Document:

exhibit1023sharepledgeag

28590.00018 #4832-2895-4870v6  SHARE PLEDGE AGREEMENT  THIS SHARE PLEDGE AGREEMENT (this "Pledge Agreement") dated as of October 13,  2021 is made by SFI EQUITY HOLDCO, INC., a corporation organized under the laws of the State of  Florida (the "Grantor") in favor of WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its  individual capacity but solely as the administrative agent (together with its successors and assigns, the  "Administrative Agent").  RECITALS:  (A) The Grantor is the legal and beneficial owner of 100% of the shares, as set forth on Annex A hereof (the "Shares"), of Sunseeker Florida, Inc., a Florida corporation (the "Company"), established pursuant to those certain Electronic Articles of Incorporation, dated December 21, 2017 (the “Articles of Incorporation”) and those certain Bylaws dated December 21, 2017 (the "Bylaws"). (B) The Company has entered into that certain Credit Agreement, dated as of the date hereof (as amended, supplemented and modified from time to time, the "Credit Agreement") among the Company, as the Borrower, the Lenders (as defined in the Credit Agreement) party thereto, and the Administrative Agent, as administrative agent. (C) It is a condition precedent to the effectiveness of the Credit Agreement that the Grantor shall have executed and delivered to the Administrative Agent this Pledge Agreement. NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby covenanted and agreed by and between the parties hereto as  follows:  1. Definitions. (a) For all purposes of this Pledge Agreement, except where the context otherwise requires, and except as otherwise defined herein, all capitalized terms used in this Pledge Agreement  (including the recitals above) shall have the meanings set forth (whether by reference to another  document or otherwise) in the Credit Agreement.  (b) As used herein, the term "Pledged Collateral" shall collectively mean: (i) the Shares and the right to be admitted as a Shareholder of the Company, including pursuant to Article 2 of the Bylaws,  (ii) (A) all rights and privileges of the Grantor to act as a Shareholder (as defined in the Bylaws), and (B) all rights and privileges of the Grantor to revoke a designation,  with or without cause, of Directors and Officers (each as defined in the Bylaws) then acting and  to designate new Directors and Officers, including pursuant to Articles 5 and 6, respectively, of  the Bylaws,   (iii) all interest, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any sale or transfer  of any of or all the Shares,  (iv) all certificates or other instruments or documents representing any of the foregoing,  

 

#4832-2895-4870v6  (v) all rights and privileges of the Grantor with respect to the Shares and the  other property referred to in clauses (i) through (iv), and  (vi) all proceeds and products of any of the foregoing and any property of  any character whatsoever into which any of the foregoing may be converted.  2. Security for the Notes, Etc.  This Pledge Agreement is in favor of the Administrative  Agent to secure all Obligations (as defined in the Credit Agreement).  3. Pledge of Pledged Collateral, Etc.  As security for the payment and performance in full of  the Obligations and the obligations of the Grantor under this Agreement and the other Loan Documents  (as defined in the Credit Agreement) to which it is a party, the Grantor hereby transfers, grants, conveys,  mortgages, assigns, hypothecates, pledges, sets over, and delivers unto the Administrative Agent for the  benefit of the Secured Parties (as defined in the Credit Agreement), and grants to the Administrative  Agent for the benefit of the Secured Parties a first priority lien, continuing security interest, charge and  mortgage in all of the Pledged Collateral.  4. Control.  It is the intention of the parties to grant "control" of the Shares and the other  Pledged Collateral to the Administrative Agent for purposes of perfection of the Administrative Agent's  security interest in such Pledged Collateral pursuant to Article 8 and Article 9 of the UCC.  Following the  occurrence and during the continuation of an Event of Default, the Administrative Agent shall be entitled  to exercise any and all rights of the Grantor in respect of the Pledged Collateral in accordance with the  terms hereof, and the Company shall comply in all respects with such exercise without further consent  from the Grantor.  5. Receipt of Shares.  The Grantor shall, no later than the date hereof or by such other date  as agreed by the Administrative Agent in its sole discretion, deliver to the Administrative Agent the  certificates (if any) representing the Shares of the Company, together with stock or other comparable  powers relating thereto endorsed in blank and shall have taken such other action as shall be required to  perfect the Administrative Agent's interests in the Pledged Collateral.  6. Remedies Upon an Event of Default.    (a) The Grantor hereby constitutes and appoints the Administrative Agent the  attorney-in-fact of the Grantor for the purpose of carrying out, after the occurrence and during the  continuance of an Event of Default, the provisions of this Pledge Agreement and taking any action and  executing any instrument which the Administrative Agent may deem necessary or reasonably advisable to  accomplish the purposes hereof, which appointment is granted as security for the performance of the  Grantor's obligations hereunder and for valuable consideration, and is irrevocable and coupled with an  interest.  Without limiting the generality of the foregoing, the Administrative Agent shall have the right,  after the occurrence and during the continuance of an Event of Default, with full power of substitution  either in the Administrative Agent's name or in the name of the Grantor, to settle, compromise, prosecute  or defend any action, claim or proceeding with respect to the Pledged Collateral and shall have the right  to sell, assign, endorse, pledge, transfer and make any agreement respecting, or otherwise deal with, the  same.  The exercise of such power by or on behalf of the Administrative Agent or any substitute shall not  put any Person dealing with the same upon any enquiry as to whether the security created by this Pledge  Agreement has become enforceable, nor shall such Person be in any way affected by notice that the  security so created has not become so enforceable, and the exercise by the same of such power shall be  conclusive evidence of its right to exercise the same.  

 

#4832-2895-4870v6  7. Application of Proceeds.  All moneys and proceeds collected by the Administrative  Agent upon any sale or other disposition of the Pledged Collateral, together with all other moneys  received by the Administrative Agent hereunder, shall be applied in accordance with the terms and  provisions of  the Loan Documents.  8. Purchasers of Pledged Collateral.  Upon any sale of the Pledged Collateral by the  Administrative Agent in accordance with the provisions of this Pledge Agreement (whether by virtue of  the power of sale herein or therein granted, pursuant to judicial process or otherwise), the receipt of the  Administrative Agent or the officer making the sale shall be a sufficient discharge to the purchaser or  purchasers of the Pledged Collateral so sold, and such purchaser or purchasers shall not be obligated to  see to the application of any part of the purchase money paid over to the Administrative Agent or such  officer or be answerable in any way for the misapplication or nonapplication thereof.  9. Further Assurances.  The Grantor agrees that at no expense to the Administrative Agent,  the Grantor (a) will duly execute and deliver (to the Administrative Agent or otherwise) or cause to be  duly executed and delivered (to the Administrative Agent or otherwise) and will file or record such  notices, financing statements or other documents as may be necessary to enable the perfection of the lien  of the Administrative Agent hereunder, as the Administrative Agent or its counsel may reasonably  request, including, without limitation, the filing of any financing or continuation statements under the  Uniform Commercial Code in effect in the applicable jurisdiction with respect to the liens created hereby,  such instruments to be in form and substance reasonably satisfactory to the Administrative Agent and its  counsel, and (b) will do or cause to be done such further acts and things and execute and deliver (to the  Administrative Agent or otherwise) such additional conveyances, assignments, agreements and  instruments, as the Administrative Agent may at any time reasonably request in connection with the  administration and enforcement of this Pledge Agreement or relative to the Pledged Collateral or any part  thereof or in order to assure and confirm unto the Administrative Agent its rights, powers and remedies  hereunder, including, without limitation, the protection and perfection of the Administrative Agent's lien  in the Pledged Collateral or any part thereof.  10. Representations, Warranties and Covenants of the Grantor.  (a) The Grantor represents and warrants to the Administrative Agent as of the date  hereof and the date of each Advance that:  (i) it is a corporation organized and in good standing under the laws of the  State of Nevada, and it has full power, authority and legal right to execute this Pledge Agreement  and to carry out the transactions contemplated hereby;  (ii) the Shares representing Pledged Collateral constitute 100% of the shares  in the Company;  (iii) it is the sole owner of the Shares and such Shares are free and clear of  any lien of any party, except for the pledge and security interest created by this Pledge Agreement  or as permitted under the Loan Documents or with the Administrative Agent's prior written  consent;  (iv) this Pledge Agreement constitutes legal valid and binding obligations of  the Grantor, enforceable against it in accordance with its terms, except as the same may be  limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights  of creditors generally and by general principles of equity;  

