Payments to Guarantors Clause Samples

Payments to Guarantors. Each Loan Party acknowledges this assignment and waiver and, except as otherwise set forth herein, agrees to make no payments, except (so long as no Default or Event of Default has occurred and is continuing) in the ordinary course of business consistent with past practices, to any Guarantor without the prior written consent of Agent. Each Loan Party agrees to give full effect to the provisions hereof.

Payments to Guarantors. 90 11.11. Enforcement..........................................................90 11.12. Statute of Limitations...............................................90 11.13. Interest.............................................................91 11.14. Currency Conversion..................................................91 11.15. Acknowledgement......................................................91 11.16.

Payments to Guarantors. All references to payments made to the Guarantors set forth in the Guaranty are deleted. Each of the Guarantors acknowledges and affirms the existence of consideration to support the guaranty provided by them in the Guaranty in favor of Investor and affirmatively represents, warrants, and covenants that they will not assert lack of consideration, or any other defense based on an alleged absence of consideration or receipt or use of the loan proceeds, as a defense to the enforceability of the Guaranty, this Amendment, or the Security Agreement. Those defenses are voluntarily and intentionally waived and relinquished by the Guarantors.

Payments to Guarantors. The Credit Parties, jointly and severally, agree to pay to each of the Guarantors a fee for providing his respective limited guaranty and securing and delivering the letter of credit as contemplated under Section 2, as follows: a. Upon execution and delivery of this Agreement, an amount equal to two percent (2%) of the face amount of the letter of credit that the respective Guarantor will cause to be issued in accordance with Section 2 above, which the parties stipulate to be $30,000.00 to each Guarantor. b. Upon the first renewal (or replacement) of the letter of credit (it is anticipated that the letters of credit will be renewed or replaced every six (6) months), an amount equal to two percent (2%) of the face amount of the letter of credit that the respective Guarantor will cause to be issued in accordance with Section 2 above, which the parties stipulate to be $30,000.00 to each Guarantor. c. Upon each successive six-month renewal (or replacement) of the letter of credit, an amount equal to four percent (4%) of the face amount of the letter of credit, which the parties stipulate to be $60,000.00 to each of the Guarantors at the time of each renewal or replacement. d. In addition to the payments contemplated under Subsections 3(a)-(c) above, if and to the extent a letter of credit is drawn upon, the Credit Parties shall pay to the Guarantor whose letter of credit is drawn upon interest on the amount so drawn calculated at the annual rate equal to the Prime Rate of interest as quoted by Wachovia Bank from time to time, plus five percent (5%). e. The Credit Parties shall also pay all fees and costs (including actual attorneys fees) incurred by the Guarantors in connection with the transactions contemplated under this Agreement, including without limitation, the modification of the Credit Agreement, the issuance of the letters of credit and the limited guaranty made in favor of Agent, as more particularly set forth in the Letter of Credit Agreements attached as Exhibit I and Exhibit II.

Payments to Guarantors. Owner and Landlord shall have no responsibility for any disbursements made pursuant to Sections 10.1(b)(iv) or 10.2(e).