Guaranty Default means one or more of the following events (subject to applicable cure periods):
Guaranty Default means any one or more of the events constituting defaults under Section 10 of the Guaranty.
Guaranty Default means any of: (a) an Event of Default; (b) Guarantor's failure to pay any amounts as and when required under this Guaranty; (c) Guarantor's failure to observe and perform any covenant, condition or agreement on its part to be observed or performed under this Guaranty (other than as referred to in clause (b) above) for a period of three (3) business days or more after Lessor has given written notice of such failure to Guarantor; or (d) the occurrence and continuation of a default by any person other than Lessor under any of the other Transaction Documents, if the default is not cured within any applicable grace or cure period set forth therein.
Examples of Guaranty Default in a sentence
If a Guaranty Default occurs with respect to an outstanding Guaranty, the Buyer shall within ten (10) Business Days following the Seller’s notice of the occurrence of the Guaranty Default transfer to the Seller substitute Credit Support.
For purposes of this Agreement, the value of Credit Support in the form of a Guaranty is equal to the undrawn portion of the maximum guaranteed amount specified in such Guaranty, if any, unless a Guaranty Default has occurred with respect to such Guaranty, in which case the value of such Guaranty is equal to $0.
More Definitions of Guaranty Default
Guaranty Default means any event specified in Section 11 that would constitute an Event of Default but for the requirement that notice be given or time elapse or both.
Guaranty Default means any event that is, or with the passage of time or the giving of notice or both would be, a Guaranty Event of Default.
Guaranty Default means with respect to a Guaranty or the Guarantor thereunder, the occurrence of any of the following events: (i) any representation or warranty made or deemed to be made or repeated by such Guarantor in connection with such Guaranty shall be false or misleading in any material respect when made or when deemed made or repeated; (ii) such Guarantor fails to pay, when due, any amount required pursuant to such Guaranty; (iii) the failure of such Guarantor to comply with or timely perform any other material covenant or obligation set forth in such Guaranty if such failure is not capable of remedy or shall not be remedied in accordance with the terms and conditions of such Guaranty; (iv) a Merger Event occurs with respect to such Guarantor; (v) such Guaranty shall expire or terminate, or shall fail or cease to be in full force and effect and enforceable in accordance with its terms against such Guarantor, prior to the satisfaction of all obligations of the guaranteed Party under this Agreement, in any such case without replacement; (vi) such Guarantor shall repudiate, disaffirm, disclaim, or reject, in whole or in part, or challenge the validity of, its Guaranty, or (vii) such Guarantor becomes Bankrupt; provided, however, that no Guaranty Default shall occur or be continuing in any event with respect to a Guaranty after the time such Guaranty is required to be canceled or returned to Counterparty in accordance with the terms of this Agreement.
Guaranty Default means any one or more of the following events or conditions occurs or exists:
Guaranty Default means the failure of the Guarantors to make any payment or perform any obligation required by the Guaranty when such payment is due or when such performance is required.
Guaranty Default means, with respect to a Guaranty, (a) the issuer of such Guaranty no longer has an Investment Grade Rating, (b) the issuer of such Guaranty has failed to comply with any of its material covenants or obligations under such Guaranty and such failure has not been remedied within 10 days following Guarantor’s or the Buyer’s receipt of notice of such failure, (c) the issuer of such Guaranty has disaffirmed, disclaimed, rejected, or challenged the validity of such Guaranty, whether in whole or in part,
Guaranty Default. (a) The Guarantor shall fail to pay, satisfy and perform the Guaranteed Obligations pursuant to Section 1.01 (after the passage of any applicable grace or cure period with respect thereto under the Operative Agreements); or