Guarantees and Commitments Agreement Guarantees and Commitments Agreements outline financial guarantees or commitments to fulfill obligations, often used in financial and lending transactions.
The Guarantor hereby unconditionally guarantees to the Lender, its successors and assigns, the prompt and complete payment and performance of all present and future obligations (collectively, the "Obligations") of [Borrower's Name], a [State] corporation ("Borrower"), to the Lender under that certain Loan Agreement dated as of [Date] between the Borrower and the Lender (as may be amended, modified, restated or otherwise supplemented from time to time, the "Loan Agreement"). As part of this guarantee, the Guarantor agrees to pay any and all amounts due and outstanding, including, but not limited to, principal, interest, fees, expenses, and indemnification obligations.
1.2. Continuing and Unconditional Guarantee
This is a continuing guarantee that covers all present and future Obligations of the Borrower under the Loan Agreement and shall remain in full force and effect until all such Obligations have been fully paid and performed, or the Guarantor has been released pursuant to Section 4 of this Agreement. The Guarantor's obligations under this Agreement shall be unconditional and absolute, and such obligations shall not be diminished, impaired or otherwise affected (either directly or indirectly) by any circumstance or occurrence, including without limitation, any amendment or modification of the Loan Agreement.
2.1. Security Interest
To secure the Guarantor's obligations under this Agreement, the Guarantor hereby grants to the Lender a first priority security interest in the assets and property described in Exhibit A hereto (the "Collateral"), and all cash, accounts, inventory, equipment, and other tangible and intangible property now or hereafter owned or acquired by the Guarantor, wherever located and whether now existing or hereafter arising or acquired. This security interest constitutes a continuously effective security agreement, and the Lender shall have the rights and remedies of a secured party under the applicable Uniform Commercial Code, as well as any additional rights and remedies as may be available to the Lender under the United States law or any relevant state law.
2.2. Perfection of Security Interest
The Guarantor shall execute and deliver to the Lender any documents, financing statements, or other instruments that the Lender deems necessary or desirable to perfect or protect the security interest granted herein, or to vest or confirm in the Lender the rights, interests, and priorities created or intended to be created hereby, and the Guarantor shall take all other actions as the Lender may reasonably require or request for such purposes. The Guarantor hereby authorizes the Lender to file financing statements or other similar documents in any jurisdiction without its signature, to the extent permitted by applicable law.
3.1. Corporate Existence, Authority, and Compliance with Law
The Guarantor represents and warrants that it is duly organized, validly existing, and in good standing under the laws of its state of incorporation; that it has all requisite corporate power, authority, and legal right to execute, deliver, and perform its obligations under this Agreement; and that the execution, delivery, and performance of this Agreement have been duly authorized, and do not and will not violate any applicable provision of law or any order, judgment, or decree binding upon the Guarantor.
4.1. Conditions for Release
The Guarantor shall be released from its obligations under this Agreement upon the occurrence of any one or more of the following conditions: (i) full and final payment and performance of all Obligations under the Loan Agreement, (ii) the written consent of the Lender, or (iii) any other condition as may be specified in writing by the Lender in its sole discretion. Any such release shall be effective without need for the execution and delivery of any document, instrument or agreement.
This Agreement shall be governed by, and construed in accordance with, the laws of the United States and the laws of the State of [State], without giving effect to any choice or conflict of law provisions that would cause the application of the laws of any jurisdiction other than the United States and the State of [State]. The parties hereby submit to the exclusive jurisdiction of the federal and state courts located in the [County], in the State of [State] in any action or proceeding arising out of or relating to this Agreement.
6.1. Entire Agreement; Amendments
This Agreement, together with the Loan Agreement, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior understandings, negotiations and agreements, whether written or oral, relating to the subject matter hereof. This Agreement may not be amended, modified, or supplemented except by a written instrument signed by both parties hereto.
This Agreement may be executed in any number of counterparts, each of which shall be an original, and all of which together shall constitute one and the same agreement.
Login to Create your Guarantees and Commitments Agreement now
In this Guarantees and Commitments Agreement, you will see the following sections:
Create your Guarantees and Commitments Agreement now