Guarantee by the Partnership Sample Clauses
The "Guarantee by the Partnership" clause establishes that the partnership, as an entity, agrees to be responsible for certain obligations or liabilities, typically those incurred by its partners or related parties. In practice, this means that if a partner or the partnership itself enters into a contract or financial arrangement, the partnership guarantees performance or payment under those terms. For example, if a partner takes out a loan for partnership business, the partnership may guarantee repayment to the lender. This clause primarily functions to provide assurance to third parties that the partnership stands behind its commitments, thereby reducing the risk for those engaging in transactions with the partnership.
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Guarantee by the Partnership. The entrance into any agreements where the Company or the Partnership is, directly or indirectly, assuming responsibility for the performance of any obligation of its partners or Shareholders or any of their Affiliates, as applicable;
Guarantee by the Partnership the Partners and PRG.
(a) Subject to clause (b) of this Section 12.01, each of the Partnership, the Partners and PRG hereby unconditionally guarantees, jointly and severally, to each Senior Lender and the Collateral Trustee (a) the due and punctual payment of the principal of and interest on each Senior Debt Obligations when and as the same shall become due and payable, whether at the maturity thereof, by declaration of acceleration or otherwise, in accordance with the terms of the Senior Debt and this Agreement and (b) the performance by the Borrower of each of its other obligations under this Agreement and the other Financing Documents. Each of the Partnership, the Partners and PRG hereby agrees that its obligations hereunder shall be as if it were a principal debtor and obligor and not merely a surety, and shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of any Senior Loan or any provision of this Agreement or of the other Financing Documents, any failure to enforce the provisions of any Senior Loan or any provision of this Agreement or of the other Financing Documents, any waiver, modification or indulgence granted to the Borrower with respect thereto by any Senior Lender, the Collateral Trustee or any Applicable Agent, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety or guarantor. Each of the Partnership, the Partners and PRG hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger, bankruptcy or insolvency of the Borrower, any right to require a proceeding first against the Borrower, the benefit of discussion, protest or notice with respect to any Senior Loan or the Senior Debt evidenced thereby and all demands whatsoever, and covenants that this Guarantee will not be discharged with respect to any Senior Loan except by payment in full of the principal amount due thereunder and any interest thereon. Each of the Partnership, the Partners and PRG hereby agrees that it will pay, or reimburse any Senior Lender and the Collateral Trustee on demand for, all reasonable costs and expenses (including fees and disbursements of counsel) incurred by such Senior Lender or the Collateral Trustee in connection with any rescission or restoration of this Guarantee, including any such costs and expenses incurred in defending against any claim alleging that any payment constituted a pr...
Guarantee by the Partnership