Recourse Guaranty Sample Clauses
A Recourse Guaranty is a contractual provision in which a guarantor agrees to be personally liable for the obligations of a borrower if the borrower defaults. In practice, this means that if the borrower fails to repay a loan or meet other financial commitments, the lender can pursue the guarantor’s assets to recover the outstanding debt. This clause is commonly used in loan agreements to provide lenders with additional security, ensuring that they have a secondary source of repayment beyond the primary borrower. Its core function is to allocate risk by holding the guarantor accountable, thereby reducing the lender’s exposure to loss.
Recourse Guaranty. (a) Guarantor hereby, unconditionally and irrevocably, guarantees to Buyer and its successors, indorsees, transferees and assigns the prompt and complete payment and performance by Sellers when due (whether at the stated maturity, by acceleration, demand or otherwise) of the Obligations.
(b) Notwithstanding the foregoing, Guarantor further agrees to pay any and all expenses (including, without limitation, all reasonable fees, expenses and disbursements of counsel) which may be paid or incurred by Buyer in enforcing any rights with respect to, or collecting, any or all of the Repurchase Obligations and/or enforcing any rights with respect to, or collecting against, Guarantor under this Guaranty. This Guaranty shall remain in full force and effect until the Repurchase Obligations are paid in full, notwithstanding that from time to time prior thereto one or more Sellers may be free from any Repurchase Obligations.
(c) No payment or payments made by any Seller or any other Person or received or collected by Buyer from any Seller or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of Guarantor hereunder. Guarantor shall remain liable under this Guaranty until the Repurchase Obligations are satisfied and paid in full and the Repurchase Agreement and the other Repurchase Documents are terminated (such date, the “Expiration Date”), notwithstanding any payment or payments referred to in the foregoing sentence.
(d) Guarantor agrees that whenever, at any time, or from time to time, it shall make any payment to Buyer on account of its liability hereunder, it will notify Buyer in writing that such payment is made under this Guaranty for such purpose.
(e) Notwithstanding the foregoing or anything contained in this Guaranty to the contrary, the Guarantor’s liability hereunder on any date of determination solely regarding Obligations with respect to the Purchased Assets consisting of REO Entity Interests shall not exceed an amount equal to the excess (if any) of (x) the product of (i) ten percent (10%) and (ii) the sum of the aggregate Purchase Price (calculated as of the Purchase Date) of all REO Properties then owned by the REO SPE, over (y) the amount of all payments previously made by the Guarantor on or at any time prior to such date of determination pursuant...
Recourse Guaranty. Any general recourse guarantee by the Borrower or any Restricted Subsidiary of Indebtedness pursuant to a Permitted Securitization of the type described in clause (b), (c) or (d) of the definition of such term, which guarantee is either unsecured or secured solely by a pledge of the Capital Stock of the Securitization Entity that is a party to such Permitted Securitization.
