Replacement Guaranty definition

Replacement Guaranty shall have the meaning set forth in Section 5.2.10(f) hereof.

Replacement Guaranty means a Guaranty executed by a Replacement Guarantor in a form acceptable to Funding Lender and in substantially the same form as the Guaranty executed on the same date as this Continuing Covenant Agreement. If the Replacement Guarantor is an entity, the Replacement Guarantor’s Guaranty will be modified to include, at Replacement Guarantor’s option, either Funding Lender’s current form of the Rider to Guaranty – Material Adverse Change, or Funding Lender’s current form of the Rider to Guaranty – Minimum Net Worth/Liquidity.

Replacement Guaranty. A guaranty made by a Qualified Replacement Guarantor which shall contain provisions, terms and conditions similar in substance to the provisions, terms and conditions set forth in Article 17 of the MLSA and all such other portions of the MLSA that comprise the Lease Guaranty (as such term is defined in the MLSA).

Examples of Replacement Guaranty in a sentence

• 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.

• This Guaranty shall terminate upon the earlier of (a) the occurrence of the Discharge Date in accordance with the Credit Agreement and (b) the execution and delivery to Administrative Agent of an Acceptable Replacement Guaranty.

• Time shall be of the essence as to Tenant’s obligation to deliver the Replacement Guaranty within ten (10) Business Days after the Effective Date.

• The foregoing release shall be effective automatically upon the date of such Replacement Guaranty or such assumption by Replacement Guarantor, but Lxxxxx agrees to provide written evidence thereof if the same is reasonably requested by Bxxxxxxx.

• Notification of any proposed Replacement Guaranty may be revoked by Tenant at any time prior to such Replacement Guaranty having been consummated.

More Definitions of Replacement Guaranty

Replacement Guaranty shall have the meaning set forth in Section 11.19.

Replacement Guaranty. As defined in Section 3.6.

Replacement Guaranty. A guaranty made by a Qualified Replacement Guarantor which shall contain provisions, terms and conditions similar in form and substance to the provisions, terms and conditions of the Guaranty.

Replacement Guaranty is defined in Paragraph 21(k).

Replacement Guaranty shall be added to Section 1.1 of the Loan Agreement, as follows:

Replacement Guaranty means replacement guaranties and replacement environmental indemnity, in form and content substantially identical to the original Carry Guaranty, the original Recourse Indemnity and the original Indemnity Agreement; provided, however, that, when the Replacement Guaranty is provided in connection with a Permitted Transfer: (i) the replacement carry guaranty shall limit carrying costs to those arising after the effective date of the applicable Replacement Guaranty (i.e. the date of consummation of such Permitted Transfer), (ii) the replacement recourse indemnity shall limit carve-out and springing recourse liabilities and losses (as set forth in the original Recourse Indemnity) to those arising from acts and events occurring after the effective date of the applicable Replacement Guaranty (i.e.; the date of consummation of such Permitted Transfer), and (iii) upon satisfaction of the conditions set forth in this definition of Replacement Guaranty and in the definition of Replacement Guarantor, original Guarantor under the applicable Carry Guaranty and the applicable Recourse Indemnity shall have no liability for all matters under the applicable Carry Guaranty and the applicable Recourse Indemnity that occur or arise after the effective date of the applicable Replacement Guaranty (it being agreed that the execution and delivery to Lender by the Replacement Guarantor of the Replacement Guaranty shall not be construed to release the original Guarantor from its obligations and liabilities under the applicable Carry Guaranty and the applicable Recourse Indemnity for matters (including Borrower and/or original Guarantor’s actions or inactions) arising before the effective date of the applicable Replacement Guaranty, and all of the rights and remedies of Agent, for the benefit of Lenders, against the original Guarantor under the applicable Carry Guaranty and the applicable Recourse Indemnity for such matters shall remain in full force and effect with respect to claims arising prior to the effective date of the applicable Replacement Guaranty).

Replacement Guaranty is defined in Section 2.12 hereof.