OfficeMax 2013 Annual Report Download - page 308

(b) The Liens granted under the Dutch Security Agreements to the European Collateral Agent to secure each Parallel Debt is granted to the European
Collateral Agent in its capacity as sole creditor of each Parallel Debt.
(c) All monies received or recovered by the European Collateral Agent pursuant to this Section 9.21, and all amounts received or recovered by the
European Collateral Agent from or by the enforcement of any Lien granted to secure each Parallel Debt, shall be applied in accordance with
Section 2.18(b).
(d) Without limiting or affecting the European Collateral Agent ‘s rights against the Loan Parties (whether under this Section 9.21 or under any
other provision of the Loan Documents), each Loan Party acknowledges that:
(a) nothing in this Section 9.21 shall impose any obligation on the European Collateral Agent to advance any sum to any Loan Party or otherwise
under any Loan Document, except in its capacity as Guaranteed Party; and
(b) for the purpose of any vote taken under any Loan Document, the European Collateral Agent shall not be regarded as having any participation
or commitment other than those which it has in its capacity as a Guaranteed Party.
For the avoidance of doubt:
(a) the Parallel Debt of each Loan Party will become due and payable ( ) at the same time its Corresponding Debt becomes due and
payable; and
(b) a Loan Party may not repay or prepay its Parallel Debt unless directed to do so by the European Collateral Agent or the Lien pursuant to a
Dutch Security Agreement is enforced by the European Collateral Agent.
SECTION 9.22 [Reserved].
SECTION 9.23 Removal of Borrowers; Actions to Release Collateral . (a) Any European Borrower shall be removed as a Borrower (each, a “ Removed
Borrower”) upon delivery by such Borrower to the Administrative Agent of a written notification to such effect, repayment in full of all Loans made to such
Borrower, cash collateralization of all Obligations in respect of Letters of Credit issued for the account of such Borrower and repayment in full of all other
amounts owing by such Borrower under this Agreement and the other Loan Documents (it being agreed that any such repayment shall be in accordance with
the other terms of this Agreement); provided that both immediately before and immediately after giving pro forma effect thereto, (i) no Default or Event of
Default shall have occurred and be continuing and (ii) no Level 4 Minimum Aggregate Availability Period shall be in effect, provided that this clause (ii) shall
not apply to the Irish Borrower so long as the Irish Borrower has no material assets or operations.
(b) Upon any removal pursuant to paragraph (a) of this Section 9.23, (i) the applicable Removed Borrower shall be released from its obligations with
respect to this Agreement and the other Loan Documents (other than its obligations under its Loan Guaranty which shall not be released except in accordance
with clause (viii) of the proviso in Section 9.02(b) or, with respect to the Irish Borrower, in accordance with Section 9.02(c)), (ii) all Liens granted to any
Collateral Agent on the Collateral of the applicable Removed Borrower shall be automatically released and (iii) such Removed Borrower shall no
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