Guaranty Event definition

Guaranty Event means any of the following events with respect to a Loan:

Guaranty Event means any of the following events:

Guaranty Event means that the Applicable Credit Rating issued by at least one Rating Agency is at least one level below the Minimum Investment Grade Rating.

Examples of Guaranty Event in a sentence

• Promptly upon receiving notice thereof, Guarantor will give, or cause to be given, prompt written notice of (a) any Guaranty Default or Guaranty Event of Default and (b) any actions, proceedings or notices adversely affecting the Lien of the Trustee in the Guarantor Collateral.

• No single or partial waiver by the Trustee or any Holder of any Guaranty Default or Guaranty Event of Default or right or remedy which it may have shall operate as a waiver of any other Guaranty Default, Guaranty Event of Default, right or remedy or of the same Guaranty Default, Guaranty Event of Default, right or remedy on a future occasion.

• At any time and from time to time after the occurrence and during the continuance of a Guaranty Event of Default, the Trustee may cause all or any of the Guarantor Collateral to the extent not already held in "street name" to be transferred to or registered in its name or the name of its nominee or nominees.

• Unless a Guaranty Event of Default has occurred and is continuing, Guarantor shall be entitled to receive and retain all dividends and distributions made upon or with respect to the Guarantor Collateral.

• At any time while a Guaranty Event of Default has occurred and is continuing, Guarantor shall pay or deliver all dividends and distributions received upon or with respect to the Guarantor Collateral to the Trustee promptly and in any event within three Business Days of its receipt thereof and the same shall thereafter be held by the Trustee as Guarantor Collateral hereunder.

More Definitions of Guaranty Event

Guaranty Event means any of the following events with respect to a Loan: a. failure of a Borrower to make monthly principal and/or interest payments on a Loan when due, provided such failure persists for a period of one hundred eighty (180) consecutive days, b. the filing of a petition in bankruptcy with respect to a Borrower, or c. the death of a Borrower. For Loans on which the Borrower is two or more persons, none of the above, with the exception of paragraph b., shall be a Guaranty Event unless one or more such events shall have occurred with 34 <PAGE> respect to all such persons. The foregoing notwithstanding, if a Borrower files a petition in bankruptcy pursuant to Chapter 7 of the U.S. Bankruptcy Code and does not seek a discharge of the affected Loan(s) under 11 U.S.C. ss.523(a)(8)(B) of the U.S. Bankruptcy Code, the LENDER at TERI's request will withdraw its guaranty claim unless or until one of the other Guaranty Events shall have occurred with respect thereto." B. The following provision is hereby added to Section 3.3 of each of the Guaranty Agreements, as follows: "In the event FMC has no further right or obligation under the Note Purchase Agreement to purchase a Loan in a Securitization Transaction, the LENDER shall pay all Subsequent Guaranty Fees that are due to be paid at the time of securitization as set forth in Schedule 3.3. Such fees shall be payable (A) with respect to any Loan already funded, within thirty (30) days after presentation of an invoice by XXXX to the Lender, and (B) with respect to Loans funded after the date of such invoice, at the time of disbursement." C. Section 8 of each of the Guaranty Agreements is hereby amended and restated to read in its entirety as follows: "Section 8:

Guaranty Event. (as defined in the Guaranty Agreement) occurs with respect to such Bank of America Conforming Loan; or C. any Bank of America Conforming Loan that is a Bank of America Undergraduate Education Loan, Bank of America XXXX ALP Loan or Bank of America ISLP Undergraduate Loan (as defined in the Product Specifications) and is made to Borrowers in their third (3rd) academic year that has a scheduled graduation date that occurs prior to twenty-four (24) months following the final disbursement date of the loan. <Page> EXHIBIT C V. REPRESENTATIONS AND WARRANTIES. 5.02.

Guaranty Event means the failure at any time of the Company and the Guarantors, as of the last day of any Fiscal Quarter (determined on a consolidated basis for the Company and the Guarantors but without regard to any Subsidiaries which are not Guarantors), to constitute the source of at least seventy percent (70%) of the Consolidated Operating Income of the Company and its Subsidiaries for the four Fiscal Quarter period ending on such date or to hold at least seventy percent (70%) of the Consolidated total assets of the Company and its Subsidiaries on such date. Guaranty Obligations shall mean a guaranty, an endorsement, a contingent agreement to purchase or to furnish funds for the payment or maintenance of, or otherwise to be or become contingently liable under or with respect to, the Debt, other obligations, net worth, working capital or earnings of any Person, or a guarantee of the payment of dividends or other distributions upon the Capital Securities of any Person, or an agreement to purchase, sell or lease (as lessee or lessor) real property, products, materials, supplies or services primarily for the purpose of enabling a debtor to make payment of such debtor's obligations or an agreement to assure a creditor against loss, and including, without limitation, causing a bank or other financial institution to issue a letter of credit or other similar instrument for the benefit of another Person, but excluding endorsements for collection or deposit in the ordinary course of business. Group - see Section 2.2.1.

Guaranty Event. (as defined in the Guaranty Agreement) occurs with respect to such Bank of America Conforming Loan; or

Guaranty Event means the failure at any time of the Company and the Guarantors, as of the last day of any Fiscal Quarter (determined on a consolidated basis for the Company and the Guarantors but without regard to any Subsidiaries which are not Guarantors), to constitute the source of at least seventy percent (70%) of the Consolidated Operating Income of the Company and its Subsidiaries (excluding any Special Purpose Subsidiary) for the four Fiscal Quarter period ending on such date or to hold at least seventy percent (70%) of the Consolidated total assets of the Company and its Subsidiaries (excluding any Special Purpose Subsidiary) on such date.

Guaranty Event in each of the Guaranty Agreements is revised as follows:

Guaranty Event means the execution by one or more Subsidiaries of a guaranty, or a joinder to a guaranty, of (a) any obligations of the Company under the Revolving Credit Agreement or (b) any of the Senior Notes.