Common use of Ratification of Guarantees Clause in Contracts

Ratification of Guarantees. Each of (i) the Borrower, in its capacity as a mortgage debtor under the Mortgage, settlor A under the Guarantee Trust, and pledge debtor under the FF&E Pledge, (ii) Operadora Hotelera GI, as settlor B under the Guarantee Trust, (iii) Murano World, as mortgage guarantor under the Mortgage on Playa Delfines Property and settlor C under the Guarantee Trust, (iv) ESC, in its capacity as pledge debtor under the Monaco Pledge, pledge guarantor under the Pledge on Murano World Shares, and settlor D under the Guarantee Trust, and (v) the trustee of Trust CIB/3224, as mortgage guarantor under the Mortgage on Unit 2, (a) hereby express their consent to the execution of this Agreement, (b) expressly ratify, as applicable, the validity and enforceability of the Guarantee Documents to which they are a party, and (c) expressly recognize and ratify, as applicable, that each and every one of the Total Properties, the Trust Estate, the assets pledged under the Monaco Pledge, the Pledge on Murano World Shares, and the FF&E Pledge continue to guarantee all of the Secured Obligations in accordance with the terms and conditions established in the Credit Contract and the other Credit Documents.