Guarantor/Pledgor Defaults Sample Clauses

Guarantor/Pledgor Defaults. (i) Any Guarantor, or any Company or Subsidiary party to a Pledge Agreement, fails in any material respect to perform or observe any term, covenant or agreement in its Guaranty or Pledge Agreement after the expiration of any applicable grace period; or (ii) any Guaranty or Pledge Agreement is for any reason partially (including with respect to future advances) or wholly revoked or invalidated, or otherwise ceases to be in full force and effect, and (only as to any such revocation, invalidation or cessation that shall have occurred by reason of a Governmental Impairment) the effect of such revocation, invalidation or cessation is that the Companies and Guarantors whose obligations under the Loan Documents remain valid and in full force and effect shall be those to whom less than 85% of the consolidated revenues or consolidated assets of Danka PLC and its Subsidiaries are attributable for the fiscal year most recently ended or (iii) any Company or any Subsidiary (or any representative, agent, trustee or receiver of any Company or Subsidiary or comparable Person) contests in any manner the validity, enforceability or perfection of any Guaranty or Pledge Agreement or denies that it has any further liability or obligation thereunder; or