Guarantor Replacement Event definition
Examples of Guarantor Replacement Event in a sentence
Within one month of the Landlord giving such notice to the Tenant, the Tenant shall procure that a person of standing acceptable to the Landlord enters into and executes and delivers to the Landlord a replacement or additional guarantee and indemnity in the same form as that entered into by the Guarantor in respect of which the Guarantor Replacement Event has occurred.
The Landlord may after a Guarantor Replacement Event (and whether or not it has received notice of it from the Tenant) give written notice to the Tenant requiring the Tenant to procure a replacement or additional guarantor.
The Tenant must give notice to the Landlord within seven days after becoming aware of a Guarantor Replacement Event.
Following the occurrence of the Guarantor Replacement Event as provided for herein, at Initial Guarantor’s or Replacement Guarantor’s request, and provided that Replacement Guarantor shall simultaneously deliver to Buyer a written reaffirmation of its obligations under this Guaranty, Buyer shall confirm in writing that the Guarantor Replacement Event has occurred, but the failure of Buyer to provide such written confirmation shall not affect whether or not the Guarantor Replacement Event has occurred.
Prior to the Guarantor Replacement Event, the obligations and liabilities of each of Initial Guarantor and Replacement Guarantor hereunder shall be joint and several.
Following the occurrence of the Guarantor Replacement Event as provided for herein, at Initial Guarantor’s or Replacement Guarantor’s request, Buyer shall confirm in writing that the Guarantor Replacement Event has occurred but the failure of Buyer to provide such written confirmation shall not affect whether or not the Guarantor Replacement Event has occurred.
If the Landlord responds by giving notice requiring a replacement the Tenant must within 28 days of receiving such notice from the Landlord procure some other person reasonably acceptable to the Landlord to execute a replacement guarantee in the form executed by the Guarantor in respect of whom the Guarantor Replacement Event has occurred.
Following the occurrence of the Guarantor Replacement Event as provided for herein, at Initial Guarantor’s or Replacement Guarantor’s request, Purchaser shall confirm in writing that the Guarantor Replacement Event has occurred but the failure of Purchaser to provide such written confirmation shall not affect whether or not the Guarantor Replacement Event has occurred.
All representations and warranties made by Guarantor herein shall survive until payment in full of the Guaranteed Obligations and termination of the Repurchase Agreement; provided, that, from and after the Guarantor Replacement Event, the representations and warranties herein shall only be made with respect to Replacement Guarantor and any representations and warranties herein with respect to Initial Guarantor shall be of no further force and effect.