Release of Personal Guaranties. Promptly following the Closing, Buyer shall use its best efforts to cause any creditor of the Company to release any personal guaranties extended by the Sellers to such creditor and shall indemnify the Sellers against any claims by such creditors based on such personal guaranties.
Release of Personal Guaranties. Buyer agrees to use its reasonable efforts to have each of the Stockholders released, as promptly as possible but no later than 30 days after the Closing Date, from any personal obligations entered into by such Stockholder in connection with Debt that is not paid in full at the Closing. Parent shall indemnify, defend and hold harmless Stockholders for any loss or other matter suffered as a result of such personal guaranties prior to release. If Buyer cannot obtain a release within 60 days, Buyer will pay off the underlying obligation in full.
Release of Personal Guaranties. Purchaser shall cause any ------------------------------ personal guaranties of any Seller, Shareholder or Venturer with respect to any Assumed Liability of the Business to be released on or prior to the Closing. If such release cannot be obtained, Graphic shall unconditionally guaranty the performance of Purchaser with respect to such guaranteed liability.
Release of Personal Guaranties. If Employer’s employment is terminated without Cause or under sub-paragraphs (b) or (c) of this Section 4, or upon this Agreement expiring at the end of the Term, as the same may be extended or amended, Employer and Parent shall take action to obtain releases of the Personal Guaranties. In such an instance, moreover, Employer and Parent hereby agree to indemnify and hold harmless Employee from any liability under the Personal Guaranties from and after the date of Employee’s termination of employment. If Employee is terminated for Cause or voluntarily resigns from Employer prior to the expiration of the Term, as the same may be extended or amended, Employer and Parent shall be obligated to relieve Employee of or indemnify Employee from any liability resulting from the Personal Guaranties as follows. Following the determination of the amount of losses incurred with respect to purchase order advances and purchased invoices on the books of Employer at the time of Employee’s termination of employment from Employer (the “Adjusted Guaranty Amount”), Employer and Parent shall take action to obtain releases of the Personal Guaranties to the extent required so that Employee’s total liability with respect thereto does not exceed the Adjusted Guaranty Amount. In such an instance, moreover, Employer and Parent hereby agree to indemnify and hold harmless Employee from any liability under the Personal Guaranties from and after the date of Employee’s termination of employment so that Employee’s total liability with respect thereto does not exceed the Adjusted Guaranty Amount.
Release of Personal Guaranties. Upon Closing, Purchaser shall cooperate fully with Seller and shall utilize its best efforts in attempting to obtain the prompt release by applicable third parties of the personal guaranties by Seller of indebtedness of the Company which are shown on attached SCHEDULE 5.13.
Release of Personal Guaranties. On or before December 31, 1997, HALIS shall cause all personal guaranties with respect to the indebtedness of PRN in the principal amount of $520,000 to Central Bank of Florida to be terminated by refinancing, payment in full or otherwise.
Release of Personal Guaranties. LVCI shall take such action as it deems commercially reasonable to effect the release of any personal guaranties by the Shareholders under the Contracts after the Closing Date. In the event LVCI is not able to effect the release of any personal guaranty on terms that it deems commercially reasonable, LVCI agrees to indemnify and hold harmless any Shareholder from any claims arising from such personal guarantee pursuant to Article 10 hereof.
Release of Personal Guaranties. Prior to or at Closing, but in no event later than the Closing, Parent shall secure the release of Scotx X. Xxxx xxx Vancx X. Xxxxx xxxm their personal guaranties of, and their personal liability on, all loans, leases, and credit card transactions entered into by or on behalf of the Target and/or any one or more of its Subsidiaries from and after the Closing Date, or in the alternative, Parent shall make other arrangements with respect to such personal guaranties and personal liability that are satisfactory to Scotx X. Xxxx xxx Vancx X. Xxxxx. (Xee also Section 5(k) of this Agreement).
Release of Personal Guaranties. To the extent any of the Sellers previously executed personal guaranties to secure obligations of any of the Acquired Companies, such guaranties shall have been terminated or in the event such guaranties cannot be terminated, Buyer shall execute a written indemnity of such Seller.
Release of Personal Guaranties. The personal guaranties issued by each of the Principal Stockholders and SPEQ to Toronto Dominion Bank on behalf of the Company shall have been terminated.
