Common use of SUBORDINATION AND SECURITY OBLIGATION Clause in Contracts

SUBORDINATION AND SECURITY OBLIGATION. 8.1 The Lender will subordinate its claims under this Agreement, as defined in article 3:277 paragraph 2 of the Dutch Civil Code, against all current and future claims of banking institutions on the Borrower. 8.2 In addition, the Lender is prepared to further subordinate its claims under this Agreement with those of a banking institution, if the following conditions are met: (a) the Lender is, in principle, entitled to receive interest and to accept (early) repayment, whereby a reasonable mechanism can be agreed that takes into account both the interests of the banking institution and the Lender, on the basis of which the bank has the authority to revoke such entitlement on financial grounds and with due observance of the principles of the Loan; (b) repayment and payment of interest in the form of conversion of debt into share capital is always possible; (c) the Lender is not required to pledge the subordinated claim, nor provide any other security; (d) the general banking terms and conditions will not apply to the Lender in its capacity of subordinate; (e) no joint and several liability with Co-financier is requested for their part of the subordinated Loan; (f) the lender may claim payment, it being understood that it cannot effectuate the claim without approval from the relevant banking institution. 8.3 Without prejudice to the provisions of the previous paragraph, the Borrower will endeavour to establish, as soon as possible after the signing date of this Agreement, security in favour of the Lender, as high as possible in rank and in the form to the satisfaction of the Lender in order to provide security for the fulfilment of the obligations of the Borrower under this Agreement vis-à-vis the Lender. The costs associated with the establishment of the aforementioned securities shall be borne by the Borrower.

SUBORDINATION AND SECURITY OBLIGATION. 8.1 9.1 The Lender will subordinate its claims under this Agreement, as defined in article 3:277 paragraph 2 of the Dutch Civil Code, against all current and future claims of banking institutions on the Borrower. 8.2 9.2 In addition, the Lender is prepared to further subordinate its claims under this Agreement with those of a banking institution, if the following conditions are met: (a) the Lender is, in principle, entitled to receive interest and to accept (early) repayment, whereby a reasonable mechanism can be agreed that takes into account both the interests of the banking institution and the Lender, on the basis of which the bank has the authority to revoke such entitlement on financial grounds and with due observance of the principles of the Loan;. (b) repayment and payment of interest in the form of conversion of debt into share capital is always possible; (c) the Lender is not required to pledge the subordinated claim, nor provide any other security; (d) the general banking terms and conditions will not apply to the Lender in its capacity of subordinate; (e) no joint and several liability with Co-financier is requested for their part of the subordinated Loan; (f) the lender may claim payment, it being understood that it cannot effectuate the claim without approval from the relevant banking institution. 8.3 9.3 Without prejudice to the provisions of the previous paragraph, the Borrower will endeavour to establish, as soon as possible after the signing date of this Agreement, security in favour of the Lender, as high as possible in rank and in the form to the satisfaction of the Lender in order to provide security for the fulfilment of the obligations of the Borrower under this Agreement vis-à-vis the Lender. The costs associated with the establishment of the aforementioned securities shall be borne by the Borrower.

SUBORDINATION AND SECURITY OBLIGATION. 8.1 The Lender will subordinate its claims under this Agreement, as defined in article 3:277 paragraph 2 of the Dutch Civil Code, against all current and future claims of banking institutions on the Borrower. 8.2 In addition, the Lender is prepared to further subordinate its claims under this Agreement with those of a banking institution, if the following conditions are met: (a) the Lender is, in principle, entitled to receive interest and to accept (early) repayment, whereby a reasonable mechanism can be agreed that takes into account both the interests of the banking institution and the Lender, on the basis of which the bank has the authority to revoke such entitlement on financial grounds and with due observance of the principles of the Loan;. (b) repayment and payment of interest in the form of conversion of debt into share capital is always possible; (c) the Lender is not required to pledge the subordinated claim, nor provide any other security; (d) the general banking terms and conditions will not apply to the Lender in its capacity of subordinate; (e) no joint and several liability with any Co-financier financer is requested for their part of the subordinated Loan; (f) the lender may claim payment, it being understood that it cannot effectuate the claim without approval from the relevant banking institution. 8.3 Without prejudice to the provisions of the previous paragraph, the Borrower will endeavour to establish, as soon as possible after the signing date of this Agreement, security in favour of the Lender, as high as possible in rank and in the form to the satisfaction of the Lender in order to provide security for the fulfilment of the obligations of the Borrower under this Agreement vis-à-vis the Lender. The costs associated with the establishment of the aforementioned securities shall be borne by the Borrower.

