This template is a subsidiary guaranty for a credit facility whereby the borrower's subsidiaries guarantee its obligations under the credit agreement. This template includes practical guidance, drafting notes, and alternate and optional clauses. When lending to a borrower whose primary asset is ownership of its subsidiaries, lenders often require a guaranty from the subsidiaries, also sometimes referred to as an upstream guaranty. Typically, such subsidiaries are the operating entities with whom the borrower's primary assets reside. It is also common, when the borrower is a subsidiary, for the parent of the borrower to provide a guaranty as well, sometimes referred to as a downstream guaranty. The parent guaranty can be incorporated into this template or be in a separate document. Sometimes the guaranty (whether a parent guaranty or subsidiary guaranty) is included within the principal credit agreement instead of as a standalone guaranty. The defined terms and boilerplate provisions of ...