 

#4832-2895-4870v6  (v) upon satisfaction of the perfection requirements specified herein, the  pledge of the Pledged Collateral of the Grantor pursuant to this Pledge Agreement creates a valid  and perfected first priority security interest in such Pledged Collateral;  (vi) it has all power necessary, and has been duly authorized, to execute and  deliver this Pledge Agreement, and the execution, delivery and performance by the Grantor of  this Pledge Agreement does not and will not require any consent or approval of any  Governmental Authority, beneficiary or any other Person which has not already been obtained;  (vii) the Grantor has not sold or agreed to sell and has not granted in favor of  any other Person any interest in or any option or other rights in respect of any of the Shares  except as expressly provided in the Loan Documents;   (viii) the Grantor has not taken any action nor have any other steps been taken  or legal proceedings been started or (to the best of Grantor's knowledge and belief) threatened  against the Grantor for its winding up, dissolution, administration or reorganization or for the  appointment of a receiver, administrator, administrative receiver, trustee or similar officer of it or  of any or all of its assets;  (ix) the Company has not taken any action nor have any other steps been  taken or legal proceedings been started or (to the best of Grantor's knowledge and belief)  threatened against the Company for its winding up, dissolution, administration or reorganization  or for the appointment of a receiver, administrator, administrative receiver, trustee or similar  officer of it or of any or all of its assets; and   (x) on the date hereof, the Grantor's exact legal name and jurisdiction are  specified in the introductory paragraph hereof and for purposes of the Uniform Commercial Code  in effect in the State of New York, it confirms that it is located in the State of Nevada.  (b) The Grantor covenants to the Administrative Agent that:  (i) the Shares shall at all times continue to be, so long as any of the  Obligations remain outstanding, free and clear of any lien of any party, except for the pledge and  security interest created by this Pledge Agreement or as permitted under the Loan Documents or  with the Administrative Agent’s prior written consent, except with respect to any subordinated or  other liens expressly consented to in writing by the Administrative Agent;  (ii) unless required by applicable law, it will not (i) commence any case,  proceeding or other action under any existing or future law of any jurisdiction, domestic or  foreign, relating to bankruptcy, insolvency, reorganization, arrangement, adjustment, winding-up,  liquidation, dissolution, composition or other relief with respect to the Grantor or its debts,  (ii) seek appointment of a receiver, trustee, custodian or other similar official for the Grantor or  for all or any substantial part of its assets, or make a general assignment for the benefit of its  creditors, or (iii) take any action in furtherance of, or indicating its consent to, approval of, or  acquiescence in, any of the acts set forth above;  (iii) it will not sell or transfer any Shares without the prior written consent of  the Administrative Agent, such consent not to be unreasonably withheld or delayed, and it will  defend its title to the Pledged Collateral against the claims of any and all Persons;   

 

#4832-2895-4870v6  (iv) it will not cause or permit the Company to issue any further shares of any  class or description or other securities in addition to or in substitution for the Shares;   (v) it will pledge hereunder, immediately upon its acquisition (direct or  indirect) thereof, any additional share interest of any class or description or other securities of the  Company; and  (vi) the Grantor will not, without providing prior notice in writing to the  Administrative Agent, authorize the Company to change its name or the location of the Company  for the purposes of Article 9-307 of the UCC, such notice to be provided no less than 10 Business  Days before such change is effective.  11. Voting Rights, Dividends, Distributions, Etc.  So long as no Event of Default shall have  occurred and is continuing, the Grantor shall retain all voting and consensual rights in respect of the  Pledged Collateral or any part thereof except that the Grantor shall not, without the express prior written  consent of the Administrative Agent, exercise any voting and/or consensual rights and powers accruing to  an owner of the Pledged Collateral or any part thereof with respect to any act that would violate the terms  of this Pledge Agreement.  12. Grantor's Obligations Absolute, Etc.  Except as otherwise expressly provided herein or in  any other Loan Document, the security hereby constituted shall be a continuing security for the payment,  satisfaction and discharge of the Obligations and the obligations of the Grantor under this Pledge  Agreement shall be absolute and unconditional and shall remain in full force and effect without regard to,  and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance  or occurrence whatsoever, including, without limitation: (a) any renewal, extension, amendment or  modification of, or addition or supplement to or deletion from, the Credit Agreement or any other  instrument or agreement referred to therein, or any assignment or transfer of any thereof; (b) any waiver,  consent, extension, indulgence or other action or inaction under or in respect of any such instrument or  agreement or this Pledge Agreement or any exercise or non-exercise of any right, remedy, power or  privilege under or in respect of this Pledge Agreement or the Credit Agreement; (c) any furnishing of any  additional security to the Administrative Agent or any acceptance thereof or any sale, exchange, release,  surrender or realization or upon any security by the Administrative Agent; or (d) any invalidity,  irregularity or unenforceability of all or part of the Obligations or of any security therefor.  13. Cooperation.  The Grantor agrees that, upon the occurrence and during the continuance of  an Event of Default, if for any reason the Administrative Agent desires to sell any of the Pledged  Collateral at a sale, the Grantor will, at any time and from time to time, upon the written request of the  Administrative Agent, use its best efforts to cause the Company to take such action and prepare, distribute  and/or file such documents as are required or advisable in the opinion of counsel for the Administrative  Agent to permit the sale of such Pledged Collateral.  14. Private Sales.  (a)  The Grantor recognizes that the Administrative Agent may be unable  to effect a public sale of any or all the Pledged Collateral, by reason of certain prohibitions contained in  the Securities Act and applicable state securities laws or otherwise, and may be compelled to resort to one  or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among  other things, to acquire such securities for their own account for investment and not with a view to the  distribution or resale thereof.  The Grantor acknowledges and agrees that any such private sale may result  in prices and other terms less favorable than if such sale were a public sale.  All sales, whether public or  private, shall be commercially reasonable.  The Administrative Agent shall be under no obligation to  delay a sale of any of the Pledged Collateral for the period of time necessary to permit the Company to  

 

