Guaranty of Collection and Not of Payment. Notwithstanding any other provision of this Agreement, this Agreement is a guaranty of collection and not of payment, and the Parent Guarantor shall not be obligated to make any payment: (a) With respect to the Guaranteed Term Loan Obligations until each of the following is true: (i) the Borrower shall have failed to make a payment when the same shall be due and owing to the Term Loan Agent (on behalf of the Term Loan Lenders) in respect of the Guaranteed Term Loan Obligations; (ii) the obligations under the Term Loan Agreement shall have been accelerated; (iii) the Term Loan Agent (on behalf of the Term Loan Lenders) shall have exhausted all Lender Remedies available to it; and (iv) the Term Loan Agent (on behalf of the Term Loan Lenders) shall have failed to collect the full amount of the Guaranteed Term Loan Obligations; (b) With respect to the Guaranteed Revolving Credit Obligations until each of the following is true: (i) the Guaranteed Term Loan Obligations have been paid in full (other than contingent indemnities and other contingent indemnification obligations) whether pursuant to this Agreement or otherwise; (ii) the Borrower shall have failed to make a payment when the same shall be due and owing to the Revolving Agent (on behalf of the Revolving Lenders) in respect of the Guaranteed Revolving Credit Obligations; (iii) the obligations under the Revolving Credit Agreement shall have been accelerated and the Commitments shall have been terminated; (iv) the Revolving Agent (on behalf of the Revolving Lenders) shall have exhausted all Lender Remedies available to it; and (v) the Revolving Agent (on behalf of the Revolving Lenders) shall have failed to collect the full amount of the Guaranteed Revolving Credit Obligations.
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Samples: Guaranty of Collection, Guaranty of Collection (PBF Energy Inc.)
Guaranty of Collection and Not of Payment. Notwithstanding any other provision of this Agreement, this Agreement is a guaranty of collection and not of payment, and the Parent Guarantor shall not be obligated to make any payment:
(a) With respect to the Guaranteed Term Loan Obligations until each of the following is true:
(i) the Borrower shall have failed to make a payment when the same shall be due and owing to the Term Loan Agent (on behalf of the Term Loan Lenders) Lender in respect of the Guaranteed Term Loan Obligations;
(ii) the obligations under the Term Loan Agreement shall have been accelerated;
(iii) the Term Loan Agent (on behalf of the Term Loan Lenders) Lender shall have exhausted all Lender Remedies available to it; and
(iv) the Term Loan Agent (on behalf of the Term Loan Lenders) Lender shall have failed to collect the full amount of the Guaranteed Term Loan Obligations;; and
(b) With respect to the Guaranteed Revolving Credit Obligations until each of the following is true:
(i) the Guaranteed Term Loan Obligations have been paid in full (other than contingent indemnities and other contingent indemnification obligations) whether pursuant to this Agreement or otherwise;
(ii) the Borrower shall have failed to make a payment when the same shall be due and owing to the Revolving Agent (on behalf of the Revolving Lenders) in respect of the Guaranteed Revolving Credit Obligations;
(iiiii) the obligations under the Revolving Credit Agreement shall have been accelerated and the Commitments shall have been terminatedaccelerated;
(iviii) the Revolving Agent (on behalf of the Revolving Lenders) shall have exhausted all Lender Remedies available to it; and
(viv) the Revolving Agent (on behalf of the Revolving Lenders) shall have failed to collect the full amount of the Guaranteed Revolving Credit Obligations.
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Guaranty of Collection and Not of Payment. Notwithstanding any other provision of this Agreement, this Agreement is a guaranty of collection and not of payment, and the Parent Guarantor shall not be obligated to make any payment:
(a) With respect to the Guaranteed Term Loan Obligations until each of the following is true:
(i) the Borrower shall have failed to make a payment when the same shall be due and owing to the Term Loan Agent (on behalf of the Term Loan Lenders) in respect of the Guaranteed Term Loan Obligations;
(ii) the obligations under the Term Loan Agreement shall have been accelerated;
(iii) the Term Loan Agent (on behalf of the Term Loan Lenders) shall have exhausted all Lender Remedies available to it; and
(iv) the Term Loan Agent (on behalf of the Term Loan Lenders) shall have failed to collect the full amount of the Guaranteed Term Loan Obligations;
(b) With respect to the Guaranteed Revolving Credit Obligations until each of the following is true:
(i) the Guaranteed Term Loan Obligations have been paid in full (other than contingent indemnities and other contingent indemnification obligations) whether pursuant to this Agreement or otherwise;
(ii) the Borrower shall have failed to make a payment when the same shall be due and owing to the Revolving Agent (on behalf of the Revolving Lenders) in respect of the Guaranteed Revolving Credit Obligations;
(iii) the obligations under the Revolving Credit Agreement shall have been accelerated and the Commitments shall have been terminated;
(iv) the Revolving Agent (on behalf of the Revolving Lenders) shall have exhausted all Lender Remedies available to it; and
(v) the Revolving Agent (on behalf of the Revolving Lenders) shall have failed to collect the full amount of the Guaranteed Revolving Credit Obligations. For purposes of this Section 3 and Section 5, “Guaranteed Revolving Credit Obligations” shall be deemed to include all “Other Guaranteed Revolving Credit Obligations” and all such “Guaranteed Revolving Credit Obligations” and “Other Guaranteed Revolving Credit Obligations” shall be treated on a pari passu basis.
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