Common use of Belgian Guarantee Limitation Clause in Contracts

Belgian Guarantee Limitation. The total liability of each Guarantor incorporated under the laws of Belgium (hereinafter, a “Belgian Guarantor”) under this Indenture and any other Security Document (together with all its Senior Indebtedness) shall be limited to an aggregate amount equal to the higher of: (a) 90% of the Net Assets (as calculated in accordance with Articles 5:142 and 7:212 of the Belgian Companies and Associations Code) of the Belgian Guarantor as derived from the latest audited financial statements of the Belgian Guarantor available at the time a demand under this Indenture is made; (b) 90% of such Belgian Guarantor’s Net Assets as derived from the latest audited financial statements of the respective Belgian Guarantor available on the date of this Indenture; and (c) the aggregate of any proceeds made under the Term Loan Credit Agreement, the ABL Credit Agreement and the Notes that has been on-lent or otherwise passed on to that Belgian Guarantor, which has not been repaid. No limitations, including the limitations set out in (a) to (c) shall apply to the liability of the Belgian Guarantor for any amounts owed by the Belgian Guarantor and its direct or indirect subsidiaries under its Senior Indebtedness (other than under the guarantee provided by it under this Indenture or any other guarantee) and the Belgian Guarantor shall be liable for such amounts in full. Additionally the guarantee or security interest may not include any liability that would result in unlawful financial assistance within the meaning of Article 5:152 or 7:227, as applicable, of the Belgian Companies and Associations Code. Therefore, the guarantee and security interests granted by the Belgian guarantor will not include 98 any obligation which if incurred would constitute a violation of the provisions on financial assistance under Article 5:152 or 7:227, as applicable, of the Belgian Companies and Associations Code.

Belgian Guarantee Limitation. The total liability of each Guarantor incorporated under the laws of Belgium (hereinafter, a “Belgian GuarantorGuar- antor”) under this Indenture and any other Security Document (together with all its Senior IndebtednessABL Obligations, Term Loan Obligations, 2026 Secured Notes Obligations and Additional First Lien Obligations) shall be limited to an aggregate amount equal to the higher of: (a) 90% of the Net Assets (as calculated in accordance with Articles 5:142 and 7:212 of the Belgian Companies and Associations Code) of the Belgian Guarantor as derived from the latest audited financial xxxxx- cial statements of the Belgian Guarantor available at the time a demand under this Indenture is made; (b) 90% of such Belgian Guarantor’s Net Assets as derived from the latest audited financial statements of the respective Belgian Guarantor available on the date of this Indenture; and (c) the aggregate of any proceeds made under the Term Loan Credit Agreement, the ABL Credit Agreement and the Notes that has been on-lent or otherwise passed on to that Belgian Guarantor, which has not been repaid. No limitations, including the limitations set out in (a) to (c) shall apply ap- ply to the liability of the Belgian Guarantor for any amounts owed by the Belgian Guarantor and its direct or indirect subsidiaries under its Senior Indebtedness the Term Loan Credit Agreement, the ABL Credit Agreement, the Notes, the 2026 Secured Notes and any Additional First Lien Obligations (other than under the guarantee provided by it under this Indenture or any other guarantee) and the Belgian Guarantor shall be liable for such amounts in full. Additionally the guarantee or security interest may not include any liability that would result in unlawful financial assistance within the meaning of Article 5:152 or 7:227, as applicable, of the Belgian Companies and Associations Code. Therefore, the guarantee and security interests granted by the Belgian guarantor will not include 98 any obligation which if incurred would constitute a violation of the provisions on financial assistance under Article 5:152 or 7:227, as applicable, of the Belgian Companies and Associations Code.

Belgian Guarantee Limitation. The total liability of each Guarantor incorporated under the laws of Belgium (hereinafter, a “Belgian Guarantor”) under this Indenture and any other Security Document (together with all its Senior Indebtedness) shall be limited to an aggregate amount 92 equal to the higher of: (a) 90% of the Net Assets (as calculated in accordance with Articles 5:142 and 7:212 of the Belgian Companies and Associations Code) of the Belgian Guarantor as derived from the latest audited financial statements of the Belgian Guarantor available at the time a demand under this Indenture is made; (b) 90% of such Belgian Guarantor’s Net Assets as derived from the latest audited financial statements of the respective Belgian Guarantor available on the date of this Indenture; and (c) the aggregate of any proceeds made under the Term Loan Credit Agreement, the ABL Credit Agreement and the Notes its Senior Indebtedness that has been on-lent or otherwise passed on to that Belgian Guarantor, which has not been repaid. No limitations, including the limitations set out in (a) to (c) shall apply to the liability of the Belgian Guarantor for any amounts owed by the Belgian Guarantor and its direct or indirect subsidiaries under its Senior Indebtedness (other than under the guarantee provided by it under this Indenture or any other guarantee) and the Belgian Guarantor shall be liable for such amounts in full. Additionally the guarantee or security interest may not include any liability that would result in unlawful financial assistance within the meaning of Article 5:152 or 7:227, as applicable, of the Belgian Companies and Associations Code. Therefore, the guarantee and security interests granted by the Belgian guarantor will not include 98 any obligation which if incurred would constitute a violation of the provisions on financial assistance under Article 5:152 or 7:227, as applicable, of the Belgian Companies and Associations Code.

Belgian Guarantee Limitation. The total liability of each Guarantor incorporated under the laws of Belgium (hereinafter, a “Belgian Guarantor”) under this Indenture and any other Security Document (together with all its Senior IndebtednessABL Obligations and Term Loan Obligations) shall be limited to an aggregate amount equal to the higher of: (a) 90% of the Net Assets (as calculated defined in accordance with Articles 5:142 and 7:212 Article 320 (or Article 617, as applicable) of the Belgian Companies and Associations CodeCompany Code or any successor provision) of the Belgian Guarantor as derived from the latest audited financial statements of the Belgian Guarantor available at the time a demand under this Indenture is made; (b) 90% of such Belgian Guarantor’s Net Assets as derived from the latest audited financial statements of the respective Belgian Guarantor available on the date of this Indenture; and (c) the aggregate of any proceeds made under the Term Loan Credit Agreement, the ABL Credit Agreement and the Notes that has been on-lent or otherwise passed on to that Belgian Guarantor, which has not been repaid. No limitations, including the limitations set out in (a) to (c) shall apply to the liability of the Belgian Guarantor for any amounts owed by the Belgian Guarantor and its direct or indirect subsidiaries under its Senior Indebtedness the Term Loan Credit Agreement, the ABL Credit Agreement and the Notes (other than under the guarantee provided by it under this Indenture or any other guarantee) and the Belgian Guarantor shall be liable for such amounts in full. Additionally the guarantee or security interest may not include any liability that would result in unlawful financial assistance within the meaning of Article 5:152 or 7:227, as applicable, of the Belgian Companies and Associations Code. Therefore, the guarantee and security interests granted by the Belgian guarantor will not include 98 any obligation which if incurred would constitute a violation of the provisions on financial assistance under Article 5:152 or 7:227, as applicable, of the Belgian Companies and Associations Code.