Common use of Secured Guarantees Clause in Contracts

Secured Guarantees. Each Loan Party unconditionally guarantees, jointly and severally, the full and punctual payment of each Secured Obligation of each other Loan Party when due (whether at stated maturity, upon acceleration or otherwise). If any Loan Party fails to pay any Secured Obligation punctually when due, each other Loan Party agrees that it will forthwith on notice thereof and written request therefor pay the amount not so paid at the place and in the manner specified in the relevant Secured Agreement.