Excess Guaranty Payment definition
Excess Guaranty Payment means as to any Creditor an amount equal to the Guaranty Payment received by such Creditor less the Pro Rata Share of Guaranty Payments to which such Creditor is then entitled.
Excess Guaranty Payment means, as to any Creditor, an amount equal to the Guaranty Payment received by such Creditor less the Pro Rata Share of Guaranty Payments to which such Creditor is then entitled.
Examples of Excess Guaranty Payment in a sentence
Guaranty obligations incurred pursuant to this Section 3.2 shall not constitute Capital Contributions, unless and except to the extent that payment is made upon demand under a guaranty (and, in the case of any Excess Guaranty Payment, where an election shall not have been made to treat the same as a loan) in accordance with Section 3.4.
In such event, the original payment by the Receiving Creditor in respect of the Excess Guaranty Payment shall be treated as not having been paid to or received by the other Creditors for purposes of the two preceding paragraphs.