Parallel Debt. For the purposes of ensuring the validity and enforceability of any security rights governed by Dutch law,

Each Foreign Loan Party organized under the Laws of Belgium, Germany or the Netherlands, or any other applicable jurisdiction (each, a “Specified Foreign Loan Party”) hereby irrevocably and unconditionally undertakes to pay to the Administrative Agent as creditor in its own right and not as a representative of the Secured Parties (by way of an abstract acknowledgment of debt (abstraktes Schuldanerkenntnis, where applicable)) amounts equal to any amounts owing from time to time by that Specified Foreign Loan Party to each of the Secured Parties under each of the Loan Documents as and when those amounts are due for payment under the relevant Loan Document.

hold # the German Security which is transferred or assigned by way of security (Sicherungsübereignung/Sicherungsabtretung) or otherwise granted under a non accessory security right (nicht akzessorische Sicherheit) and # the claims under the parallel debt provision as contemplated under Clause 28.26 (Parallel Debt) below as trustee (Treuhänder) for the benefit of the Secured Parties;

each Parallel Debt represents the Administrative Agent’s own separate and independent claim to receive payment of the Parallel Debt from the relevant Specified Foreign Loan Party;

The Administrative Agent acts in its own name and not as a trustee, and its claims in respect of the Parallel Debt shall not be held on trust. The security granted under the Collateral Documents to the Administrative Agent to secure the Parallel Debt is granted to the Administrative Agent in its capacity as creditor of the Parallel Debt.

the Parallel Debt constitutes obligations and liabilities of ​ which are separate and independent from, and without prejudice to, the Principal Obligations and likewise the rights of the members of the Lender Group to receive payment of amounts payable under the Principal Obligations are several and are separate and independent from, and without prejudice to, the rights of the Agent to receive payment under the Parallel Debt and the Parallel Debt represents Agent’s own independent right to receive payment of the Parallel Debt from ​, provided that the amounts which are due under the Parallel Debt under this provision shall always be equal to the amounts which are due from time to time under the Principal Obligations;

“Parallel Debt” has the meaning specified in [Section 10.23(b)].

For the purpose of this Clause 28.26, the Security Trustee acts in its own name and not as a trustee, and its claims in respect of the Parallel Debt are its own claims and shall not be held on trust for any person. The Transaction Security granted under the Finance Documents to the Security Trustee to secure the Parallel Debt is granted to the Security Trustee in its capacity as creditor of the Parallel Debt and shall not be held on trust.

the Parallel Debt constitutes the Security Trustee's own claim to receive payment from the relevant Obligor, save and except that the aggregate amount owed under the Parallel Debt by such Obligor shall at no time exceed (but shall at all times be equal to) the aggregate amount owed by the Borrower under the Primary Debt at the relevant time.

“Parallel Debt” has the meaning specified therefor in Section 15.19 of the Agreement.