Examples of Satisfactory Replacement Guarantor in a sentence
As used herein, the term "Satisfactory Replacement Guarantor" shall mean a replacement guarantor that (1) is acceptable to Lender and the Rating Agencies, (2) acceptable to Lender in its sole discretion exercised in good faith, and (3) Controls Borrower and the day-to-day operations of the Property.
In the event that a Satisfactory Replacement Guarantor replaces REIT Guarantor, then Lender shall provide REIT Guarantor with a written release, releasing REIT Guarantor from liability under this Guaranty and the Environmental Indemnity Agreement.
Group continued its increase is mainly due to dynamic organic growth of all operating segments.
Furthermore, in the event of the death or incompetency of any Guarantor, it shall not be an Event of Default hereunder, provided that, a Satisfactory Replacement Guarantor (as defined in the Guaranty) is provided pursuant to the terms of Section 23 of the Guaranty.