Guarantor Default Sample Clauses
The Guarantor Default clause defines the circumstances under which a guarantor is considered to be in default under an agreement. Typically, this clause outlines specific events such as the guarantor's failure to fulfill payment obligations, insolvency, or breach of other material terms. For example, if the guarantor fails to pay a guaranteed amount when due or enters bankruptcy proceedings, these would trigger a default. The core function of this clause is to clearly establish what constitutes a default by the guarantor, thereby protecting the interests of the beneficiary and providing a basis for enforcement or remedies.
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Guarantor Default. Any Guaranty shall cease, for any reason, to be in full force and effect or any Guarantor or the Borrower shall so assert in writing.
Guarantor Default. If Guarantor shall default in the timely performance of its obligations under this Guaranty and such default shall be continuing, the Lender may proceed to protect and enforce its rights by action at law, suit in equity or other appropriate proceeding, whether for specific performance of any covenant contained in this Guaranty or in aid of the exercise of any power granted herein, or otherwise.
Guarantor Default. The failure of any other person obligated for the payment of any of the Obligations, either directly or indirectly, or obligated under this Agreement or any of the other Loan Documents to perform any of the terms and conditions imposed upon such other person by any of said agreements, as and when the same are required to be so performed, or the occurrence of some other default by such other person under any of said agreements.
Guarantor Default. Any repudiation of the Guaranty by Guarantor, or if the Guaranty is not enforceable against Guarantor; or
Guarantor Default. (a) The failure by the Guarantor to: (x) pay any Guarantor Payment (whether in cash or by the Bank drawing on, taking control of or foreclosing the assets deposited into the Collateral Account) which failure is not cured within two (2) business days of the Guarantor’s receipt of written notice from the Company of such failure or (y) comply with the covenant set forth in Section 5.9 hereto shall constitute a “Key Default” hereunder.
(b) Upon any Key Default by the Guarantor, the following shall occur immediately and automatically, provided that the Company shall provide Guarantor with written notice promptly upon learning of any such default: (a) the Warrant shall be cancelled; (b) the Company’s obligations to make payments to the Guarantor under Section 1.2(b) of this Agreement shall be terminated; and (c) the Company’s obligations under Section 6 to reimburse the Guarantor for Expenses shall be terminated.
(c) Notwithstanding anything to the contrary in this Agreement, the Guarantor shall indemnify, defend and hold the Company harmless from and against all losses (including, without limitation, reasonable attorneys fees and court costs) incurred by the Company as a result of the Guarantor’s breach of any of its material obligations under this Agreement, including, but not limited to, a breach that results in a Key Default; provided, however, (z) in no event shall the Guarantor be liable to the Company for (A) any special, indirect or consequential damages; or (B) an amount in excess of $1.3 million (the “Damages Cap”); provided, however,that if the Bank liquidates all or any portion of the Collateral Account, the amount liquidated by the Bank shall reduce the Damages Cap on a dollar for dollar basis.
Guarantor Default. Any Guarantor revokes or terminates or purports to revoke or terminate or fails to perform any of the terms, covenants, conditions or provisions of the Guaranty.
Guarantor Default. A default by Guarantor in the performance of any term or provision of this Agreement or any other Loan Document to which Guarantor is a party, or the breach, or any other failure to satisfy any other term, provision, condition or warranty imposed upon Guarantor in this Agreement or in any other Loan Document to which it is a party or by which Guarantor is bound, in each instance with respect to any of the foregoing, continuing to exist beyond all applicable notice and grace periods.
Guarantor Default. An "Event of Default," as defined therein, shall have occurred under a Guaranty.
Guarantor Default. Any guarantor of Tenant's obligations hereunder shall be in default under the terms of its guaranty.
Guarantor Default. Any Guarantor Default shall occur.