Common use of Replacement Guarantor Clause in Contracts

Replacement Guarantor. 4.33.1 In this clause references to a “guarantor replacement event” are references in the case of a corporate or partnership guarantor to any of the events specified in clause 7.1.3 and in the case of an individual guarantor to death or any of the events specified in clauses 7.1.3 to 7.1.6. 4.33.2 Where in the case of a subsisting guarantee, a guarantor replacement event occurs to the Guarantor or to any party who has entered into an authorised guarantee agreement or other guarantee pursuant to this Lease, to so notify the Landlord within 14 days after the date of the guarantor replacement event and if so required by the Landlord to use reasonable endeavours to procure that another party reasonably acceptable to the Landlord as soon as reasonably practicable after the date the Landlord notifies the Tenant of its requirement, executes a guarantee in the Landlord’s favour in the same form as that provided by the guarantor being replaced.