Common use of Term of Guaranty Clause in Contracts

Term of Guaranty. This Guaranty shall continue in effect until all the Guaranteed Obligations and all of the obligations of Guarantor to Administrative Agent and Lenders under this Guaranty are fully and finally paid, performed and discharged and are not subject to any bankruptcy preference period or any other disgorgement. Notwithstanding anything stated to the contrary in this Guaranty, in the event that Administrative Agent or its nominee or any third party takes record title to any portion of the Property following the exercise of Administrative Agent’s rights and remedies under the Loan Documents, Guarantor shall nonetheless have the right to terminate its continuing liability under clause (ii) of Section 1 of this Guaranty with respect to Borrower’s obligations under the Environmental Agreement (and only as to such obligations) with respect to such portion of the Property, upon fulfillment of each of the following conditions to the reasonable satisfaction of Administrative Agent with respect to such portion of the Property:

Term of Guaranty. This Guaranty shall continue in effect until all the Guaranteed Obligations and all of the obligations of Guarantor to Administrative Agent and Lenders Lender under this Guaranty are fully and finally paid, performed and discharged and are not subject to any bankruptcy preference period or any other disgorgement. Notwithstanding anything stated to the contrary in this Guaranty, in the event that Administrative Agent Lender or its nominee or any third party takes record title to any portion of the Property following the exercise of Administrative AgentLender’s rights and remedies under the Loan Documents, Guarantor shall nonetheless have the right to terminate its continuing liability under clause (ii) of Section 1 of this Guaranty with respect to Borrower’s obligations under the Environmental Agreement (and only as to such obligations) with respect to such portion of the Property), upon fulfillment of each of the following conditions to the reasonable satisfaction of Administrative Agent with respect to such portion of the PropertyLender: