Common use of Continuing Guaranty; Reinstatement of Guaranty Clause in Contracts

Continuing Guaranty; Reinstatement of Guaranty. (a) The guaranty obligations of each Borrower hereunder shall be continuing and shall remain in effect until all of the Obligations shall have been finally and indefeasibly paid and performed in full (other than contingent indemnification obligations), the Commitment has been terminated, all Letters of Credit issued or deemed issued pursuant to this Agreement have expired or been terminated. Each Borrower hereby irrevocably waives any right to revoke its guaranty obligations hereunder as to future transactions giving rise to any Obligations. (b) In the event that all or any portion of the Obligations are paid by any Borrower or by any other guarantor, the obligations of each Borrower hereunder shall continue and remain in full force and effect or be reinstated, as the case may be, in the event that all or any part of such payment(s) are rescinded or recovered directly or indirectly from the Lender as a preference, fraudulent transfer or otherwise, and any such payments which are so rescinded or recovered shall constitute Obligations for all purposes under this Article VIII.