Common use of Controlled Foreign Corporations Clause in Contracts

Controlled Foreign Corporations. Notwithstanding any term or provision of this Clause 24 or any other term in this Agreement or any Finance Document: (a) no member of the Group that is a controlled foreign corporation for US federal income tax purposes (a “CFC”) will have any obligation or liability, directly or indirectly, as guarantor or otherwise under this Agreement or any Finance Document with respect to any obligation or liability arising under any Finance Document of a US Borrower (a “US Obligation”); and (b) not more than sixty-five per cent. (65%) of the stock or other equity interests (measured by the total combined voting power of the issued and outstanding voting stock or other equity interests) of, and none of the assets or property of, a person that is a CFC will be required to be pledged directly or indirectly as Security for any US Obligations.