SUBORDINATION AND SECURITY OBLIGATION. 8.1 The Lender Co-financer will subordinate its claims under this Agreement, as defined in article 3:277 paragraph 2 of the Dutch Civil Code, against all current and future claims of banking institutions on the Borrower. 8.2 In addition, the Lender Co-financer is prepared to further subordinate its claims under this Agreement with those of a banking institution, if the following conditions are met: (a) the Lender Co-financer is, in principle, entitled to receive interest and to accept (early) repayment, whereby a reasonable mechanism can be agreed that takes into account both the interests of the banking institution and the LenderCo-financer, on the basis of which the bank has the authority to revoke such entitlement on financial grounds and with due observance of the principles of the Loan;. (b) repayment and payment of interest in the form of conversion of debt into share capital is always possible; (c) the Lender Co-financer is not required to pledge the subordinated claim, nor provide any other security; (d) the general banking terms and conditions will not apply to the Lender Co-financer in its capacity of subordinate; (e) no joint and several liability with Co-financier is requested for their part of the subordinated Loan; (f) the lender Co-financer may claim payment, it being understood that it cannot effectuate the claim without approval from the relevant banking institution.; 8.3 Without prejudice to the provisions of the previous paragraph, the Borrower will endeavour to establish, as soon as possible after the signing date of this Agreement, security in favour of the LenderCo- financer, as high as possible in rank, albeit in rank after the security issued to the ROM under the COL-Agreement and in the form to the satisfaction of the Lender Co-financer in order to provide security for the fulfilment of the obligations of the Borrower under this Agreement vis-à-vis the LenderCo-financer. The costs associated with the establishment of the aforementioned securities shall be borne by the Borrower.

SUBORDINATION AND SECURITY OBLIGATION. 8.1 The Lender Co-financer will subordinate its claims under this Agreement, as defined in article 3:277 paragraph 2 of the Dutch Civil Code, against all current and future claims of banking institutions on the Borrower. 8.2 In addition, the Lender Co-financer is prepared to further subordinate its claims under this Agreement with those of a banking institution, if the following conditions are met: (a) the Lender Co-financer is, in principle, entitled to receive interest and to accept (early) repayment, whereby a reasonable mechanism can be agreed that takes into account both the interests of the banking institution and the LenderCo-financer, on the basis of which the bank has the authority to revoke such entitlement on financial grounds and with due observance of the principles of the Loan;. (b) repayment and payment of interest in the form of conversion of debt into share capital is always possible; (c) the Lender Co-financer is not required to pledge the subordinated claim, nor provide any other security; (d) the general banking terms and conditions will not apply to the Lender Co-financer in its capacity of subordinate; (e) no joint and several liability with Co-financier is requested for their part of the subordinated Loan; (f) the lender Co-financer may claim payment, it being understood that it cannot effectuate the claim without approval from the relevant banking institution.; 8.3 Without prejudice to the provisions of the previous paragraph, the Borrower will endeavour to establish, as soon as possible after the signing date of this Agreement, security in favour of the LenderCo- financer, as high as possible in rank and in the form to the satisfaction of the Lender Co-financer in order to provide security for the fulfilment of the obligations of the Borrower under this Agreement vis-à-à- vis the LenderCo-financer. The costs associated with the establishment of the aforementioned securities shall be borne by the Borrower.