Common use of Luxembourg Terms Clause in Contracts

Luxembourg Terms. In this Agreement a reference to: (a) a composition, assignment or similar arrangement with any creditor includes a juge délégué appointed under the Luxembourg Act dated 14th April, 1886; (b) a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrator receiver, administrator or similar officer includes any: (i) juge-commissaire and/or insolvency receiver (curateur) appointed under the Luxembourg Commercial Code; (ii) liquidateur appointed under Articles 141 to 151 of the Luxembourg Act dated 10th August, 1915; (iii) juge-commissaire and/or liquidateur appointed under Article 203 of the Luxembourg Act dated 10th August, 1915 on commercial companies; and (iv) commissaire appointed under the Grand-Ducal Decree dated 24th May, 1935 or under Articles 593 to 614 of the Luxembourg Commercial Code; (c) where it relates to a Luxembourg entity, a necessary action to authorise where applicable, includes without limitation any action required to comply with Luxembourg law of 6 May 1974 on works councils in the private sector undertakings and on the representation of workers in limited liability companies, as modified (loi instituant des comités mixtes dans les entreprises du secteur privé et organisant la représentation des salariés dans les sociétés anonymes); (d) where it relates to a Luxembourg entity, a security interest includes any mortgage (hypothèque), pledge (nantissement), pledge of business (gage sur fonds de commerce), retention of title arrangement (transfert de propriété à titre de garantie), fiduciary security (fiducie sûreté), statutory lien (privilège), right of retention (droit de rétention), and, in general, any right in rem (droit réel), created for the purpose of granting security; (e) where it relates to a Luxembourg entity: (i) a winding-up, administration or dissolution (and any of those terms) includes a Luxembourg entity being declared bankrupt (déclaration de faillite), dissolved (dissolution) or subject to controlled management proceedings (gestion contrôlée); and (ii) a moratorium includes a suspension of payment (sursis de paiement) or a composition with creditors (concordat préventif de la faillite).

Luxembourg Terms. In this Agreement each Loan Document, where it relates to a person incorporated or having its centre of main interests in Luxembourg, a reference to: (a) a composition“winding-up”, assignment “administration” or “dissolution” includes, without limitation, any procedure or proceeding in relation to an entity becoming bankrupt (faillite), insolvency, voluntary or judicial liquidation (liquidation volontaire ou judiciaire), composition with creditors (concordat préventif de faillite), moratorium or reprieve from payment (sursis de paiement), controlled management (gestion contrôlée), fraudulent conveyance (actio pauliana), general settlement with creditors, reorganisation or any other similar arrangement with proceedings affecting the rights of creditors generally under Luxembourg law, and shall be construed so as to include any creditor includes a juge délégué appointed under the Luxembourg Act dated 14th April, 1886equivalent or analogous liquidation or reorganisation proceedings; (b) an “agent” includes, without limitation, a "mandataire"; (c) “constitutional documents” includes the up-to-date articles of association (statuts) or the articles of incorporation of that person, as appropriate; (d) a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrator receiver, administrator or similar officer includes any: (i) juge-commissaire and/or or insolvency receiver (curateur) appointed under the Luxembourg Commercial Code; (ii) liquidateur appointed under Articles 141 1100-1 to 151 1100-15 (inclusive) of the Luxembourg Act act dated 10th August10 August 1915 on commercial companies, 1915as amended (the “Luxembourg Companies’ Act”); (iii) juge-commissaire and/or or liquidateur appointed under Article 203 1200-1 of the Luxembourg Act dated 10th August, 1915 on commercial companies; andCompanies’ Act; (iv) commissaire appointed under the Grand-Ducal Decree dated 24th May, decree of 24 May 1935 on the controlled management regime or under Articles 593 to 614 (inclusive) of the Luxembourg Commercial Code;; and (cv) where it relates to a juge délégué appointed under the Luxembourg entity, a necessary action to authorise where applicable, includes without limitation any action required to comply with Luxembourg law act of 6 May 1974 on works councils in the private sector undertakings and 14 April 1886 on the representation of workers in limited liability companiescomposition with creditors to avoid bankruptcy, as modified (loi instituant des comités mixtes dans les entreprises du secteur privé et organisant la représentation des salariés dans les sociétés anonymes); (d) where it relates to a Luxembourg entity, a security interest includes any mortgage (hypothèque), pledge (nantissement), pledge of business (gage sur fonds de commerce), retention of title arrangement (transfert de propriété à titre de garantie), fiduciary security (fiducie sûreté), statutory lien (privilège), right of retention (droit de rétention), and, in general, any right in rem (droit réel), created for the purpose of granting securityamended; (e) where it relates to a Luxembourg entity: (i) a winding-up“matured obligation” includes, administration or dissolution (without limitation, any exigible, certaine and any of those terms) includes a Luxembourg entity being declared bankrupt (déclaration de faillite), dissolved (dissolution) or subject to controlled management proceedings (gestion contrôlée); and (ii) a moratorium includes a suspension of payment (sursis de paiement) or a composition with creditors (concordat préventif de la faillite).liquid obligation;

