Common use of Effectiveness; Enforceability Clause in Contracts

Effectiveness; Enforceability. This Guaranty Agreement shall be effective as of the date of the initial Loan under the Credit Agreement and shall continue in full force and effect with respect to (a) a Credit Facility until the Total Facility Termination Date of such Credit Facility has occurred and the Agent gives each Guarantor written notice of that fact at each Guarantor's address on the signature pages hereto and (b) a Swap Agreement with a Lender until all liabilities of the Borrower to such Lender under such Swap Agreement have been paid and satisfied in full and such Lender gives each Guarantor written notice of that fact at each Guarantor's address on the signature pages hereto. This Guaranty Agreement shall be binding upon and inure to the benefit of each Guarantor, the Agent and the Lenders and their respective successors and assigns. Notwithstanding the foregoing, no Guarantor may, without the prior written consent of the Agent, assign any rights, powers, duties or obligations hereunder. Any claim or claims that the Agent and the Lenders may at any time or times hereafter have against any Guarantor under this Guaranty Agreement may be asserted by the Agent by written notice directed to any one or more or all of the Guarantors at the address specified below. Each Guarantor warrants and represents to the Agent for the benefit of the Lenders that it is duly authorized to execute, deliver and perform this Guaranty Agreement, that this Guaranty Agreement has been duly executed and delivered and is legal, valid, binding and enforceable against such Guarantor in accordance with its terms except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles; and that such Guarantor's execution, delivery and performance of this Guaranty Agreement do not violate or constitute a breach of any documents of corporate, partnership or other similar type governance or agreement to which such Guarantor is a party, or any applicable laws.

Appears in 2 contracts

Samples: Credit Agreement (Saks Inc), Credit Agreement (Saks Inc)

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Effectiveness; Enforceability. This Guaranty Agreement shall be effective as of the date of the initial Loan under the Credit Agreement and shall continue in full force and effect with respect to (a) a Credit Facility until the Total Facility Termination Date Borrower's Liabilities are finally and fully paid, performed and discharged, none of such the Lenders is obligated any longer to make any Loans, NationsBank is no longer obligated to issue Letters of Credit Facility has occurred and the Agent gives each Guarantor written notice of that fact at each Guarantor's address on the signature pages hereto and (b) a Swap Agreement with a Lender until all liabilities behalf of the Borrower under the Credit Agreement, the Swing Line Lender is no longer obligated to such Lender under such Swap Agreement make Swing Line Loans, no Letters of Credit remain outstanding, all Obligations have been paid and satisfied in full and such Lender the Agent gives each Guarantor written notice of that fact at each Guarantor's address on the signature pages hereto. This Guaranty Agreement shall be binding upon and inure to the benefit of each Guarantor, the Agent and the Lenders and their respective successors and assigns. Notwithstanding the foregoing, no Guarantor may, without the prior written consent of the Agent, assign any rights, powers, duties or obligations hereunder. Any claim or claims that the Agent and the Lenders may at any time or times hereafter have against any Guarantor under this Guaranty Agreement may be asserted by the Agent by written notice directed to any one or more or all of the Guarantors at the address specified below. Each Guarantor warrants and represents to the Agent for the benefit of the Lenders that it is duly authorized to execute, deliver and perform this Guaranty Agreement, that this Guaranty Agreement has been duly executed and delivered and is legal, valid, binding and enforceable against such Guarantor in accordance with its terms except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles; and that such Guarantor's execution, delivery and performance of this Guaranty Agreement do not violate or constitute a breach of any documents of corporate, partnership or other similar type governance or agreement to which such Guarantor is a party, or any applicable laws.

Appears in 1 contract

Samples: Credit Facilities and Reimbursement Agreement (Proffitts Inc)

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Effectiveness; Enforceability. This Guaranty Agreement shall be ----------------------------- effective as of the date of the initial Loan Advance under the Credit Agreement Agreement, and shall continue in full force and effect with respect to (a) a Credit Facility until the Total Facility Termination Date Borrower's Obligations (other than obligations in the nature of such continuing indemnities and liability for expenses which are not yet due and payable, which shall survive as an obligation guarantied by the Guarantors hereunder notwithstanding any termination hereof) are fully, finally and irrevocably paid and satisfied, the Lenders shall be under no further obligation to advance funds or issue Letters of Credit Facility has occurred and the there shall be no Letters of Credit outstanding. The Agent gives shall give each Guarantor written notice of that fact such termination at each Guarantor's address set forth below such Guarantor's execution hereof on the signature pages hereto and of this Guaranty or such other address for the Guarantor as such Guarantor shall give notice to the Agent in the manner provided for the giving of notices under the Credit Agreement (b) a Swap Agreement with a Lender until all liabilities of the Borrower to such Lender under such Swap Agreement have been paid and satisfied in full and such Lender gives each Guarantor written notice of that fact at each "Guarantor's address on the signature pages heretoAddress"). This Guaranty Agreement shall be binding upon and inure to the benefit of each Guarantor, the Agent and the Lenders and their respective successors and assigns. Notwithstanding the foregoing, no Guarantor may, without the prior written consent of the Agent, assign any rights, powers, duties or obligations hereunder. Any claim or claims that the Agent and the Lenders may at any time or times hereafter have against any Guarantor under this Guaranty Agreement may be asserted by the Agent or any Lender by written notice directed to any one or more or all of the Guarantors at the address specified below. Each Guarantor warrants and represents to the Agent for the benefit of the Lenders that it is duly authorized to execute, deliver and perform this Guaranty Agreement, that this Guaranty Agreement has been duly executed and delivered and is legal, valid, binding and enforceable against such Guarantor in accordance with its terms except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles; and that such applicable Guarantor's execution, delivery and performance of this Guaranty Agreement do not violate or constitute a breach of any documents of corporate, partnership or other similar type governance or agreement to which such Guarantor is a party, or any applicable lawsAddress.

Appears in 1 contract

Samples: Credit Agreement (Walter Industries Inc /New/)

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