Common use of Limitation on Subordination Undertaking Clause in Contracts

Limitation on Subordination Undertaking. ‌ (a) Notwithstanding anything to the contrary in this Agreement or the other Secured Finance Documents, the liability of any ICA Group Company incorporated in Sweden under this Agreement shall be limited if (and only if) required by an application of the provisions of the Swedish Companies Act (Sw: aktiebolagslagen (2005:551)) regulating distribution of assets (Chapter 17, Section 1-4), or its equivalent from time to time, and it is understood that the obligations of an ICA Group Company incorporated in Sweden under this Agreement shall apply only to the extent permitted by the above-mentioned provisions of the Swedish Companies Act, or its equivalent from time to time. (b) Notwithstanding anything to the contrary in this Agreement or the other Secured Finance Documents, the payment liability of any ICA Group Company incorporated in Finland under this Agreement shall be limited if, and only to the extent, required by the application of the mandatory provisions of the Finnish Companies Act (624/2006, in Finnish: osakeyhtiölaki) regulating (i) distribution of assets, as provided in chapter 13, section 1 and (ii) financial assistance, as provided in chapter 13, section 10 of the said act.

Limitation on Subordination Undertaking. ‌ (a) Notwithstanding anything to the contrary in this Agreement or the other Secured Finance Documents, the liability of any ICA Group Company incorporated in Sweden under this Agreement shall be limited if (and only if) required by an application of the provisions of the Swedish Companies Act (Sw: aktiebolagslagen (2005:551)) regulating distribution of assets (Chapter 17, Section 1-4), or its equivalent from time to time, and it is understood that the obligations of an ICA Group Company incorporated in Sweden under this Agreement shall apply only to the extent permitted by the above-mentioned provisions of the Swedish Companies Act, or its equivalent from time to time. (b) Notwithstanding anything to the contrary in this Agreement or the other Secured Finance Documents, the payment liability of any ICA Group Company incorporated in Finland under this Agreement shall be limited if, and only to the extent, required by the application of the mandatory provisions of the Finnish Companies Act (624/2006, in Finnish: osakeyhtiölaki) regulating (i) distribution of assets, as provided in chapter 13, section 1 and (ii) financial assistance, as provided in chapter 13, section 10 of the said act.