Demand by Lender. In addition to the terms of the guaranty set forth in Sections 2.1 and 2.2, and in no manner imposing any limitation on such terms, it is expressly understood and agreed that, if the Liabilities are declared to be or otherwise become immediately due and payable, then Guarantor shall, upon demand in writing therefor by Lender to Guarantor, immediately pay the Guaranty Obligations to Lender. Payment by Guarantor shall be made to Lender to be credited and applied upon the Liabilities, in immediately available funds to an account designated by Lender or at any address that may be specified in writing from time to time by Lender. This section shall in no way affect Lender's right to resort to the Collateral without demand, as provided in Section 4.2. Any payment received by Lender with respect to the Liabilities shall reduce the Guaranty Obligations by the amount of such payment.
Appears in 4 contracts
Samples: Guaranty Agreement (BLC Financial Services Inc), Guaranty Agreement (BLC Financial Services Inc), Guaranty Agreement (BLC Financial Services Inc)
