Completion Guaranty. (a) Guarantor hereby unconditionally and irrevocably guarantees to Lender the full performance and completion of the PIP Work on or before the Outside Date (as defined in the Loan Agreement), including, without limitation, that the PIP Work be constructed, performed and completed in accordance with the terms and conditions of the Property Improvement Plan, [Franchise Agreement] [Management Agreement], the Loan Agreement, the Security Instrument and the other Loan Documents, free and clear from all defects and liens and in compliance with all applicable laws (collectively, the “Guaranteed Obligations”).
Completion Guaranty. As additional security for the Loan, the Guarantors shall execute and deliver to Lender the Completion Guaranty.
Completion Guaranty. Concurrently herewith, the Completion Guarantor has executed in favor of the Bank Agent (acting on behalf of the Bank Lenders) and the Indenture Trustee (acting on behalf of the Second Mortgage Note Holders) the Completion Guaranty pursuant to which the Completion Guarantor has agreed, subject to the terms and limitations thereof, to guaranty completion of the Project and payment by the Company of certain Project Costs.
Completion Guaranty. Any payments made by MGM or MGM MIRAGE pursuant to the Construction Completion Guaranty shall not constitute Capital Contributions to the Company, but rather shall be treated as paid outside the Company by MGM or MGM MIRAGE in its individual capacity and not as (or on behalf) of a Member. Similarly, all distributions received by MGM or MGM MIRAGE pursuant to the Cash Proceeds Letter shall not constitute distributions of Distributable Cash, but rather shall be treated as paid outside the Company.
Completion Guaranty. By the deadline specified therefore in the Schedule of Performance, Tenant shall furnish Landlord with a performance bond in an amount not less than one hundred percent (100%) of the anticipated cost of such construction work on the Leased Premises, and a payment bond guaranteeing the completion of the Improvements free from liens of materialmen, contractors, subcontractors, mechanics, laborers, and other similar liens. Said bonds shall be bonds of a responsible surety company, licensed to do business in California with a financial strength and credit rating reasonably acceptable to Landlord, and shall remain in effect until the entire cost of the work has been paid in full and the Improvements have been insured as provided in this Lease. Any such bonds shall be in a form reasonably satisfactory to Landlord. Landlord may elect to accept a completion guaranty from a third party guarantor with substantial net worth, a letter of credit from an institutional lender, or such alternative or other security for the completion of such construction as Landlord may approve in its sole discretion.
Completion Guaranty. Each Guarantor hereby covenants and agrees solidarily to guaranty any Loan proceeds advanced during the construction of the Project, and each Guarantor absolutely, unconditionally, and irrevocably guarantees:
Completion Guaranty. The Contractor Guarantor is executing and delivering the Completion Guaranty, a copy of which is attached as Exhibit I, under which it shall guarantee to the Concessionaire and the Department the performance and completion of all of the Design Build Contractor’s obligations under the Design-Build Contract (including, but not limited to, its warranty and indemnification obligations).
Completion Guaranty. The Administrative Agent shall have received a Completion Guaranty from an Approved Completion Guarantor.
Completion Guaranty. 103 SECTION 5.24 Security Agreements with the Guilds.............................................................. 103 6. NEGATIVE COVENANTS............................................................................................... 104 SECTION 6.1 Limitations on Indebtedness and Preferred Equity Interests....................................... 104 SECTION 6.2 Limitations on Liens............................................................................. 105 SECTION 6.3 Limitation on Guarantees......................................................................... 107
