Foreclosure Guarantee definition

Foreclosure Guarantee means any guarantee of secured Indebtedness the obligations under which guarantee are limited to providing that following foreclosure (or sale in lieu thereof) on all such security the guarantor will pay the holder of such Indebtedness the amount (if any) by which the aggregate proceeds received by such holder from such foreclosure or sale fall short of a specified amount, provided that such specified amount does not exceed 25% of the original principal amount of such secured Indebtedness.
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Foreclosure Guarantee means any guarantee of secured Indebtedness
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Foreclosure Guarantee means the guarantee of the General Partner in an amount not exceeding $10 million of principal upon a foreclosure of the Hotel by the Lender.
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Examples of Foreclosure Guarantee in a sentence

  • This Agreement is being entered into for the purpose of evidencing the obligation of Marriott and the General Partner to make the advances enumerated in section 1 hereof and of the Partnership to repay Marriott and the General Partner the principal amount of any advances to the Partnership under the Debt Service Guarantee and Foreclosure Guarantee and other advances to meet the obligations and liabilities of the Partnership, said advances to accrue interest as hereafter provided.

  • The Borrower has the power and --------------------------- authority to execute, deliver and carry out the terms and provisions of the Loan Documents (other than the Foreclosure Guarantee and the Direct Access Agreement), the Management Agreement, the Purchase Agreement, and to carry out the terms of the Ground Leases.

  • The mutual obligations hereunder will provide consideration to the entering into of this Agreement and of the Debt Service Guarantee and the Foreclosure Guarantee.


More Definitions of Foreclosure Guarantee

Foreclosure Guarantee means any guarantee of secured Indebtedness the obligations under which guarantee are limited to providing that following foreclosure (or sale in lieu thereof) on all such security the guarantor will pay the holder of such Indebtedness the
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Foreclosure Guarantee means that certain Foreclosure --------------------- Guarantee dated February 7, 1990 and executed by the General Partner in favor of the Lender, as amended by that certain Reaffirmation of Foreclosure Guarantee dated of even date herewith, as the same may be further amended, supplemented or modified from time to time.
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