Personal Guarantees. The Company shall indemnify and hold harmless the Executive for any liability incurred by him/her by reason of his/her execution of any personal guarantee for the Company’s benefit (including but not limited to personal guarantees in connection with office or equipment leases, commercial loans or promissory notes).
Personal Guarantees. The Cooperative may require, prior to accepting an application for service from an entity, personal guarantees of payment from the owners of the entity.
Personal Guarantees. Company agrees that following the termination of employment, any and all personal guarantees provided by Executive for the Company shall be removed or replaced by the Company within 15 business days.
Personal Guarantees. If Your Licensed Business is owned by a business entity, each individual owner, partner, shareholder, member, and owner managers respectively, who own a five percent (5%) or greater interest, must each personally sign an agreement not to compete with the Licensed Business.
Personal Guarantees. Sysorex shall indemnify and hold harmless the Employee for any liability incurred by him by reason of his execution of any personal guarantee for the benefit of Sysorex or SGS (including but not limited to personal guarantees in connection with office or equipment leases, commercial loans or promissory notes).
Personal Guarantees. If Borrower becomes insolvent or generally fails to pay off the Loan, or becomes unable to remit payments as they become due, or refuses to remit any payment as it becomes due; the officers of the Borrower shall undertake personal liability for the repayment of the Loan and the Interest in due manner in accordance with the terms of this Agreement.
Personal Guarantees. To the extent that the Executive has personally guaranteed any credit card or other debt of the Company (including obligations relating to Midwest Renewable Energy LLC), the Company will use its commercially reasonable efforts to extinguish these guarantees either through the full payment of the obligation and/or the negotiation of payment terms that will eliminate the Executive’s guarantee of such indebtedness.
Personal Guarantees. Section 6.6 of the Company Disclosure Schedule provides for a list of the obligations of Company which are guaranteed by the Sellers or any Seller Owner (“Personal Guarantees”). Purchaser will use commercially reasonable efforts to substitute a corporate guaranty of Purchaser or another reasonable substitute in place of such Personal Guarantees to be effective on the Closing Date. In the event that any such Personal Guarantee cannot be replaced by a corporate guaranty of Purchaser or such other reasonable substitute, then Purchaser shall indemnify any Losses incurred by the guarantors relating to the fulfillment of the Personal Guarantees following the Closing in respect of matters that arose post Closing only.
Personal Guarantees. If any personal guaranty(s) has been executed as part of a Credit Application, the following constitute the terms of the Guaranty: Guarantor jointly and severally personally guarantees payment of all present and future indebtedness of Buyer to Avalon including all renewals and extensions of such indebtedness. Guarantors consent to Avalon obtaining personal and business consumer credit reports on them for (a) the extension of credit to Buyer, or (b) the collection of debt from Buyer and/or Guarantor(s). Guarantor waives all notices from Avalon and waives the right to require Xxxxxx to proceed against Buyer. Guarantors waive the benefit of any limitations affecting their liability hereunder or the enforcement thereof to the extent permitted by law. Guarantor agrees that Guarantor’s personal guaranty shall not be deemed to be suspended, stayed, released, terminated or discharged by any of the following: any modification, substitution, settlement, supplement, extension of time, or compromise granted to Buyer; any change in the relationship between Guarantor and Buyer, including the sale of any or all of Guarantor’s ownership interest in Buyer; the execution of new or additional guarantees by Guarantor or by others; any change whatsoever in the business relationship between Avalon and Buyer, including but not limited to any change in credit terms, amount of credit, or amount of interest or service charges; any transfer of new or additional security by anyone for payment of Buyer’s indebtedness to Avalon; the bankruptcy of Buyer; the release or discharge of Buyer’s debt to Avalon; an automatic stay of proceedings against Buyer; Avalon failure to exercise diligence against Buyer or against any guarantor, including Guarantor; a failure or refusal by Xxxxx to execute a new or updated Credit Agreement and/or personal guaranty; or Avalon knowledge that Guarantor is not an officer or owner of Buyer. This is an absolute and continuing Guaranty. It shall be conclusively presumed that all sales by Xxxxxx to Buyer are made in reliance upon Guarantor’s personal guaranty. Guarantors waive the benefit of any limitations affecting their liability hereunder or the enforcement thereof to the extent permitted by law. This is an absolute and continuing guaranty.
Personal Guarantees. UAG will use reasonable efforts to cause the Stockholders to be released from any and all personal guarantees of any loans, leases or other indebtedness of the Companies set forth on the Company Financial Statements (the "Personal Guarantees"). In the event that any of the Personal Guarantees are not released by the Closing, UAG will indemnify and hold the Stockholders harmless from any loss with respect to the Personal Guarantees which arises after the Closing. Notwithstanding anything in this Section to the contrary, UAG shall not be required to cause the Stockholders to be released from or indemnify the Stockholders for any loss with respect to any Personal Guarantees for any loans or other indebtedness relating to the Real Property owned by the Stockholders or their Affiliates.
