Common use of Security Trustee as joint and several creditor Clause in Contracts

Security Trustee as joint and several creditor. (a) Each of the Obligors and each of the Finance Parties agree that the Security Trustee shall be the joint and several creditor (together with the relevant Finance Party) of each and every payment obligation of any Obligor towards each and any of the Finance Parties under the relevant Finance Documents and that accordingly the Security Trustee will have its own independent right to demand performance by the relevant Obligor of those obligations when due. However, any discharge of any such obligation to either of the Security Trustee or the relevant Finance Party shall, to the same extent, discharge the corresponding obligation owing to the other. (b) Without limiting or affecting the Security Trustee’s rights against any Obligor (whether under this Clause 28.28 or under any other provision of the Finance Documents), the Security Trustee agrees with each other Finance Party (on a several and divided basis) that, subject as set out in the next sentence, it will not exercise its rights as a joint and several creditor with a Finance Party except with the consent of that Finance Party. However, nothing in the previous sentence shall limit to any extent the Security Trustee’s right in whatever capacity to take any action to protect or preserve any rights under any Transaction Security Document or to enforce any Security created thereby as contemplated by this Agreement, the Intercreditor Agreement and/or the relevant Transaction Security Document (or to do any act reasonably incidental to any of the foregoing). (c) This Clause 28.28 applies unless the Security Trustee specifies that it shall not apply in relation to a specific Obligor or all Obligors incorporated in a particular jurisdiction.

Security Trustee as joint and several creditor. (a) Each of the Obligors The Borrower and each of the Finance Creditor Parties agree agrees that the Security Trustee shall be the joint and several creditor (together with the relevant Finance Party) each other Creditor Party of each liability and every payment obligation of the Borrower towards any Obligor towards each and Creditor Party under any of the Finance Parties under the relevant Finance Documents Document, and that accordingly the Security Trustee will have its own independent right to demand performance by the relevant Obligor Borrower of those obligations when dueliabilities and obligations. However, any discharge of any such liability or obligation of the Borrower to either one of the Security Trustee or the relevant Finance another Creditor Party shall, to the same extent, discharge the corresponding liability or obligation owing to the other. (b) Without limiting or affecting the Security Trustee’s rights against any Obligor the Borrower (whether under this Clause 28.28 paragraph or under any other provision of the Finance Documents), the Security Trustee agrees with each other Finance Creditor Party (on a several and divided separate basis) that, subject as set out in the next sentence, it will not exercise its rights as a joint and several creditor with a Finance Creditor Party except with the consent of that Finance the relevant Creditor Party. However, for the avoidance of doubt, nothing in the previous sentence shall in any way limit to any extent the Security Trustee’s right to act in whatever capacity to take any action to protect the protection or preserve any preservation of rights under any Transaction Security Document or to enforce any Security created thereby as contemplated by this Agreement, the Intercreditor Agreement and/or the relevant Transaction Security Finance Document (or to do any act reasonably incidental to any of the foregoing). (c) This Subject to the provisions of this Clause 28.28 applies unless 3.5, the Security Trustee specifies holds any security created by a Finance Document in its name and the Security Trustee shall have full and unrestricted title to and authority in respect of that it shall not apply in relation security, subject always to a specific Obligor or all Obligors incorporated in a particular jurisdiction.the terms of the Finance Documents

Security Trustee as joint and several creditor. (a) Each of the Obligors Obligor and each of the Finance Creditor Parties agree agrees that the Security Trustee shall be the joint and several creditor (“hoofdelijke schuldeiser”) together with the relevant Finance Party) each other Creditor Party of each liability and every payment obligation of any Obligor towards each and the Obligors (or any of the them) towards any Creditor Party under any Finance Parties under the relevant Finance Documents Document, and that accordingly the Security Trustee will have its own independent right to demand performance by the relevant Obligor Obligors of those obligations when dueliabilities and obligations. However, any discharge of any such liability or obligation of the Obligors (or any of them) to either one of the Security Trustee or the relevant Finance another Creditor Party shall, to the same extent, discharge the corresponding liability or obligation owing to the otherothers. (b) Without limiting or affecting the Security Trustee’s rights against any Obligor the Obligors (whether under this Clause 28.28 paragraph or under any other provision of the Finance Documents), the Security Trustee agrees with each other Finance Creditor Party (on a several and divided separate basis) that, subject as set out in the next sentence, it will not exercise its rights as a joint and several creditor with a Finance Creditor Party except with the consent of that Finance the relevant Creditor Party. However, for the avoidance of doubt, nothing in the previous sentence shall in any way limit to any extent the Security Trustee’s right to act in whatever capacity to take any action to protect the protection or preserve any preservation of rights under any Transaction Security Document or to enforce any Security created thereby as contemplated by this Agreement, the Intercreditor Agreement and/or the relevant Transaction Security Finance Document (or to do any act reasonably incidental to any of the foregoing). (c) This Subject to the provisions of this Clause 28.28 applies unless 3.5 (Security Trustee as joint and several creditor), the Security Trustee specifies holds any security created by a Finance Document in its name and the Security Trustee shall have full and unrestricted title to and authority in respect of that it shall not apply in relation security, subject always to a specific Obligor or all Obligors incorporated in a particular jurisdictionthe terms of the Finance Documents.

Security Trustee as joint and several creditor. (a) Each of the Obligors The Borrower and each of the Finance Creditor Parties agree agrees that the Security Trustee shall be the joint and several creditor (together with the relevant Finance Party) each other Creditor Party of each liability and every payment obligation of the Borrower towards any Obligor towards each and Creditor Party under any of the Finance Parties under the relevant Finance Documents Document, and that accordingly the Security Trustee will have its own independent right to demand performance by the relevant Obligor Borrower of those obligations when dueliabilities and obligations. However, any discharge of any such liability or obligation of the Borrower to either one of the Security Trustee or the relevant Finance another Creditor Party shall, to the same extent, discharge the corresponding liability or obligation owing to the other. (b) Without limiting or affecting the Security Trustee’s rights against any Obligor the Borrower (whether under this Clause 28.28 paragraph or under any other provision of the Finance Documents), the Security Trustee agrees with each other Finance Creditor Party (on a several and divided separate basis) that, subject as set out in the next sentence, it will not exercise its rights as a joint and several creditor with a Finance Creditor Party except with the consent of that Finance the relevant Creditor Party. However, for the avoidance of doubt, nothing in the previous sentence shall in any way limit to any extent the Security Trustee’s right to act in whatever capacity to take any action to protect the protection or preserve any preservation of rights under any Transaction Security Document or to enforce any Security created thereby as contemplated by this Agreement, the Intercreditor Agreement and/or the relevant Transaction Security Finance Document (or to do any act reasonably incidental to any of the foregoing). (c) This Subject to the provisions of this Clause 28.28 applies unless 3.5, the Security Trustee specifies holds any security created by a Finance Document in its name and the Security Trustee shall have full and unrestricted title to and authority in respect of that it shall not apply in relation security, subject always to a specific Obligor or all Obligors incorporated in a particular jurisdictionthe terms of the Finance Documents.