Common use of Guaranty of Payment and Not of Collection Clause in Contracts

Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment, and not of collection, and a debt of each Guarantor for its own account. Accordingly, the Guaranteed Parties shall not be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue any right or remedy any Guaranteed Party may have against the Company, any Guarantor or any other guarantor of the Guaranteed Obligations or commence any suit or other proceeding against the Company, any Guarantor or any other guarantor of the Guaranteed Obligations in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the Company, any Guarantor or any other guarantor of the Guaranteed Obligations; or (c) to make demand of the Company or any other guarantor of the Guaranteed Obligations or to enforce or seek to enforce or realize upon any collateral security held by the Agent or any Lender which may secure any of the Guaranteed Obligations. In this connection, each Guarantor hereby

Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment, and not of collection, and a debt of each Guarantor for its own account. Accordingly, the Guaranteed Guarantied Parties shall not be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue any right or remedy any Guaranteed Party the Guarantied Parties may have against the CompanyBorrower, the Gallery Borrower any Guarantor other Loan Party or any other guarantor of the Guaranteed Obligations Person or commence any suit or other proceeding against the CompanyBorrower, the Gallery Borrower any Guarantor other Loan Party or any other guarantor of the Guaranteed Obligations Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the CompanyBorrower, the Gallery Borrower any Guarantor other Loan Party or any other guarantor of the Guaranteed ObligationsPerson; or (c) to make demand of the Company Borrower, the Gallery Borrower any other Loan Party or any other guarantor of the Guaranteed Obligations Person or to enforce or seek to enforce or realize upon any collateral security held by the Agent or any Lender Guarantied Parties which may secure any of the Guaranteed Guarantied Obligations. In this connection, each Guarantor hereby.

Guaranty of Payment and Not of Collection. This Guaranty is a ----------------------------------------- guaranty of paymentpayment and performance, and not of collection, and a debt of each the Guarantor for its own account. Accordingly, the Guaranteed Parties Seller shall not be obligated or required before enforcing this Guaranty against any the Guarantor: (a) to pursue any right or remedy any Guaranteed Party the Seller may have against the Company, any Guarantor Purchaser or any other guarantor of the Guaranteed Obligations or commence any suit or other proceeding against the Company, any Guarantor Purchaser or any other guarantor of the Guaranteed Obligations in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the Company, any Guarantor Purchaser or any other guarantor of the Guaranteed Obligations; or (c) to make demand of the Company Purchaser or any other guarantor of the Guaranteed Obligations or to enforce or seek to enforce or realize upon any collateral security held by the Agent or any Lender Seller which may secure any of the Guaranteed Obligations. In this connection, each the Guarantor herebyhereby waives the right of the Guarantor to

Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment, and not of collection, and a debt of each Guarantor for its own account. Accordingly, the Guaranteed Guarantied Parties shall not be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue any right or remedy any Guaranteed Party the Guarantied Parties may have against the CompanyBorrower, Other Guarantor, any Guarantor other Loan Party or any other guarantor of the Guaranteed Obligations Person or commence any suit or other proceeding against the CompanyBorrower, Other Guarantor, any Guarantor other Loan Party or any other guarantor of the Guaranteed Obligations Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the CompanyBorrower, Other Guarantor, any Guarantor other Loan Party or any other guarantor of the Guaranteed ObligationsPerson; or (c) to make demand of the Company Borrower, Other Guarantor, any other Loan Party or any other guarantor of the Guaranteed Obligations Person or to enforce or seek to enforce or realize upon any collateral security held by the Agent or any Lender Guarantied Parties which may secure any of the Guaranteed Guarantied Obligations. In this connection, each Guarantor hereby.