Vendor Guarantor definition
Examples of Vendor Guarantor in a sentence
The Vendor Guarantor shall pay to the Purchaser from time to time on demand a sum of money which the Vendor is at any time liable to pay to the Purchaser under or pursuant to this Agreement and which has not been paid at the time the demand is made.
The obligations of the Vendor Guarantor under this Clause 9.1 are primary obligations and not those of a mere surety.
If an obligation of the Vendor is void, voidable or unenforceable for any reason, the obligations of the Vendor Guarantor under this Clause 9.1 are unaffected and the Vendor Guarantor shall perform the Vendor's obligations as if it were primarily liable for the performance.
Other than as provided in subsection (f) above, the dissolution or liquidation of the Borrower or any Subsidiary or Vendor Guarantor, or failure by the Borrower or any Subsidiary or Vendor Guarantor promptly to forestall or remove any execution, garnishment or attachment of such consequence as will materially impair its ability to continue its business or fulfill its obligations and such execution, garnishment or attachment shall not be vacated within sixty (60) days.
Notwithstanding the foregoing, in no event may the Borrower make such a distribution or payment (i) while the guaranty from the Vendor Guarantor is in effect, or (ii) when there is unpaid any due installment of principal and/or interest on the Note or if the Borrower is otherwise in material default of any provision of this Agreement or would be in material default hereunder as a result of such distribution or payment.