Common use of Continuing Liability of Guarantor Clause in Contracts

Continuing Liability of Guarantor. If Guarantor requests a release of its liability under the Guaranty in connection with a Transfer which Lender has approved pursuant to Section 7.05(a), and Borrower has provided a replacement Guarantor acceptable to Lender under the terms of Section 7.05(a)(ix)(B), then one of the following will apply: (i) If Borrower delivers to Lender a Clean Site Assessment, then Lender will release Guarantor from Guarantor’s obligation to guaranty Borrower’s liability under Section 6.12 or Section 10.02(b) with respect to any indemnified matters created or arising solely from any Prohibited Activities or Conditions first existing after the date of the Transfer, provided such loss, liability, damage, claim, cost or expense does not directly or indirectly arise from or relate to any Prohibited Activities or Conditions existing prior to the date of the Transfer. (ii) If Borrower does not deliver a Clean Site Assessment as described in Section 7.05(b)(i), then Lender will release Guarantor from all of Guarantor’s obligations except for Guarantor’s obligation to guaranty Borrower’s liability under Section 6.12 or Section 10.02(b).

Continuing Liability of Guarantor. If Guarantor requests a release of its liability under the Guaranty in connection with a Transfer which Lender has approved pursuant to Section 7.05(a), and Borrower has provided a replacement Guarantor acceptable to Lender under the terms of Section 7.05(a)(ix)(B), then one of the following will apply: (i) If Borrower delivers to Lender a Clean Site Assessment, then Lender will release Guarantor from Guarantor’s 's obligation to guaranty Borrower’s 's liability under Section 6.12 or Section 10.02(b) with respect to any indemnified matters created or arising solely from any Prohibited Activities or Conditions first existing after the date of the Transfer, provided such loss, liability, damage, claim, cost or expense does not directly or indirectly arise from or relate to any Prohibited Activities or Conditions existing prior to the date of the Transfer. (ii) If Borrower does not deliver a Clean Site Assessment as described in Section 7.05(b)(i), then Lender will release Guarantor from all of Guarantor’s 's obligations except for Guarantor’s 's obligation to guaranty Borrower’s 's liability under Section 6.12 or Section 10.02(b).