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.

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 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. §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.

Examples of Guaranty Event in a sentence

XXXX will use all reasonable efforts to make payment on its guaranty within sixty (60) days, and will in any event make payment within ninety (90) days, of receipt by XXXX of a Guaranty Claim from the LENDER stating the name of the Borrower and the type of Guaranty Event that has occurred accompanied by the full claim documentation required in the Program Guidelines.
XXXX will use all reasonable efforts to make payment on its guaranty within sixty (60) days, and will in any event make payment within ninety (90) days, of receipt of a demand from the LENDER stating the name of the Borrower and the type of Guaranty Event that has occurred accompanied by the full claim documentation required in the Program Guidelines.
Provided no Default arising under Section 7.01(h) or Event of Default is then continuing, the Parent Guaranty provided by the Parent Entities shall be automatically released at such time as no Parent Guaranty Event exists.
If any Parent Guaranty Event occurs, then, each of the Parent Entities shall become a Guarantor by executing and delivering to the Administrative Agent within forty-five (45) days of such occurrence, a Parent Guaranty, together with the items that would have been delivered under Section 4.01(c)(i) through (iv), and Section 4.01(e) as if each of the Parent Entities had been a Guarantor on the Effective Date.
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.

More Definitions of Guaranty Event

Guaranty Event means any of the following events: a. failure of the Borrower to make monthly principal and/or interest payments on a Loan when due, provided such failure persists for a period of one hundred fifty (150) consecutive days, 2 <PAGE> b. the filing of a petition in bankruptcy with respect to the Borrower, or c. the death of the Borrower. For Loans on which the Borrower is two or more persons, none of the above, with the exception of paragraph b, is a Guaranty Event unless one or more such events shall have occurred with 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, Bank One at TERI's request will withdraw its guaranty claim unless or until one of the other Guaranty Events shall have occurred with respect thereto. 1.6 "Loan" shall mean a loan of funds, including all disbursements thereof, made by Bank One under the Program. 1.7 "Note Purchase Agreement" means the amended and restated agreement of that name between Bank One and FMC dated as of May 1, 2002, as amended from time to time. 1.8 "Pledged Account" shall mean the account held by the Agent pursuant to the Deposit and Security Agreement dated April 30, 2001, among XXXX, FMC, the Agent, and Bank One, as amended. 1.9 "Program Guidelines" shall mean the (i) Underwriting, Origination and Loan Term Guidelines for EDUCATION ONE K-12 Loan Program, EDUCATION ONE Undergraduate Loan Program, EDUCATION ONE Graduate Loan Program, and EDUCATION ONE Continuing Education Loan Program, a copy of which is attached hereto as Exhibit A; (ii) the XXXX Servicing Guidelines, a copy of which is attached hereto as Exhibit B; and (iii) the Promissory Notes, and all changes thereto as provided in Section 7 hereof. The Program Guidelines are hereby incorporated in this Agreement by reference and made a part hereof. 1.10 "Promissory Note" shall mean a promissory note executed by a Borrower evidencing a Loan, on forms in the Program Guidelines attached hereto or as approved pursuant to Section 3.2

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.

Guaranty Event in each of the Guaranty Agreements is revised as follows: "1.5 'Guaranty Event' shall mean 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."

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."

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, c. the death of a Borrower, or d. fraud in the execution of a Promissory Note. For Loans on which the Borrower is two or more persons, none of the above, with the exception of paragraph b. and d, shall be a Guaranty Event unless one or more such events shall have occurred with 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. §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.

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 definition

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