Guarantor Payments Clause Samples
Guarantor Payments. If a Guarantor (as defined below) makes a payment to a lender of the Company pursuant to the terms of a Guaranty (as defined below) and such Guarantor is a Member, then all amounts paid to the lender pursuant to the Guaranty will be deemed an additional Capital Contribution by such Member to the Company. If such Guarantor is not a Member, the Manager shall cause the admission of such Person as a Member and such Member will be deemed to have made an additional Capital Contribution to the Company equal to the amount paid to the lender pursuant to the Guaranty. A “Guarantor” is a Manager, Member or an Affiliate of a Manager or Member (other than the Company) that is a guarantor of the debt of the Company, or has pledged collateral to secure such debt or has provided other credit support on behalf of the Company. A “Guaranty” is a guaranty of the debt of the Company or the pledge of collateral to secure such debt or the provision of other credit support on behalf of the Company.
Guarantor Payments. All payments made by any Guarantor hereunder will be made without setoff, counterclaim or other defense and on the same basis as payments are made by the Borrowers under Sections 6.03 and 6.04 of the Credit Agreement.
Guarantor Payments. If at any time payment is due pursuant to the either of the Guaranties and the Servicer or the Administrative Agent informs in writing the Guarantors of the same, the Guarantors, as applicable, shall within two (2) Business Days deposit the amount due into the Collection Account for distribution in accordance with Section 2.7 or Section 2.8, as applicable. The Servicer shall keep records of the amount of Guarantor Payments made by each Guarantor and such amount shall be reflected in all Servicer Reports after the initial Guarantor Payment.
Guarantor Payments. In the event any Principal makes a payment to a lender for and on behalf of the Company pursuant to a guaranty arrangement under which a Principal has agreed to serve as a guarantor or surety, such payment will be deemed to be a Remedial Loan by such Principal to the Company that will bear interest as provided in Section 5.05(a)(i) and no current or liquidating distributions under Section 6.02 will be made by the Company to the Principals unless and until such Remedial Loan is repaid in full.
Guarantor Payments a. Guarantor shall (i) on the date hereof, provide a special contribution payment to the Payment Reserve Account associated with the 10,122 MWH shortfall of the electricity expected to be generated by the Facility in the first year, calculated at $855,000, representing an “Output Shortfall”, (ii) on the date hereof, provide a special payment to the Payment Reserve Account in the amount of $500,000, related to delays in Renewable Energy Certificate generation and sales and, (iii) to the extent that shortfalls exist with respect to expected electricity in subsequent years, Guarantor shall provide additional special contribution payments to the Payment Reserve Account in amounts satisfactory to the Senior Lenders; provided that the contribution in any year will not exceed the required “Output Shortfall Payment” (as such term is defined in the Power Purchase Agreement) to be made to CMEEC pursuant to the Power Purchase Agreement.
b. Guarantor further agrees to make any REC Contribution payment required for the benefit of Senior Lenders and Subordinated Lender as required by Section 6.25 of the Credit Agreement.
Guarantor Payments a. Guarantor shall (i) on the date hereof, provide a special contribution payment to the Payment Reserve Account associated with the 10,122 MWH shortfall of the electricity expected to be generated by the Facility in the first year, calculated at $855,000, representing an “Output Shortfall”, (ii) on the date hereof, provide a special payment to the Payment Reserve Account in the amount of $500,000, related to delays in Renewable Energy Certificate generation and sales, and (iii) to the extent that shortfalls exist with respect to expected electricity in subsequent years, Guarantor shall provide additional special contribution payments to the Payment Reserve Account in amounts satisfactory to the Senior Lenders; provided that the contribution in any year will not exceed the required “Output Shortfall Payment” (as such term is defined in the Power Purchase Agreement) to be made to CMEEC pursuant to the Power Purchase Agreement.
b. Guarantor further agrees to make any REC Contribution payment required for the benefit of Senior Lenders and Subordinated Lender as required by Section 6.25 of the Credit Agreement.
c. Guarantor further agrees that it shall use the proceeds of the Loan, or direct the Borrower to use the proceeds of the loan on its behalf, to repay the $3,000,000 “B Loan” (as such term is defined in that certain loan agreement for an amount of $5,873,188.45 entered into by FCE and Connecticut Green Bank and Bank and dated March 5, 2013 (the “Bridgeport Loan Agreement”)) made by Connecticut Green Bank pursuant to an amendment to the Bridgeport Loan Agreement dated on or about December 19, 2019 including any accrued interest and fees due and payable pursuant to the B Loan.