Guaranty and Security Sample Clauses
The "Guaranty and Security" clause establishes that a third party (the guarantor) promises to fulfill the obligations of the primary party if they default, and that certain assets or collateral are pledged to secure those obligations. In practice, this means that if the main party fails to pay or perform as required, the guarantor must step in, and the secured assets may be claimed by the creditor to cover losses. This clause is essential for reducing the lender's risk and increasing the likelihood of repayment by providing additional sources of recovery.
Guaranty and Security. The payment and performance of this Note is and shall at all times be guaranteed (the “Guaranty”) by each Guarantor pursuant to Article IX of the Purchase Agreement. This Note is secured pursuant to the terms of (a) the security interest granted by the Borrower under Article II of the Purchase Agreement, (b) the Guarantor Security Agreement dated as of November 6, 2009 among the Guarantors and the Payee and (c) the other Security Documents. The Payee is entitled to the benefits of the Guaranty, the Guarantor Security Agreement, the other Security Documents and the other Operative Documents, and may enforce the agreements of the Maker contained therein, and the Payee may exercise the remedies provided for thereby or otherwise available in respect thereof, all in accordance with the terms thereof.
Guaranty and Security. The Mortgage Originator's obligations hereunder shall be guarantied and secured in a manner satisfactory to the Participant; provided that any guaranty shall be deemed satisfactory if substantially in the form of Exhibit D.
Guaranty and Security. Each of Emmaus Medical, Inc., Emmaus Life Sciences, Co. Ltd., Newfield Nutrition Corporation, Emmaus Medical Japan, Inc. and Emmaus Medical Europe Ltd. shall unconditionally and irrevocably guaranty to pay and perform all of the obligations of the Company under this Note pursuant to the Guaranty Agreements. Payment of this Note shall be secured in accordance with the Security Agreement.
Guaranty and Security. The Guaranty, any Collateral Document or any --------------------- provision thereof shall cease to be in full force or effect, or any Borrower, Guarantor, Pledgor or any Person acting by or on behalf of any Borrower, Guarantor or Pledgor shall deny or disaffirm such Borrower, Guarantor or Pledgor's obligations under the Guaranty or any Collateral Document, as the case may be or any default in the due performance or observance of any term, covenant or agreement contained in the Guaranty or any Collateral Document, or default in the due performance or observance of any term, covenant or agreement contained in the Guaranty or any Collateral Document;".
Guaranty and Security. 8176 6.1 Guaranty....................................................................................................................... 8176 6.2 Collateral...................................................................................................................... 8176
Guaranty and Security. Borrower's Obligations shall be (i) guaranteed by the Guarantor pursuant to the Guaranty and (iii) secured by a Lien upon all of the Collateral, which at all times shall be superior and prior to all other Liens, except Permitted Prior Liens.
Guaranty and Security. As security for the payment, performance and observance of the obligations hereunder, this Note is secured by a Security Agreement of even date herewith by and among GTEL, the Company and the Parent (the "Security Agreement"). The payment, performance and observance of the obligations hereunder are guaranteed by the Parent pursuant to a Guaranty of even date herewith (the "Guaranty").
Guaranty and Security. Pursuant to the terms of a Guaranty and Security Agreement, dated January 29, 2004 (the "Security Agreement"), among Opus Diagnostics, Inc., a Delaware corporation and wholly-owned subsidiary of the Company ("Opus"), the Holder, the Holders of the other Notes (collectively, the "Holders"), and Elliott Koppel, as Agent of the Holders, Opus is guarantying the ▇▇▇▇▇▇▇'▇ ▇▇▇▇gations under the Notes on a non-recourse basis by the grant of a security interest to the Holders of all royalties due to Opus under a Royalty Agreement, dated October 9, 2002, by and between Seradyn, Inc., a Delaware corporation, and Opus, and as more fully described in the Guaranty and Security Agreement.
Guaranty and Security. (a) The New Sales Subsidiary shall have duly entered into a supplement to the Subsidiary Guaranty and a supplement to the Security Agreement, in each case under documentation reasonably satisfactory in form and substance to the Administrative Agent, the Arranger and their counsel, pursuant to which the New Sales Subsidiary, in consideration of (among other things) the transfer of the Borrower's accounts receivables to it, shall have duly guaranteed the Obligations and shall have granted a valid security interest in all of its assets to the Administrative Agent for the benefit of the Lenders and authorized perfection of the same, and the documentation for the transfer of such accounts receivable and for the purchase by the New Sales Subsidiary of inventory from the Borrower shall be reasonably satisfactory in form and substance to the Administrative Agent, the Arranger and their counsel.
(b) The Borrower shall have entered into a supplement to the Security Agreement, under documentation reasonably satisfactory in form and substance to the Administrative Agent, the Arranger and their counsel, to duly pledge all shares of stock and other Equity Interests in the New Sales Subsidiary, and shall have delivered to the Collateral Agent certificates representing all shares of stock and other Equity Interests in the New Sales Subsidiary accompanied by undated stock powers executed in blank.
Guaranty and Security. Agreements executed by each of the following Credit Parties in favor of the Agent and the Lenders pursuant to which each such Credit Party unconditionally guarantees all of the Obligations:
a. A▇▇▇, ▇▇c., a Michigan corporation ("Anes"); b. C▇▇▇▇▇▇ ▇▇▇urity Systems, Inc., a Michigan corporation ("Chap▇▇▇"); and c. Intercept Systems, Inc., a Michigan corporation ("Intercept").