Guaranty Limit. The aggregate amount for which the Guarantors shall be liable under this Guaranty (such amount, the “Guaranty Limit”) shall be the greater of (a) an amount equal to (i) the Unpaid Principal Balance as of the date of the calculation of the Guaranty Limit, multiplied by (ii) the Participant’s Share expressed as a fraction, multiplied by (ii) 0.50, multiplied by (iii) a percentage, expressed as a decimal, equal to (x) the Bid Amount (as defined in the Contribution Agreement), divided by the Adjusted Unpaid Principal Balance (as defined in the Contribution Agreement), divided by (y) the reciprocal of the Participant’s Share, and (b) $5,000,000. The Guaranty Limit for any claim under this Guaranty shall be the Guaranty Limit on the date on which the earliest of any act or omission that is a basis of the claim occurred.
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