Defeasance; Guaranty Limitations. The Guarantor’s obligations under Section 3 shall terminate upon the date on which the Guaranteed Obligations have been paid and performed in full and all other obligations of the Guarantor to HPT under this Agreement have been irrevocably satisfied in full; provided, however, certain of the Guarantor’s obligations under Section 3 shall be subject to early termination subject to, and upon, the terms and conditions set forth in Section 10 hereof; provided further, however, if at any time, all or any part of any payment applied on account of the Guaranteed Obligations is or must be rescinded or returned for any reason whatsoever (including, without limitation, the insolvency, bankruptcy or reorganization of the Managers, PR Tenant or JM Tenant), this Agreement, to the extent such payment is or must be rescinded or returned, shall be deemed to have continued in existence notwithstanding any such termination. Notwithstanding anything contained in this Agreement to the contrary, in no event shall the Guarantor’s liability under Section 3 exceed the Outstanding Balance.
Appears in 2 contracts
Samples: Consolidated Guaranty Agreement, Consolidated Guaranty Agreement (Hospitality Properties Trust)
Defeasance; Guaranty Limitations. The Guarantor’s obligations under Section SECTION 3 shall terminate upon the date on which the Guaranteed Obligations have been paid and performed in full and all other obligations of the Guarantor to HPT under this Agreement have been irrevocably satisfied in full; providedPROVIDED, howeverHOWEVER, certain of the Guarantor’s obligations under Section SECTION 3 shall be subject to early termination subject toupon the Coverage Date; PROVIDED FURTHER, and upon, the terms and conditions set forth in Section 10 hereof; provided further, howeverHOWEVER, if at any time, all or any part of any payment applied on account of the Guaranteed Obligations is or must be rescinded or returned for any reason whatsoever (including, without limitation, the insolvency, bankruptcy or reorganization of the Managers, Managers or PR Tenant or JM Tenant), this Agreement, to the extent such payment is or must be rescinded or returned, shall be deemed to have continued in existence notwithstanding any such termination. Notwithstanding anything contained in this Agreement to the contrary, in no event shall the Guarantor’s liability under Section SECTION 3 exceed the Outstanding Balance.
Appears in 1 contract
Samples: Consolidated Guaranty Agreement (Hospitality Properties Trust)
Defeasance; Guaranty Limitations. The Guarantor’s 's obligations under Section SECTION 3 shall terminate upon the date on which the Guaranteed Obligations have been paid and performed in full and all other obligations of the Guarantor to HPT under this Agreement have been irrevocably satisfied in full; providedPROVIDED, howeverHOWEVER, certain of the Guarantor’s 's obligations under Section SECTION 3 - 12 - shall be subject to early termination subject toupon the Coverage Date; PROVIDED FURTHER, and upon, the terms and conditions set forth in Section 10 hereof; provided further, howeverHOWEVER, if at any time, all or any part of any payment applied on account of the Guaranteed Obligations is or must be rescinded or returned for any reason whatsoever (including, without limitation, the insolvency, bankruptcy or reorganization of the Managers, Managers or PR Tenant or JM Tenant), this Agreement, to the extent such payment is or must be rescinded or returned, shall be deemed to have continued in existence notwithstanding any such termination. Notwithstanding anything contained in this Agreement to the contrary, in no event shall the Guarantor’s 's liability under Section SECTION 3 exceed the Outstanding Balance.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Hospitality Properties Trust)
Defeasance; Guaranty Limitations. The Guarantor’s 's obligations under Section 3 shall terminate upon the date on which the Guaranteed Obligations have been paid and performed in full and all other obligations of the Guarantor to HPT under this Agreement have been irrevocably satisfied in full; provided, however, certain of the Guarantor’s 's obligations under Section 3 shall be subject to early termination subject to, and upon, the terms and conditions set forth in Section 10 hereofsubjxxx xx xxxxx xxxxxxxxxxx xxxx xxx Xxxxxxxx Xxxx; provided furtherxxxxxxxx xxxxxxr, however, if at any time, all or any part of any payment applied on account of the Guaranteed Obligations is or must be rescinded or returned for any reason whatsoever (including, without limitation, the insolvency, bankruptcy or reorganization of the Managers, Managers or PR Tenant or JM Tenant), this Agreement, to the extent such payment is or must be rescinded or returned, shall be deemed to have continued in existence notwithstanding any such termination. Notwithstanding anything contained in this Agreement to the contrary, in no event shall the Guarantor’s 's liability under Section 3 exceed the Outstanding Balance.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Hospitality Properties Trust)