guarantee cap definition
Examples of guarantee cap in a sentence
Guarantor shall not be liable for any Payment Demands in excess of the Guarantee Cap.
In all other instances, Guarantor’s payments hereunder, up to and including, but not in excess of the Guarantee Cap, will be made in the order in which the associated Payment Demands were received.
This Agreement is an irrevocable, absolute, continuing agreement by the Guarantor (but subject to the Guarantee Cap Amount limitation herein) to indemnify, save and hold the Guaranteed Parties harmless in respect of the Guaranteed Obligations and not a guaranty of collection.
The fact that at any time or from time to time the Guaranteed Obligations may be increased or reduced shall not release or discharge the obligation of the Guarantor to the Guaranteed Parties with respect to the Guaranteed Obligations (but subject in all cases to the Guarantee Cap Amount limitation herein).
At any time the parties amend the budget included in the Project Plan, a corresponding amendment to the Guarantee Cap (defined in Section 3.2) shall also be made.
After the MSF has made a payment on an Authorized Claim, the Lender shall cause any recovery from or on behalf of a Borrower on the Delinquent Enrolled Loan which resulted in the MSF payment on the Authorized Claim to be reimbursed to the MSF as soon as practical after recovery, to the extent of the MSF payment, and the amount of any such reimbursement shall be deemed not to have been paid by the MSF for purposes of calculating whether the MSF Guarantee Cap has been reached.
For the avoidance of doubt, Seller’s potential liability to the beneficiary of each Guarantee under that Guarantee is limited to the losses incurred as set forth in each Guarantee, and such amounts may exceed the Guarantee Cap (subject to the other provisions of this Section 6.30 and the Service Level Agreement referred to in this Section 6.30).
Provided further, the application of the MSF Guarantee Obligation against the aggregate of all Enrolled Loans is, notwithstanding anything to the contrary, subject to the MSF Guarantee Cap.
Amounts paid by the EIF to the Financial Intermediary in excess of the Guarantee Cap Amount shall give rise to a clawback claim.
The Guarantee shall not exceed [***] (the "Guarantee Cap"), unless the parties have mutually agreed to amend the budget and the Guarantee Cap pursuant to Section 2.2.