ENFORCEMENT OF GUARANTEE INSTRUMENTS Clause Samples

ENFORCEMENT OF GUARANTEE INSTRUMENTS. 10.1 In the event the Bank receives an enforcement request (totally or partially) of a Guarantee Instrument, it shall proceed as follows: (a) if the Facility Limit of the Guarantee Facility is entirely secured by collateral deposit created in the same currency as the currency of the Facility Limit of the Guarantee Facility and of the Guarantee Instrument, the Bank makes the payment to the Beneficiary from its resources, and, subsequently, during the same day, shall retain form the collateral deposit the amount paid during the enforcement of the Guarantee Instrument; (b) if the Facility Limit of the Guarantee Facility is secured by other security than collateral deposit created in the same currency as the currency of the Facility Limit of the Guarantee Facility and of the Guarantee Instrument, the Bank makes the payment to the Beneficiary from its resources, and, subsequently, opens a Credit Facility to the Borrower equal to the amount paid by the Bank, under the conditions provided at Clauses 5.2 to 5.4 above.
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ENFORCEMENT OF GUARANTEE INSTRUMENTS. 9.1 In the event the Bank receives an enforcement request (totally or partially) of a Guarantee Instrument, it shall proceed as follows: (a) if the Facility Limit of the Guarantee Facility is fully secured via a collateral deposit, the Bank shall make the payment to the Beneficiary from its own sources and, subsequently, during the same day, it shall retain from the collateral deposit the amount payable for the enforcement of the Guarantee Instrument;; (b) if the Facility Limit of the Guarantee Facility is secured via guarantees other than the collateral deposit, the Bank shall make the payment to the Beneficiary from its own sources, and subsequently, the Borrower shall have open a Credit Facility equal to the amount paid by the Bank under the provisions of clauses 5.2 to 5.4 above..
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Related to ENFORCEMENT OF GUARANTEE INSTRUMENTS

  • Enforcement of Guarantee The Guarantor and the Guarantee Trustee expressly acknowledge that (i) this Guarantee Agreement will be deposited with the Guarantee Trustee to be held for the benefit of the Holders; (ii) the Guarantee Trustee has the right to enforce this Guarantee Agreement on behalf of the Holders; (iii) Holders representing not less than a Majority in liquidation amount of the Preferred Securities have the right to direct the time, method and place of conducting any proceeding for any remedy available in respect of this Guarantee Agreement, including the giving of directions to the Guarantee Trustee, or exercising any trust or other power conferred upon the Guarantee Trustee under this Guarantee Agreement, and (iv) if the Guarantee Trustee fails to enforce this Guarantee Agreement, any Holder may institute a legal proceeding directly against the Guarantor to enforce its rights under this Guarantee Agreement, without first instituting a legal proceeding against the Issuer, the Guarantee Trustee or any other Person. Notwithstanding the foregoing, if the Guarantor has failed to make a Guarantee Payment, a Holder of Preferred Securities may directly institute a proceeding against the Guarantor for enforcement of such Holder's right to receive payment under the Guarantee. The Guarantor waives any right or remedy to require that any action be brought first against the Issuer or any other person or entity before proceeding directly against the Guarantor.

  • Enforcement of Guaranty In no event shall Agent have any obligation (although it is entitled, at its option) to proceed against any Borrower or any other Credit Party or any Collateral pledged to secure Guaranteed Obligations before seeking satisfaction from any or all of the Guarantors, and Agent may proceed, prior or subsequent to, or simultaneously with, the enforcement of Agent's rights hereunder, to exercise any right or remedy which it may have against any Collateral, as a result of any Lien it may have as security for all or any portion of the Guaranteed Obligations.

  • Subordination of Guarantee The guarantee and other liabilities and obligations of the Depositor under this Agreement shall constitute unsecured obligations of the Depositor and shall rank subordinate and junior in right of payment to all Senior Indebtedness (as defined in the Indenture) of the Depositor to the extent and in the manner set forth in the Indenture with respect to the Debentures, and the provisions of Article XIII of the Indenture will apply, mutatis mutandis, to the obligations of the Depositor hereunder. The obligations of the Depositor hereunder do not constitute Senior Indebtedness (as defined in the Indenture) of the Depositor.

  • Confirmation of Guaranty Each of the Guarantors confirms that they have read and understand the Amendment. In order to induce the Lenders, the Administrative Agent and the other Agents to enter into the Amendment, each of the Guarantors: (i) consents to the Amendment and the transactions contemplated thereby; (ii) ratifies and confirms each of the Loan Documents to which it is a party; (iii) ratifies, agrees and confirms that it has been a Guarantor and a Loan Party at all times since it became a Guarantor and a Loan Party and from and after the date hereof, each Guarantor shall continue to be a Guarantor and a Loan Party in accordance with the terms of the Loan Documents, as the same may be amended in connection with the Amendment and the transactions contemplated thereby; and (iv) hereby ratifies and confirms its obligations under each of the Loan Documents (including all exhibits and schedules thereto), as the same may be amended in connection with the Amendment and the transactions contemplated thereby, by signing below as indicated and hereby acknowledges and agrees that nothing contained in any of such Loan Documents is intended to create, nor shall it constitute an interruption, suspension of continuity, satisfaction, discharge of prior duties, novation or termination of the indebtedness, loans, liabilities, expenses, guaranty or obligations of any of the Loan Parties under the Credit Agreement or any other such Loan Document.

  • Reaffirmation of Guaranties The Credit Parties signatory hereto hereby reaffirm their Guaranties of the Obligations, taking into account the provisions of this Amendment.