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

Guaranty of Payment and Not of Collection. This is an absolute guaranty of payment and not of collection, and an absolute guaranty of performance of all of the obligations of Lufkin Finance under the Loan Documents, and Guarantor WAIVES any right to require that any action be brought against Lufkin Finance or any other Person, or that the Administrative Agent, the Issuing Bank or any Lender be required to enforce, attempt to enforce or exhaust any rights, benefits or privileges of the Administrative Agent, the Issuing Bank or any Lender under any of the Loan Documents, by law or otherwise; provided that nothing herein shall be construed to prevent the Administrative Agent, the Issuing Bank or any Lender from exercising and enforcing at any time any right, benefit or privilege which the Administrative Agent, the Issuing Bank or such Lender may have under any Loan Document or by law from time to time, and at any time. Guarantor agrees that Guarantor's obligations hereunder are – and shall be – absolute, independent, and unconditional under any and all circumstances. Should the Administrative Agent, the Issuing Bank or any Lender seek to enforce Guarantor's obligations by action in any court, Guarantor WAIVES any requirement, substantive or procedural, that (a) the Administrative Agent, the Issuing Bank or any Lender pursue any foreclosure action, realize or attempt to realize on any security or preserve or enforce any deficiency claim against Lufkin Finance, Guarantor or any other Person after any such realization, (b) a judgment first be sought or rendered against Lufkin Finance, Guarantor or any other Person, (c) Lufkin Finance, Guarantor or any other Person be joined in such action, or (d) a separate action be brought against Lufkin Finance, Guarantor or any other Person. Guarantor's obligations under this Guaranty are several from those of Lufkin Finance or any other Person and are primary obligations concerning which Guarantor is the principal obligor. All waivers in this Guaranty or any of the other Loan Documents shall be without prejudice to the right of the Administrative Agent, the Issuing Bank or any Lender at its option to proceed against Lufkin Finance, Guarantor or any other Person, whether by separate action or by joinder. Guarantor agrees that its obligations under this Guaranty shall not be discharged except by payment of the Obligations in full, complete performance of all obligations of Lufkin Finance under the Loan Documents and termination of the Lenders’ obligations if any -- to make any further advances under the Loan Documents or extend other financial accommodations to Lufkin Finance.

Guaranty of Payment and Not of Collection. This is an absolute guaranty of payment and not of collection, and an absolute guaranty of performance of all of the obligations of Lufkin Finance each Borrower under the Loan Documents, and Guarantor WAIVES any right to require that any action be brought against Lufkin Finance either Borrower or any other Person, or that the Administrative Agent, the Issuing Bank or any Lender be required to enforce, attempt to enforce or exhaust any rights, benefits or privileges of the Administrative Agent, the Issuing Bank or any Lender under any of the Loan Documents, by law or otherwise; provided that nothing herein shall be construed to prevent the Administrative Agent, the Issuing Bank or any Lender from exercising and enforcing at any time any right, benefit or privilege which the Administrative Agent, the Issuing Bank or such Lender may have under any Loan Document or by law from time to time, and at any time. Guarantor agrees that Guarantor's ’s obligations hereunder are – and shall be – absolute, independent, and unconditional under any and all circumstances. Should the Administrative Agent, the Issuing Bank or any Lender seek to enforce Guarantor's ’s obligations by action in any court, Guarantor WAIVES any requirement, substantive or procedural, that (a) the Administrative Agent, the Issuing Bank or any Lender pursue any foreclosure action, realize or attempt to realize on any security or preserve or enforce any deficiency claim against Lufkin Financeeither or both Borrowers, Guarantor or any other Person after any such realization, (b) a judgment first be sought or rendered against Lufkin Financeeither or both Borrowers, Guarantor or any other Person, (c) Lufkin Financeeither or both Borrowers, Guarantor or any other Person be joined in such action, or (d) a separate action ac¬tion be brought against Lufkin Financeeither or both Borrowers, Guarantor or any other Person. Guarantor's ’s obligations under this Guaranty are several from those of Lufkin Finance either or both Borrowers or any other Person and are primary obligations concerning which Guarantor is the principal obligor. All waivers in this Guaranty or any of the other Loan Documents shall be without prejudice to the right of the Administrative Agent, the Issuing Bank or any Lender at its option to proceed against Lufkin Financeeither or both Borrowers, Guarantor or any other Person, whether by separate action or by joinder. Guarantor agrees that its obligations under this Guaranty shall not be discharged except by payment of the Obligations in full, complete performance of all obligations of Lufkin Finance the Borrowers and the other Obligors under the Loan Documents and termination of the Lenders’ obligations if any -- to make any further advances under the Loan Documents or extend other financial accommodations to Lufkin Financeeither or both Borrowers.

