Guarantor Solvency Condition definition
Guarantor Solvency Condition means, when used with respect to any Guarantee, that (a) the Guarantor is able to pay its debts to the Guarantor Senior Creditors, the Holders of the Securities and the holders of any Guarantor Parity Securities as they fall due and (b) the Guarantor’s total Assets exceed its total Liabilities other than Liabilities to Persons that are not Guarantor Senior Creditors, the Holders of the Securities or the holders of any Guarantor Parity Securities. The determination of whether the Guarantor Solvency Condition has been satisfied shall be made in accordance with Section 14.02(a)(2) or as otherwise provided in the Board Resolution or supplemental indenture establishing the terms of such series of Securities.
Examples of Guarantor Solvency Condition in a sentence
Any such report shall, in the absence of manifest error, be treated and accepted by the Issuer, the Guarantor, the Subordinated Trustee, and the Holders of any of the Securities as correct and sufficient evidence of such satisfaction of the Guarantor Solvency Condition.