Abstract Debt Acknowledgement. Each Secured Party hereby irrevocably and unconditionally agrees, and each Security Grantor hereby irrevocably and unconditionally acknowledges by way of an abstract acknowledgement of debt (abstraktes Schuldanerkenntnis) within the meaning of §§ 780, 781 German Civil Code (Bürgerliches Gesetzbuch), that each Security Grantor shall be obliged — on a several basis — to pay an amount to the Administrative Agent (or its respective successors in that capacity) that corresponds to the total of all obligations of such relevant Security Grantor towards the Secured Parties (or any of them) under the Loan Documents (other than under German law governed share pledge agreements or land charges, if any) as and when the same fall due, and that, accordingly, the Administrative Agent shall have an independent right to request the fulfilment of said obligation from such Security Grantor in accordance with the terms of the Loan Documents. The discharge of any such obligation to either the Administrative Agent or the relevant Secured Party shall, to the same extent, discharge the corresponding obligation owing to the other party.
Appears in 2 contracts
Sources: Security Trust Agreement, Security Trust Agreement (First Solar, Inc.)