Co-Guarantor definition
Examples of Co-Guarantor in a sentence
Each Co-Guarantor, in order to describe the terms and conditions under which the Collateral will be held by the Lender, shall execute and deliver to the Lender, in form and substance satisfactory to the Lender, any and all security agreements, financing statements, and any other documents relating to any security as the Lender shall require from time to time (all herein together with the Note and this Agreement referred to collectively as the "Security Documents").
The Borrower shall cause to be duly executed and delivered to the Lender the unlimited guaranty of each Co-Guarantor, whereby each Co-Guarantor guarantees the Borrower's obligations under the Note, this Agreement and the Security Documents as hereinafter defined.
If Lender performs any of the actions described in this paragraph, then each of Guarantors' liability shall continue in full force and effect even if Lender's actions impair, diminish or eliminate Guarantors' subrogation, contribution or reimbursement rights (if any) against Borrower or any Co-Guarantor, or otherwise adversely affect any of Guarantors or expand any of Guarantors' liability hereunder.
Each Co-Guarantor, by its execution of this Agreement, agrees that any and all loans, indebtedness or other liability of the Borrower to the Co-Guarantor shall at all times be subordinate to the indebtedness of the Borrower to the Lender.
If Buyer performs any of the actions described in this paragraph, then Guarantor’s liability shall continue in full force and effect even if Buyer’s actions impair, diminish or eliminate Guarantor’s subrogation, contribution, or reimbursement rights (if any) against Seller or any Co-Guarantor, or otherwise adversely affect Guarantor or expand Guarantor’s liability hereunder.
All notices, requests and demands to or upon the Indenture Trustee or the Co-Guarantor hereunder shall be effected in the manner provided for in the Indenture; provided that any such notice, request or demand to or upon the Co-Guarantor shall be addressed to the Co-Guarantor at its notice address set forth on Schedule 1.
None of the Indenture Trustee, any Secured Party or any of their respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Co-Guarantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof.
The liability of Guarantor hereunder shall not be impaired, released, terminated or discharged, in whole or in part, by the release of any such other guarantor from liability for the performance or observance of any of the covenants under the Lease on the part of Tenant to be performed, whether by operation of law or otherwise and whether or not notice of such release is given to such Co-Guarantor.
To the extent that Buyer collects or receives any sums or payments from Seller or any Co-Guarantor, Buyer shall apply such amounts first to that portion of Seller’s obligations to Buyer (if any) that is covered by this Guaranty.
The Co-Guarantor at all times will preserve and keep in full force and effect its existence as a limited liability company, and all rights and franchises to its business, including its qualification to do business in each state where it is required by law to so qualify, except to the extent that the failure to be so qualified would not have a Material Adverse Effect.