Unsecured Guarantor definition
Examples of Unsecured Guarantor in a sentence
If and whenever any Obligor shall default in the payment, discharge or performance of any of the guaranteed obligations, each Unsecured Guarantor shall, upon written demand by the Agent, promptly pay, perform or discharge the guaranteed obligations in respect of which such default has been made.
Each Unsecured Guarantor warrants that it has not taken, and agrees that (without the prior written consent of the Agent acting on the instructions of the Majority Lenders) it will not take, from any Obligor, any other Unsecured Guarantor or any person party to any related security any encumbrance, guarantee or other assurance in respect of or in connection with its obligations under this Agreement.
Each Unsecured Guarantor agrees to indemnify and hold harmless the Beneficiaries from time to time on demand for and against any loss incurred by any of them as a result of any of the guaranteed obligations being or becoming void, voidable or unenforceable for any reason whatsoever, whether known to such person or persons or not.
The obligations of each Unsecured Guarantor under this Agreement are continuing obligations and shall remain in force until all of the guaranteed obligations have been satisfied in full.
The obligations of each Unsecured Guarantor under this Agreement shall not be (or be construed so as to be) discharged by any intermediate discharge or payment of or on account of any of the guaranteed obligations or any settlement of account or any other matter (other than the discharge in full of the guaranteed obligations).