Common use of Continuing Nature of Guaranty Clause in Contracts

Continuing Nature of Guaranty. This Guaranty Agreement is a continuing obligation of the Guarantor and shall remain in full force and effect notwithstanding that no Obligations may be outstanding from time to time and notwithstanding any other event or circumstance. Upon termination of all Commitments and the expiration of all Letters of Credit and indefeasible payment in full of all Obligations, this Guaranty Agreement shall terminate; provided, however, that this Guaranty Agreement shall continue to be effective or be reinstated, as the case may be, any time any payment of any of the Obligations is rescinded, recouped, avoided, or must otherwise be returned or released by any Lender or Administrative Agent upon or during the insolvency, bankruptcy, or reorganization of, or any similar proceeding affecting, Borrower or for any other reason whatsoever, all as though such payment had not been made and was due and owing.