Hungarian limitations Sample Clauses
The "Hungarian limitations" clause sets out specific restrictions or requirements that apply under Hungarian law within a contract. Typically, this clause clarifies that certain contractual terms—such as liability caps, indemnities, or warranty periods—are subject to the mandatory provisions of Hungarian legislation, which may override or limit the parties' agreed terms. By including this clause, the contract ensures compliance with local legal requirements and prevents unenforceable provisions, thereby reducing legal risk and ensuring the agreement remains valid and effective under Hungarian jurisdiction.
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Hungarian limitations. (a) The obligations and liabilities of the Hungarian Guarantor, incorporated in the form of a Hungarian foundation, under this Clause 21 (Guarantee and Indemnity) or any other Finance Document shall at all times be limited to the maximum aggregate amount that does not result in any conflict with Hungarian laws applicable to foundations and its deed of foundation. Such obligations and liabilities may not:
(i) threaten the performance of the Hungarian Guarantor’s activities which serve its purposes stated in the deed of foundation and the maintenance of its operation;
(ii) exceed in amount the value of the Hungarian Guarantor’s assets;
(iii) threaten the Hungarian Guarantor’s charitable activities as well as its legal status as a charitable organization.
(b) The limitation of the obligations and liabilities of the Hungarian Guarantor under this Clause 21 (Guarantee and Indemnity) shall be also applicable to obligations and liabilities undertaken by the Company acting as the agent of the Hungarian Guarantor under Clause 2.5 (Obligors’ Agent).
(c) Notwithstanding any term of this Clause 21 (Guarantee and Indemnity) or any other term in this Agreement or any other Finance Document, any guarantee or indemnity given by or other obligation assumed by a Hungarian Guarantor is meant as and is to be interpreted as an abstract guarantee agreement and not as surety as regulated in Articles 272-276 of the Hungarian Civil Code (in Hungarian: “kezesség”) and the Hungarian Guarantor undertakes to comply with the provisions of this Clause 21 (Guarantee and Indemnity).