Nautilus 2007 Annual Report Download - page 171

Download and view the complete annual report

Please find page 171 of the 2007 Nautilus annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 222

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200
  • 201
  • 202
  • 203
  • 204
  • 205
  • 206
  • 207
  • 208
  • 209
  • 210
  • 211
  • 212
  • 213
  • 214
  • 215
  • 216
  • 217
  • 218
  • 219
  • 220
  • 221
  • 222

14.16 Parallel Debt .
14.16.1 Each Obligor irrevocably and unconditionally undertakes (and to the extent necessary undertakes in advance ( bij voorbaat
))
to pay to Agent amounts equal to any amounts owing from time to time by that Obligor to any Lender under this Agreement as and when
those amounts are due.
14.16.2 Each party hereto acknowledges that the obligations of each Obligor under Section 14.16.1 are several and are separate and
independent ( eigen zelfstandige verplichting) from, and shall not in any way limit or affect, the corresponding obligations of that Obligor
to any Lender under any Loan Document (its “ Corresponding Debt ”) nor shall the amounts for which each Obligor is liable under
Section 14.16.1 (its “ Parallel Debt ”) be limited or affected in any way by the Corresponding Debt provided that:
(a) the Parallel Debt of an Obligor shall be decreased to the extent that its Corresponding Debt has been irrevocably paid or (in the
case of guarantee obligations) discharged; and
(b) the Corresponding Debt of an Obligor shall be decreased to the extent its Parallel Debt has been irrevocably paid or (in the case of
guarantee obligations) discharged; and
(c) the amount of the Parallel Debt of an Obligor shall at all times be equal to the amount of its Corresponding Debt.
14.16.3 For the purpose of this Section 14.16 , Agent acts in its own name and on behalf of itself and not as agent, representative or
trustee of any other Lender, and its claims in respect of a Parallel Debt shall not be held on trust. The security granted to Agent to secure a
Parallel Debt is granted to Agent in its capacity as sole creditor of a Parallel Debt and shall not be held on trust.
14.16.4 All monies received or recovered by Agent pursuant to this Section 14.16 , and all amounts received or recovered by Agent
from or by the enforcement of any security granted to secure a Parallel Debt, shall be applied in accordance with Section 5.7 .
14.16.5 Without limiting or affecting the Agent’s rights against an Obligor (whether under this Section 14.16 or under any other
provision of this Agreement), each Obligor acknowledges that:
(a) nothing in this Section 14.16 shall impose any obligation on Agent to advance any sum to an Obligor or otherwise under this
Agreement, except in its capacity as Lender; and
(b) for the purpose of any vote taken under this Agreement, Agent shall not be regarded as having any participation or commitment
other than those which it has in its capacity as a Lender.
14.16.6 For the avoidance of doubt, a Parallel Debt will become due and payable ( opeisbaar ) at the same time a Corresponding
Debt becomes due and payable.
88