Common use of Corporate Guarantee Clause in Contracts

Corporate Guarantee. If Buyer chooses to transmit the Purchase Price in installments rather than in its entirety as part of the First Payment, Buyer shall also deliver a corporate guarantee to Buyer, securing the amount of the Purchase Price still outstanding after the First Payment. Such corporate guarantee shall be a good and sufficient corporate surety company bond or other security (hereinafter referred to as the “Bond”) in accordance with the provisions of the laws of the State of Washington to secure the full performance by Buyer of all terms and conditions of this Agreement, including payment by Buyer of all amounts payable to the Bank Sponsor during the term of this Agreement. The form and provisions of the Bond, and the identity of the surety thereon, shall be subject to the approval of the Bank Sponsor. Bank Sponsor can provide a sample bond form upon request. The amount of the Bond shall be the amount of the Purchase Price not yet paid as of February 2, 2025. If Buyer fails to provide a bond, ▇▇▇▇▇ shall be considered in default hereunder and subject to the Bank Sponsor’s rights under Section 2.5.2 below. The Bond may provide for termination on the anniversary date thereof upon not less than one (1) year’s written notice to the Bank Sponsor if the Agreement is not in default at the time of said notice. In the event of any such termination, Buyer shall obtain a new Bond, also subject to Bank Sponsor approval, to replace the Bond being so terminated to be effective on or before the date of termination. Subject to Bank Sponsor’s approval, Buyer may, in lieu of a Bond, obtain a guaranty from a party acceptable to the Bank Sponsor in its sole discretion and subject to the guarantor executing a guaranty form acceptable to the Port in its sole discretion.