Common use of GUARANTY OF LOANS Clause in Contracts

GUARANTY OF LOANS. 2.1 XXXX hereby guarantees to the LENDER, unconditionally except as set forth in Section 2.2 below, the payment of 100% of the principal of and accrued interest on every Loan as to which a Guaranty Event has occurred. “Accrued interest” shall mean interest accrued and unpaid to the date of payment in full by XXXX of a Guaranty Claim, less any interest that shall have accrued after the filing of a Guaranty Claim but before XXXX shall have received all the documentation necessary to process the Guaranty Claim as set forth in the Program Guidelines. XXXX will use all reasonable efforts to make payment on its guaranty within sixty (60) days, and will in any event make payment within ninety (90) days, of receipt by XXXX of a Guaranty Claim from the LENDER stating the name of the Borrower and the type of Guaranty Event that has occurred accompanied by the full claim documentation required in the Program Guidelines.

GUARANTY OF LOANS. 2.1 XXXX hereby guarantees to the LENDER, unconditionally except as set forth in Section 2.2 below, the payment of 100% of the principal of and accrued interest on every Loan as to which a Guaranty Event has occurred. “"Accrued interest” " shall mean interest accrued and unpaid to the date of payment in full by XXXX of a Guaranty Claim, less any interest that shall have accrued after the filing of a Guaranty Claim but before XXXX shall have received all the documentation necessary to process the Guaranty Claim as set forth in the Program Guidelines. XXXX will use all reasonable efforts to make payment on its guaranty within sixty (60) days, and will in any event make payment within ninety (90) days, of receipt by XXXX of a Guaranty Claim from the LENDER stating the name of the Borrower and the type of Guaranty Event that has occurred accompanied by the full claim documentation required in the Program Guidelines.