Luxembourg Terms. In this Agreement each Loan Document, where it relates to a person incorporated or having its centre of main interests in Luxembourg, a reference to: (a) a composition“winding-up”, assignment “administration” or “dissolution” includes, without limitation, any procedure or-proceeding in relation to an entity becoming bankrupt (faillite), insolvency, voluntary or judicial liquidation (liquidation volontaire ou judiciaire), composition with creditors (concordat préventif de faillite), moratorium or reprieve from payment (sursis de paiement), controlled management (gestion contrôlée), fraudulent conveyance (actio pauliana), general settlement with creditors, reorganisation or any other similar arrangement with proceedings affecting the rights of creditors generally under Luxembourg law, and shall be construed so as to include any creditor includes a juge délégué appointed under the Luxembourg Act dated 14th April, 1886equivalent or analogous liquidation or reorganisation proceedings; (b) an “agent” includes, without limitation, a “mandataire”; (c) “constitutional documents” includes the up-to-date articles of association (statuts) or the articles of incorporation of that person, as appropriate; (d) a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrator receiver, administrator or similar officer includes any: (i) juge-commissaire and/or or insolvency receiver (curateur) appointed under the Luxembourg Commercial Code; (ii) liquidateur appointed under Articles 141 1100-1 to 151 1100-15 (inclusive) of the Luxembourg Act act dated 10th August10 August 1915 on commercial companies, 1915as amended (the “Luxembourg Companies’ Act”); (iii) juge-commissaire and/or or liquidateur appointed under Article 203 1200-1 of the Luxembourg Act dated 10th August, 1915 on commercial companies; andCompanies’ Act; (iv) commissaire appointed under the Grand-Ducal Decree dated 24th May, decree of 24 May 1935 on the controlled management regime or under Articles 593 to 614 (inclusive) of the Luxembourg Commercial Code;; and (cv) where it relates to a juge délégué appointed under the Luxembourg entity, a necessary action to authorise where applicable, includes without limitation any action required to comply with Luxembourg law act of 6 May 1974 on works councils in the private sector undertakings and 14 April 1886 on the representation of workers in limited liability companiescomposition with creditors to avoid bankruptcy, as modified (loi instituant des comités mixtes dans les entreprises du secteur privé et organisant la représentation des salariés dans les sociétés anonymes); (d) where it relates to a Luxembourg entity, a security interest includes any mortgage (hypothèque), pledge (nantissement), pledge of business (gage sur fonds de commerce), retention of title arrangement (transfert de propriété à titre de garantie), fiduciary security (fiducie sûreté), statutory lien (privilège), right of retention (droit de rétention), and, in general, any right in rem (droit réel), created for the purpose of granting securityamended; (e) where it relates to a Luxembourg entity: (i) a winding-up“matured obligation” includes, administration or dissolution (without limitation, any exigible, certaine and any of those terms) includes a Luxembourg entity being declared bankrupt (déclaration de faillite), dissolved (dissolution) or subject to controlled management proceedings (gestion contrôlée); and (ii) a moratorium includes a suspension of payment (sursis de paiement) or a composition with creditors (concordat préventif de la faillite).liquid obligation;

Luxembourg Terms. In this Agreement each Loan Document, where it relates to a person incorporated or having its centre of main interests in Luxembourg, a reference to: (a) a composition“winding-up”, assignment “administration” or “dissolution” includes, without limitation, any procedure or proceeding in relation to an entity becoming bankrupt (faillite), insolvency, voluntary or judicial liquidation (liquidation volontaire ou judiciaire), composition with creditors (concordat préventif de faillite), moratorium or reprieve from payment (sursis de paiement), controlled management (gestion contrôléeadministrative dissolution without liquidation procedure (procédure de dissolution administrative sans liquidation), amicable (out-of-court) reorganisation proceedings (including any request to appoint a conciliator), judicial reorganisation proceedings (including by way of mutual or collective agreement or transfer of assets