Common use of Guaranteed Amounts Clause in Contracts

Guaranteed Amounts. Guarantor hereby absolutely, unconditionally, and irrevocably guarantees, as primary obligor and not merely as a surety, the prompt and complete payment when and as due hereunder of all of the Guaranteed Obligations (as defined below). This Guaranty covers the Guaranteed Obligations presently existing and hereafter arising. Without limiting the generality of the foregoing, Guarantor's liability shall extend to all amounts that constitute part of the Guaranteed Obligations and would be owed by Market Participant under or in respect of the Guaranteed Agreements but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization, insolvency or similar proceeding involving Market Participant. The guaranty of Guarantor as set forth in this Section 1 is a continuing guaranty of payment and not a guaranty of collection. Guarantor further agrees that all or part of the Guaranteed Obligations may be increased, extended, substituted, amended, renewed, or otherwise modified from time to time without notice to or consent from Guarantor and such actions shall not affect the liability of Guarantor hereunder. For greater certainty, Guarantor’s obligations and liability under this Guaranty shall be limited to payment and/or monetary obligations only and Guarantor shall have no obligation to otherwise perform under the Guaranteed Agreements, including, without limitation, to sell, deliver, supply or transport electricity or any other commodity.