Common use of Death or Incompetency of Guarantor Clause in Contracts

Death or Incompetency of Guarantor. A Guarantor dies or becomes incompetent; provided, however, that in the event of a death or incompetency, an Event of Default shall not occur if either (i) such Guarantor’s estate or conservator, as applicable, assumes unconditionally the obligations arising under the Guaranty in a manner satisfactory to Lender, and Lender determines in its reasonable discretion that such deceased Guarantor’s estate or Guarantor, through Guarantor’s conservator, as applicable, maintains a tangible net worth and liquidity that is not less than the tangible net worth and liquidity of the applicable Guarantor at such Guarantor’s death or incompetency, or (ii) a substitute Guarantor acceptable to Lender, in Lender’s sole and absolute discretion, is provided within 30 days of such death or incompetence.

Death or Incompetency of Guarantor. A Guarantor dies or becomes incompetent; provided, however, that in the event of a death or incompetency, an Event of Default shall not occur if either (i) such Guarantor’s 's estate or conservator, as applicable, assumes unconditionally the obligations arising under the Guaranty in a manner satisfactory to Lender, and Lender determines in its reasonable discretion that such deceased Guarantor’s 's estate or Guarantor, through Guarantor’s 's conservator, as applicable, maintains a tangible net worth and liquidity that is not less than the tangible net worth and liquidity of the applicable Guarantor at such Guarantor’s 's death or incompetency, or (ii) a substitute Guarantor acceptable to Lender, in Lender’s 's sole and absolute discretion, is provided within 30 days of such death or incompetence.