GENERAL TERMS AND CONDITIONS OF THE CONTRIBUTION Sample Clauses

GENERAL TERMS AND CONDITIONS OF THE CONTRIBUTION. 8.1 As stated above, the Contribution of the Contributing Company to the Beneficiary Company is made on the condition that the Beneficiary Company shall bear any liabilities, commitments and warranties relating to the Activity contributed in accordance with Clause 4, except for the liabilities listed in Clause 4.3. These liabilities and off-balance sheet commitments received or granted in respect of the contributed Activity (except for those expressly excluded in Clause 4.3) shall be borne, without joint and several liability with the Contributing Company, by the Beneficiary Company, which shall be liable for these liabilities instead of the Contributing Company, without such substitution leading to novation with respect to third parties. Each of the Parties recognises that in application of the provisions of Articles L. 236-21 and L. 236- 14 paragraph 2 et seq. of the Commercial Code, non-bondholder creditors of the Contributing Company and the Beneficiary Company, whose receivable is prior to the date of publication of the Contribution Agreement, are entitled to object to the transaction within thirty days of the last publication of the Contribution Agreement. Each of the Parties also recognises that in application of the provisions of Article L. 236-18 of the Commercial Code, the Contribution shall be submitted to the meetings of Series Bondholders of the Contributing Company, except for Series 1, which matures prior to the Completion Date. If one or more meetings of Series Bondholders do not approve the Contribution, the Parties reserve the right to proceed with the Contribution according to the procedures set out in this Contribution Agreement, or to abandon this operation by mutual agreement.