Limitations in Spain Sample Clauses
The 'Limitations in Spain' clause defines specific restrictions or conditions that apply to the agreement or its subject matter within the jurisdiction of Spain. This clause may outline legal, regulatory, or operational boundaries, such as compliance with Spanish laws, limitations on certain activities, or restrictions on the use or distribution of products and services in Spain. Its core function is to ensure that the parties are aware of and adhere to the unique legal or practical constraints present in Spain, thereby reducing the risk of non-compliance and potential legal disputes.
Limitations in Spain. Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document, the aggregate obligations of a Spanish Guarantor will not extend to any liability to the extent that it would result in such guarantee constituting unlawful financial assistance within the meaning of Sections 143.2 and 150 of the Spanish Companies’ Act (Ley de Sociedades de Capital). This Guarantee is independent and separate from the obligations of the Borrowers or other Guarantors and, consequently, the guarantee granted by any Spanish Loan Party under this Agreement will in no event be construed or configured as a Spanish “fianza” for the purposes of article 1,822 seq of the Spanish Civil Code. The obligations of each Spanish Loan Party under this Clause 8 will not be affected by any action made under the Additional Section 4 (Disposición Adicional Cuarta) of the Spanish Insolvency Law, 22/2003 (Ley Concursal) in relation to any other Spanish Loan Party. For the purposes of article 135 of the Spanish Insolvency Law, the obligations of a Guarantor that is a Spanish Loan Party under this Agreement vis-á-vis each Lender shall be governed by the terms of this Agreement at any time such that each Spanish Loan Party’s obligations pursuant to this Section 8 shall not be affected in any way by the settlement agreement that may be agreed in the insolvency proceedings of any other Spanish Loan Party (nor shall they be deemed amended as a consequence of the approval of that settlement agreement) that each of the Lenders has approved or acceded to or irrespective of the fact that any such Lender has not approved or acceded to, that settlement agreement.