ULC Limitation Sample Clauses
The ULC Limitation clause sets a cap on the liability of a party, typically the supplier or service provider, under a contract. In practice, this clause limits the maximum amount that can be claimed for damages, losses, or breaches, often tying the cap to a specific monetary value or a percentage of contract fees. By establishing a clear upper boundary for financial responsibility, the clause helps manage risk exposure and provides predictability for both parties in the event of a dispute or failure to perform.
ULC Limitation. Notwithstanding any provisions to the contrary contained in this Agreement or any Other Document, as regards each applicable Loan Party who is a registered and beneficial owner of Pledged ULC Shares, such Loan Party owns and will remain so until such time as such Pledged ULC Shares are fully and effectively transferred into the name of Agent or any other person on the books and records of such ULC. Nothing in this Agreement or any Other Document is intended to or shall constitute Agent or any person other than a Loan Party to be a member or shareholder of any ULC until such time as written notice is given to the applicable Loan Party and all further steps are taken so as to register Agent or other person as holder of the Pledged ULC Shares. The granting of the pledge and security interest pursuant to Section 4 or in any Other Document does not make Agent a successor to any Loan Party as a member or shareholder of any ULC, and neither Agent nor any of its respective successors or assigns hereunder shall be deemed to become a member or shareholder of any ULC by accepting this Agreement or any Other Document or exercising any right granted herein unless and until such time, if any, when Agent or any successor or assign expressly becomes a registered member or shareholder of any ULC. Each applicable Loan Party shall be entitled to receive and retain for its own account any dividends or other distributions if any, in respect of the Collateral, and shall have the right to vote such Pledged ULC Shares and to control the direction, management and policies of the ULC issuing such Pledged ULC Shares to the same extent as such Loan Party would if such Pledged ULC Shares were not pledged to Agent or to any other person pursuant hereto. To the extent any provision herein or in any Other Document would have the effect of constituting Agent to be a member or shareholder of any ULC prior to such time, such provision shall be severed herefrom and therefrom and ineffective with respect to the relevant Pledged ULC Shares without otherwise invalidating or rendering unenforceable this Agreement or any Other Document or invalidating or rendering unenforceable such provision insofar as it relates to Collateral other than Pledged ULC Shares. Notwithstanding anything herein or in any Other Document to the contrary (except to the extent, if any, that Agent or any of its successors or assigns hereafter expressly becomes a registered member or shareholder of any ULC), neither Agent n...