Common use of Guarantor Status Event Clause in Contracts

Guarantor Status Event. If there is a Status Event with respect to a Guarantor, the following requirements must be satisfied: (a) Borrower or Guarantor must provide Notice of such Status Event and pay the Special Transfer Processing Fee to Funding Lender within 30 days after a Status Event. (b) Within 30 days after a Status Event, 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 Status Event. (d) In connection with a Status Event that would result from the expiration of an entity Guarantor’s term of existence: (i) In lieu of Section 8.02(b), Guarantor must satisfy one of the Guarantor Expiration Alternatives set forth in Section 22 of the Guaranty and provide such customary legal opinions as Funding Lender deems necessary. (ii) In lieu of Section 8.02(a), Borrower or Guarantor must provide Notice to Funding Lender of the Guarantor Expiration Alternative it has selected at least 30 days prior to its satisfaction along with payment of the Special Transfer Processing Fee, provided that if the Guarantor Expiration Alternative is an Extension (as defined in Section 22(b)(i) of the Guaranty), then no Special Transfer Processing Fee will be due to Funding Lender.

Guarantor Status Event. If there is a Status Event with respect to a Guarantor, the following requirements must be satisfied: (a) Borrower or Guarantor must provide Notice of such Status Event and pay the Special Transfer Processing Fee to Funding Lender within 30 days after a Status Event. (b) Within 30 days after a Status Event, 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 Status Event. (d) In connection with a Status Event that would result from the expiration of an entity Guarantor’s term of existence: (i) In lieu of Section 8.02(b), Guarantor must satisfy one of the Guarantor Expiration Alternatives set forth in Section 22 of the Guaranty and provide such customary legal opinions as Funding Lender deems necessary. (ii) In lieu of Section 8.02(a), Borrower or Guarantor must provide Notice to Funding Lender of the Guarantor Expiration Alternative it has selected at least 30 days prior to its satisfaction along with payment of the Special Transfer Processing Fee, provided that if the Guarantor Expiration Alternative is an Extension (as defined in Section 22(b)(i) of the Guaranty), then no Special Transfer Processing Fee will be due to Funding Lender.

Guarantor Status Event. If there is a Status Event with respect to a Guarantor, the following requirements must be satisfied: (a) Borrower or Guarantor must provide Notice of such Status Event and pay the Special Transfer Processing Fee to Funding Lender within 30 days after a Status Event. (b) Within 30 days after a Status Event, 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 Status Event. (d) In connection with a Status Event that would result from the expiration of an entity Guarantor’s term of existence: (i) In in lieu of Section 8.02(b), Guarantor must satisfy one of the Guarantor Expiration Alternatives set forth in Section 22 of the Guaranty and provide such customary legal opinions as Funding Lender deems necessary.; (ii) In in lieu of Section 8.02(a), Borrower or Guarantor must provide Notice to Funding Lender of the Guarantor Expiration Alternative it has selected at least 30 days prior to its satisfaction along with payment of the Special Transfer Processing Fee, provided that if the Guarantor Expiration Alternative is an Extension (as defined in Section 22(b)(i) of the Guaranty), then no Special Transfer Processing Fee will be due to Funding Lender.