Limitations on Spanish Guarantees Clause Samples

Limitations on Spanish Guarantees. Each Obligor incorporated in Spain (a “Spanish Obligor”) expressly agrees that the scope and provisions of the guarantee created under this Agreement will not be affected in any manner by any action of a Finance Party in connection with the eventual approval or ratification of the creditors’ agreement (“convenio”) as a result of the insolvency (“concurso”) of a Spanish Obligor. Each and any of the obligations of an Spanish Obligor under the guarantee created under this Agreement shall remain exactly within the terms stated herein irrespective of any action of a Finance Party in relation to the creditors’ agreement (“convenio”).