Qualifying Guarantor definition

Qualifying Guarantor means a Person that satisfies one or more of the following: (a) such Person is rated at least “BBB-” by S&P Global Ratings, acting through Standard and Poor’s Financial Services LLC, or “Baa3” by ▇▇▇▇▇’▇ Investors Services, Inc.; or (b) such Person has a Net Worth equal to or greater than the Minimum Net Worth; or (c) such Person has a creditworthiness that is acceptable to Landlord in its sole discretion. Any Qualifying Guarantor under clause (b) shall provide to Landlord, (i) prior to becoming Guarantor, such Person’s audited financial statement prepared in accordance with GAAP and certified by an independent certified public accountant, for such Person’s most recently completed fiscal year (or, if the date of determination is on or before the date that falls within ninety (90) days after the end of such most recently completed fiscal year and the audit of such fiscal year has not yet been released, then, the audited financial statement of such Person at the end of the fiscal year immediately preceding such most recently completed fiscal year) and, (ii) if such Qualifying Guarantor is not a BP Affiliate, for each subsequent fiscal year, such Person’s audited financial statement for such Person’s most recent fiscal year, prepared in accordance with GAAP and certified by an independent certified public accountant, within thirty (30) days of the release of such annual statement for such fiscal year but not more than eighteen (18) months after delivery of the prior statement, demonstrating that such Person had the Minimum Net Worth at the end of that fiscal year.
View Source
Qualifying Guarantor means a Person that satisfies one or more of the following:
View Source
Qualifying Guarantor means a bank or other financial institution that satisfies one of the following conditions:
View Source

Examples of Qualifying Guarantor in a sentence

  • Notwithstanding the foregoing and where permitted by Law, Tenant shall have the right not to maintain insurance as stated above by providing Landlord at the outset (or, if self-insurance constitutes a change, at least thirty (30) days’ prior written of such change) of Tenant’s election to self-insure the same, so long as Tenant is an Affiliated Person of BP Parent or Guarantor is a Qualifying Guarantor.

  • Any Guarantor which is not a BP Affiliate shall at all times maintain its status as a Qualifying Guarantor.

  • If an event of the nature described in any of Article 10.01(A) (iii) to (vi) inclusive occurs to any Guarantor, the Borrower shall replace such Guarantor with a Qualifying Guarantor.

  • If an event of the nature described in Article 10.01A(c), (d) or (e) occurs in relation to any Guarantor, THE BORROWERS shall replace such Guarantor with a Qualifying Guarantor.

  • The Guarantor shall at all times be a Qualifying Guarantor (as defined below).

  • If an event of the nature described in any of Article 10.01(1) (iii) to (vi) inclusive occurs to any Guarantor, the Borrower shall replace such Guarantor with a Qualifying Guarantor.

  • If an event of the nature described in Article 10.01(A)(c) to (i) inclusive occurs to any Guarantor or any rating specified in Article 7.04B falls below the specified threshold, the Borrower shall replace such Guarantor with a Qualifying Guarantor.


More Definitions of Qualifying Guarantor

Qualifying Guarantor means a person who is able to demonstrate to the reasonable satisfaction of the Landlord (acting reasonably) that it is able to meet all of the Obligations in its own capacity and ignoring any other security which has been provided by the Tenant and without limitation to the generality of the foregoing a person shall not be treated as a Qualifying Person unless the New Guarantor has demonstrated by reference to properly audited accounts that it has made Net Profits for each of the Years of Account at least equal to three times the Rental Liability Rental Liability means a sum equal to the rent from time to time payable under this Lease and the Second Floor lease or (if higher) the Landlord’s reasonable estimate of the anticipated rent payable under this Lease and/or the Second Floor Lease following any rent review outstanding at the date of the Application.
View Source
Qualifying Guarantor has the meaning given to it in Article 7.04(B).
View Source
Qualifying Guarantor means a Person that either (i) has a senior debt or issuer credit rating by any rating agency that assigned a rating to the prior guarantor as of the date of the applicable transaction that is at least equal to or better than the senior debt or issuer credit rating assigned to such prior guarantor by such rating agency immediately prior to the announcement of such transaction or (ii) has aggregate consolidated net worth, together with its Subsidiaries, of at least $2,000,000,000.
View Source
Qualifying Guarantor means a holding company of the Generator;
View Source

Related to Qualifying Guarantor

  • Qualifying Guarantee means an arrangement evidenced by a written instrument pursuant to which a Reference Entity irrevocably agrees (by guarantee of payment or equivalent legal arrangement) to pay all amounts due under an obligation (the “Underlying Obligation”) for which another party is the obligor (the “Underlying Obligor”). Qualifying Guarantees shall exclude any arrangement (i) structured as a surety bond, financial guarantee insurance policy, letter of credit or equivalent legal arrangement or (ii) pursuant to the terms of which the payment obligations of the Reference Entity can be discharged, reduced or otherwise altered or assigned (other than by operation of law) as a result of the occurrence or non-occurrence of an event or circumstance (other than payment). The benefit of a Qualifying Guarantee must be capable of being delivered together with the delivery of the Underlying Obligation.

  • Non-Paying Guarantor has the meaning assigned to such term in Section 10.11.

  • Paying Guarantor has the meaning assigned to such term in Section 10.11.

  • Funding Guarantor as defined in Section 7.2.

  • Excess Funding Guarantor means, in respect of any Guaranteed Obligations, a Subsidiary Guarantor that has paid an amount in excess of its Pro Rata Share of such Guaranteed Obligations, (ii) “Excess Payment” means, in respect of any Guaranteed Obligations, the amount paid by an Excess Funding Guarantor in excess of its Pro Rata Share of such Guaranteed Obligations and (iii) “Pro Rata Share” means, for any Subsidiary Guarantor, the ratio (expressed as a percentage) of (x) the amount by which the aggregate fair saleable value of all properties of such Subsidiary Guarantor (excluding any shares of stock or other equity interest of any other Subsidiary Guarantor) exceeds the amount of all the debts and liabilities of such Subsidiary Guarantor (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of such Subsidiary Guarantor hereunder and any obligations of any other Subsidiary Guarantor that have been Guaranteed by such Subsidiary Guarantor) to (y) the amount by which the aggregate fair saleable value of all properties of the Borrower and all of the Subsidiary Guarantors exceeds the amount of all the debts and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of the Obligors hereunder) of the Borrower and all of the Subsidiary Guarantors, determined (A) with respect to any Subsidiary Guarantor that is a party hereto on the date hereof, as of the date hereof, and (B) with respect to any other Subsidiary Guarantor, as of the date such Subsidiary Guarantor becomes a Subsidiary Guarantor hereunder.