Common use of Effectiveness; Enforcement Clause in Contracts

Effectiveness; Enforcement. The guarantee of the Guarantors hereunder shall be effective and shall be deemed to be made with respect to each Advance made to and each Letter of Credit issued for the account of the Borrowers as of the time it is made, issued or accepted, as applicable. No invalidity, irregularity or unenforceability by reason of the applicable Debtor Relief Law, or any law or order of any government or agency thereof purporting to reduce, amend or otherwise affect any liability of any Guarantor, and no defect in or insufficiency or want of powers of any Guarantor or irregular or improperly recorded exercise thereof, shall impair, affect, be a defense to or claim against any other Guarantor. Each guarantee hereunder is a continuing guarantee and shall (a) survive any termination of this Agreement, and (b) remain in full force and effect until payment in full of, and performance of, the Guaranteed Obligations to which such guarantee relates and all other amounts payable thereunder, all the Commitments shall have expired and been terminated, all of the Letters of Credit shall have expired or been terminated or which have been cash collateralized as provided in this Agreement and all lending and other credit commitments of the Lenders in respect thereof have terminated. The guarantee of West Marine Canada under this Agreement is made for the benefit of the Agent and the Lenders and their successors and assigns, and may be enforced from time to time as often as occasion therefor may arise and without requirement on the part of the Agent or the Lenders first to exercise any rights against the Borrowers, or to resort to any other source or means of obtaining payment of any of the Guaranteed Obligations or to elect any other remedy.

Appears in 1 contract

Samples: Loan and Security Agreement (West Marine Inc)

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Effectiveness; Enforcement. The guarantee of the Guarantors hereunder shall be effective and shall be deemed to be made with respect to each Advance made to and each Letter of Credit issued for the account of the Borrowers as of the time it is made, issued or accepted, as applicable. No invalidity, irregularity or unenforceability by reason of the applicable Debtor Relief Law, or any law or order of any government or agency thereof purporting to reduce, amend or otherwise affect any liability of any Guarantor, and no defect in or insufficiency or want of powers of any Guarantor or irregular or improperly recorded exercise thereof, shall impair, affect, be a defense to or claim against any other Guarantor. Each guarantee hereunder is a continuing guarantee and shall (a) survive any termination of this Agreement, and (b) remain in full force and effect until payment in full of, and performance of, the Guaranteed Obligations to which such guarantee relates and all other amounts payable thereunder, all the Commitments shall have expired and been terminated, all of the Letters of Credit shall have expired or been terminated or which have been cash collateralized as provided in this Agreement and all lending and other credit commitments of the Lenders in respect thereof have terminated. The guarantee of West Marine Canada Canadathe Guarantors under this Agreement is made for the benefit of the Agent and the Lenders and their successors and assigns, and may be enforced from time to time as often as occasion therefor may arise and without requirement on the part of the Agent or the Lenders first to exercise any rights against the Borrowers, or to resort to any other source or means of obtaining payment of any of the Guaranteed Obligations or to elect any other remedy.

Appears in 1 contract

Samples: Loan and Security Agreement (West Marine Inc)

Effectiveness; Enforcement. The guarantee of the Guarantors hereunder This guaranty shall be effective and -------------------------- shall be deemed to be made with respect to each Advance Loan made to and each Letter of Credit issued for the account of the Borrowers as of the time it is made, issued or accepted, as applicable. No invalidity, irregularity or unenforceability by reason of the applicable Debtor Relief Lawany bankruptcy or similar law, or any law or order of any government or agency thereof purporting to reduce, amend or otherwise affect any liability of any GuarantorBorrower, and no defect in or insufficiency or want of powers of any Guarantor Borrower or irregular or improperly recorded exercise thereof, shall impair, affect, be a defense to or claim against any other Guarantorthis guaranty. Each guarantee hereunder This guaranty is a continuing guarantee guaranty and shall (a) survive any termination of this Credit Agreement, and (b) remain in full force and effect until payment in full ofall Commitments have expired, all Outstanding Letters of Credit have expired, matured or otherwise been terminated, and performance of, the all Guaranteed Obligations to which such guarantee relates and all other amounts payable thereunder, all the Commitments shall have expired and been terminated, all of the Letters of Credit shall have expired or been terminated or which hereunder have been cash collateralized as provided performed and paid in this Agreement and all lending and other credit commitments of the Lenders in respect thereof have terminatedfull or otherwise satisfied. The guarantee of West Marine Canada under this Agreement This guaranty is made for the benefit of the Agent Agents, the Issuing Bank and the Lenders Banks and their successors and assigns, and may be enforced from time to time as often as occasion therefor may arise and without requirement on the part of the Agent Agents, the Issuing Bank or the Lenders Banks first to exercise any rights against the Borrowers, or to resort to any other source or means of obtaining payment of any of the Guaranteed Obligations said obligations or to elect any other remedy.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Genesee & Wyoming Inc)

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Effectiveness; Enforcement. The guarantee of the Guarantors hereunder shall be effective and shall be deemed to be made with respect to each Advance made to and each Letter of Credit issued for the account of the Borrowers as of the time it is made, issued or accepted, as applicable. No invalidity, irregularity or unenforceability by reason of the applicable Debtor Relief Law, or any law or order of any government or agency thereof purporting to reduce, amend or otherwise affect any liability of any Guarantor, and no defect in or insufficiency or want of powers of any Guarantor or irregular or improperly recorded exercise thereof, shall impair, affect, be a defense to or claim against any other Guarantor. Each guarantee hereunder is a continuing guarantee and shall (a) survive any termination of this Agreement, and (b) remain in full force and effect until payment in full of, and performance of, the Guaranteed Obligations to which such guarantee relates and all other amounts payable thereunder, all the Commitments shall have expired and been terminated, all of the Letters of Credit shall have expired or been terminated or which have been cash collateralized as provided in this Agreement and all lending and other credit commitments of the Lenders in respect thereof have terminated. The guarantee of West Marine Canada under this Agreement is made for the benefit of the Agent and the Lenders and their successors and assigns, and may be enforced from time to time as often as occasion therefor may arise and without requirement on the part of the Agent or the Lenders first to exercise any rights against the Borrowers, or to resort to any other source or means of obtaining payment of any of the Guaranteed Obligations or to elect any other remedy.

Appears in 1 contract

Samples: Loan and Security Agreement (West Marine Inc)

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