Common use of Unfunded Obligations Guaranty Clause in Contracts

Unfunded Obligations Guaranty. On the Closing Date Borrower shall deliver to Lender a payment guaranty from Guarantor guaranteeing payment of an amount equal to the Remaining Unfunded Obligations (the “Unfunded Obligations Guaranty”). Notwithstanding the foregoing, Borrower shall not be required to deliver the Unfunded Obligations Guaranty if (i) Mortgage Borrower deposits into the Unfunded Obligations Account (as defined in the Mortgage Loan Agreement) the amounts required to be deposited by Mortgage Borrower pursuant to Section 8.9 of the Mortgage Loan Agreement or (ii) delivers to Mortgage Lender a letter of credit described in Section 8.9 of the Mortgage Loan Agreement and, in either case, Borrower shall have delivered, or cause to be delivered, to Lender evidence thereof. For the avoidance of doubt, if Mortgage Borrower elects to provide to Mortgage Lender the guaranty described in Section 8.9 of the Mortgage Loan Agreement, Borrower shall be required to deliver to Lender the Unfunded Obligations Guaranty as set forth above.