Common use of Guaranty Default Clause in Contracts

Guaranty Default. Each of the following events shall constitute a “Guaranty Default” and an Event of Default under the Master Repurchase Agreement: (a) any failure by Guarantor to make a payment of any Guarantor Obligation within two (2) Business Days when due; (b) any failure by Guarantor to satisfy at all times any covenant in Section 4(b); (c) any failure by Guarantor to satisfy at all times any covenant (other than any covenant in Section 4(b)) or Guarantor Obligation or other terms set forth in this Guaranty in all material respects, and such failure continues unremedied for ten (10) Business Day after the earlier of receipt of notice thereof from Buyer the discovery of such failure by Guarantor; (d) in the case of a failure to perform or observe any representation and warranty and such failure continues unremedied for five (5) Business Day after the earlier of receipt of notice thereof from Buyer the discovery of such failure by Guarantor; or (e) the obligations of Guarantor under this Guaranty shall cease to be in effect or Guarantor repudiates or challenges the validity of this Guaranty.

Guaranty Default. Each of the following events shall constitute a “Guaranty Default” and an Event of Default under the Master Repurchase Agreement: (a) any failure by Guarantor to make a payment of any Guarantor Obligation within two five (25) Business Days when due; (b) any failure by Guarantor to satisfy at all times any covenant in Section 4(b); (c) any failure by Guarantor to satisfy at all times any covenant (other than any covenant in Section 4(b)) or Guarantor Obligation or other terms set forth in this Guaranty in all material respects, and such failure continues unremedied for ten (10) Business Day after the earlier of receipt of notice thereof from Buyer the discovery of such failure by Guarantor; (d) in the case of a failure to perform or observe any representation and warranty and such failure continues unremedied for five (5) Business Day after the earlier of receipt of notice thereof from Buyer the discovery of such failure by Guarantor; or (e) the obligations of Guarantor under this Guaranty shall cease to be in effect or Guarantor repudiates or challenges the validity of this Guaranty.