A top or “first dollar guarantee” assures the lender that the guarantor will pay the first dollars of debt that the partnership is unable to pay (e.g., on a $10 million loan with a $1,000,000 top guarantee).
What is a first dollar guarantee?
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A top or “first dollar guarantee” assures the lender that the guarantor will pay the first dollars of debt that the partnership is unable to pay (e.g., on a $10 million loan with a $1,000,000 top guarantee).
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