Material Contracts. Other than the financing agreements and the first demand guarantee described under "Material Financings of the Company" below, no material contracts are currently in place.
Material Contracts. The Issuer and NATIXIS have entered into a master intra-group loan agreement (the “Loan Agreement”) dated 23 January 2014, pursuant to which loan transactions (“Loans”) may be entered into between the Issuer (as lender) and NATIXIS (as borrower) in connection with any issue of financial instruments of the Issuer. The Loan Agreement enables the net proceeds from the issue of each Tranche of securities under the relevant programme to be lent to NATIXIS. NATIXIS agrees to make payments under the Loan Agreement free and clear of any withholding on account of tax unless such withholding is required by law. In such circumstances NATIXIS is required to gross-up such payments accordingly. If NATIXIS is required to increase any payments to the Is- suer under the Loan Agreement to the extent necessary to ensure that the Issuer receives a sum, net of any de- duction or withholding, equal to the sum which it would have received had no such deduction or withholding been made or required to be made, such event shall constitute a tax event (a “Loan Tax Event”). Following the occurrence of a Loan Tax Event, NATIXIS may, at any time, give not less than 20 Business Days’ notice to the Issuer of its intention to prepay the whole (and not part) of any Loans made under the Loan Agreement.