Existing Guaranty definition

Existing Guaranty means (a) any Guaranty outstanding on the Closing Date, to the extent described in the Disclosure Letter, and (b) any Guaranty that constitutes a renewal, extension or replacement of an Existing Guaranty, but only if (i) at the time such Guaranty is entered into and immediately after giving effect thereto, no Default would exist, (ii) such Guaranty is binding only on the obligor or obligors under the Guaranty so renewed, extended or replaced, (iii) the principal amount of the obligations Guaranteed by such Guaranty does not exceed the principal amount of the obligations Guaranteed by the Guaranty so renewed, extended or replaced at the time of such renewal, extension or replacement and (iv) the obligations Guaranteed by such Guaranty bear interest at a rate per annum not exceeding the rate borne by the obligations Guaranteed by the Guaranty so renewed, extended or replaced except for any increase that is commercially reasonable at the time of such increase.
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Existing Guaranty shall have the meaning set forth in the second Recital. -----------------
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Existing Guaranty as defined in Section 23.
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Examples of Existing Guaranty in a sentence

  • Each Guarantor hereby acknowledges and agrees that (a) this Agreement does not constitute a novation or termination of the Guarantors’ duties and obligations under the Existing Guaranty Agreement and (b) such respective duties and obligations are in all respects continuing (as amended and restated hereby) with only the terms thereof being modified as provided in this Agreement.

  • Each of the Guarantors hereby reaffirms its respective duties and obligations under the Existing Guaranty Agreement, as modified by this Agreement.


More Definitions of Existing Guaranty

Existing Guaranty. The meaning assigned in the recitals hereto.
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Existing Guaranty is defined in the first recital.
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Existing Guaranty has the meaning provided in Section 17.1.1(e).
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Existing Guaranty means that certain Continuing Guaranty, dated as of July 19, 2013, issued by each Guarantor.
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Existing Guaranty is defined in the recitals.
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Existing Guaranty means that certain Guaranty executed and delivered in connection with the Existing Credit Agreement.
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Existing Guaranty the Second Amended and Restated Continuing, Absolute and Unconditional Guaranty Agreement dated as of July 18, 2013, among the Guarantors and the Agent, for the benefit of the Lenders, as supplemented from time to time.
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