Dutch Terms. In this Agreement, where it relates to a Dutch entity, a reference to:
(i) a necessary action to authorise, where applicable, includes without limitation:
(A) any action required to comply with the Dutch Works Council Act (Wet op de ondernemingsraden); and
(B) obtaining unconditional positive advice (advies) from each competent works council;
(ii) a winding-up, administration or dissolution includes a Dutch entity being:
(A) declared bankrupt (failliet verklaard);
(B) dissolved (ontbonden);
(iii) a moratorium includes (voorlopige) surséance van betaling and granted a moratorium includes (voorlopige) surséance van betaling verleend;
(iv) a trustee in bankruptcy includes a curator;
(v) an administrator includes a bewindvoerder;
(vi) a Receiver or an administrative receiver does not include a curator or bewindvoerder; and
(vii) an attachment includes a conservatoir beslag or executoriaal beslag.
Dutch Terms. (a) In this Agreement, where it relates to a Dutch entity, a reference to:
(i) a necessary action to authorize where applicable, includes without limitation:
(ii) any action required to comply with the Dutch Act on the Works Councils (Wet op de ondernemingsraden); and
(iii) obtaining an unconditional positive advice from the competent works council(s);
(iv) gross negligence means grove xxxxxx;
(v) a security right includes any mortgage (hypotheek), pledge (pandrecht), retention of title arrangement (eigendomsvoorbehoud), privilege (voorrecht), right of retention (recht van retentie), right to reclaim goods (recht van reclame), and, in general, any right in rem (beperkt recht) created for the purpose of granting security (goederenrechtelijk zekerheidsrecht);
(vi) wilful misconduct means opzet;
(vii) a winding-up, administration or dissolution (and any of those terms) includes a Dutch entity being declared bankrupt (failliet verklaard) or dissolved (ontbonden);
(viii) a moratorium includes surseance van betaling and granted a moratorium includes surseance verleend;
(ix) insolvency includes a bankruptcy and moratorium;
(x) any step or procedure taken in connection with insolvency proceedings includes a Dutch entity having given a notice under any of:
(A) section 36 of the Tax Collection Act (Invorderingswet 1990); or
(B) section 60 of the Social Insurance Financing Act (Wet Financiering Sociale Verzekeringen) in conjunction with section 36 of the Tax Collection Act (Invorderingswet 1990);
(xi) a trustee in bankruptcy or an administrative receiver includes a curator;
(xii) an administrator includes a bewindvoerder;
(xiii) an attachment includes a beslag; and
(xiv) a subsidiary includes a dochtermaatschappij as defined in section 2:24a of the Dutch Civil Code.
Dutch Terms. In this Agreement, where it relates to a Dutch Credit Party, a reference to:
(i) a “necessary action to authorise” where applicable, includes without limitation:
(a) any action required to comply with the Works Councils Act of the Netherlands (Wet op de ondernemingsraden); and
(b) obtaining an unconditional positive advice (advies) from the competent works council(s);
(ii) “security interest” includes any mortgage (hypotheek), pledge (pandrecht), retention of title arrangement (eigendomsvoorbehoud), right of retention (recht van retentie), right to reclaim goods (recht van reclame), and, in general, any right in rem (beperkt recht), created for the purpose of granting security (goederenrechtelijk zekerheidsrecht);
(iii) a “winding-up, administration” or “dissolution” includes a bankruptcy (faillissement) or dissolution (ontbinding);
(iv) a “suspension of payments” includes surseance van betaling;
(v) any “step” or “procedure” taken in connection with insolvency proceedings includes a Dutch entity having filed a notice under Section 36 of the Tax Collection Act of the Netherlands (Invorderingswet 1990);
(vi) a “liquidator” includes a curator;
(vii) an “administrator” includes a bewindvoerder;
(viii) an “attachment” includes a beslag;
Dutch Terms. In this Agreement, where it relates to a Dutch person or the context so requires, a reference to:
Dutch Terms. In this Agreement, a reference to:
(a) a “board of directors” means a managing board (bestuur) when a Dutch Loan Party is concerned;