#4832-2895-4870v6  register such securities for public sale under the Securities Act, or under applicable state securities laws,  even if the Company would agree to do so; nor shall the Company be at any time obligated to register the  Shares for a public sale.  (b) The Grantor further agrees to use its reasonable efforts to do or cause to be done  all such other acts as may be necessary to make such sale or sales of all or any portion of the Pledged  Collateral pursuant to this Section 14 valid and binding and in compliance with any and all other  applicable laws.  The Grantor further agrees that a breach of any of the covenants contained in this  Section 14 will cause irreparable injury to the Administrative Agent, that the Administrative Agent has no  adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant  contained in this Section 14 shall be specifically enforceable against the Grantor, and the Grantor hereby  waives and agrees not to assert any defenses against an action for specific performance of such covenants  except for a defense that no Event of Default has occurred and is continuing.  15. Reasonable Care.  The Administrative Agent shall be deemed to have exercised  reasonable care in the custody and preservation of the Pledged Collateral in its possession unless the  Administrative Agent is grossly negligent in the custody and preservation of the Pledged  Collateral; provided however, the Administrative Agent shall not have any responsibility for ascertaining  or taking action or preserving any rights with respect to prior parties or calls, conversions, exchanges,  maturities, tenders or other matters relative to any of the Pledged Collateral whether or not the  Administrative Agent has or is deemed to have knowledge of such matters.  16. Termination; Release.  Upon (and at all times after) payment in full in cash of the  principal amount of the Loans (as defined in the Credit Agreement) outstanding under the Credit  Agreement and interest thereon, and all other amounts due under the Credit Agreement and the other  Loan Documents or as otherwise agreed in the Credit Agreement or the other Loan Documents, this  Pledge Agreement shall terminate, and the Administrative Agent, at the request and expense of the  Grantor, will promptly execute and deliver to the Grantor a proper instrument or instruments  acknowledging the satisfaction and termination of this Pledge Agreement and such other instruments or  agreements as the Grantor may reasonably request to promptly effect the transfer to the Grantor of the  Pledged Collateral and the termination of the security interest created hereunder, and will duly assign,  transfer and deliver to the Grantor (without recourse and without any representation or warranty) all  Pledged Collateral in the possession of the Administrative Agent that has not theretofore been sold or  otherwise applied or released pursuant to this Pledge Agreement, together with any instruments of  transfer and moneys at the time held by the Administrative Agent hereunder.  17. Notices, Etc.  All notices and other communications hereunder shall be effected in the  manner provided for in Section 10.01 of the Credit Agreement provided that any such notice, request or  demand to or upon the Grantor shall be addressed to the Grantor at its notice address set forth on  Schedule 1, as the same may be amended, supplemented, replaced or otherwise modified from time to  time.  18. Governing Law; Waiver of Jury Trial.  (a) This Pledge Agreement and any claims, controversy, dispute or cause of action  (whether in contract or tort or otherwise) based upon, arising out of or relating to this Pledge Agreement  or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein) and  the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with,  the law of the State of New York.  

 

#4832-2895-4870v6  (b) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST  EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY  JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR  RELATING TO THIS PLEDGE AGREEMENT OR THE TRANSACTIONS CONTEMPLATED  HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH  PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY  OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH  OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE  FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES  HERETO HAVE BEEN INDUCED TO ENTER INTO THIS PLEDGE AGREEMENT BY,  AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS  SECTION.  19. Miscellaneous.  This Pledge Agreement shall be binding upon and inure to the benefit of  and be enforceable by the respective successors and assigns of the parties hereto; provided, however, that  the Grantor may not assign or transfer any of its rights or obligations hereunder without the prior written  consent of the Administrative Agent, except as otherwise permitted under any Loan Documents.  This  Pledge Agreement may be changed, waived, discharged or terminated only by an instrument in writing  signed by the party against which enforcement of such change, waiver, discharge or termination is sought.   In the event of any conflict between the terms of this Pledge Agreement and the Credit Agreement, the  Credit Agreement shall control. The headings of the several sections and subsections in this Pledge  Agreement are inserted for convenience only and shall not in any way affect the meaning or construction  of any provision of this Pledge Agreement.  This Pledge Agreement may be executed in any number of  counterparts, each of which will be deemed to be an original, but all of which taken together shall  constitute one and the same instrument and any of the parties hereto may execute this Pledge Agreement  by signing any such counterpart.  Transmission by facsimile of an executed counterpart of this Pledge  Agreement shall be deemed to constitute due and sufficient delivery of such counterpart, to be followed  thereafter by an original of such counterpart.  Delivery of an executed counterpart signature page by e- mail (PDF) or facsimile shall be effective as delivery of a manually executed counterpart of this Pledge  Agreement.  20. Rights Cumulative.  Each and every right, power and remedy given to the Administrative  Agent specifically or otherwise in this Pledge Agreement shall be cumulative and shall be in addition to  every other right, power and remedy herein specifically given, given in any other Loan Document or now  or hereafter existing at law, in equity or by statute (including, without limitation, all statutory mortgage  enforcement powers available under applicable law to the Administrative Agent), and each and every  right, power and remedy whether specifically herein given or otherwise existing may be exercised from  time to time and as often and in such order as may be deemed expedient by the Administrative Agent, and  the exercise or the beginning of the exercise of any power or remedy shall not be construed to be a waiver  of the right to exercise at the same time or thereafter any other right, power or remedy.  No delay or  omission by the Administrative Agent in the exercise of any right, remedy or power or in the pursuance of  any remedy shall impair any such right, power or remedy or be construed to be a waiver of any default on  the part of the Grantor or to be an acquiescence therein.  21. Concerning the Administrative Agent. In acting hereunder, the Administrative Agent  shall be afforded all of the rights, protections, immunities and indemnities afforded to the Administrative  Agent pursuant to the terms of the Credit Agreement as if such rights, protections, immunities and  indemnities were set forth herein.   [Intentionally Left Blank] 

 

 

 

[Signature Page to Share Pledge Agreement]   GRANTEE:  WILMINGTON TRUST, NATIONAL  ASSOCIATION, not in its individual capacity  but solely as Administrative Agent  By:   Name: Jessica A. Jankiewicz Title: Assistant Vice President 

 

[Schedule 1]   #4832-2895-4870v6  Annex A   Pledged Shares  1. Stock Certificate No. 2, representing 1,000 shares of Common Stock of the Company issued in the  name of SFI Equity Holdco, Inc.    

 

[Schedule 1]   #4832-2895-4870v6  Schedule 1  NOTICE ADDRESS OF GRANTOR    SFI EQUITY HOLDCO, INC.  c/o Allegiant Travel Company  1201 North Town Center  Las Vegas, Nevada 89144  Attention: Gregory Anderson  with a copy to:  WILMINGTON TRUST, NATIONAL ASSOCIATION   50 South Sixth Street, Suite 1290  Minneapolis, MN 55402  Facsimile: +1 612-217-5651  Attention: Jessica Jankiewicz; Loan Agencyexhibit1024paymentguaran

1  PAYMENT GUARANTY  This PAYMENT GUARANTY (as amended, restated, amended and restated,  supplemented, and/or otherwise modified from time to time, this “Guaranty”), dated as of October  13, 2021 is made by ALLEGIANT TRAVEL COMPANY, a Nevada corporation (the  “Company”), SFI EQUITY HOLDCO, INC., a Florida corporation (the “Borrower Parent”)  and each of the Subsidiary Guarantors listed on Exhibit A attached hereto and made a part hereof  (collectively, the “Subsidiary Guarantors”; together with the Company and the Borrower Parent,  each individually, a “Guarantor”, and collectively, the “Guarantors”) in favor of  WILMINGTON TRUST, NATIONAL ASSOCIATION, in its capacity as administrative agent  (in such capacity, together with its successors and assigns, the “Administrative Agent”) for the  benefit of those certain banks, financial institutions and other entities from time to time party  thereto in the capacity of lenders (collectively, the “Lenders”) and the other Secured Parties (as  defined in the Credit Agreement).  RECITALS  A. Sunseeker Florida, Inc., a Florida corporation (the “Borrower”) and the Company has entered into that certain Credit Agreement, dated as of the date hereof (as amended,  restated, amended and restated, supplemented and/or otherwise modified from time to time, the  “Credit Agreement”), by and among the Borrower, the Lenders, Castlelake Lending  Opportunities, L.L.C., a Delaware limited liability company, as facility manager (the “Facility  Manager”) and the Administrative Agent.  B. Each Guarantor directly or indirectly owns and controls the Borrower or is otherwise affiliated with the Borrower, and each Guarantor will receive direct or indirect benefits  from the extensions of credit and other transactions under the Credit Agreement.  C. It is a requirement under the Credit Agreement that the Obligations (as defined therein) be guaranteed by the Guarantors, and the Guarantors are willing to irrevocably  and unconditionally guarantee the Obligations.  AGREEMENT  NOW, THEREFORE, based upon the foregoing and other good and valuable  consideration, the receipt and sufficiency of which are hereby acknowledged, and in order to  induce the Secured Parties to make extensions of credit under the Credit Agreement and to enter  into the Loan Documents, the Guarantors hereby jointly and severally agree as follows:  SECTION 1.  DEFINITIONS  1.1 Certain Defined Terms.  As used in this Guaranty, the following terms shall have  the following meanings unless the context otherwise requires:  “Administrative Agent” is defined in the preamble.  “Bankruptcy Code” has the meaning given in Section 2.1.  

