Examples of Payment Guaranty in a sentence
The purpose of the Payment Guaranty is to provide all Lower Tier Subrecipients who supply labor, materials, services, etc.
In such case, the Payment Guaranty allows Lower Tier Subrecipient to file a claim with the surety company that issued the Guaranty in the event that Subrecipient does not reimburse the Lower Tier Subrecipient for goods and/or services provided by Lower Tier Subrecipient.
The Trustee and the Holders also hereby agree that each shall not claim or assert it is a third party beneficiary or possesses any derivative claims under any Minimum Payment Guaranty or the HET/JCC Agreement.
The Trustee and the Holders hereby acknowledge that each Minimum Payment Guaranty and the HET/JCC Agreement provide that there shall be no third party beneficiaries thereof.
Pursuant to a Payment Guaranty executed and delivered to MidCap Financial and dated as of June 13, 2013, the Spectrum Borrowers guaranteed the obligations of Spectrum Derby for a loan and other revolving credit accommodations to Spectrum Derby in the amount of $1,250,000 pursuant to a Credit and Security Agreement between Spectrum Derby and MidCap Financial, dated as of June 13, 2013.