Common use of Contract Guaranty Clause in Contracts

Contract Guaranty. Section 16 of the Contract is amended by deleting the last sentence thereof and replacing same with the following: “ANY GUARANTY REQUIRED UNDER THIS CONTRACT SHALL BE VALID FOR THE ENTIRE CONTRACT TERM AS WELL AS ANY RENEWALS THEREOF ENTERED INTO PRIOR TO THE LAST DATE OF GUARANTOR RENEWAL (AS SUCH TERM IS SET FORTH IN THE GUARANTY). GUARANTOR IS ONLY LIABLE UNDER A RENEWAL OF THE CONTRACT IF SUCH RENEWAL INVOLVES THE SAME PARTIES AS THE ORIGINAL CONTRACT AND THE RENEWAL DOES NOT INCREASE GUARANTOR’S POTENTIAL FINANCIAL OBLIGATION FOR THE CONTRACT AMOUNTS THAT EXISTED UNDER THE ORIGINAL CONTRACT.”