Guaranty of Payment and Not of Collection. This is an absolute guaranty of payment and not of collection, and an absolute guaranty of performance of all of the obligations of Lufkin Finance each Obligor under the Loan Credit Documents, and each Guarantor WAIVES any right to require that any action be brought against Lufkin Finance any Obligor, any other Guarantor or any other Person, or that the Administrative Agent, the Issuing any Bank or any Lender the Agent be required to enforce, attempt to enforce or exhaust any rights, benefits or privileges of the Administrative Agent, the Issuing any Bank or any Lender the Agent under any of the Loan Credit Documents, by law or otherwise; provided that nothing herein shall be construed to prevent the Administrative Agent, the Issuing any Bank or any Lender the Agent from exercising and enforcing at any time any right, benefit or privilege which the Administrative Agent, the Issuing any Bank or such Lender the Agent may have under any Loan Credit Document or by law from time to time, and at any time. , and each Guarantor agrees that each Guarantor's obligations hereunder are – are--and shall be – be--absolute, independent, unconditional, joint and unconditional several under any and all circumstances. Should the Administrative Agent, the Issuing any Bank or any Lender the Agent seek to enforce any Guarantor's obligations by action in any court, each Guarantor WAIVES any requirement, substantive or procedural, that (a) the Administrative Agent, the Issuing Bank or any Lender Agent pursue any foreclosure action, realize or attempt to realize on any security (including the Cash Collateral Account) or preserve or enforce any deficiency claim against Lufkin Financeany Obligor, any other Guarantor or any other Person after any such realization, (b) a judgment first be sought or rendered against Lufkin Financeany Obligor, any other Guarantor or any other Person, (c) Lufkin Financeany Obligor, any other Guarantor or any other Person be joined in such action, action or (d) a separate action be brought against Lufkin Financeany Obligor, any other Guarantor or any other Person. Each Guarantor's obligations under this Guaranty are several from those of Lufkin Finance any other Obligor or any other Person Person, and are primary obligations concerning which such Guarantor is the principal obligor. All waivers in this Guaranty Agreement or any of the other Loan Credit Documents shall be without prejudice to the right of the Administrative Agent, the Issuing any Bank or any Lender the Agent at its option to proceed against Lufkin Financeany Obligor, any other Guarantor or any other Person, whether by separate action or by joinder. Each Guarantor agrees that its obligations under this Guaranty shall not be discharged except by payment of the Obligations in full, expiration of all Letters of Credit, complete performance of all obligations of Lufkin Finance each Obligor under the Loan Credit Documents and termination of the Lenders’ obligations each Bank's obligation--if any -- any--to make any further advances under the Loan Documents or extend other financial accommodations to Lufkin Financeany Obligor under the Credit Documents.