 

2    4825-0005-3495, v. 4  “Borrower” is defined in the recitals.  “Credit Agreement” is defined in the recitals.  “Enforcement Costs” has the meaning given in Section 2.8.  “Fraudulent Transfer Laws” has the meaning given in Section 2.2.  “Guaranteed Obligations” has the meaning given in Section 2.1.  “Guarantor” is defined in the preamble.  “Guaranty” is defined in the preamble.  “Lenders” is defined in the recitals.  “Loan Party” means Borrower, Borrower Parent, Guarantor and any Obligee  Guarantor that is party to the Loan Documents.  “Obligations” has the meaning given in the Credit Agreement.  “Obligee Guarantor” has the meaning given in Section 2.7.  “Termination Date” means the date on which all Guaranteed Obligations have  been paid in full.  For the purposes of this definition, “paid in full” means the termination  of all the Commitments, payment in full in cash, of all of the Obligations (other than any  unasserted contingent reimbursement or indemnity obligations, and the payment in full in  cash of all of the obligations due and payable under each of the Loan Documents.  1.2 Interpretation.  (a) References to “Sections” shall be to Sections of this Guaranty unless  otherwise specifically provided.  (b) In the event of any conflict or inconsistency between the terms, conditions  and provisions of this Guaranty and the terms, conditions and provisions of the Credit Agreement,  the terms, conditions and provisions of this Guaranty shall prevail.  (c) Unless otherwise defined herein or the context otherwise requires, terms  used in this Guaranty, including its preamble and recitals, have the meanings provided in the Credit  Agreement.  (d) The rules of construction set forth in Sections 1.02 through 1.04 of the  Credit Agreement, shall be applicable to this Guaranty mutatis mutandis.    SECTION 2.  THE GUARANTY  2.1 Guaranty of the Guaranteed Obligations.  Subject to the provisions of Section  2.2, the Guarantors jointly and severally hereby irrevocably and unconditionally guaranty to the  

 

3    4825-0005-3495, v. 4  Administrative Agent, for the ratable benefit of the Secured Parties, the prompt and complete  payment and performance in full of all Guaranteed Obligations when the same shall become due,  whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise  (including amounts that would become due but for the operation of the automatic stay under  Section 362(a) of Title 11 of the United States Code entitled “Bankruptcy” as now and hereafter  in effect, or any successor statute (the “Bankruptcy Code”)).  The term “Guaranteed  Obligations” means:  (a) any and all Obligations of the Borrower, in each case now or hereafter made,  incurred or created, whether absolute or contingent, liquidated or unliquidated, whether due or not  due, and however arising under or in connection with any Loan Documents, including those arising  under successive borrowing transactions under the Credit Agreement which shall either continue  the Obligations of the Borrower or from time to time renew them after they have been satisfied  and including interest which, but for the filing of a petition in bankruptcy with respect to the  Borrower, would have accrued on any Guaranteed Obligations, whether or not a claim is allowed  against the Borrower for such interest in the related bankruptcy proceeding;   (b) any and all Obligations of any other Loan Party, in each case now or  hereafter made, incurred or created, whether absolute or contingent, liquidated or unliquidated,  whether due or not due, and however arising under or in connection with any Loan Documents  (including other Guaranty Documents), including those arising under successive borrowing  transactions under the Credit Agreement which shall either continue the Obligations of a Loan  Party or from time to time renew them after they have been satisfied and including interest which,  but for the filing of a petition in bankruptcy with respect to any Loan Party, would have accrued  on any Guaranteed Obligations, whether or not a claim is allowed against a Loan Party for such  interest in the related bankruptcy proceeding; and  (c) Enforcement Costs set forth in Section 2.8.  2.2 Limitation on Amount Guaranteed.  Anything contained in this Guaranty to the  contrary notwithstanding, if any Fraudulent Transfer Law is determined by a court of competent  jurisdiction to be applicable to the obligations of any Guarantor under this Guaranty, such  obligations of such Guarantor hereunder shall be limited to a maximum aggregate amount equal  to the largest amount that would not render its obligations hereunder subject to avoidance as a  fraudulent transfer or conveyance under Section 548 of the Bankruptcy Code or any applicable  provisions of comparable state law (collectively, the “Fraudulent Transfer Laws”), in each case  after giving effect to all other liabilities of such Guarantor, contingent or otherwise, that are  relevant under the Fraudulent Transfer Laws (specifically excluding, however, any liabilities of  such Guarantor (a) in respect of intercompany indebtedness to a Loan Party or other affiliates of a  Loan Party to the extent that such indebtedness would be discharged in an amount equal to the  amount paid by such Guarantor hereunder and (b) under any guaranty of other Indebtedness which  guaranty contains a limitation as to maximum amount similar to that set forth in this Section 2.2,  pursuant to which the liability of such Guarantor hereunder is included in the liabilities taken into  account in determining such maximum amount) and after giving effect as assets to the value (as  determined under the applicable provisions of the Fraudulent Transfer Laws) of any rights to  subrogation, reimbursement, indemnification or contribution of such Guarantor pursuant to  applicable law or pursuant to the terms of any agreement.  Each Guarantor acknowledges and  

 

4    4825-0005-3495, v. 4  agrees that, to the extent not prohibited by applicable law, (i) such Guarantor (as opposed to its  creditors, representatives of creditors or bankruptcy trustee, including such Guarantor in its  capacity as debtor in possession exercising any powers of a bankruptcy trustee) has no personal  right under Fraudulent Transfer Laws to reduce, or request any judicial relief that has the effect of  reducing, the amount of its liability under this Guaranty, (ii) such Guarantor (as opposed to its  creditors, representatives of creditors or bankruptcy trustee, including such Guarantor in its  capacity as debtor in possession exercising any powers of a bankruptcy trustee) has no personal  right to enforce the limitation set forth in this Section 2.2 or to reduce, or request judicial relief  reducing, the amount of its liability under this Guaranty, and (iii) the limitation set forth in this  Section 2.2 may be enforced only to the extent required under Fraudulent Transfer Laws in order  for the obligations of such Guarantor under this Guaranty to be enforceable under Fraudulent  Transfer Laws and only by or for the benefit of a creditor, representative of creditors or bankruptcy  trustee of such Guarantor or other Person entitled, under such laws, to enforce the provisions  thereof.  2.3 Payment by Guarantors; Application of Payments.  Subject to the provisions of  Section 2.2, the Guarantors hereby jointly and severally agree, in furtherance of the foregoing and  not in limitation of any other right which any Secured Party may have at law or in equity against  any Guarantor by virtue hereof, that upon the failure of any Loan Party to pay any of the  Guaranteed Obligations when and as the same shall become due, whether at stated maturity, by  required prepayment, declaration, acceleration, demand or otherwise (including amounts that  would become due but for the operation of the automatic stay under Section 362(a) of the  Bankruptcy Code), the Guarantors will upon demand pay, or cause to be paid, in cash, to the  Administrative Agent for the ratable benefit of the Secured Parties, an amount equal to the sum of  the unpaid principal amount of all Guaranteed Obligations then due as aforesaid, accrued and  unpaid interest on such Guaranteed Obligations (including interest which, but for the filing of a  petition in bankruptcy with respect to such Loan Party, would have accrued on such Guaranteed  Obligations, whether or not a claim is allowed against such Loan Party for such interest in the  related bankruptcy proceeding) and all other Guaranteed Obligations then owed to the Secured  Parties as aforesaid.  All such payments shall be applied promptly from time to time by the  Administrative Agent as set forth in the Credit Agreement.    2.4 Liability of Guarantors Absolute.  Each Guarantor agrees that its obligations  hereunder are irrevocable, absolute, independent and unconditional and shall not be affected by  any circumstance which constitutes a legal or equitable discharge of a guarantor or surety other  than payment in full of the Guaranteed Obligations.  In furtherance of the foregoing and without  limiting the generality thereof, each Guarantor agrees as follows:  (a) This Guaranty is a guaranty of payment when due and not of collectability.  (b) The obligations of each Guarantor hereunder are independent of the  obligations of the other Loan Parties hereunder, the Loan Parties under the other Loan Documents  and the obligations of any other guarantor (including any other Guarantor) of the obligations of  the Loan Parties under the other Loan Documents, and a separate action or actions may be brought  and prosecuted against such Guarantor whether or not any action is brought against the applicable  Loan Party or any of such other guarantors and whether or not the applicable Loan Party is joined  in any such action or actions.  

