GUARANTY ENFORCEABLE BY THE ADMINISTRATIVE AGENT Clause Samples
The "Guaranty Enforceable by the Administrative Agent" clause establishes that the administrative agent has the authority to enforce the guaranty on behalf of the lenders. In practice, this means that if a borrower defaults, the administrative agent can take legal action or demand payment from the guarantors without needing individual lender approval. This arrangement streamlines enforcement procedures and ensures that the guaranty is effectively and efficiently upheld, reducing delays and complications in recovering owed amounts.
GUARANTY ENFORCEABLE BY THE ADMINISTRATIVE AGENT. Notwithstanding anything to the contrary contained elsewhere in this Guaranty, the Secured Parties agree (by their acceptance of the benefits of this Guaranty) that this Guaranty may be enforced only by the action of the Administrative Agent, acting upon the instructions of the Required Lenders and that no other Secured Party shall have any right individually to seek to enforce or to enforce this Guaranty or to realize upon the security to be granted by the Collateral Documents, it being understood and agreed that such rights and remedies may be exercised by the Administrative Agent, for the benefit of the Secured Parties upon the terms of this Guaranty and the Collateral Documents. The Secured Parties further agree that this Guaranty may not be enforced against any director, officer, employee, partner, member or stockholder of any Guarantor (except to the extent such partner, member or stockholder is also a Guarantor hereunder). It is understood and agreed that the agreement in this Section 8 is among and solely for the benefit of the Secured Parties and that, if the Required Lenders so agree (without requiring the consent of any Guarantor), this Guaranty may be directly enforced by any Secured Party.
GUARANTY ENFORCEABLE BY THE ADMINISTRATIVE AGENT. Notwithstanding anything to the contrary contained elsewhere in this Guaranty, the Secured Parties agree (by their acceptance of the benefits of this Guaranty) that this Guaranty may be enforced only by the action of the Administrative Agent, acting upon the instructions of the Required Lenders or, in the case of an Event of Default under Section 8.01(c) of the Credit Agreement in respect of a failure to observe or perform any covenant under Section 7.17 of the Credit Agreement, the Required Revolving Lenders, in each case, in accordance with Section 8.02 of the Credit Agreement and that no other Secured Party shall have any right individually to seek to enforce or to enforce this Guaranty or to realize upon the security to be granted by the Collateral Documents, it being understood and agreed that such rights and remedies may be exercised by the Administrative Agent, for the benefit of the Secured Parties upon the terms of this Guaranty, the Credit Agreement and the Collateral Documents. The Secured Parties further agree that this Guaranty may not be enforced against any director, officer, employee, partner, member or stockholder of any Guarantor (except to the extent such partner, member or stockholder is also a Guarantor hereunder). It is understood and agreed that the agreement in this Section 8 is among and solely for the benefit of the Secured Parties and that, if the Required Lenders so agree (without requiring the consent of any Guarantor), this Guaranty may be directly enforced by any Secured Party; provided, that any enforcement of this Guaranty by a Term Lender during the existence of an Event of Default under Section 8.01(c) of the Credit Agreement in respect of a failure to observe or perform any covenant under Section 7.17 of the Credit Agreement shall be subject to the limitations on the Term Lenders’ enforcement rights set forth in Section 8.02 of the Credit Agreement during the existence of such an Event of Default.
GUARANTY ENFORCEABLE BY THE ADMINISTRATIVE AGENT. The Lender Parties agree (by their acceptance of the benefits of this Guaranty) that this Guaranty may be enforced only by the action of the Administrative Agent upon the instructions of the Required Lenders and that no Lender Party shall have any right to individually seek to enforce or to enforce this Guaranty.