Guaranty of Payment and Not of Collection. This is an absolute guaranty of payment and not of collection, and an absolute guaranty of performance of all of the obligations of Lufkin Finance the Borrower under the Loan Documents, and each Guarantor WAIVES any right to require that any action be brought against Lufkin Finance the Borrower or any other Person, or that the Administrative Agent, the Issuing Bank or any Lender be required to enforce, attempt to enforce or exhaust any rights, benefits or privileges of the Administrative Agent, the Issuing Bank Agent or any Lender under any of the Loan Documents, by law or otherwise; provided PROVIDED that nothing herein shall be construed to prevent the Administrative Agent, the Issuing Bank Agent or any Lender from exercising and enforcing at any time any right, benefit or privilege which the Administrative Agent, the Issuing Bank Agent or such Lender may have under any Loan Document or by law from time to time, and at any time. Each Guarantor agrees that such Guarantor's obligations hereunder are – and --and shall be – -- absolute, independent, unconditional, joint and unconditional several under any and all circumstances. Should the Administrative Agent, the Issuing Bank Agent or any Lender seek to enforce any Guarantor's obligations by action in any court, each Guarantor WAIVES any requirement, substantive or procedural, that (a) the Administrative Agent, the Issuing Bank Agent or any Lender pursue any foreclosure action, realize or attempt to realize on any security or preserve or enforce any deficiency claim against Lufkin Financethe Borrower, any Guarantor or any other Person after any such realization, (b) a judgment first be sought or rendered against Lufkin Financethe Borrower, any Guarantor or any other Person, (c) Lufkin Financethe Borrower, any Guarantor or any other Person be joined in such action, or (d) a separate action be brought against Lufkin Financethe Borrower, any Guarantor or any other Person. Each Guarantor's obligations under this Guaranty are several from those of Lufkin Finance the Borrower or any other Person and are primary obligations concerning which such Guarantor is the principal obligor. All waivers in this Guaranty or any of the other Loan Documents shall be without prejudice to the right of the Administrative Agent, the Issuing Bank Agent or any Lender at its option to proceed against Lufkin Financethe Borrower, any Guarantor or any other Person, whether by separate action or by joinder. Each Guarantor agrees that its obligations under this Guaranty shall not be discharged except by payment of the Obligations in full, complete performance of all obligations of Lufkin Finance the Borrower and the other Obligors under the Loan Documents and termination of the Lenders’ ' obligations -- if any -- to make any further advances under the Loan Documents or extend other financial accommodations to Lufkin Financethe Borrower.

Guaranty of Payment and Not of Collection. This is an absolute guaranty of payment and not of collection, and an absolute guaranty of performance of all of the obligations of Lufkin Finance under the Loan DocumentsDebt, and each Guarantor WAIVES any right to require that any action be brought against Lufkin Finance the Borrower or any other Person, or that the Administrative Agent, the Issuing Bank Agent or any Lender be required to enforce, attempt to enforce or exhaust any rights, benefits or privileges of the Administrative Agent, the Issuing Bank Agent or any Lender under any of the Loan Documents, by law or otherwise; provided that nothing herein shall be construed to prevent the Administrative Agent, the Issuing Bank Agent or any Lender from exercising and enforcing at any time any right, benefit or privilege which the Administrative Agent, the Issuing Bank Agent or such Lender may have under any Loan Document or by law from time to time, and at any time. Each Guarantor agrees that such Guarantor's ’s obligations hereunder are – —and shall be – — absolute, independent, unconditional, joint and unconditional several under any and all circumstances. Should the Administrative Agent, the Issuing Bank Agent or any Lender seek to enforce any Guarantor's ’s obligations by action in any court, each Guarantor WAIVES any requirement, substantive or procedural, that (a) the Administrative Agent, the Issuing Bank Agent or any Lender pursue any foreclosure action, realize or attempt to realize on any security or preserve or enforce any deficiency claim against Lufkin Financethe Borrower, any Guarantor or any other Person after any such realization, (b) a judgment first be sought or rendered against Lufkin Financethe Borrower, any Guarantor or any other Person, (c) Lufkin Financethe Borrower, any Guarantor or any other Person be joined in such action, or (d) a separate action be brought against Lufkin Financethe Borrower, any Guarantor or any other Person. Each Guarantor's ’s obligations under this Guaranty are several from those of Lufkin Finance the Borrower or any other Person and are primary obligations concerning which such Guarantor is the principal obligor. All waivers in this Guaranty or any of the other Loan Documents shall be without prejudice to the right of the Administrative Agent, the Issuing Bank Agent or any Lender at its option to proceed against Lufkin Financethe Borrower, any Guarantor or any other Person, whether by separate action or by joinder. Guarantor agrees that its obligations under this Guaranty shall not be discharged except by payment of the Obligations in full, complete performance of all obligations of Lufkin Finance under the Loan Documents and termination of the Lenders’ obligations if any -- to make any further advances under the Loan Documents or extend other financial accommodations to Lufkin Finance.

