Payment by the Guarantors Clause Samples
The 'Payment by the Guarantors' clause establishes the obligation of guarantors to fulfill payment responsibilities if the primary debtor fails to do so. In practice, this means that if the borrower defaults on a loan or other financial obligation, the guarantors are required to pay the outstanding amounts owed to the creditor. This clause ensures that the creditor has an additional layer of security and recourse for recovering debts, thereby reducing the risk of non-payment.
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Payment by the Guarantors. Whenever any Guarantor pays any sum which is or may become due and owing under this Guaranty Agreement, such Guarantor shall also deliver written notice thereof to the Administrative Agent contemporaneously with such payment. Such notice shall be effective for purposes of this Paragraph when given to the Administrative Agent in a manner prescribed for notices hereunder. For purposes of this Guaranty Agreement, in the absence of such notice in compliance with the provisions hereof, any sum received by the Administrative Agent or any Lender or other Secured Party on account of the Guaranteed Obligations shall be conclusively deemed paid by the Borrower.
Payment by the Guarantors. If the Guaranteed Obligations, or any part thereof, are not punctually paid or performed, as the case may be, each Guarantor shall, immediately on written demand and without protest or notice of protest, pay the amount due without condition or deduction for any counterclaim, defense, recoupment or setoff, in Dollars and in immediately available funds to the Collateral Agent for the benefit of the Secured Parties. Such demand may be made at any time coincident with or after the time for payment or performance of all or part of the Guaranteed Obligations and no Secured Party should be required to perform any action in connection with the Project before making such demand or requiring such payment. Such demand shall be deemed made and given in accordance with Section 8.09.
SECTION 3.01 Section 3.02 Taxes. NYDOCS02/1024806.8-8- Midway - Guaranty
Payment by the Guarantors. If all or any part of the Guaranteed Obligations shall not be punctually paid when due, whether at demand, maturity, acceleration or otherwise, the Guarantors shall, immediately upon demand by the Agent, and without presentment, protest, notice of protest, notice of non-payment, notice of intention to accelerate the maturity, notice of acceleration of the maturity, or any other notice whatsoever, pay in lawful money of the United States of America, the amount due on the Guaranteed Obligations to the Agent at the Agent’s address as set forth herein. Such demand(s) may be made at any time coincident with or after the time for payment of all or part of the Guaranteed Obligations, and may be made from time to time with respect to the same or different items of Guaranteed Obligations. Such demand shall be deemed made, given and received in accordance with the notice provisions hereof.
Payment by the Guarantors. If all or any part of the Guaranteed Obligations shall not be punctually paid when due, whether at demand, maturity, acceleration or otherwise, the Guarantors shall, no later than the applicable Funding Deadline following the demand of the Collateral Agent (acting upon the written direction of the Required Lenders), and without presentment, protest, notice of protest, notice of non-payment, notice of intention to accelerate the maturity, notice of acceleration of the maturity, or any other notice whatsoever, pay in lawful money of the United States of America, the amount due on the Guaranteed Obligations to the Collateral Agent at the applicable Corporate Trust Office. Such demand(s) may be made at any time coincident with or after the time for payment of all or part of the Guaranteed Obligations, and may be made from time to time with respect to the same or different items of Guaranteed Obligations. Such demand shall be deemed made, given and received in accordance with the notice provisions hereof.