Cross Guarantor definition
Examples of Cross Guarantor in a sentence
The Borrower and each Cross Guarantor has full corporate or partnership power and authority to execute and deliver, and to incur and perform its obligations under, each of the Credit Documents to which it is a party, all of which have been duly authorized by all necessary corporate or partnership action.
No consent or approval of stockholders or limited partners of the Borrower or such Cross Guarantor, as the case may be, is required to be obtained as a condition to the validity or performance of, or the exercise by the Administrative Agent or the Lenders of any of their rights or remedies under, any Credit Document (other than any such consent or approval that has been obtained).
Until the payment in full of the Secured Obligations and all other amounts payable to the Secured Parties under the Operative Documents, each Cross Guarantor hereby irrevocably waives all rights of subrogation or contribution, whether arising by operation of law (including, without limitation, any such right arising under the Bankruptcy Code) or otherwise, by reason of any payment by it pursuant to the provisions of this Section 31.