Guaranty of Payment and Not of Collection. This is an absolute absolute, present and continuing guaranty of payment and not of collection, and an absolute guaranty of performance of all of the obligations of Lufkin Finance under the Loan Documents, and Guarantor WAIVES any right to require that any action be brought against Lufkin Finance or any other Person, or that the Administrative Agent, the Issuing Bank or any Lender be required to enforce, attempt to enforce or exhaust any rights, benefits or privileges of the Administrative Agent, the Issuing Bank or any Lender under any of the Loan Documents, by law or otherwise; provided that nothing herein shall be construed to prevent the Administrative Agent, the Issuing Bank or any Lender from exercising and enforcing at any time any right, benefit or privilege which the Administrative Agent, the Issuing Bank or such Lender may have under any Loan Document or by law from time to time, and at any time. Guarantor agrees that Guarantor's obligations hereunder are – and shall this Guaranty may be – absolute, independent, and unconditional under enforced by Lender without the necessity at any and all circumstances. Should the Administrative Agent, the Issuing Bank time of resorting to or exhausting any Lender seek to enforce Guarantor's obligations by action in any court, Guarantor WAIVES any requirement, substantive or procedural, that (a) the Administrative Agent, the Issuing Bank or any Lender pursue any foreclosure action, realize or attempt to realize on any other security or preserve collateral given in connection herewith or enforce any deficiency claim against Lufkin Financewith the Note, Guarantor or any other Person after any such realizationLoan Agreement, (b) a judgment first be sought or rendered against Lufkin Finance, Guarantor or any other Person, (c) Lufkin Finance, Guarantor or any other Person be joined in such action, or (d) a separate action be brought against Lufkin Finance, Guarantor or any other Person. Guarantor's obligations under this Guaranty are several from those of Lufkin Finance or any other Person and are primary obligations concerning which Guarantor is the principal obligor. All waivers in this Guaranty Mortgage or any of the other Loan Documents through foreclosure or sale proceedings, as the case may be, under the Mortgage or otherwise, or resorting to any other guaranties, and Guarantor hereby waives any right to require Lender to join Borrower in any action brought hereunder or to commence any action against or obtain any judgment against Borrower or to pursue any other remedy or enforce any other right. Guarantor further agrees that nothing contained herein or otherwise shall be without prejudice prevent Lender from pursuing concurrently or successively all rights and remedies available to it at law and/or in equity or under the right of the Administrative AgentNote, the Issuing Bank or any Lender at its option to proceed against Lufkin FinanceLoan Agreement, Guarantor Mortgage or any other PersonLoan Documents, whether by separate action and the exercise of any of its rights or by joinderthe completion of any of its remedies shall not constitute a discharge of Guarantor’s obligations hereunder, it being the purpose and intent of Guarantor that the obligations of Guarantor hereunder shall be absolute, independent and unconditional under any and all circumstances whatsoever and Guarantor shall remain fully liable for the payment and performance of all of the Guaranteed Obligations until the Loan and all Guaranteed Obligations have been indefeasibly paid and performed in full. Guarantor agrees that its None of Guarantor’s obligations under this Guaranty or any remedy for the enforcement thereof shall be impaired, modified, changed or released in any manner whatsoever by any impairment, modification, change, release or limitation of the liability of Borrower under the Note, Loan Agreement, Mortgage or other Loan Documents or by reason of the bankruptcy of Borrower or by reason of any creditor or bankruptcy proceeding instituted by or against Borrower. In the event of the foreclosure of the Mortgage and of a deficiency, Guarantor hereby promises and agrees forthwith to pay the amount of such deficiency notwithstanding the fact that recovery of said deficiency against Borrower would not be allowed by applicable law; however, the foregoing shall not be discharged except by deemed to require that Lender institute foreclosure proceedings or otherwise resort to or exhaust any other collateral or security prior to or concurrently with enforcing this Guaranty. As used in this Guaranty, an “indefeasible” payment shall mean and refer to a payment that is no longer subject to potential disaffirmance, impairment, set aside, offset, recoupment, defeasance, recovery, disallowance, or recapture pursuant to the provisions of any federal or state law, regulation or order applicable to or governing creditors’ rights, including, without limitation, Title 11 of the Obligations in fullUnited States Code, complete performance of all obligations of Lufkin Finance under the Loan Documents and termination as amended, either by reason of the Lenders’ obligations if any -- passage of time following such payment or the final judgment of a court of competent jurisdiction establishing the unassailable right of the party receiving such payment to make any further advances under the Loan Documents retain such payment without reduction, offset, or extend other financial accommodations to Lufkin Financeimpairment.

