Common use of Replacement Guarantor Clause in Contracts

Replacement Guarantor. Any Replacement Guarantor that becomes a Guarantor hereunder in accordance with Section 6.3 or Section 6.4 of the Loan Agreement must maintain a Net Worth of no less than $300,000,000 and Unencumbered Liquid Assets of no less than $5,000,000, each calculated in accordance with Section 26(d) hereof. It shall be a further condition to such replacement hereunder that the Replacement Guarantor shall execute and deliver to Lender a limited recourse guaranty (in the same form as this Guaranty) and an environmental indemnity agreement (in the same form as the Environmental Indemnity delivered to Lender by the initial Guarantor and Borrower on the date hereof) on or prior to the date of such replacement, pursuant to which the Replacement Guarantor agrees to be liable under each such limited recourse guaranty and such environmental indemnity agreement (whereupon the initial Guarantor shall be released from any further liability under this Guaranty and the Environmental Indemnity from acts, events and/or circumstances that arise from and after the date of such replacement, but the initial Guarantor shall remain liable under this Guaranty and the Environmental Indemnity for acts, events and/or circumstances occurring prior to such replacement to the extent and as provided for in this Guaranty and the Environmental Indemnity even if liability for such acts, events and/or circumstances are not discovered until after the date of such replacement) and the Replacement Guarantor shall be the “Guarantor” for all purposes set forth in the Loan Documents.

Replacement Guarantor. Any Replacement Guarantor that becomes a Guarantor hereunder in accordance with Section 6.3 or Section 6.4 of the Loan Agreement must maintain a Net Worth of no less than $300,000,000 100,000,000 and Unencumbered Liquid Assets of no less than $5,000,000, each calculated in accordance with Section 26(d) hereof. It shall be a further condition to such replacement hereunder that the Replacement Guarantor shall execute and deliver to Lender a limited recourse guaranty (in the same form as this Guaranty) and an environmental indemnity agreement (in the same form as the Environmental Indemnity delivered to Lender by the initial Guarantor and Borrower on the date hereof) on or prior to the date of such replacement, pursuant to which the Replacement Guarantor agrees to be liable under each such limited recourse guaranty and such environmental indemnity agreement (whereupon the initial Guarantor shall be released from any further liability under this Guaranty and the Environmental Indemnity from acts, events and/or circumstances that arise from and after the date of such replacement, but the initial Guarantor shall remain liable under this Guaranty and the Environmental Indemnity for acts, events and/or circumstances occurring prior to such replacement to the extent and as provided for in this Guaranty and the Environmental Indemnity even if liability for such acts, events and/or circumstances are not discovered until after the date of such replacement) and the Replacement Guarantor shall be the “Guarantor” for all purposes set forth in the Loan Documents.