VEC Guaranty Clause Samples

VEC Guaranty. That certain guaranty executed by Visit Eau ▇▇▇▇▇▇, in form and substance satisfactory to the City, Developer, and Owner and in an amount equal to Two Hundred Thousand Dollars ($200,000), pursuant to which Visit Eau Claire shall guarantee obligations and responsibilities of the Confluence Council relating to operation and maintenance of the Development excluding obligations and responsibilities that are the direct obligations and responsibilities of the University or UWEC on account of their use of the Development. The VEC Guaranty may only be enforced if the Confluence Council is unable to satisfy its obligations with respect to the operation and management of the Development as and when the same become due, and has exhausted its own funds, its Operations Reserve Fund, and the Supplemental Reserve Fund.