Common use of GUARANTOR Bankruptcy Clause in Contracts

GUARANTOR Bankruptcy. If there is a Bankruptcy with respect to a Guarantor, then the following requirements must be satisfied: (a) Borrower or Guarantor must provide Notice of such Bankruptcy to Funding Lender at least 30 days prior to the filing of a voluntary Bankruptcy or within 30 days after the commencement of an involuntary Bankruptcy. (b) Within 90 days after filing a voluntary Bankruptcy or commencement of an involuntary Bankruptcy, if such action is not dismissed, then Borrower must cause a Replacement Guarantor to execute and deliver to Funding Lender a Replacement Guaranty, together with such customary legal opinions as Funding Lender deems necessary. (c) Borrower must pay or reimburse Funding Lender, upon demand, for all costs and expenses, including all Attorneys’ Fees and Costs, incurred by Funding Lender in connection with the replacement of Guarantor. (d) Borrower must pay the Special Transfer Processing Fee to Funding Lender in connection with the replacement of Guarantor at the time of the delivery of the Replacement Guaranty.

GUARANTOR Bankruptcy. If there is a Bankruptcy with respect to a Guarantor, then the following requirements must be satisfied: (a) Borrower or Guarantor must provide Notice of such Bankruptcy to Funding Lender at least 30 days prior to the filing of a voluntary Bankruptcy or within 30 days after the commencement of an involuntary Bankruptcy. (b) Within 90 days after filing a voluntary Bankruptcy or commencement of an involuntary Bankruptcy, if such action is not dismissed, then Borrower must cause a Replacement Guarantor to execute and deliver to Funding Lender a Replacement Guaranty, together with such customary legal opinions as Funding Lender deems necessary. (c) Borrower must pay or reimburse Funding Lender, upon demand, for all costs and expenses, including all Attorneys’ Fees and Costs, incurred by Funding Lender Xxxxxx in connection with the replacement of Guarantor. (d) Borrower must pay the Special Transfer Processing Fee to Funding Lender in connection with the replacement of Guarantor at the time of the delivery of the Replacement Guaranty.

GUARANTOR Bankruptcy. If there is a Bankruptcy with respect to a Guarantor, then the following requirements must be satisfied: (a) Borrower or Guarantor must provide Notice of such Bankruptcy to Funding Lender at least 30 days prior to the filing of a voluntary Bankruptcy or within 30 days after the commencement of an involuntary Bankruptcy. (b) Within 90 days after filing a voluntary Bankruptcy or commencement of an involuntary Bankruptcy, if such action is not dismissed, then Borrower must cause a Replacement Guarantor to execute and deliver to Funding Lender a Replacement Guaranty, together with such customary legal opinions as Funding Lender deems necessary. (c) Borrower must pay or reimburse Funding Lender, upon demand, for all costs and expenses, including all Attorneys’ Fees and Costs, incurred by Funding Lender in connection with the replacement of Guarantor. (d) Borrower must pay the Special Transfer Processing Fee to Funding Lender in connection with the replacement of Guarantor at the time of the delivery of the Replacement Guaranty.