Examples of Other Guaranty Agreement in a sentence
The Guarantor agrees that in the event a payment shall be made by any Other Guarantor under any Other Guaranty Agreement, the Other Guarantor (the "Claiming Guarantor") shall have and be entitled to rights of contribution against the Guarantor pursuant to and in accordance with applicable law.
On and as of the Execution Date there is one Other Guarantor (the “Other Initial Guarantor”), party to an Other Guaranty Agreement, whose “Stated Percentage” under and as defined in that agreement, unless and until adjusted as provided in Section 2.01(c) hereof and thereof, is also 50%.
Without limiting the generality of the foregoing, in the event of such assumption, the Guarantor and the assuming Other Guarantor, if any, shall be liable to make any payment for 2000 XXX MEP Guaranty Agreement which such defaulting Other Guarantor is liable at the time of such assumption, or for which it becomes liable thereafter, under Section 2.01 of such defaulting Other Guarantor’s Other Guaranty Agreement.
The guaranty set forth in this Section 2.01 is a guaranty of payment and not a guaranty of collection, and the obligations of the Guarantor in respect thereof shall not in any way be dependent upon or affected by any payment, or failure of payment, by an Other Guarantor of any amount owing by it under an Other Guaranty Agreement or conditioned upon any attempt to collect from FEP or any other action, event, occurrence or circumstance whatsoever.
On and as of the Execution Date, each of the Other Initial Guarantors are party to an Other Guaranty Agreement, and each Other Initial Guarantor has a “Stated Percentage”, under and as defined in its respective Other Guaranty Agreement (unless and until reduced as provided in Section 2.01(c) thereof), in the aggregate equal to 52.5%, which is, on the date hereof, equal to such Other Initial Guarantors’ percentage ownership of the member interests in Millennium.
The guaranty set forth in this Section 2.01 is a guaranty of payment and not a guaranty of collection, and the obligations of the Guarantor in respect thereof shall not in any way be dependent upon or affected by any payment, or failure of payment, by an Other Guarantor of any amount owing by it under an Other Guaranty Agreement or conditioned upon any attempt to collect from MEP or any other action, event, occurrence or circumstance whatsoever.
Without limiting the generality of the foregoing, in the event of such assumption, the Guarantor and the assuming Other Guarantors, if any, shall be liable to make any payment for which such defaulting Other Guarantor is liable at the time of such assumption, or for which it becomes liable thereafter, under Section 2.01 of such defaulting Other Guarantor’s Other Guaranty Agreement.
Such assumption shall be (and be stated in such written instrument to be) irrevocable, and the Guarantor’s liability as so assumed shall be joint and several with that of such defaulting Other Guarantor, and with that of any other Person (including the remaining Other Guarantor, if it shall likewise have assumed such liability under Section 2.02(b) of its Other Guaranty Agreement).