or activities by court order), fraudulent conveyance (actio pauliana), general settlement with creditors, reorganisation or any other similar arrangement with proceedings affecting the rights of creditors generally under Luxembourg law, and shall be construed so as to include any creditor includes a juge délégué appointed under the Luxembourg Act dated 14th April, 1886equivalent or analogous liquidation or reorganisation proceedings; (b) an “agent” includes, without limitation, a "mandataire"; (c) “constitutional documents” includes the up-to-date articles of association (statuts) or the articles of incorporation of that person, as appropriate; (d) a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrator receiver, administrator or similar officer includes any: (i) juge-commissaire and/or or insolvency receiver (curateur) appointed under the Luxembourg Commercial Code; (ii) liquidateur appointed under Articles 141 1100-1 to 151 1100-15 (inclusive) of the Luxembourg Act act dated 10th August10 August 1915 on commercial companies, 1915as amended (the “Luxembourg Companies’ Act”); (iii) juge-commissaire and/or or liquidateur appointed under Article 203 1200-1 of the Luxembourg Act dated 10th August, 1915 on commercial companiesCompanies’ Act; andand/or (iv) commissaire appointed under the Grand-Ducal Decree dated 24th May, decree of 24 May 1935 on the controlled management regime or under Articles 593 to 614 (inclusive) of the Luxembourg Commercial Code; anda conciliateur; (cv) where it relates to a juge délégué appointed under the Luxembourg entity, a necessary action to authorise where applicable, includes without limitation any action required to comply with Luxembourg law act of 6 May 1974 on works councils in the private sector undertakings and 14 April 1886 on the representation of workers in limited liability companiescomposition with creditors to avoid bankruptcy, as modified (loi instituant des comités mixtes dans les entreprises du secteur privé et organisant la représentation des salariés dans les sociétés anonymes); (d) where it relates to a Luxembourg entity, a security interest includes any mortgage (hypothèque), pledge (nantissement), pledge of business (gage sur fonds de commerce), retention of title arrangement (transfert de propriété à titre de garantie), fiduciary security (fiducie sûreté), statutory lien (privilège), right of retention (droit de rétention), and, in general, any right in rem (droit réel), created for the purpose of granting securityamended; (e) where it relates to a Luxembourg entity: (i) a winding-up“matured obligation” includes, administration or dissolution (without limitation, any exigible, certaine and any of those terms) includes a Luxembourg entity being declared bankrupt (déclaration de faillite), dissolved (dissolution) or subject to controlled management proceedings (gestion contrôlée); and (ii) a moratorium includes a suspension of payment (sursis de paiement) or a composition with creditors (concordat préventif de la faillite).liquid obligation;

Luxembourg Terms. In this Agreement each Loan Document, where it relates to a person incorporated or having its centre of main interests in Luxembourg, a reference to: (a) a composition“winding-up”, assignment “administration” or “dissolution” includes, without limitation, any procedure or proceeding in relation to an entity becoming bankrupt (faillite), insolvency, voluntary or judicial liquidation (liquidation volontaire ou judiciaire), composition with creditors (concordat préventif de faillite), moratorium or reprieve from payment (sursis de paiement), controlled management (gestion contrôlée), fraudulent conveyance (actio pauliana), general settlement with creditors, reorganisation or any other similar arrangement with proceedings affecting the rights of creditors generally under Luxembourg law, and shall be construed so as to include any creditor includes a juge délégué appointed under the Luxembourg Act dated 14th April, 1886equivalent or analogous liquidation or reorganisation proceedings; (b) an “agent” includes, without limitation, a “mandataire”; (c) “constitutional documents” includes the up-to-date articles of association (statuts) or the articles of incorporation of that person, as appropriate; (d) a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrator receiver, administrator or similar officer includes any: (i) juge-commissaire and/or or insolvency receiver (curateur) appointed under the Luxembourg Commercial Code; (ii) liquidateur appointed under Articles 141 1100-1 to 151 1100-15 (inclusive) of the Luxembourg Act act dated 10th August10 August 1915 on commercial companies, 1915as amended (the “Luxembourg Companies’ Act”); (iii) juge-commissaire and/or or liquidateur appointed under Article 203 1200-1 of the Luxembourg Act dated 10th August, 1915 on commercial companies; andCompanies’ Act; (iv) commissaire appointed under the Grand-Ducal Decree dated 24th May, decree of 24 May 1935 on the controlled management regime or under Articles 593 to 614 (inclusive) of the Luxembourg Commercial Code;; and (cv) where it relates to a juge délégué appointed under the Luxembourg entity, a