 

5    4825-0005-3495, v. 4  (c) Payment by any Guarantor of a portion, but not all, of the Guaranteed  Obligations shall in no way limit, affect, modify or abridge any Guarantor’s liability for any  portion of the Guaranteed Obligations which has not been paid.  Without limiting the generality  of the foregoing, if the Administrative Agent is awarded a judgment in any suit brought to enforce  any Guarantor’s covenant to pay a portion of the Guaranteed Obligations, such judgment shall not  be deemed to release such Guarantor from its covenant to pay the portion of the Guaranteed  Obligations that is not the subject of such suit, and such judgment shall not, except to the extent  satisfied by such Guarantor, limit, affect, modify or abridge any other Guarantor’s liability  hereunder in respect of the Guaranteed Obligations.  (d) Any Secured Party, upon such terms as it deems appropriate, without notice  or demand and without affecting the validity or enforceability of this Guaranty or giving rise to  any reduction, limitation, impairment, discharge or termination of any Guarantor’s liability  hereunder, from time to time may (with any such notice, consent or agreement as may be required  under any applicable Loan Document): (i) renew, extend, accelerate, increase the rate of principal  or interest on, or otherwise change the time, place, manner or terms of payment of the Guaranteed  Obligations; (ii) settle, compromise, release or discharge, or accept or refuse any offer of  performance with respect to, or substitutions for, the Guaranteed Obligations or any agreement  relating thereto and/or subordinate the payment of the same to the payment of any other  obligations; (iii) request and accept other guaranties of the Guaranteed Obligations and take and  hold security for the payment of this Guaranty or the Guaranteed Obligations; (iv) release,  surrender, exchange, substitute, compromise, settle, rescind, waive, alter, subordinate or modify,  with or without consideration, any security for payment of the Guaranteed Obligations, any other  guaranties of the Guaranteed Obligations, or any other obligation of any Person (including any  other Guarantor) with respect to the Guaranteed Obligations; (v) enforce and apply any security  now or hereafter held by or for the benefit of such Secured Party in respect of this Guaranty or the  Guaranteed Obligations and direct the order or manner of sale thereof, or exercise any other right  or remedy that such Secured Party may have against any such security, in each case as such  Secured Party in its discretion may determine consistent with the Loan Documents and any  applicable security agreement, including foreclosure on any such security pursuant to one or more  judicial or nonjudicial sales, whether or not every aspect of any such sale is commercially  reasonable, and even though such action operates to impair or extinguish any right of  reimbursement or subrogation or other right or remedy of any Guarantor against any Loan Party  or any security for the Guaranteed Obligations; and (vi) exercise any other rights available to it  under the Loan Documents.  (e) This Guaranty and the obligations of the Guarantors hereunder shall be valid  and enforceable and shall not be subject to any reduction, limitation, impairment, discharge or  termination for any reason (other than payment in full of the Guaranteed Obligations), including  the occurrence of any of the following, whether or not any Guarantor shall have had notice or  knowledge of any of them: (i) any failure or omission to assert or enforce, or agreement or election  not to assert or enforce, or the stay or enjoining, by order of court, by operation of law or otherwise,  of the exercise or enforcement of, any claim or demand or any right, power or remedy (whether  arising under the Loan Documents at law, in equity or otherwise) with respect to the Guaranteed  Obligations or any agreement relating thereto, or with respect to any other guaranty of or security  for the payment of the Guaranteed Obligations; (ii) any rescission, waiver, amendment or  modification of, or any consent to or departure from, any of the terms or provisions (including  

 

6    4825-0005-3495, v. 4  provisions relating to events of default) of any of the Loan Documents or any agreement or  instrument executed pursuant thereto, or of any other guaranty or security for the Guaranteed  Obligations, in each case whether or not in accordance with the terms of such Loan Document or  any agreement or instrument executed pursuant thereto or any agreement relating to such other  guaranty or security; (iii) the Guaranteed Obligations, or any agreement relating thereto, at any  time being found to be illegal, invalid or unenforceable in any respect; (iv) the application of  payments received from any source (other than payments received pursuant to the other Loan  Documents or from the proceeds of any security for the Guaranteed Obligations, except to the  extent such security also serves as collateral for indebtedness other than the Guaranteed  Obligations) to the payment of indebtedness other than the Guaranteed Obligations, even though  any Secured Party might have elected to apply such payment to any part or all of the Guaranteed  Obligations; (v) any Secured Party’s consent to the change, reorganization or termination of the  corporate structure or existence of any Loan Party and to any corresponding restructuring of the  Guaranteed Obligations; (vi) any failure to perfect or continue perfection of a security interest in  any collateral which secures any of the Guaranteed Obligations; (vii) any defenses, set-offs or  counterclaims which any Loan Party may allege or assert against any Secured Party in respect of  the Guaranteed Obligations (other than, subject to Section 2.13(c), the full payment in cash  thereof), including failure of consideration, breach of warranty, statute of frauds, statute of  limitations, accord and satisfaction and usury; and (viii) any other act or thing or omission, or delay  to do any other act or thing, which may or might in any manner or to any extent vary the risk of  any Guarantor as an obligor in respect of the Guaranteed Obligations.  2.5 Waivers by Guarantors.  Each Guarantor hereby waives, for the benefit of the  Secured Parties, to the extent permitted by applicable law:  (a) any right to require any Secured Party, as a condition of payment or  performance by such Guarantor, to (i) proceed against any Loan Party, any other guarantor  (including any other Guarantor) of the Guaranteed Obligations or any other Person, (ii) proceed  against or exhaust any security held from any Loan Party, any such other guarantor or any other  Person, (iii) proceed against or have resort to any balance of any deposit account or credit on the  books of any Secured Party in favor of any Loan Party, any such other guarantor or any other  Person, or (iv) pursue any other remedy in the power of any Secured Party whatsoever;  (b) any defense arising by reason of the incapacity, lack of authority or any  disability or other defense of any Loan Party including any defense based on or arising out of the  lack of validity or the unenforceability of the Guaranteed Obligations or any agreement or  instrument relating thereto or by reason of the cessation of the liability of any Loan Party from any  cause other than payment in full of the Guaranteed Obligations;  (a) any defense based upon any statute or rule of law which provides that the  obligation of a surety must be neither larger in amount nor in other respects more burdensome than  that of the principal;  (b) any defense based upon any Secured Party’s errors or omissions in the  administration of the Guaranteed Obligations, except (i) errors in calculating or determining the  amount due and owing to such Secured Party, and (ii) behavior which amounts to bad faith or  willful misconduct;  

 

