Parallel Security and Parallel Obligations Sample Clauses

Parallel Security and Parallel Obligations. For the purposes of taking and ensuring the continuing validity of security under those Security Documents subject to the laws of (or to the extent affecting assets situated in) the Netherlands, notwithstanding any contrary provision herein or in any of the Loan Documents, the parties hereto agree and the Borrower hereby irrevocably and unconditionally undertakes (such undertakings are referred to hereinafter as the "Parallel Obligations") to pay to the Administrative Agent, as a creditor in its own right and not as a representative of the Lenders, amounts equal to and in the currency of each amount payable by the Borrower under each of the Loan Documents as and when such amounts become due for payment under the relevant Loan Document or would have fallen due but for any discharge resulting from a failure of another Lender to take appropriate steps, in insolvency proceedings affecting the Borrower, to preserve its entitlement to be paid such amounts (the "Lender Obligations").