Recourse Guaranty. Notwithstanding the foregoing, this limitation of liability shall not apply and the Guaranteed Obligations will be a fully recourse to Affiliated Guarantor:
(a) in the event of any Transfer of the Property in violation of this Mortgage or in the event Affiliated Guarantor or Operating Lessee enters into any indebtedness for borrowed money which is secured by a lien, security interest or other encumbrance of any part of the Property other than the Guaranteed Obligations or the Fairmont Loan, or except either as allowed by the Mortgage or approved by Lender; or,
(b) if (i) Affiliated Guarantor, Operating Lessee or St. ▇▇▇▇▇▇▇ Liable Party commences a voluntary bankruptcy or insolvency proceeding under the Bankruptcy Code which is not dismissed within 90 days of filing, or (ii) an involuntary case is commenced against Affiliated Guarantor, Operating Lessee or St. ▇▇▇▇▇▇▇ Liable Party under the Bankruptcy Code which is not dismissed within 90 days of filing, or (iii) an involuntary case is commenced against Affiliated Guarantor, Operating Lessee or Fairmont Liable Party under the Bankruptcy Code with the collusion of Affiliated Guarantor, Operating Lessee or any of their affiliates or related entities, or (iv) a petition for relief is filed with respect to Affiliated Guarantor, Operating Lessee or Fairmont Liable Party under the Bankruptcy Code through the actions of Affiliated Guarantor, Operating Lessee or any of their affiliates or related entities which is not dismissed within 90 days of filing. Notwithstanding the previous sentence, neither Affiliated Guarantor nor St. ▇▇▇▇▇▇▇ Liable Party shall be personally liable for payment of the Guaranteed Obligations merely by reason of an involuntary bankruptcy (irrespective of its duration) as to which the following conditions are satisfied (1) such involuntary bankruptcy is not solicited, procured or supported by Affiliated Guarantor or any Related Person (as such term is defined below); (2) there is no debt or other obligation and there are no creditors, in any case which are prohibited by the Security Documents; (3) Affiliated Guarantor and each Related Person in such involuntary bankruptcy proceeding will consent to and support and perform all actions requested by Lender to obtain relief from the automatic stay and to obtain adequate protection for Lender; (4) none of the Affiliated Guarantor nor any Related Persons shall propose or in any way support any plan of reorganization which in any way modifies or se...
Recourse Guaranty. Notwithstanding the foregoing, this limitation of liability shall not apply and the Guaranteed Obligations will be a fully recourse to Affiliated Guarantor:
(i) in the event of any Transfer of the Affiliated Property in violation of the Affiliated Subordinate Mortgage or in the event Affiliated Guarantor or Operating Lessee enters into any indebtedness for borrowed money which is secured by a lien, security interest or other encumbrance of any part of the Affiliated Property other than the Guaranteed Obligations or the Affiliated Loan, or except either as allowed by the Affiliated Subordinate Mortgage or approved by Lender; or,
(ii) if (i) Affiliated Guarantor, Operating Lessee or St. ▇▇▇▇▇▇▇ Liable Party commences a voluntary bankruptcy or insolvency proceeding under the Bankruptcy Code which is not dismissed within 90 days of filing, or (ii) an involuntary case is commenced against Affiliated Guarantor, Operating Lessee or St. ▇▇▇▇▇▇▇ Liable Party under the Bankruptcy Code which is not dismissed within 90 days of filing, or (iii) an involuntary case is commenced against
Recourse Guaranty. Notwithstanding anything to the contrary contained in any Loan Document, for so long as the Note remains outstanding, the Company hereby agrees to indemnify, defend and hold harmless POLAR Indemnified Parties from and against, any and all liabilities, claims, obligations, damages, losses, costs and expenses suffered or incurred by POLAR Indemnified Party (including reasonable attorneys’ fees and costs reasonably incurred) to the extent arising out of or resulting directly or indirectly from any of the following (the “Company Recourse Indemnity Obligations”):
Recourse Guaranty. As credit support for the Obligations, Recourse Guarantor executed and delivered to Administrative Agent the Recourse Guaranty.
Recourse Guaranty. The Recourse Guaranty is hereby amended as of the date hereof by deleting “Article 23 of the Loan Agreement” in Section 10 and inserting in lieu thereof “Article XXIV of the Loan Agreement.”
Recourse Guaranty. Simultaneously with the execution and delivery of this Agreement, Guarantors are executing and delivering the Guaranty
Recourse Guaranty. The Parent shall have ----------------- executed and delivered the Recourse Guaranty and executed copies of such agreement shall have been delivered to Lender.
Recourse Guaranty. Mortgagor has caused Guarantors to deliver to Mortgagee simultaneously with the execution and delivery of this Mortgage, the unconditional guaranty (the “Recourse Guaranty”) of the payment of and performance under the Note, this Mortgage and any other document evidencing or securing the performance of the obligations secured hereby upon the occurrence of certain recourse events described in Section 1.2 of said Guaranty, duly executed by the Guarantors.