security Agent)), the Security Agent agrees with each Obligor to apply all moneys from time to time paid by such Obligor to the Security Agent in accordance with the foregoing provisions of this Clause 30 (The Security Agent).
Parallel Debt (Covenant to pay the Security Agent)
Parallel Debt (Covenant to pay the Security Agent)
(a) Notwithstanding any other provision of this Agreement, each Debtor hereby irrevocably and unconditionally undertakes to the extent legally possible to pay to the Security Agent, as creditor in its own right and not as representative of the other Secured Creditors, sums equal to and in the currency of each amount payable by such Debtor to each of the Secured Creditors under each of the Debt Documents as and when that amount falls due for payment under the relevant Debt Document or would have fallen due but for any discharge resulting from failure of another Secured Creditor to take appropriate steps, in insolvency proceedings affecting that Debtor, to preserve its entitlement to be paid that amount.
(b) The Security Agent shall have its own independent right to demand payment of the amounts payable by each Debtor under this Clause 21.2, irrespective of any discharge of such Debtor’s obligation to pay those amounts to the other Secured Creditors resulting from failure by them to take appropriate steps, in insolvency proceedings affecting that Debtor, to preserve their entitlement to be paid those amounts.
(c) Any amount due and payable by a Debtor to the Security Agent under this Clause 21.2 shall be decreased to the extent that the other Secured Creditors have received (and are able to retain) payment in full of the corresponding amount under the other provisions of the Debt Documents and any amount due and payable by a Debtor to the other Secured Creditors under those provisions shall be decreased to the extent that the Security Agent has received (and is able to retain) payment in full of the corresponding amount under this Clause 21.2.
Parallel Debt (Covenant to pay the Security Agent)) and Clause 11.3 (Notes Parallel Debt (Covenant to pay the Security Agent)) of the Amended Intercreditor Agreement.
Parallel Debt (Covenant to pay the Security Trustee)), the Security Trustee agrees with each Obligor to apply all moneys from time to time paid by such Obligor to the Security Trustee in accordance with the provisions of Clause 34.1 (Order of Application).
Parallel Debt (Covenant to pay the Security Agent)
(a) Each Debtor hereby irrevocably and unconditionally undertakes to pay to the Security Agent amounts equal to any amounts owing from time to time by that Debtor to any Secured Party under any Debt Document as and when those amounts are due.
(b) Each Debtor and the Security Agent acknowledge that the obligations of each Debtor under paragraph (a) above are several and are separate and independent from, and shall not in any way limit or affect, the corresponding obligations of that Debtor to any Secured Party under any Debt Document (its "Corresponding Debt") nor shall the amounts for which each Debtor is liable under paragraph (a) above (its "Parallel Debt") be limited or affected in any way by its Corresponding Debt provided that: Debt has been irrevocably paid or (in the case of guarantee obligations) discharged; and
