French Guarantee Limitations Sample Clauses
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French Guarantee Limitations. (i) The obligations and liabilities of any Guarantor incorporated under the laws of France (hereafter, a “French Guarantor”) under the Loan Documents and in particular under the Guaranty referred to in this Agreement, shall not extend to include any obligations or liabilities which if incurred 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 French courts.
(ii) The obligations and liabilities of each French Guarantor under the Loan Documents, and in particular under the Guaranty referred to in this Agreement, for the payment obligations under this Agreement or any Loan Document, or in respect of any Cash Management Obligations or in respect of any Specified Hedge Agreement, as the case may be, of any other Loan Parties which are not direct or indirect Subsidiaries of such French Guarantor shall be limited at any time to an amount equal to the aggregate of the proceeds of the Loans to the extent directly or indirectly on-lent by any other Loan Party to that French Guarantor or any of its subsidiaries under intercompany loans (including pursuant to cash pooling arrangements) or similar arrangements and outstanding on the date a payment is requested to be made by such French Guarantor under the Guaranty or under any relevant Loan Document (the “Maximum Guaranteed Amount”), it being specified that notwithstanding any other provisions of this Agreement or any provisions of the Intercreditor Agreement, any payment made by such French Guarantor under the Guaranty or under any relevant Loan Document in respect of the payment obligations of any other Loan Party shall immediately reduce pro tanto the outstanding amount of the intra-group loans, or any sums, due by such French Guarantor under such intra-group loan (including pursuant to cash pooling arrangements) or similar arrangements referred to above.
(iii) The obligations and liabilities of each French Guarantor under the Loan Documents, and in particular under the Guaranty referred to in this Agreement, for the payment obligations under this Agreement or any Loan Document, or in respect of any Cash Management Obligations or in respect of any Specified Hedge Agreement, as the case may be, of each of its direc...
French Guarantee Limitations. (a) The obligations of any Guarantor incorporated under French law (the “French Guarantor”) under this Section 13 shall be limited to:
(i) the payment obligations of the Subsidiaries of such French Guarantor under the Credit Documents; and
(ii) the payment obligations of any other Credit Party under the Credit Documents which is not a Subsidiary of that French Guarantor, up to an amount not exceeding the amounts in principal and interest borrowed (directly or by way of intra group loans funded out of the proceeds of the relevant Revolving Loans) by that French Guarantor and/or such French Guarantor’s Subsidiaries (the “Maximum Guaranteed Amount”) provided that such Credit party which is not a Subsidiary of that French Guarantor guarantees in turn (as Guarantor) the payment obligations of the French Guarantor or its Subsidiaries under the Credit Document. For the avoidance of doubt, any payment made by a French Guarantor under this Section 13 in respect of the obligations of such French Guarantor shall reduce pro tanto the outstanding amount of the intra group loans due by such French Guarantor under the intra group loans referred to above.
(b) Notwithstanding any other provision of this Section 13 to the contrary, no French Guarantor shall secure liabilities under this Agreement which would result in such French Guarantor not complying with French financial assistance rules set out in article L. 225-216 of the French Commercial Code and/or would constitute a misuse of corporate assets within the meaning of article L. 241-3 or L. 242-6 of the French Commercial Code or any other law or regulations having the same effect, as interpreted by French courts.
(c) For the avoidance of doubt, any reference in this Agreement to the joint and several liability of a Credit Party incorporated under French law shall be construed as a joint and several liability subject to the limitations set forth in this Section 13.13.
French Guarantee Limitations. The Obligations of any Guarantor incorporated under the laws of France under the Loan Documents as a guarantor shall be limited to the extent required by applicable law, notably in light of the corporate interest of both the Guarantor and its group and to the amount such Guarantor can pay without exceeding its financial capacity, such corporate interest and financial capacity being determined as of the date the guarantee is subscribed or, if later amended, restated or reaffirmed, as of such later date."