Guaranty/Property Information Clause Samples
The Guaranty/Property Information clause establishes the seller's obligation to provide accurate and complete information about the property being sold, as well as any guarantees related to its condition or title. In practice, this clause may require the seller to disclose known defects, legal encumbrances, or other material facts that could affect the buyer's decision or the property's value. By mandating transparency and accountability, the clause helps prevent disputes arising from undisclosed issues and ensures that buyers can make informed decisions.
Guaranty/Property Information. An Acceptable Property shall not be admitted into the Borrowing Base until: (a) the applicable Subsidiary Guarantor shall have executed and delivered (or caused to be executed and delivered) to Administrative Agent, for the benefit of the Lenders the Subsidiary Guaranty; and (b) Borrower and the applicable Subsidiary Guarantor shall have delivered to Administrative Agent all of the Property Information listed in Section 4.11.
Guaranty/Property Information. An Acceptable Property shall not be admitted into the Borrowing Base until (i) each applicable Borrowing Base Property Owner and Consolidated Owner thereof has executed and delivered (or caused to be executed and delivered) to Administrative Agent, for the benefit of the Lenders, an Omnibus Joinder Agreement, and (ii) the Administrative Agent has received such documentation as the Administrative Agent may require to properly pledge the Equity Interests in the applicable Borrowing Base Property Owner and Consolidated Owners thereof, which shall consist of an amendment to (or new) Security Agreement or an Omnibus Joinder Agreement with respect thereto, the items that were delivered by the Guarantors on the Closing Date pursuant to Sections 6.01(c), 6.01(d), 6.01(e), 6.01(f), 6.01(g), and 6.01(h), and a certificate or certificates of a reporting service acceptable to Administrative Agent, reflecting the results of searches made not earlier than forty five (45) days prior to the date such Property is admitted to the Borrowing Base of (A) the central and local Uniform Commercial Code records, showing no filings against the Property or against Borrower or each applicable Subsidiary Guarantor related to the Property otherwise, except as consented to by Administrative Agent; and (B) the appropriate judgment and tax Lien records, showing no outstanding judgment or tax Lien against a Borrower or each applicable Subsidiary Guarantor; provided that no such Borrowing Base Property Owner or Consolidated Owner shall become a Subsidiary Guarantor under the Loan Documents until such Person shall have delivered all documentation and other information requested by the Administrative Agent and any Lender in order for Administrative Agent or such Lender to confirm compliance with applicable “know your customer” and Anti-Money Laundering Laws, including without limitation, the PATRIOT Act, and Administrative Agent and each Lender shall have completed such compliance processes with respect to such Borrowing Base Property Owner and the Consolidated Owners thereof.