Common use of Guarantee of Payment and Performance Clause in Contracts

Guarantee of Payment and Performance. Guarantor's liability under this Guarantee is a guarantee of payment and performance of the License Agreement and not of collectibility. Guarantor's liability hereunder will continue until all Obligations under the License Agreement have been satisfied in full and will not be limited or affected in any way by transfer of the Hotel or any disability of Licensee. Guarantor further agrees that should Licensee cease to exist or become unable to perform its obligations under the License Agreement, Guarantor will be deemed Licensee under the License Agreement and will perform all obligations of Licensee existing or accruing thereunder.