Common use of Fall Back Clause in Contracts

Fall Back. In respect of the Dutch Lien Grantors only: (a) if (notwithstanding Section 11.01(c)) any Parallel Debt constitutes the Global Collateral Agent as a joint and several creditor with any Secured Party, the Global Collateral Agent may determine (at its discretion) that that Parallel Debt and one or more other Parallel Debts shall be combined into one single Parallel Debt (a “Combined Dutch Parallel Debt”), whereupon those Parallel Debts shall be combined into a Combined Dutch Parallel Debt: (i) the amount of which shall be equal to the aggregate of the amounts of the Underlying Debts combined into it; (ii) which shall, if the Underlying Debts are expressed in different currencies, be expressed in such of those currencies or Euro as the Global Collateral Agent may determine (and, for this purpose, each Underlying Debt shall be converted into the currency of the Combined Dutch Parallel Debt at the applicable Exchange Rate); (iii) which shall, if the Underlying Debts combined into it fall due at different times, fall due in parts corresponding to those Underlying Debts (but otherwise in accordance with Section 11.03); and (iv) to which this Agreement shall otherwise apply as if the Combined Dutch Parallel Debt were a Parallel Debt. (b) if any Underlying Debt is avoided or reduced other than (i) as a result of payment to, or recovery or discharge by, the Secured Party to which the Underlying Debt is owed; or (ii) otherwise with the consent of that Secured Party, then, in either case, the amount of the Parallel Debt corresponding to that Underlying Debt shall be equal to the amount which the Underlying Debt would have had if the avoidance or reduction had not occurred.

Fall Back. In respect of the Dutch Lien Grantors only: (a) if If (notwithstanding Section 11.01(c9.19(c)) any Dutch Parallel Debt constitutes the Global Collateral Agent as a joint and several creditor with any Secured Party, the Global Collateral Agent may determine (at its discretion) that that Dutch Parallel Debt and one or more other Dutch Parallel Debts shall be combined into one single Dutch Parallel Debt (a “Combined Dutch Parallel Debt”), whereupon those Dutch Parallel Debts shall be combined into a Combined Dutch Parallel Debt: Debt (i) the amount of which shall be equal to the aggregate of the amounts of the Underlying Debts combined into it; ; (ii) which shall, if the Underlying Debts are expressed in different currencies, be expressed in such of those currencies or Euro euro as the Global Collateral Agent may determine (and, for this purpose, each Underlying Debt shall be converted into the currency of the Combined Dutch Parallel Debt at the applicable Exchange Raterate of exchange reasonably selected by the Collateral Agent); ; (iii) which shall, if the Underlying Debts combined into it fall due at different times, fall due in parts corresponding to those Underlying Debts (but otherwise in accordance with Section 11.039.21); and and (iv) to which this Agreement shall otherwise apply as if the Dutch Combined Dutch Parallel Debt were a Dutch Parallel Debt. (b) if If any Underlying Debt is avoided or reduced other than (i) as a result of payment to, or recovery or discharge by, the Secured Party to which the Underlying Debt is owed; owed or (ii) otherwise with the consent of that Secured Party, then, in either case, the amount of the Dutch Parallel Debt corresponding to that Underlying Debt shall be equal to the amount which the Underlying Debt would have had if the avoidance or reduction had not occurred.