7    4825-0005-3495, v. 4  (c) (i) any principles or provisions of law, statutory or otherwise, which are or  might be in conflict with the terms of this Guaranty and any legal or equitable discharge of such  Guarantor’s obligations hereunder, (ii) the benefit of any statute of limitations affecting such  Guarantor’s liability hereunder or the enforcement hereof, (iii) any rights to set-offs, recoupments  and counterclaims, and (iv) promptness, diligence and any requirement that any Secured Party  protect, secure, perfect or insure any security interest or lien or any property subject thereto;  (d) notices, demands, presentments, protests, notices of protest, notices of  dishonor and notices of any action or inaction, including acceptance of this Guaranty, notices of  default under the Loan Documents or any agreement or instrument related thereto, notices of any  renewal, extension or modification of the Guaranteed Obligations or any agreement related thereto,  notices of any extension of credit to any Loan Party and notices of any of the matters referred to  in Section 2.4 and any right to consent to any thereof;   (e) any defenses (other than the defense of payment) or benefits that may be  derived from or afforded by law which limit the liability of or exonerate guarantors or sureties, or  which may conflict with the terms of this Guaranty;  (f) any defense based upon any Secured Party’s failure to mitigate damages;  and  (g) all rights to insist upon, plead or in any manner claim or take the benefit or  advantage of any appraisal, valuation, stay, extension, marshaling of assets, redemption or similar  law, or exemption, whether now or hereafter in force, which may delay, prevent or otherwise affect  the performance by any Guarantor of its obligations under, or the enforcement by any Secured  Party of, this Guaranty.  2.6 Guarantors’ Rights of Subrogation, Contribution, Etc.  Each Guarantor hereby  waives the right to exercise at any time prior to the Termination Date any claim, right or remedy,  direct or indirect, that such Guarantor now has or may hereafter have against any Loan Party or  any of its assets in connection with this Guaranty or the performance by such Guarantor of its  obligations hereunder, in each case whether such claim, right or remedy arises in equity, under  contract, by statute, under common law or otherwise and including (a) any right of subrogation,  reimbursement or indemnification that such Guarantor now has or may hereafter have against any  Loan Party; (b) any right to enforce, or to participate in, any claim, right or remedy that any Secured  Party now has or may hereafter have against any Loan Party; and (c) any benefit of, and any right  to participate in, any collateral or security now or hereafter held by any Secured Party.  In addition,  until the Termination Date, each Guarantor shall withhold exercise of any right of contribution  such Guarantor may have against any other guarantor (including any other Guarantor) of the  Guaranteed Obligations.  The foregoing agreements of the Guarantors set forth in this Section 2.6  shall remain operative and in full force and effect until the Termination Date regardless of the  termination of this Guaranty.  Each Guarantor further agrees that, to the extent the waiver or  agreement to withhold the exercise of its rights of subrogation, reimbursement, indemnification  and contribution as set forth herein is found by a court of competent jurisdiction to be void or  voidable for any reason, any rights of subrogation, reimbursement or indemnification such  Guarantor may have against any Loan Party or against any collateral or security, and any rights of  contribution such Guarantor may have against any such other guarantor, shall be junior and  

 

8    4825-0005-3495, v. 4  subordinate to any rights any Secured Party may have against any Loan Party, to all right, title and  interest any Secured Party may have in any such collateral or security, and to any right any Secured  Party may have against such other guarantor.  If any amount shall be paid to any Guarantor on  account of any such subrogation, reimbursement, indemnification or contribution rights at any time  prior to the Termination Date, such amount shall be held in trust for the Administrative Agent on  behalf of the Secured Parties and shall forthwith be paid over to the Administrative Agent for the  benefit of the Secured Parties to be credited and applied against the Guaranteed Obligations,  whether matured or unmatured, in accordance with the terms hereof.  2.7 Subordination of Other Obligations.  Any Indebtedness of any Guarantor now or  hereafter held by any other Guarantor (the “Obligee Guarantor”) is hereby subordinated in right  of payment to the prior payment in full of the Guaranteed Obligations during the term of this  Guaranty, and any such Indebtedness collected or received by the Obligee Guarantor shall be held  in trust for the Administrative Agent on behalf of the Secured Parties and shall forthwith be paid  over to the Administrative Agent for the benefit of the Secured Parties to be credited and applied  against the Guaranteed Obligations but without affecting, impairing or limiting in any manner the  liability of the Obligee Guarantor under any other provision of this Guaranty.  2.8 Expenses.  The Guarantors jointly and severally agree to pay, or cause to be paid,  on demand, and to save the Secured Parties harmless against liability for, any and all documented  costs and expenses (including fees, disbursements and other charges of counsel) incurred or  expended by the any Secured Party in connection with the enforcement of or preservation of any  rights under this Guaranty (“Enforcement Costs”), all in accordance with the terms of Section  10.04 of the Credit Agreement, the provisions of which are incorporated herein, mutatis mutandis.  2.9 Continuing Guaranty.  This Guaranty is a continuing guaranty and shall remain  in effect until the Termination Date, subject to Section 2.13 of this Agreement.    2.10 Authority of Guarantors.  It is not necessary for any Secured Party to inquire into  the capacity or powers of any Guarantor or any other Loan Party or the officers, directors or any  agents acting or purporting to act on behalf of any of them.  2.11 Financial Condition of Loan Parties.  Any Loans or other extensions of credit  may be granted to the Loan Parties or continued from time to time, in each case without notice to  or authorization from any Guarantor regardless of the financial or other condition of the applicable  Loan Party at the time of any such grant or continuation.  No Secured Party shall have any  obligation to disclose or discuss with any Guarantor its assessment, or any Guarantor’s assessment,  of the financial condition of any Loan Party.  Each Guarantor has adequate means to obtain  information from each Loan Party on a continuing basis concerning the financial condition of each  Loan Party and its respective ability to perform its obligations under the Loan Documents, and  each Guarantor assumes the responsibility for being and keeping informed of the financial  condition of each Loan Party and of all circumstances bearing upon the risk of nonpayment of the  Guaranteed Obligations.  Each Guarantor hereby waives and relinquishes any duty on the part of  any Secured Party to disclose any matter, fact or thing relating to the business, operations or  conditions of any Loan Party now known or hereafter known by any Secured Party.  

 

9    4825-0005-3495, v. 4  2.12 Rights Cumulative.  The rights, powers and remedies given to the Secured Parties  by this Guaranty are cumulative and shall be in addition to and independent of all rights, powers  and remedies given to the Secured Parties by virtue of any statute or rule of law or in any of the  other Loan Documents or any agreement between any Guarantor and any Secured Party or Secured  Parties or between any Loan Party and any Secured Party or Secured Parties.  Any forbearance or  failure to exercise, and any delay by any Secured Party in exercising, any right, power or remedy  hereunder shall not impair any such right, power or remedy or be construed to be a waiver thereof,  nor shall it preclude the further exercise of any such right, power or remedy.  2.13 Bankruptcy; Post-Petition Interest; Reinstatement of Guaranty.  (a) So long as any Guaranteed Obligations have not been paid in full, no  Guarantor shall, without the prior written consent of the Administrative Agent acting pursuant to  the instructions of the Required Lenders, commence or join with any other Person in commencing  any bankruptcy, reorganization, insolvency or similar proceedings under Bankruptcy Laws against  any Loan Party.  The obligations of the Guarantors under this Guaranty shall not be reduced,  limited, impaired, discharged, deferred, suspended or terminated by any proceeding, voluntary or  involuntary, involving the bankruptcy, insolvency, receivership, reorganization, liquidation,  arrangement or similar proceedings under Bankruptcy Laws of any Loan Party or by any defense  which any Loan Party may have by reason of the order, decree or decision of any court or  administrative body resulting from any such proceeding.    (b) Each Guarantor acknowledges and agrees that any interest on any portion  of the Guaranteed Obligations which accrues after the commencement of any proceeding referred  to in Section 2.13(a) above (or, if interest on any portion of the Guaranteed Obligations ceases to  accrue by operation of law by reason of the commencement of said proceeding, such interest as  would have accrued on such portion of the Guaranteed Obligations if said proceedings had not  been commenced) shall be included in the Guaranteed Obligations because it is the intention of  the Guarantors and the Secured Parties that the Guaranteed Obligations should be determined  without regard to any rule of law or order which may relieve any Loan Party of any portion of such  Guaranteed Obligations.  The Guarantors will permit any trustee in bankruptcy, receiver, debtor  in possession, assignee for the benefit of creditors or similar person under Bankruptcy Laws to pay  the Administrative Agent, or allow the claim of the Administrative Agent in respect of, any such  interest accruing after the date on which such proceeding is commenced.  (c) In the event that all or any portion of the Guaranteed Obligations are paid  by the Borrower or any other Loan Party, the obligations of the Guarantors hereunder shall  continue and remain in full force and effect or be reinstated, as the case may be, in the event that  all or any part of such payment(s) are rescinded or recovered directly or indirectly from any  Secured Party as a preference, fraudulent transfer or otherwise, and any such payments which are  so rescinded or recovered shall constitute Guaranteed Obligations for all purposes under this  Guaranty.  2.14 Notice of Events.  Promptly upon the Company obtaining knowledge thereof, the  Company shall give the Administrative Agent written notice of any condition or event which (a) a  material adverse change in the financial condition of the Company or (b) has resulted in a Default  or Event of Default under the Credit Agreement or this Guaranty.  

