Existing Guaranty definition

Existing Guaranty means (a) any Guaranty outstanding on the Closing Date, to the extent described in the Disclosure Letter, and (b) any Guaranty that constitutes a renewal, extension or replacement of an Existing Guaranty, but only if (i) at the time such Guaranty is entered into and immediately after giving effect thereto, no Default would exist, (ii) such Guaranty is binding only on the obligor or obligors under the Guaranty so renewed, extended or replaced, (iii) the principal amount of the obligations Guaranteed by such Guaranty does not exceed the principal amount of the obligations Guaranteed by the Guaranty so renewed, extended or replaced at the time of such renewal, extension or replacement and (iv) the obligations Guaranteed by such Guaranty bear interest at a rate per annum not exceeding the rate borne by the obligations Guaranteed by the Guaranty so renewed, extended or replaced except for any increase that is commercially reasonable at the time of such increase.

Existing Guaranty shall have the meaning set forth in the second Recital. -----------------

Existing Guaranty as defined in Section 23.

Examples of Existing Guaranty in a sentence

• Each Initial Guarantor party to the Existing Guaranty acknowledges and agrees with the Administrative Agent that the Existing Guaranty is amended, restated, and superseded in its entirety pursuant to the terms hereof.

• The Guarantor acknowledges and agrees that (a) this Guaranty does not constitute a novation or termination of the Existing Guaranty as in effect immediately prior to the effectiveness of this Guaranty and (b) the obligations of the Guarantor under the Existing Guaranty as in effect immediately prior to the effectiveness of this Guaranty are in all respects continuing (as amended and restated hereby) with only the terms thereof being modified as provided in this Guaranty.

• Accordingly, all of the agreements and obligations incurred pursuant to the terms of the Existing Guaranty are hereby ratified and affirmed by the parties hereto and remain in full force and effect.

• This Guaranty amends and restates the terms and conditions of the Existing Guaranty, and is not a novation of any of the agreements or obligations incurred pursuant to the terms of the Existing Guaranty.

• All references to the Existing Guaranty in any Program Agreement or other document or instrument delivered in connection therewith shall be deemed to refer to this Guaranty and the provisions hereof.

More Definitions of Existing Guaranty

Existing Guaranty is defined in the first recital.

Existing Guaranty is defined in the recitals.

Existing Guaranty has the meaning provided in Section 17.1.1(e).

Existing Guaranty means that certain Continuing Guaranty, dated as of July 19, 2013, issued by each Guarantor.

Existing Guaranty means that certain Guaranty executed and delivered in connection with the Existing Credit Agreement.

Existing Guaranty the Second Amended and Restated Continuing, Absolute and Unconditional Guaranty Agreement dated as of July 18, 2013, among the Guarantors and the Agent, for the benefit of the Lenders, as supplemented from time to time.

Existing Guaranty has the meaning set forth in the recitals hereto.