Common use of Substitute Guarantor Clause in Contracts

Substitute Guarantor. If any EKN Guarantee is affected by any of the circumstances referred to in clauses (a) through (i) of Section 4.2, the Borrower may (with the consent of the Administrative Agent, acting on the instructions of the Required Lenders, which consent may be withheld in the absolute discretion of the Required Lenders) procure from a guarantor of equivalent status to EKN (as at the date hereof) to deliver to the Administrative Agent a guaranty and indemnity in form and substance satisfactory to the Administrative Agent, which shall only be accepted by the Lenders on terms and conditions which are satisfactory to the Required Lenders, which guaranty and indemnity shall be accepted by the Administrative Agent as a substitute for the relevant Affected EKN Guarantee.