necessary action to authorise where applicable, includes without limitation any action required to comply with Luxembourg law act of 6 May 1974 on works councils in the private sector undertakings and 14 April 1886 on the representation of workers in limited liability companiescomposition with creditors to avoid bankruptcy, as modified (loi instituant des comités mixtes dans les entreprises du secteur privé et organisant la représentation des salariés dans les sociétés anonymes); (d) where it relates to a Luxembourg entity, a security interest includes any mortgage (hypothèque), pledge (nantissement), pledge of business (gage sur fonds de commerce), retention of title arrangement (transfert de propriété à titre de garantie), fiduciary security (fiducie sûreté), statutory lien (privilège), right of retention (droit de rétention), and, in general, any right in rem (droit réel), created for the purpose of granting securityamended; (e) where it relates to a Luxembourg entity: (i) a winding-up“matured obligation” includes, administration or dissolution (without limitation, any exigible, certaine and any of those terms) includes a Luxembourg entity being declared bankrupt (déclaration de faillite), dissolved (dissolution) or subject to controlled management proceedings (gestion contrôlée); and (ii) a moratorium includes a suspension of payment (sursis de paiement) or a composition with creditors (concordat préventif de la faillite).liquid obligation;

Luxembourg Terms. In this Agreement Agreement, unless a contrary intention appears, a reference to: (a) a composition“liquidator”, assignment or similar arrangement with any creditor includes a juge délégué appointed under the Luxembourg Act dated 14th April, 1886; (b) a liquidator, “trustee in bankruptcy”, “judicial custodian”, “compulsory manager”, “receiver”, “administrator receiver”, administrator “administrator” or similar officer includes any: (i) juge-commissaire and/or or insolvency receiver (curateur) appointed under the Luxembourg Commercial Code;; 61 Sealed Air – 4th A&R Syndicated Facility Agt (ii) liquidateur appointed under Articles 141 1100-1 to 151 1100-15 (inclusive) of the Luxembourg Act act dated 10th August10 August 1915 on commercial companies, 1915as amended; (iii) juge-commissaire and/or or liquidateur appointed under Article 203 1200-1 of the Luxembourg Act act dated 10th August, 10 August 1915 on commercial companies; and, as amended; (iv) commissaire appointed under the Grand-Ducal Decree dated 24th May, decree of 24 May 1935 on the controlled management regime or under Articles 593 to 614 (inclusive) of the Luxembourg Commercial Code; (c) where it relates to a Luxembourg entity, a necessary action to authorise where applicable, includes without limitation any action required to comply with Luxembourg law of 6 May 1974 on works councils in the private sector undertakings and on the representation of workers in limited liability companies, as modified (loi instituant des comités mixtes dans les entreprises du secteur privé et organisant la représentation des salariés dans les sociétés anonymes); (d) where it relates to a Luxembourg entity, a security interest includes any mortgage (hypothèque), pledge (nantissement), pledge of business (gage sur fonds de commerce), retention of title arrangement (transfert de propriété à titre de garantie), fiduciary security (fiducie sûreté), statutory lien (privilège), right of retention (droit de rétention), and, in general, any right in rem (droit réel), created for the purpose of granting security; (e) where it relates to a Luxembourg entity: (i) a winding-up, administration or dissolution (and any of those terms) includes a Luxembourg entity being declared bankrupt (déclaration de faillite), dissolved (dissolution) or subject to controlled management proceedings (gestion contrôlée); and (iiv) juge délégué appointed under the Luxembourg act of 14 April 1886 on the composition to avoid bankruptcy, as amended; (b) a moratorium includes a suspension of payment “winding-up”, “administration” or “dissolution” includes, without limitation, bankruptcy (sursis de paiement) faillite), insolvency, voluntary or a judicial liquidation, (liquidation volontaire ou judiciaire), composition with creditors (concordat préventif de la faillite), moratorium or reprieve from payment (sursis de paiement), controlled management (gestion contrôlée), general settlement with creditors, reorganisation or similar laws affecting the rights of creditors generally; (c) a “security interest” or a “lien” includes any hypothèque, nantissement, gage, privilège, sûreté réelle, droit de rétention and any type of real security or agreement or arrangement having a similar effect; (d) a person being “unable to pay its debts” includes that person being in a state of cessation of payments (cessation de paiements); (e) a “matured obligation” includes, without limitation, any obligation exigible, certaine and liquide; (f) by-laws or constitutional documents includes its up-to-date (restated) articles of association (statuts coordonnés); and (g) a “director”, “manager” or “officer” includes its gérants and an administrateur.