Guaranty of Payment and Not of Collection. This is an absolute guaranty of payment and not of collection, and an absolute guaranty of performance of all of the obligations of Lufkin Finance under the Loan DocumentsDebt, and Guarantor WAIVES any right to require that any action be brought against Lufkin Finance the Borrower or any other Person, or that the Administrative Agent, the Issuing Bank Agent or any Lender be required to enforce, attempt to enforce or exhaust any rights, benefits or privileges of the Administrative Agent, the Issuing Bank Agent or any Lender under any of the Loan Documents, by law or otherwise; provided that nothing herein shall be construed to prevent the Administrative Agent, the Issuing Bank Agent or any Lender from exercising and enforcing at any time any right, benefit or privilege which the Administrative Agent, the Issuing Bank Agent or such Lender may have under any Loan Document or by law from time to time, and at any time. Guarantor agrees that Guarantor's ’s obligations hereunder are – — and shall be – — absolute, independent, unconditional, joint and unconditional several under any and all circumstances. Should the Administrative Agent, the Issuing Bank Agent or any Lender seek to enforce Guarantor's ’s obligations by action in any court, Guarantor WAIVES any requirement, substantive or procedural, that (a) the Administrative Agent, the Issuing Bank Agent or any Lender pursue any foreclosure action, realize or attempt to realize on any security or preserve or enforce any deficiency claim against Lufkin Financethe Borrower, Guarantor or any other Person after any such realization, (b) a judgment first be sought or rendered against Lufkin Financethe Borrower, Guarantor or any other Person, (c) Lufkin Financethe Borrower, Guarantor or any other Person be joined in such action, or (d) a separate action be brought against Lufkin Financethe Borrower, Guarantor or any other Person. Guarantor's ’s obligations under this Guaranty are several from those of Lufkin Finance the Borrower or any other Person and are primary obligations concerning which Guarantor is the principal obligor. All waivers in this Guaranty or any of the other Loan Documents shall be without prejudice to the right of the Administrative Agent, the Issuing Bank Agent or any Lender at its option to proceed against Lufkin Financethe Borrower, Guarantor or any other Person, whether by separate action or by joinder. Guarantor agrees that its obligations under this Guaranty shall not be discharged except by payment of the Obligations in full, complete performance of all obligations of Lufkin Finance under the Loan Documents and termination of the Lenders’ obligations if any -- to make any further advances under the Loan Documents or extend other financial accommodations to Lufkin Finance.

