RELEASE FROM GUARANTEES; REPAYMENT OF CERTAIN OBLIGATIONS. IES shall use reasonable efforts to have the Stockholders released from any and all guarantees of the Company's indebtedness, including bond obligations, identified on Schedule 10.1. In the event that IES cannot obtain such releases from the lenders of any such guaranteed indebtedness identified on Schedule 10.1 on or prior to 120 days subsequent to the Consummation Date, IES shall promptly pay off or otherwise refinance or retire such indebtedness such that the Stockholders' personal liability shall be released. IES will indemnify the Stockholders against any loss or damage suffered during the 120 day period as a result of the personal guarantees.
Appears in 16 contracts
Samples: Stock Purchase Agreement (Integrated Electrical Services Inc), Stock Purchase Agreement (Integrated Electrical Services Inc), Stock Purchase Agreement (Integrated Electrical Services Inc)
