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 is defined in the first recital.
Existing Guaranty shall have the meaning set forth in the second Recital. -----------------

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Guaranty acknowledges and agrees with the Administrative Agent that the Existing Guaranty is amended, restated, and superseded in its entirety pursuant to the terms hereof.

Maximum allowable time of any system is three hours in case of minor problem and 24 hours for major problems.

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 category covers a wide range of actors whose trading volumes and practices could create a risk to financial stability.

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 means that certain Continuing Guaranty, dated as of July 19, 2013, issued by the Guarantor.
Existing Guaranty has the meaning provided in Section 17.1.1(e).
Existing Guaranty has the meaning set forth in the second recital.
Existing Guaranty is defined in the recitals.