Lender Guaranties Sample Clauses

Lender Guaranties. (a) In connection with the Transaction and in accordance with the terms of the PNC Letter Agreement, the Senior Lender has agreed to increase the maximum principal amount of loans available to the Borrower under the Senior Credit Agreement from $15,000,000 to $20,000,000 subject to the Lender agreeing to continue to personally guarantee the Senior Debt including such increase (the guaranty of such additional $5,000,000 is referred to herein as the “Additional Personal Guaranty” and the entire amount guaranteed by the Lender is referred to herein as the “Personal Guaranty”) and to pledge as collateral for the Personal Guaranty cash, cash equivalents, marketable securities or other liquid assets with a value of least $10,000,000 (the “Pledge”). At the request of the Borrower and in accordance with the terms of the PNC Letter Agreement, the Lender has agreed to provide the Additional Personal Guaranty and the Pledge if the Borrower obtains the Shareholder Approval, provided that the Shareholder Approval is obtained prior to the Shareholder Meeting Date Deadline. If and when the Shareholder Approval is obtained and the maximum principal amount available under the Senior Credit Agreement is so increased, the Lender shall promptly execute and deliver signature pages to the Personal Guaranty and Pledge (the forms of which are attached to the PNC Letter Agreement) and such other agreements as may be reasonably requested by the Senior Lender in connection with the transactions contemplated under the PNC Letter Agreement. In consideration of providing the Additional Personal Guaranty and the Pledge, the Borrower shall issue to the Lender (i) one hundred (100) shares of Series D Preferred Stock (the “Initial Guaranty Shares”) on the date the Lender is required to make the Pledge (the “Guaranty Share Issuance Date”) and (ii) on each anniversary of the Guaranty Share Issuance Date (or portion thereof) in which the Pledge remains outstanding, a number of shares of Series D Preferred Stock equal to the product of (A) (x) the average daily balance of the Pledge during such yearly period (or portion thereof) (provided, however, in no event shall such amount exceed $10,000,000) divided by (y) $10,000,000 multiplied by (B) 200 (the “Annual Guaranty Shares” and together with the Initial Guaranty Shares, the “Guaranty Shares”). The number of Annual Guaranty Shares issuable for any partial year period shall be reduced on a pro-rata basis based on the number of days that the Ple...

Lender Guaranties. Borrower and Lender shall use their best efforts to terminate the outstanding guaranties for the obligations of the Borrower existing on the Closing Date (the "LENDER GUARANTIES"). Any payment made by the Lender, and any obligation for payment assumed by the Lender, under a Lender Guaranty shall be deemed to have been made as a borrowing under the Revolving Facility.