Examples of Guaranty Documents in a sentence
At any time, Winget could terminate the Guaranty Documents by tendering $50 million to JP Morgan for the benefit of the Lenders.
As part of the Guaranty Documents, the Lenders included language that Winget refers to as the “Last Resort Conditions.” The relevant portions of the Last Resort Conditions [which are found in Section 3 of the Guaranty] read: Notwithstanding anything herein or elsewhere to the contrary, [JP Morgan] shall not exercise any rights or remedies under this Pledge Agreement until all reasonable efforts shall have been made by it to collect the Obligations from other collateral held by [JP Morgan] ...
The result of the provisions was that the Guaranty Documents were only enforceable from the proceeds of the sale of the interests in the pledged companies, namely Deluxe, P.I.M., Venco, and their subsidiaries (collectively, the “Pledged Companies”), and the Lenders could not attempt to enforce the Guaranty Documents until they had made all reasonable efforts to exhaust the collateral aside from the interests in the Pledged Companies.
Mortgagor shall pay all costs and expenses incurred by State Farm relating to the approval of the proposed Successor Guarantor and the preparation and review of the Guaranty Documents, including, without limitation, the fees and expenses of State Farm’s outside counsel.
Prior to the Funding Date of the Term A Loan, to the extent not delivered prior thereto, Borrower agrees to deliver to Collateral Agent, the following: (i) the Guaranty Documents; and (ii) pledges of the Shares of each Foreign Subsidiary.