Parallel Debt definition

Parallel Debt has the meaning assigned to such term in Section 9.21.

Parallel Debt shall have the meaning set forth in Section 12.11(a).

Parallel Debt means any amount which an Obligor owes to the Security Agent under Clause 32.2 (Parallel Debt (Covenant to pay the Security Agent)) or under that clause as incorporated by reference or in full in any other Finance Document.

Examples of Parallel Debt in a sentence

• The parties hereto acknowledge and agree that, for purposes of a Dutch Pledge, any resignation by the Administrative Agent is not effective until its rights under the Parallel Debt are assigned to the successor Administrative Agent.

• The Noteholders are deemed to have acknowledged, and are bound by, without limitation, Clause 2.4 (Parallel Debt) of the Trust Deed.

• However, the CBC has been advised that a parallel debt, such as the Parallel Debt, creates a claim of the Security Trustee thereunder which can be validly secured by a right of pledge such as the rights of pledge created by the Pledge Agreements.

• Except as otherwise expressly provided in this Agreement: (i) any reference in this Agreement to any agreement, document or instrument includes all permitted supplements and amendments; (ii) a reference to a law includes any amendment or modification to such law and any rules or regulations issued thereunder; (iii) the words "include," "included" and "including" are not limiting; and (iv) a reference to a person or entity includes its permitted successors and assigns.

• The parties hereto acknowledge and agree that, for purposes of a Dutch Pledge, any resignation by the Collateral Agent is not effective until its rights under the Parallel Debt are assigned to the successor Collateral Agent.

More Definitions of Parallel Debt

Parallel Debt provisions and other similar structural options will be used where necessary and such provisions will be contained in the intercreditor agreement and not the individual security documents unless required under local law. No action will be required to be taken in relation to the guarantees or security when any lender assigns or transfers any of its participation in this Indenture to a new lender.

Parallel Debt means in relation to an Underlying Debt an obligation to pay to the Administrative Agent an amount equal to (and in the same currency as) the amount of the Underlying Debt.

Parallel Debt has the meaning ascribed to it in Clause 2.1 of the Parallel Debt Agreement.

Parallel Debt has the meaning set forth in Article VIII.

Parallel Debt provisions will be used where necessary; such provisions will be contained in the Intercreditor Agreements or the relevant transaction document and not the individual Security Documents unless required under local laws.

Parallel Debt means in relation to an Underlying Debt an obligation to pay to a Notes Collateral Agent and/or Trustee (as applicable) an amount equal to (and in the same currency as) the amount of the Underlying Debt.

Parallel Debt means the German Parallel Debt, Dutch Parallel Debt or the Spanish Parallel Debt, as applicable.