Dutch Terms. In this Agreement, where it relates to a Dutch Domiciled Credit Party, or Dutch security, a reference to:
(a) a necessary action to authorize where applicable, includes without limitation:
(i) any action required to comply with the Works Councils Act of the Netherlands (Wet op de ondernemingsraden); and
(ii) obtaining an unconditional positive advice (advies) from the competent works council(s) if a positive advice is required pursuant to the Dutch Works Councils Act (Wet op de ondernemingsraden);
(b) gross negligence means grove xxxxxx;
(c) negligence means xxxxxx;
(d) a security interest includes any mortgage (hypotheek), pledge (pandrecht), retention of title arrangement (eigendomsvoorbehoud), right of retention (recht van retentie), right to reclaim goods (recht van reclame), and, in general, any right in rem (beperkt recht), created for the purpose of granting security (goederenrechtelijk zekerheidsrecht);
(e) willful misconduct means opzet;
(f) a winding-up, administration or dissolution (and any of those terms) includes a Dutch entity being declared bankrupt (failliet verklaard) or dissolved (ontbonden);
(g) a moratorium includes surseance van betaling and a moratorium is declared or occurs includes surseance verleend;
(h) any step or procedure taken in connection with insolvency proceedings includes a Dutch entity having filed a notice under Section 36 of the Dutch Tax Collection Act (Invorderingswet 1990);
(i) an administrative receiver or receiver includes a curator and a beoogd curator or stille bewindvoerder;
(j) an administrator includes a bewindvoerder and a beoogd curator or stille bewindvoerder;
(k) an attachment includes a beslag;
(l) a merger includes a juridische fusie;
(m) a demerger includes a juridische splitsing; and
(n) financial assistance means any action or contemplated action prohibited under section 2:98(c) of the Dutch Civil Code.
Dutch Terms. In this Agreement and any other Credit Document, where it relates to an entity incorporated in The Netherlands, a reference to:
Dutch Terms. In this Agreement, where it refers to a Dutch entity, a reference to:
(i) a necessary authorization where applicable includes without limitation: (a) any action required to comply with the Works Councils Act of the Netherlands (Wet op de ondernemingsraden); and (b) obtaining an unconditional positive advice (advies) from the competent works council(s);
(ii) a security interest includes any mortgage (hypotheek), pledge (pandrecht), retention-of-title arrangement (recht van retentie), right to reclaim goods (recht van reclame), privilege (voorrecht) and, in general, any right in rem (beperkt recht) created for the purpose of granting security (goederenrechtelijk zekerheidsrecht);
(iii) a director in relation to the Dutch Borrower or other Dutch entity, means a managing director (bestuurder) and board of directors means its managing board (bestuur);
(iv) an insolvency, liquidation or administration includes a Dutch entity being declared bankrupt (failliet verklaard), being subject to emergency measures (noodregeling) or dissolved (ontbonden);
(v) a moratorium includes surseance van betaling and being subject to a moratorium includes surseance verleend;
(vi) any insolvency, liquidation or administration or any steps taken in connection therewith include a Dutch entity having filed a notice under section 36 of the Dutch Tax Collection Act (Invorderingswet 1990) or section 23 of the Sectoral Pension Fund (Obligatory Membership) Xxx 0000 (Wet verplichte deelneming in een bedrijf persioenfonds 2000);
(vii) a receiver or trustee in bankruptcy includes a curator;
(viii) an administrator includes a bewindvoerder;
(ix) an attachment includes a beslag and attaching or taking possession of (any of those terms) includes beslag leggen; and
(x) a subsidiary includes a subsidiary as defined in section 2:24a of the Dutch Civil Code.
Dutch Terms. In this Agreement, where it relates to a Dutch entity or other applicable term, a reference to:
(a) a necessary action to authorise, where applicable, includes without limitation:
(i) any action required to comply with the Dutch Works Council Act (Wet op de ondernemingsraden); and
(ii) obtaining an unconditional positive advice (advies) from the competent works council(s);
