Common use of Required Guaranties Clause in Contracts

Required Guaranties. Except as set forth in Section 2.02(d), if in connection with any Financing of the Property, including any mezzanine financing pertaining to the Property, a lender requires a guaranty of (i) standard non-recourse carve outs, (ii) certain environmental conditions and (iii) payment obligations related to Financing (each a “Required Guaranty” and collectively, the “Required Guaranties”), such Required Guaranties shall be from the Company and/or one or more entities (individually and collectively, the “Guarantor”) that are identified in connection with the approval of the applicable Financing pursuant to Section 2.02(d). The Guarantor shall not receive any fees or other compensation for making a Required Guaranty.

Required Guaranties. Except as set forth in Section 2.02(d), if in connection with any Financing of the Property, including any mezzanine financing pertaining to the Property, a lender requires a guaranty of (i) standard non-recourse carve outs, (ii) certain environmental conditions and (iii) payment other funding obligations related to Financing Renovations (each a “Required Guaranty” and collectively, the “Required Guaranties”), such Required Guaranties shall be from the Company and/or one on or more entities (individually and collectively, the “Guarantor”) that are identified by the Members in connection with the their approval of the applicable Financing as a Major Decision pursuant to Section 2.02(d) (except as provided in the last sentence of said Section 2.02(d)). The Guarantor shall not receive any fees or other compensation for making a Required Guaranty.