Replacement Guarantor definition

Replacement Guarantor shall have the meaning set forth in Section 6.4 hereof.

Replacement Guarantor means a Person acceptable to Lender that executes a Guaranty in connection with (i) a Transfer, (ii) a Guarantor Status Event, (iii) a Guarantor Bankruptcy, or (iv) the death of a Guarantor, and that meets the Replacement Guarantor Net Worth and Liquidity Requirements.

Replacement Guarantor means a Person that has a net worth of at least $50,000,000 (excluding the value of any direct or indirect interest in the Properties), as reasonably determined by Lender and (ii) is reasonably acceptable to Lender in all other respects.

Examples of Replacement Guarantor in a sentence

• If any transferee or any Replacement Guarantor is an entity, Borrower provides to Lender satisfactory evidence that the term of existence of such entity (exclusive of any unexercised extension options or rights) does not expire prior to the Maturity Date.

• Upon the occurrence of any of the events set forth in Sections 8.1(a)(vi), (vii), (xiv) or (xvii) hereof, Pledgor may cause the applicable Guarantor to be substituted or replaced by a Replacement Guarantor prior to the time that the occurrence of any of the foregoing events becomes an Event of Default or if the occurrence of any of the foregoing events is an immediate Event of Default, within ten (10) days following such occurrence.

• Guarantor shall be released from all liability under this Agreement, the Note, the Security Instruments, the Guaranty, the Environmental Indemnity and the other Loan Documents accruing from and after the date of such Replacement Guaranty (other than liabilities caused by Guarantor and/or its Affiliates) or such assumption by Replacement Guarantor.

• If any transferee or any Replacement Guarantor is an entity, Borrower provides to Funding Lender satisfactory evidence that the term of existence of such entity (exclusive of any unexercised extension options or rights) does not expire prior to the Maturity Date.

• Upon the occurrence of any of the events set forth in Sections 8.1(a)(vi), (vii), (xiv) or (xvii) hereof, Borrower may cause the applicable Guarantor to be substituted or replaced by a Replacement Guarantor prior to the time that the occurrence of any of the foregoing events becomes an Event of Default or if the occurrence of any of the foregoing events is an immediate Event of Default, within ten (10) days following such occurrence.

More Definitions of Replacement Guarantor

Replacement Guarantor means a Person that satisfies, in addition to the requirements set forth in Section 7.7 hereof, each of the following: (a) owns not less than fifty one (51%) of the direct or indirect equity interest in Borrower and Controls each Borrower, (b) has been approved by Lender (which approval shall not be unreasonably withheld, conditioned or delayed) and (c) for which a Rating Agency Confirmation has been received.

Replacement Guarantor as defined in Section 6.1.

Replacement Guarantor is defined in Section 7.2(c).

Replacement Guarantor means any Person, reasonably acceptable to Agent, who becomes a Guarantor hereunder pursuant to Section 4.14 hereof or otherwise.

Replacement Guarantor means a Person that: (i) is an entity organized under Delaware or New York law, (ii) is a direct or indirect wholly-owned subsidiary of Sponsor, (iii) satisfies the financial covenants contained in the Guaranty and (iv) satisfies Lender’s standard “know your customer” requirements.

Replacement Guarantor means the Guarantor under any Replacement Guaranty.

Replacement Guarantor shall have the meaning set forth in Section 8.01;