Common use of Guarantees, Joint Obligations Clause in Contracts

Guarantees, Joint Obligations. To the extent that (a) Seller or any of its subsidiaries is a guarantor of any obligations of the Company to any third party, including, without limitation, obligations of the Company under any equipment lease or contract, or (b) Seller or any of it subsidiaries is jointly liable with the Company on any contract, Purchaser agrees that (i) prior to the Closing Date it shall use its commercially reasonable efforts (without any expenditure of monies) to have Seller and its subsidiaries, as applicable, released from all such guarantees and (ii) Purchaser shall be solely responsible for the breach of any such contract to the extent that such breach arises from the conduct of the business of the Company from and after the Closing Date. In the event that Purchaser is unable to obtain the release of any guarantees prior to the Closing Date, Purchaser shall indemnify and hold harmless Seller and its subsidiaries from and against any and all loss, liability or damage arising out of or relating to its obligations under such guarantees. Notwithstanding the foregoing, in the event that any of the leases guaranteed by Seller or any of its subsidiaries contain an option to renew, Purchaser shall not renew such lease without having Seller and its subsidiaries, as applicable, released from such guarantee.

Guarantees, Joint Obligations. To the extent that (ax) Seller or any of its subsidiaries is a guarantor of any obligations of the Company Pictorial to any third party, including, without limitation, obligations of the Company Pictorial under any equipment lease or contract, or (by) Seller or any of it subsidiaries is jointly liable with the Company Pictorial on any contract, Purchaser agrees and Seller agree that (i) prior to as soon as practicable after the Closing Date it they shall use its commercially their respective reasonable commercial efforts (without any expenditure of monies) to have Seller and or any of its subsidiaries, as applicable, subsidiaries released from all such guarantees and (ii) Purchaser shall be solely responsible for the breach of any such contract to the extent that such breach arises from the conduct of the business of the Company Pictorial from and after the Closing Date. In the event that Seller and Purchaser is are unable to obtain the release of any guarantees prior to the Closing Dateguarantees, Purchaser shall indemnify and hold harmless Seller and its subsidiaries from and against any and all loss, liability or damage arising out of or relating to its obligations under such guarantees. Notwithstanding the foregoing, in the event that any of the leases guaranteed by Seller or any of its subsidiaries contain an option to renew, Purchaser shall not renew such lease without having Seller and its subsidiaries, as applicable, released from such guarantee.the