Significant Change. It shall be a default under this Guaranty if at any time during the period this Guaranty is in effect Guarantor causes or allows to occur a Significant Change and the Significant Change is not reversed or voided and Guarantor fails to provide Substitute Security within thirty (30) days following Guarantor’s receipt of notice thereof from the Agency. “Significant Change” means (i) Guarantor files a petition for bankruptcy, or makes a general assignment for the benefit of its creditors, (ii) a receiver is appointed on account of Guarantor’s insolvency, (iii) a writ of execution or attachment or any similar process is issued or levied against any bank accounts of Guarantor, or against any property or assets of Guarantor being used or required for use in the development of the Infrastructure or against any substantial portion of any other property or assets of Guarantor, (iv) a final non-appealable judgment is entered against Developer in an amount in excess of Five Million Dollars ($5,000,000.00) and Guarantor does not satisfy or bond the judgment, or (v) without the consent of Guarantor, an application for relief is filed against Developer under any federal or state bankruptcy law, unless the application is dismissed within ninety (90) days.
Appears in 3 contracts
Sources: Guaranty Agreement, Guaranty Agreement, Guaranty Agreement