Parallel Debt (Covenant to pay the Security Agent Sample Clauses
Parallel Debt (Covenant to pay the Security Agent. 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.
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:
(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 30.2 (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:
(A) decreased to the extent that its Parallel Debt has been irrevocably and unconditionally paid or discharged; and
(B) increased to the extent that its Parallel Debt has increased, 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 30.2 (Parallel Debt (Covenant to pay the Security Agent)) to the extent permitted by applicable law, shall be applied in accordance with Clause 33.5 (Application of receipts; partial payments).
Parallel Debt (Covenant to pay the Security Agent. (a) In this Clause 21.3 (Parallel Debt (Covenant to pay the Security Agent)):
Parallel Debt (Covenant to pay the Security Agent or under that Clause as incorporated by reference or in full in any other Finance Document.
Parallel Debt (Covenant to pay the Security Agent. (a) Notwithstanding any other provision of this Agreement, each Obligor hereby irrevocably and unconditionally undertakes to pay to the Security Agent, as creditor in its own right and not as representative of the other Secured Parties, sums equal to and in the currency of each amount payable by the Obligors to each of the Secured Parties under each of the Finance Documents as and when that amount falls due for payment under the relevant Finance 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 the Obligor, 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 the Obligors under this clause 31.2 irrespective of any discharge of the Obligor's obligation to pay those amounts to the other Secured Parties resulting from failure by them to take appropriate steps, in insolvency proceedings affecting the Obligor, to preserve their entitlement to be paid those amounts.
(c) Any amount due and payable by an Obligor to the Security Agent under this clause 31.2 shall be decreased to the extent that the other Secured Parties have received (and are able to retain) payment in full of the corresponding amount under the other provisions of the Finance Documents and any amount due and payable by the Obligors to the other Secured Parties 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 31.2.
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:
(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 32.2 (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
Parallel Debt (Covenant to pay the Security Agent to the extent permitted by applicable law, shall be applied in accordance with Clause 38.5 (Application of receipts; partial payments).
Parallel Debt (Covenant to pay the Security Agent. Notwithstanding any other provision of this Agreement, each Transaction Obligor irrevocably and unconditionally undertakes to pay to the Security Agent, as creditor in its own right and not as representative of the other Secured Parties and the Export Credit Agency, sums equal to and in the currency of each amount payable by each Transaction Obligor to each of the Secured Parties and the Export Credit Agency under each of the Finance Documents as and when that amount falls due for payment under the relevant Finance Document or the ECA Cover 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 Transaction Obligor, to preserve its entitlement to be paid that amount.
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. 3.1 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 Senior Finance Document as and when those amounts are due.
3.2 Each Debtor and the Security Agent acknowledge that the obligations of each Debtor under Clause 3.1 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 Senior Finance Document (its “Corresponding Debt”) nor shall the amounts for which each Debtor is liable under Clause 3.1 above (its “Parallel Debt”) be limited or affected in any way by its Corresponding Debt provided that:
(a) the Parallel Debt of each Debtor shall be decreased to the extent that its Corresponding Debt has been irrevocably paid or (in the case of guarantee obligations) discharged; and
(b) the Corresponding Debt of each Debtor shall be decreased to the extent that its Parallel Debt has been irrevocably paid or (in the case of guarantee obligations) discharged; and
(c) the amount of the Parallel Debt of a Debtor shall at all times be equal to the amount of its Corresponding Debt.
3.3 For the purpose of this Clause 3, the Security Agent acts in its own name and not as a trustee, and its claims in respect of the Parallel Debt shall not be held on trust. The Security granted under the Security Documents to the Security Agent to secure the Parallel Debt is granted to the Security Agent in its capacity as creditor of the Parallel Debt and shall not be held on trust.
3.4 All monies received or recovered by the Security Agent pursuant to this Clause 3, and all amounts received or recovered by the Security Agent from or by the enforcement of any Security granted to secure the Parallel Debt, shall be applied in accordance with Clause 11.1 (Order of application) of the Intercreditor Agreement.
3.5 Without limiting or affecting the Security Agent’s rights against the Debtors (whether under this Clause 3 or under any other provision of the Senior Finance Documents), each Debtor acknowledges that:
(a) nothing in this Clause 3 shall impose any obligation on the Security Agent to advance any sum to any Debtor or otherwise under any Senior Finance Document, except in its capacity as a Senior Lender; and
(b) for the purpose of any vote taken under any Senior Finance Document, the Security Agent shall not be regarded as having any part...