For Guarantors organized under the laws of France Sample Clauses

For Guarantors organized under the laws of France. (a) The guaranty pursuant to any Guaranty Supplement given by each Guarantor incorporated under the laws of France (a “French Guarantor”) is subject to the following limitations: (i) it shall guarantee the payment obligations under the Secured Documents (as defined in Section 1.01(a) above) of its direct or indirect Subsidiaries which are or become Obligors from time to time under the Secured Documents and incurred by those Subsidiaries as Borrowers only (if they are not French Obligors) or as Borrowers and/or Guarantors (if they are French Obligors) and shall not be limited; (ii) it shall guarantee the payment obligations under the Secured Documents of the other Obligors which are not a direct or indirect Subsidiary of that French Guarantor, provided that in such case such guarantee shall (A) be limited to the payment obligations of such other Obligors but (B) not exceed an amount equal to the aggregate of all amounts borrowed directly (as Borrower) or indirectly (by way of intra-group loans directly or indirectly from any other Borrower) by such other Obligors under the Secured Documents to the extent directly or indirectly on-lent to that French Guarantor and outstanding at the date a payment is to be made by such French Guarantor under any Guaranty, it being specified for the avoidance of doubt that any payment made by such French Guarantor under any Guaranty in respect of the payment obligations of any such other Obligor shall immediately thereafter reduce pro tanto the amount outstanding under such intercompany loans due by such French Guarantor under such intercompany loan arrangements referred to above. (iii) The obligations of a French Guarantor under any Guaranty shall not extend to include any obligations or liabilities if to do so would constitute a breach of the financial assistance prohibitions within the meaning of article L.225-216 of the French Code de commerce and/ or would constitute a misuse of corporate assets within the meaning of article L.241-3, L.242-6 or L.244-1 of the French Code de commerce or any other law or regulations having the same effect, as interpreted by the French courts.
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