Guaranty of Payment and Not of Collection. This is an absolute guaranty of payment and not of collection, and an absolute guaranty of performance of all of the obligations of Lufkin Finance each Borrower under the Loan Credit Documents, and each Guarantor WAIVES any right to require that any action be brought against Lufkin Finance any Borrower, any other Guarantor or any other Person, or that the Administrative Agent, the Issuing any Bank or any Lender the Agent be required to enforce, attempt to enforce or exhaust any rights, benefits or privileges of the Administrative Agent, the Issuing any Bank or any Lender the Agent under any of the Loan Credit Documents, by law or otherwise; provided that nothing herein shall be construed to prevent the Administrative Agent, the Issuing any Bank or any Lender the Agent from exercising and enforcing at any time any right, benefit or privilege which the Administrative Agent, the Issuing any Bank or such Lender the Agent may have under any Loan Credit Document or by law from time to time, and at any time. , and each Guarantor agrees that each Guarantor's obligations hereunder are – are--and shall be – be-- absolute, independent, unconditional, joint and unconditional several under any and all circumstances. Should the Administrative Agent, the Issuing any Bank or any Lender the Agent seek to enforce any Guarantor's obligations by action in any court, each Guarantor WAIVES any requirement, substantive or procedural, that (a) the Administrative Agent, the Issuing Bank or any Lender Agent pursue any foreclosure action, realize or attempt to realize on any security (including the Cash Collateral Account) or preserve or enforce any deficiency claim against Lufkin Financeany Borrower, any other Guarantor or any other Person after any such realization, (b) a judgment first be sought or rendered against Lufkin Financeany Borrower, any other Guarantor or any other Person, (c) Lufkin Financeany Borrower, any other Guarantor or any other Person be joined in such action, action or (d) a separate action be brought against Lufkin Financeany Borrower, any other Guarantor or any other Person. Each Guarantor's obligations under this Guaranty are several from those of Lufkin Finance any other Borrower or any other Person Person, and are primary obligations concerning which such Guarantor is the principal obligor. All waivers in this Guaranty Agreement or any of the other Loan Credit Documents shall be without prejudice to the right of the Administrative Agent, the Issuing any Bank or any Lender the Agent at its option to proceed against Lufkin Financeany Borrower, any other Guarantor or any other Person, whether by separate action or by joinder. Each Guarantor agrees that its obligations under this Guaranty shall not be discharged except by payment of the Obligations in full, expiration of all Letters of Credit, complete performance of all obligations of Lufkin Finance each Borrower under the Loan Credit Documents and termination of the Lenders’ obligations each Bank's obligation--if any -- any--to make any further advances under the Loan Documents or extend other financial accommodations to Lufkin Financeany Borrower under the Credit Documents.

Guaranty of Payment and Not of Collection. This is an absolute guaranty of payment and not of collection, and an absolute guaranty of performance of all of the obligations of Lufkin Finance under the Loan DocumentsDebt, and Guarantor WAIVES any right to require that any action be brought against Lufkin Finance the Borrower or any other Person, or that the Administrative Agent, the Issuing Bank Agent or any Lender be required to enforce, attempt to enforce or exhaust any rights, benefits or privileges of the Administrative Agent, the Issuing Bank Agent or any Lender under any of the Loan Documents, by law or otherwise; provided that nothing herein shall be construed to prevent the Administrative Agent, the Issuing Bank Agent or any Lender from exercising and enforcing at any time any right, benefit or privilege which the Administrative Agent, the Issuing Bank Agent or such Lender may have under any Loan Document or by law from time to time, and at any time. Guarantor agrees that Guarantor's ’s obligations hereunder are – are—and shall be – be—absolute, independent, unconditional, joint and unconditional several under any and all circumstances. Should the Administrative Agent, the Issuing Bank Agent or any Lender seek to enforce Guarantor's ’s obligations by action in any court, Guarantor WAIVES any requirement, substantive or procedural, that (a) the Administrative Agent, the Issuing Bank Agent or any Lender pursue any foreclosure action, realize or attempt to realize on any security or preserve or enforce any deficiency claim against Lufkin Financethe Borrower, Guarantor or any other Person after any such realization, (b) a judgment first be sought or rendered against Lufkin Financethe Borrower, Guarantor or any other Person, (c) Lufkin Financethe Borrower, Guarantor or any other Person be joined in such action, or (d) a separate action be brought against Lufkin Financethe Borrower, Guarantor or any other Person. Guarantor's ’s obligations under this Guaranty are several from those of Lufkin Finance the Borrower or any other Person and are primary obligations concerning which Guarantor is the principal obligor. All waivers in this Guaranty or any of the other Loan Documents shall be without prejudice to the right of the Administrative Agent, the Issuing Bank Agent or any Lender at its option to proceed against Lufkin Financethe Borrower, Guarantor or any other Person, whether by separate action or by joinder. Guarantor agrees that its obligations under this Guaranty shall not be discharged except by payment of the Obligations in full, complete performance of all obligations of Lufkin Finance under the Loan Documents and termination of the Lenders’ obligations if any -- to make any further advances under the Loan Documents or extend other financial accommodations to Lufkin Finance.