Common use of Parallel Debt (Covenant to pay the Security Agent Clause in Contracts

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.

Parallel Debt (Covenant to pay the Security Agent. (a) Notwithstanding any other provision of this Agreement, each Transaction 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 PartiesParties and the Export Credit Agency, sums equal to and in the currency of each amount payable by the Obligors 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 the that Transaction Obligor, to preserve its entitlement to be paid that amount.

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 Finance Parties, sums equal to and in the currency of each amount payable by the Obligors such Obligor to each of the Secured Finance 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 Finance Party to take appropriate steps, in insolvency proceedings affecting the that Obligor, to preserve its entitlement to be paid that amount.

Parallel Debt (Covenant to pay the Security Agent. (a) Notwithstanding any other provision of this Agreement, the Borrower and each Obligor hereby of the other Obligors 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 each of them 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 Borrower or any other Obligor, to preserve its entitlement to be paid that amount.

Parallel Debt (Covenant to pay the Security Agent. (a) Notwithstanding any other provision of this Agreement, each Obligor the Borrower 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 Borrower 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 ObligorBorrower, to preserve its entitlement to be paid that amount.