Common use of Financial Assistance Requirements Clause in Contracts

Financial Assistance Requirements. Notwithstanding anything contained herein to the contrary, in no event will any UK Loan Party or any Singapore Loan Party be deemed to have incurred any obligation under any Loan Document or granted any Lien under any Loan Document to secure any Secured Obligation in violation of Section 151 of the Company’s Act or Section 76, Chapter 50 of the Companies Act of Singapore, until the UK Whitewash Procedures or Singapore Whitewash Procedures, as the case may be, have been satisfied. In furtherance thereof, (i) no UK Loan Party will enter into any Security Agreement or be deemed to be, or become, a Loan Guarantor pursuant to Article X hereof until such time as the UK Whitewash Procedures have been satisfied and such UK Loan Party has executed and delivered to the UK Collateral Agent a UK Security Agreement and to the Administrative Agent a Loan Party Joinder Agreement in accordance with Section 5.15 hereto, (ii) the Singapore Borrower will not borrow any Singapore Revolving Loans or obtain Singapore Letters of Credit and no Singapore Loan Party will enter into any Security Agreement or be deemed to be, or become, a Loan Guarantor pursuant to Article X hereof until such time as the Singapore Whitewash Procedures have been satisfied and such Singapore Loan Party has executed and delivered to the Singapore Collateral Agent a Singapore Security Agreement and to the Administrative Agent a Loan Party Joinder Agreement in accordance with Section 5.16 hereof, and (iii) the UK Borrower will not borrow any UK Revolving Loans or obtain UK Letters of Credit until such time as the UK Whitewash Procedures have been satisfied and each UK Loan Party has delivered to the UK Collateral Agent the UK Security Agreements and other documents required by Section 5.15 hereof.