Parallel Debt Obligations definition
Examples of Parallel Debt Obligations in a sentence
For the avoidance of doubt, the Parallel Debt Obligations will become due and payable (opeisbaar) at the same time as the corresponding Original Obligations.
Notwithstanding the foregoing or the other terms of this Agreement, the Collateral Trustee will apply the proceeds of any collection, sale, foreclosure or other realization upon, or exercise of any right or remedy with respect to any Lien created under Security Documents governed by the laws of the Netherlands to secure Dutch Parallel Debt Obligations to the payment of such Dutch Parallel Debt Obligations, and in accordance with the relevant mandatory provisions of the laws of the Netherlands.
All Proceeds while held by the Administrative Agent in a Collateral Account (or by such Grantor in trust for the Administrative Agent and the Lenders) shall continue to be held as collateral security for all the Obligations and, in the case of Furmanite Offshore, for the Parallel Debt Obligations, and shall not constitute payment thereof until applied as provided in Section 6.5.
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If an Event of Default shall occur and be continuing, the Administrative Agent, on behalf of the Lenders, may, to the extent permitted under applicable Law, exercise, in addition to all other rights and remedies granted to it in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Obligations and, in the case of Furmanite Offshore, to the Parallel Debt Obligations, all rights and remedies of a secured party under the Texas UCC or any other applicable law.
The Security Agent shall distribute any amounts received under the Parallel Debt Obligations claims among the Security Party in accordance with the provisions of this Agreement.
The Security granted under the Finance Documents to the Security Agent to secure the Parallel Debt Obligations is granted to the Security Agent in its capacity as creditor of the Parallel Debt Obligations and not as trustee.
For the avoidance of doubt, the Parallel Debt Obligations will become due and payable at the same time as the corresponding Original Obligations.
The Transaction Security granted under the Primary Finance Documents to the Security Agent to secure the Parallel Debt Obligations is granted to the Security Agent in its capacity as creditor of the Parallel Debt Obligations and shall not be held on trust.
A default (verzuim) within the meaning of section 3:248 of the Dutch Civil Code with respect to Principal Obligations shall also constitute a default (verzuim) within the meaning of section 3:248 of the Dutch Civil Code with respect to the relevant Parallel Debt Obligations without any notice being required.