Examples of Austrian Guarantor in a sentence
If and to the extent the assumption or enforcement of any such payment obligation or liability of an Austrian Guarantor under this Clause 11 and/or under any other provision in a Finance Document would expose any officer of an Austrian Guarantor to personal liability or criminal responsibility such obligation or liability shall be limited to the maximum amount then permissible under Austrian Capital Maintenance Rules.
If and to the extent the payment obligations of an Austrian Guarantor under this Clause 11 and/or under any other provision in a Finance Document would not be permitted under Austrian Capital Maintenance Rules, then such payment obligations shall be limited to the maximum amount permitted to be paid under Austrian Capital Maintenance Rules.
The guarantee of any Additional Guarantor that is not an Austrian Guarantor, a Belgian Guarantor, a Dutch Guarantor, a Finnish Guarantor, a German Guarantor or a US Guarantor shall be subject to any limitation relating to that Additional Guarantor as set out in any relevant Accession Letter and agreed by the Agent (acting reasonably).
For the avoidance of doubt, it is noted that the Austrian Capital Maintenance Rules do not prevent or restrain an Austrian Guarantor from guaranteeing or providing security for the obligations of its direct or indirect subsidiaries.
Each Austrian Guarantor agrees that the benefit of this guarantee shall be transferred and shall remain in full legal effect when an Existing Lender (as defined in clause 24 ( Changes to the Lenders) seeks to transfer all or any of its rights and obligations under the Finance Documents by assignment or by novation to a New Lender pursuant to clause 24 (Changes to the Lenders).
No reduction of the amount enforceable against an Austrian Guarantor pursuant to this paragraph in accordance with the above limitations will prejudice the rights of the Administrative Agent to continue to enforce the guarantee pursuant to Section 7.1 (subject always to the operation of the limitation set forth above at the time of such enforcement) until the Non-US Obligations have been satisfied in full.
Payments under the Guarantee for direct liabilities of the relevant Austrian Guarantor are not subject to any restriction.
The obligation of any Austrian Guarantor under this Indenture or any other Note Document shall be limited so that no assumption of an obligation shall be required if such assumption would violate mandatory Austrian capital maintenance rules (Kapitalerhaltungsvorschriften) under Austrian company law, including Sections 82 et seq.
Further, the Obligors shall procure that the shareholders of an Austrian Guarantor shall exercise their shareholder rights in such way that the Austrian Guarantor covers any possible balance sheet loss (Bilanzverlust) by dissolving restricted reserves (gebundene Rücklagen) rather than free reserves (ungebundene Rücklagen) to the extent possible pursuant to Austrian law and each Austrian Guarantor shall abide by such requirement when preparing its financial statements.
No reduction of the amount enforceable against an Austrian Guarantor pursuant to this paragraph in accordance with the above limitations will prejudice the rights of the Administrative Agent to continue to enforce the guarantee pursuant to Section 7.1 (subject always to the operation of the limitation set forth above at the time of such enforcement) until the Non-U.S. Obligations have been satisfied in full.