Common use of Personal Guarantees Clause in Contracts

Personal Guarantees. Section 6.6 of the Company Disclosure Schedule provides for a list of the obligations of Company which are guaranteed by the Sellers or any Seller Owner (“Personal Guarantees”). Purchaser will use commercially reasonable efforts to substitute a corporate guaranty of Purchaser or another reasonable substitute in place of such Personal Guarantees to be effective on the Closing Date. In the event that any such Personal Guarantee cannot be replaced by a corporate guaranty of Purchaser or such other reasonable substitute, then Purchaser shall indemnify any Losses incurred by the guarantors relating to the fulfillment of the Personal Guarantees following the Closing in respect of matters that arose post Closing only.