 

10    4825-0005-3495, v. 4  2.15 Set Off.  In addition to any other rights any Secured Party may have under law or  in equity, if any amount shall at any time be due and owing by any Guarantor to any Secured Party  under this Guaranty, such Secured Party is authorized at any time or from time to time, without  notice (any such notice being hereby expressly waived), to set off and to appropriate and to apply  any and all deposits (general or special, including indebtedness evidenced by certificates of  deposit, whether matured or unmatured and any other indebtedness of such Secured Party owing  to such Guarantor) and any other property of such Guarantor held by any Secured Party to or for  the credit or the account of such Guarantor against and on account of the Guaranteed Obligations  and liabilities of such Guarantor to any Secured Party under this Guaranty; provided, in the event  that any Defaulting Lender shall exercise any such right of setoff, (a) all amounts so set off shall  be paid over immediately to the Administrative Agent for further application in accordance with  the provisions of Section 2.20 of the Credit Agreement and, pending such payment, shall be  segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit  of the Administrative Agent, the Issuing Bank and the Lenders, and (b) the Defaulting Lender shall  provide promptly to the Administrative Agent a statement describing in reasonable detail the  Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.  Each  Secured Party agrees to notify the Borrower and the Administrative Agent promptly after any such  setoff and application (although the failure to provide any such notice shall not affect any such  setoff or result in any liability to such Secured Party).  2.16 Intentionally Omitted.    2.17 Representations and Warranties.  Each Guarantor acknowledges and agrees that  it is familiar with the Credit Agreement and the representations and warranties applicable to it  thereunder.  The representations and warranties contained in Section 3 of the Credit Agreement,  insofar as the representations and warranties contained therein are applicable to any Guarantor and  its properties, are true and correct in all material respects (or, to the extent a representation and  warranty contains a materiality or Material Adverse Effect qualification, in all respects), and shall  be true and correct in all material respects (or, to the extent a representation and warranty contains  a materiality or Material Adverse Effect qualification, in all respects) on each day on which such  representations and warranties will be repeated in accordance with the Loan Documents (except  to the extent they relate to any earlier date in which case they shall be true and correct in all material  respects (or, to the extent a representation and warranty contains a materiality or Material Adverse  Effect qualification, in all respects) as of such earlier date), each representation and warranty set  forth in Section 3 of the Credit Agreement (insofar as applicable as aforesaid) and all other terms  of the Credit Agreement to which reference is made therein, together with all related definitions  and ancillary provisions, being hereby incorporated into this Guaranty by this reference as though  specifically set forth in this Section 2.17, mutatis mutandis.  2.18 Covenants.  Each Guarantor acknowledges and agrees that it is familiar with the  Credit Agreement and the covenants applicable to it thereunder.  Each Guarantor covenants and  agrees that, at all times prior to the Termination Date, it will perform, comply with and be bound  by all of the agreements, covenants and obligations contained in Sections 5 and 6 of the Credit  Agreement, which are applicable to such Guarantor, each such agreement, covenant and obligation  contained in Sections 5 and 6 of the Credit Agreement, together with all related definitions and  ancillary provisions, being hereby incorporated into this Guaranty by this reference as though  specifically set forth in this Section 2.18, mutatis mutandis.  

 

11    4825-0005-3495, v. 4  SECTION 3.  MISCELLANEOUS  3.1 Survival of Warranties.  All agreements, representations and warranties made  herein shall survive the execution and delivery of this Guaranty and the other Loan Documents  and any increase in the Commitments under the Credit Agreement.  3.2 Notices.  Any communications between the Administrative Agent and any  Guarantor and any notices or requests provided herein to be given may be given in accordance  with Section 10.01 of the Credit Agreement, to each party hereto at its address set forth in the  Credit Agreement, on the signature pages hereof or to such other addresses as each such party may  in writing hereafter indicate.  Any notice, request or demand to or upon the Administrative Agent  or any Guarantor shall not be effective until received.  3.3 Severability.  In case any provision in or obligation under this Guaranty shall be  invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the  remaining provisions or obligations, or of such provision or obligation in any other jurisdiction,  shall not in any way be affected or impaired thereby.  3.4 Amendments and Waivers.  No amendment, modification, termination or waiver  of any provision of this Guaranty, and no consent to any departure by any Guarantor therefrom,  shall in any event be effective without the written concurrence of (a) the Required Lenders or (b)  the Administrative Agent (at the direction of the Required Lenders) and, in the case of any such  amendment or modification, each Guarantor.  Any such waiver or consent shall be effective only  in the specific instance and for the specific purpose for which it was given.  3.5 Headings.  Section headings in this Guaranty are included herein for convenience  of reference only and shall not constitute a part of this Guaranty for any other purpose or be given  any substantive effect.  3.6 Applicable Law; Rules of Construction.  THIS GUARANTY AND THE  RIGHTS AND OBLIGATIONS OF THE GUARANTORS AND THE SECURED PARTIES  HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED  BY, THE LAWS OF THE STATE OF NEW YORK.    3.7 Successors and Assigns.  This Guaranty is a continuing guaranty and shall be  binding upon each Guarantor and its respective successors and assigns.  This Guaranty shall inure  to the benefit of the Secured Parties and their respective successors and assigns.  No Guarantor  shall assign this Guaranty or any of the rights or obligations of such Guarantor hereunder without  the prior written consent of the Administrative Agent (acting with the consent of the requisite  percentage of Lenders pursuant to the Credit Agreement).  Any Secured Party may, without notice  or consent, assign its interest in this Guaranty in whole or in part, provided that any assignee shall  be a Secured Party under the Credit Agreement.  The terms and provisions of this Guaranty shall  inure to the benefit of any transferee or assignee of any Commitments or Loan, and in the event of  such transfer or assignment the rights and privileges herein conferred upon such Secured Party  shall automatically extend to and be vested in such transferee or assignee, all subject to the terms  and conditions hereof.  3.8 Consent to Jurisdiction.  

