Common use of APPROVAL OF GUARANTORS Clause in Contracts

APPROVAL OF GUARANTORS. 4.5.1 The Development and Completion Guaranty required pursuant to this Agreement shall be from one or more Persons approved by District in District’s sole discretion, which approval shall include District’s determination as to whether such Person has sufficient net worth and liquidity to satisfy its obligations under the Development and Completion Guaranty, taking into account all relevant factors, including, without limitation, such Person’s obligations under other guaranties and the other contingent obligations of such Person. The Development and Completion Guaranty shall be delivered to District no later than Closing. 4.5.2 At any time upon District’s request, but in any event no later than sixty (60) days prior to Closing, each Guarantor shall submit to District updated Guarantor Submissions. In the event District determines, in its sole discretion, that a material adverse change in the financial condition of the Guarantor(s) has occurred that impacts, or could threaten to impact, the Guarantor’s ability to perform under the Development and Completion Guaranty, Developer shall, within five (5) Business Days after notice from District, indentify a proposed substitute guarantor and request District’s approval of the same, which request shall include delivery of the Guarantor Submissions for such proposed guarantor.

APPROVAL OF GUARANTORS. 4.5.1 The Development and Completion Guaranty required pursuant to this Agreement shall be from one or more Persons Developer and shall be approved by District in District’s sole discretion, which approval shall include District’s determination as to whether such Person the Developer has sufficient net worth and liquidity to satisfy its obligations under the Development and Completion Guaranty, taking into account all relevant factors, including, without limitation, such PersonDeveloper’s obligations under other guaranties and the other contingent obligations of such Personthe Developer. The Development and Completion Guaranty shall be delivered to District no later than Closing. 4.5.2 At any time upon District’s request, but in any event no later than sixty (60) days prior to Closing, each Guarantor shall submit to District updated Guarantor Submissions. In the event District determines, in its sole discretion, that a material adverse change in the financial condition of the Guarantor(s) has occurred that impacts, or could threaten to impact, the Guarantor’s ability to perform under the Development and Completion Guaranty, Developer shall, within five (5) Business Days after notice from District, indentify identify a proposed substitute guarantor and request District’s approval of the same, which request shall include delivery of the Guarantor Submissions for such proposed guarantor.