Common use of Collateral Instruments Clause in Contracts

Collateral Instruments. None of the Banks, the Arranger, the Security Trustee and the Agent shall be obliged to make any claim or demand on any Borrower or to resort to any Collateral Instrument or other means of payment now or hereafter held by or available to them or it before enforcing this Guarantee and no action taken or omitted by any of the Banks, the Arranger, the Security Trustee or the Agent in connection with any such Collateral Instrument or other means of payment shall discharge, reduce, prejudice or affect the liability of any Guarantor under this Guarantee nor shall any of the Banks, the Arranger, the Security Trustee or the Agent be obliged to apply any money or other property received or recovered in consequence of any enforcement or realisation of any such Collateral Instrument or other means of payment in reduction of the Guaranteed Liabilities.

Collateral Instruments. None of the Banks, the ArrangerArrangers, the Security Trustee and the Agent shall be obliged to make any claim or demand on any the Borrower or to resort to any Collateral Instrument or other means of payment now or hereafter held by or available to them or it before enforcing this Guarantee and no action taken or omitted by any of the Banks, either of the ArrangerArrangers, the Security Trustee or the Agent in connection with any such Collateral Instrument or other means of payment shall discharge, reduce, prejudice or affect the liability of any Guarantor under this Guarantee nor shall any of the Banks, either of the ArrangerArrangers, the Security Trustee or the Agent be obliged to apply any money or other property received or recovered in consequence of any enforcement or realisation of any such Collateral Instrument or other means of payment in reduction of the Guaranteed Liabilities.