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

Guaranty of Payment and Not of Collection. This Agreement ----------------------------------------- shall be a guaranty of payment and not of collection. Accordingly, the Banks shall not be obliged before enforcing this Agreement against the Subsidiary Guarantor: (a) to take any action in any court against the Borrower, or any other Guarantor of the Guaranteed Obligations or otherwise take any action to enforce the rights and remedies of the Banks under the Credit Agreement or the Notes or any other Loan Document, (b) to make any claim in a liquidation or bankruptcy of the Borrower, or any other Guarantor of the Guaranteed Obligations or (c) to make demand of the Borrower, or any other Guarantor of the Guaranteed Obligations or to enforce or seek to enforce any collateral or other security held by any of the Banks or any other Person securing or otherwise in respect of the Guaranteed Obligations. The Subsidiary Guarantor agrees that it shall be liable hereunder notwithstanding (x) the dissolution or liquidation, or the merger, consolidation or other change in form of the Borrower, or any other Guarantor of the Guaranteed Obligations, (y) any defect, limitation or insufficiency in the borrowing powers of the Borrower or in the exercise thereof or (z) the invalidity, illegality or unenforceability of any Loan Document.

Guaranty of Payment and Not of Collection. This Guaranty Agreement ----------------------------------------- shall be a guaranty of payment and not of collection. Accordingly, the Banks The Note Purchasers shall not be obliged before enforcing this Guaranty Agreement against the Subsidiary Guarantor: (a) to take any action in any court against the Borrower, Parent or any other Guarantor guarantor of the Guaranteed Obligations or otherwise take any action to enforce the rights and remedies of the Banks Note Purchasers under the Credit Note Agreement or the Notes or any other Loan DocumentRelated Documents, (b) to make any claim in a liquidation or bankruptcy of the Borrower, Parent or any other Guarantor guarantor of the Guaranteed Obligations or (c) to make demand of the Borrower, Parent or any other Guarantor guarantor of the Guaranteed Obligations or to enforce or seek to enforce any collateral or other security held by any of the Banks Collateral Agent or any other Person securing or otherwise in respect of the Guaranteed Obligations. The Subsidiary Guarantor agrees that it shall be liable hereunder notwithstanding (x) the dissolution or liquidation, or the merger, consolidation or other change until the Obligations have been indefeasibly paid in full in form of the Borrower, Parent or any other Guarantor guarantor of the Guaranteed Obligations, (y) any defect, limitation or insufficiency in the borrowing powers of the Borrower Parent or in the exercise thereof or (z) the invalidity, illegality or unenforceability of the Note Agreement, the Notes or any Loan Documentother Related Documents.

Guaranty of Payment and Not of Collection. This Guaranty Agreement ----------------------------------------- shall be a guaranty of payment and not of collection. Accordingly, the Banks The Note Purchasers shall not be obliged before enforcing this Guaranty Agreement against the Subsidiary Guarantor: (a) to take any action in any court against the Borrower, Parent or any other Guarantor guarantor of the Guaranteed Obligations or otherwise take any action to enforce the rights and remedies of the Banks Note Purchasers under the Credit Agreement or the Notes or any other Loan DocumentRelated Documents, (b) to make any claim in a liquidation or bankruptcy of the Borrower, Parent or any other Guarantor guarantor of the Guaranteed Obligations or (c) to make demand of the Borrower, Parent or any other Guarantor guarantor of the Guaranteed Obligations or to enforce or seek to enforce any collateral or other security held by any of the Banks Collateral Agent or any other Person securing or otherwise in respect of the Guaranteed Obligations. The Subsidiary Guarantor agrees that it shall be liable hereunder notwithstanding (x) the dissolution or liquidation, or the merger, consolidation or other change until the Obligations have been indefeasibly paid in full in form of the Borrower, Parent or any other Guarantor guarantor of the Guaranteed Obligations, (y) any defect, limitation or insufficiency in the borrowing powers of the Borrower Parent or in the exercise thereof or (z) the invalidity, illegality or unenforceability of the Agreement, the Notes or any Loan Documentother Related Documents.