 

12    4825-0005-3495, v. 4  (a) Each Guarantor hereby irrevocably and unconditionally submits, for itself  and its property, to the exclusive jurisdiction of any New York State court or Federal court of the  United States of America sitting in the City of New York, Borough of Manhattan, and any appellate  court from any thereof, in any action or proceeding arising out of or relating to this Guaranty and  the other Loan Documents or for recognition or enforcement of any judgment, and each Guarantor  hereby irrevocably and unconditionally agrees that all claims in respect of any such action or  proceeding shall be heard and determined in such New York State court or, to the extent permitted  by law, in such Federal court.  Each Guarantor agrees that a final judgment in any such action or  proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment  or in any other manner provided by law.      (b) Each Guarantor hereby irrevocably and unconditionally waives, to the  fullest extent it may legally and effectively do so, any objection which it may now or hereafter  have to the laying of venue of any action or proceeding arising out of or relating to this Guaranty  and the other Loan Documents or for recognition or enforcement of any judgment in any New York  State court or Federal court of the United States of America sitting in the City of New York,  Borough of Manhattan or other New York jurisdiction as set forth in Section 3.8(a) above.  Each  Guarantor hereby irrevocably and unconditionally waives, to the fullest extent permitted by law,  the defense of an inconvenient forum to the maintenance of such action or proceeding in any such  court.  (c) Each Guarantor designates and appoints Christy Schaeffer, Managing  Clerk, Greenberg Traurig, LLP, Office #39-60, Metlife Building, 200 Park Avenue, New York,  New York 10166  as its authorized agent to accept and acknowledge on its behalf personal service  of process which may be served in any suit, action or proceeding in the aforesaid New York state  or Federal courts, and agrees that service of process upon said agent in accordance with law at said  address and written notice of said service mailed or delivered to Borrower in the manner provided  herein shall be deemed in every respect effective service of process upon Borrower in any such  suit, action or proceeding in the state of New York.  Each Guarantor shall maintain an agent to  receive service of process in New York at all times until the Obligations are indefeasibly repaid in  full.  3.9 Waiver of Jury Trial.  EACH GUARANTOR, AND, BY ITS ACCEPTANCE  HEREOF, ADMINISTRATIVE AGENT, HEREBY WAIVES, TO THE FULLEST  EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A  TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY  ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS GUARANTY AND THE  OTHER LOAN DOCUMENTS.  EACH GUARANTOR (A) CERTIFIES THAT NO  REPRESENTATIVE, AGENT OR ATTORNEY OF ANY SECURED PARTY HAS  REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH SECURED PARTY  WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE  FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT THE SECURED PARTIES  HAVE BEEN INDUCED TO ENTER INTO THE LOAN DOCUMENTS TO WHICH  THEY ARE A PARTY, BY, AMONG OTHER THINGS, THE WAIVERS AND  CERTIFICATIONS IN THIS SECTION 3.9.  

 

13    4825-0005-3495, v. 4  3.10 No Other Writing.  This writing is intended by the Guarantors and the Secured  Parties as the final expression of this Guaranty and is also intended as a complete and exclusive  statement of the terms of their agreement with respect to the matters covered hereby.  No course  of dealing, course of performance or trade usage, and no parol evidence of any nature, shall be  used to supplement or modify any terms of this Guaranty.  There are no conditions to the full  effectiveness of this Guaranty.  3.11 Further Assurances.  At any time or from time to time, upon the request of the  Administrative Agent, each Guarantor shall execute and deliver such further documents and do  such other acts and things as the Administrative Agent may reasonably request in order to effect  fully the purposes of this Guaranty.  3.12 New York Provisions.  Guarantor acknowledges and agrees that this Guaranty is,  and is intended to be, an instrument for the payment of money only, as such phrase is used in  Section 3213 of the Civil Practice Law and Rules of the State of New York, that Guarantor has  been fully advised by its counsel of Lender’s rights and remedies pursuant to such Section 3213  and that Guarantor expressly waives any right, and hereby agrees not, to assert that this Guaranty  is not such an instrument.    3.13 Counterparts; Effectiveness.  This Guaranty may be executed in counterparts  (and by different parties hereto on different counterparts), each of which shall be deemed an  original but all of which when taken together shall constitute a single contract.  Delivery of an  executed signature page to this Guaranty by facsimile transmission, “pdf” or similar electronic  copy shall be as effective as delivery of a manually signed counterpart of this Guaranty.  Any party  hereto may request an original counterpart of any party delivering such electronic counterpart.  A  set of the copies of this Guaranty signed by all the parties shall be lodged with the Borrower and  the Administrative Agent.  This Guaranty shall become effective as to each Guarantor upon the  execution of a counterpart hereof by such Guarantor (whether or not a counterpart hereof shall  have been executed by any other Guarantor) and receipt by the Administrative Agent of written or  telephonic notification of such execution and authorization of delivery thereof.  3.14 Administrative Agent as Agent.  (a) The Administrative Agent has been appointed to act as Administrative  Agent hereunder by the Secured Parties.  The Administrative Agent shall be obligated, and shall  have the right hereunder, to make demands, to give notices, to exercise or refrain from exercising  any rights, and to take or refrain from taking any action, solely in accordance with this Guaranty  and the Loan Documents; provided that the Administrative Agent shall exercise, or refrain from  exercising, any remedies hereunder in accordance with the instructions of the Required Lenders.   In furtherance of the foregoing provisions of this Section 3.14, each Secured Party, by its  acceptance of the benefits hereof, agrees that, except to the extent specifically provided herein, it  shall have no right individually to enforce this Guaranty, it being understood and agreed by such  that all rights and remedies hereunder may be exercised solely by the Administrative Agent for the  benefit of the Secured Parties in accordance with the terms of this Section 3.14.  (b) The Administrative Agent shall at all times be the same Person that is the  Administrative Agent under the Credit Agreement.  Written notice of resignation by the  

 

14    4825-0005-3495, v. 4  Administrative Agent pursuant to the terms of the Credit Agreement shall also constitute notice of  resignation as the Administrative Agent under this Guaranty; removal of the Administrative Agent  pursuant to the terms of the Credit Agreement shall also constitute removal as the Administrative  Agent under this Guaranty; and appointment of a successor Administrative Agent pursuant to the  terms of the Credit Agreement shall also constitute appointment of a successor Administrative  Agent under this Guaranty.  Upon the acceptance of any appointment as the Administrative Agent  under the terms of the Credit Agreement by a successor Administrative Agent, that successor  Administrative Agent shall thereupon succeed to and become vested with all the rights, powers,  privileges and duties of the retiring or removed Administrative Agent under this Guaranty, and the  retiring or removed Administrative Agent under this Guaranty shall promptly (i) transfer to such  successor Administrative Agent all sums held hereunder, together with all records and other  documents necessary or appropriate in connection with the performance of the duties of the  successor Administrative Agent under this Guaranty, and (ii) take such other actions as may be  necessary or appropriate in connection with the assignment to such successor Administrative  Agent of the rights created hereunder, whereupon such retiring or removed Administrative Agent  shall be discharged from its duties and obligations under this Guaranty.  After any retiring or  removed Administrative Agent’s resignation or removal hereunder as the Administrative Agent,  the provisions of this Guaranty shall inure to its benefit as to any actions taken or omitted to be  taken by it under this Guaranty while it was the Administrative Agent hereunder.  3.15 Joint and Several.  The representations, warranties, covenants, obligations and  liabilities of each Guarantor are joint and several.        [SIGNATURE PAGES FOLLOW]  

 

 

 

 

 

 

 

  Ex. A-1    4825-0005-3495, v. 4  EXHIBIT A    Subsidiary Guarantors    1. Allegiant Air LLC    2. Sunrise Asset Management, LLC    3. Allegiant Vacations, LLC    4. AFH, Inc.    5. G4 Properties, LLC    6. G4 Works LLC    7. Allegiant Commercial Properties, Inc.    8. Allegiant Commercial Properties Missouri, LLC    9. Dustland, LLC

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00341-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00341-of-00352.parquet"}]]