Guaranty Default definition

Guaranty Default means one or more of the following events (subject to applicable cure periods):

Guaranty Default means any one or more of the events constituting defaults under Section 10 of the Guaranty.

Guaranty Default means any of: (a) an Event of Default; (b) Guarantor's failure to pay any amounts as and when required under this Guaranty; (c) Guarantor's failure to observe and perform any covenant, condition or agreement on its part to be observed or performed under this Guaranty (other than as referred to in clause (b) above) for a period of three (3) business days or more after Lessor has given written notice of such failure to Guarantor; or (d) the occurrence and continuation of a default by any person other than Lessor under any of the other Transaction Documents, if the default is not cured within any applicable grace or cure period set forth therein.

Examples of Guaranty Default in a sentence

• Upon the occurrence of a Guaranty Default, Guarantor immediately shall perform or cause to be performed the Obligations.

• Any payments required to be made by Guarantor hereunder immediately shall become due on demand in accordance with the terms hereof upon the occurrence of a Guaranty Default.

• Upon the occurrence and continuation of a Guaranty Default, Lessor shall have the right to bring such actions at law or in equity, including appropriate injunctive relief, as it deems appropriate to compel compliance, payment or deposit, and among other remedies to recover its reasonable attorneys' fees in any proceeding, including any appeal therefrom and any post-judgement proceedings.

• If the Company does not cure the grounds upon which Executive believes “Good Reason” exists within thirty (30) days after being provided with notice by Executive, then Executive’s employment shall be deemed terminated; provided, however that in the event of a Guaranty Default, Executive’s employment shall be deemed terminated immediately upon Executive’s delivery of a Good Reason Notice to the Company.

• The liability of Guarantor under this Guaranty is primary, direct and immediate, and, upon the occurrence of a Guaranty Default, Lessor may proceed against Guarantor: (a) prior to or in lieu of proceeding against any Subsidiary, its assets, any security deposit or any other guarantor; and (b) prior to or in lieu of pursuing any other rights or remedies available to Lessor.

More Definitions of Guaranty Default

Guaranty Default means any event that is, or with the passage of time or the giving of notice or both would be, a Guaranty Event of Default.

Guaranty Default means any event specified in Section 11 that would constitute an Event of Default but for the requirement that notice be given or time elapse or both.

Guaranty Default means the failure of the Guarantors to make any payment or perform any obligation required by the Guaranty when such payment is due or when such performance is required.

Guaranty Default means any one or more of the following events or conditions occurs or exists:

Guaranty Default means with respect to a Guaranty or the Guarantor thereunder, the occurrence of any of the following events: (i) any representation or warranty made or deemed to be made or repeated by such Guarantor in connection with such Guaranty shall be false or misleading in any material respect when made or when deemed made or repeated; (ii) such Guarantor fails to pay, when due, any amount required pursuant to such Guaranty; (iii) the failure of such Guarantor to comply with or timely perform any other material covenant or obligation set forth in such Guaranty if such failure is not capable of remedy or shall not be remedied in accordance with the terms and conditions of such Guaranty; (iv) a Merger Event occurs with respect to such Guarantor; (v) such Guaranty shall expire or terminate, or shall fail or cease to be in full force and effect and enforceable in accordance with its terms against such Guarantor, prior to the satisfaction of all obligations of the guaranteed Party under this Agreement, in any such case without replacement; (vi) such Guarantor shall repudiate, disaffirm, disclaim, or reject, in whole or in part, or challenge the validity of, its Guaranty, or (vii) such Guarantor becomes Bankrupt; provided, however, that no Guaranty Default shall occur or be continuing in any event with respect to a Guaranty after the time such Guaranty is required to be canceled or returned to Seller in accordance with the terms of this Agreement.

Guaranty Default means the occurrence of (a) the failure of Guarantor Subsidiary 1 to timely make any installment payments of the Purchase Price required to be made by Guarantor Subsidiary 1 under the Purchase Agreement; (b) any bank or financial institution accelerating any outstanding loan, debt or financial obligation in excess of an aggregate amount of $50,000,000 of SP Corp.; (c) SP Corp. filing for bankruptcy or commencing an insolvency proceeding, or a bankruptcy action or insolvency proceeding being filed or commenced against SP Corp. and not stayed or dismissed within ninety (90) days; or (d) pursuant to the Supply Agreement, the failure of Guarantor Subsidiary 2 to perform any of its obligations under the Supply Agreement. Guarantor shall provide Beneficiaries written notice, via personal delivery and electronic mail both, within two (2) business days of the occurrence of any Guaranty Default (and, for the avoidance of doubt, in the case of a bankruptcy action or insolvency proceeding against SP Corp., within two (2) business days of the initiation of any such proceeding). Notwithstanding anything to the contrary in the foregoing, a written waiver of any acceleration referred to in clause (b) of this paragraph by the person or entity to whom such loan, debt or financial obligation is owed shall be deemed a waiver of any acceleration hereunder resulting pursuant to clause (b) of this paragraph. SP. Corp. shall promptly provide a copy of such waiver.

Guaranty Default or "Guaranty Event of Default" under the CIBC Guaranty - regardless of whether such "Guaranty Default" or "Guaranty Event of Default" is thereafter waived.