Examples of Corresponding Debt in a sentence
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.
For the avoidance of doubt, the Parallel Debt will become due and payable at the same time the Corresponding Debt becomes due and payable.
The mechanism of the parallel debt further provides that the Parallel Debt and the Corresponding Debt will at all times be equal (and that in case of a payment under the Parallel Debt or the Corresponding Debt, as applicable, the Parallel Debt or the Corresponding Debt will decrease for the same amount).However, the Conditions contain certain limitations regarding such Security, Personal Security, guarantees or indemnity and the exercise thereof.
The 2010 and 2011annual reports of the organizations on information dissemination and public education further attest to these observations; the reports make it clear that the information dissemination and public education were made to benefit some professionals and business stakeholders mostly but not the general public per se.
For the avoidance of doubt: (i) the Parallel Debt of each Loan Party will become due and payable (opeisbaar) at the same time its Corresponding Debt becomes due and payable; and (ii) without prejudice to this Section 10.23, a Loan Party may not repay or prepay its Parallel Debt unless directed to do so by the Administrative Agent or the collateral security is enforced by the Administrative Agent.