Nevada Revised Statutes 682A.095 – ‘Guaranteed or insured’ defined
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‘Guaranteed or insured,’ when used in connection with an obligation acquired in accordance with the provisions of this chapter, means that the guarantor or insurer has agreed to:
Terms Used In Nevada Revised Statutes 682A.095
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
1. Perform or insure the obligation of the obligor or purchase the obligation; or
2. Be unconditionally obligated until the obligation is repaid to maintain in the obligor a minimum net worth, fixed charge coverage, stockholder’s equity or sufficient liquidity to enable the obligor to pay the obligation in full.