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 performance when due, and not of collection, and a debt of each Guarantor for its own account. Accordingly, none of the Credit Parties shall be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue any right or remedy any of them may have against the Borrower, any other Guarantor or any other Person or commence any suit or other proceeding against the Borrower, any other Guarantor or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower, any other Guarantor or any other Person; (c) to make demand of the Borrower, any other Guarantor or any other Person or to enforce or seek to enforce or realize upon any collateral security held by a Credit Party which may secure any of the Guarantied Obligations; or (d) to exercise any rights of set-off or other rights or remedies against any deposit account or credit on the books of any Credit Party or any other Person or to any other guarantor of all or part of the Guarantied Obligations.

Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment and performance when duepayment, and not of collection, and a debt of each Guarantor for its own account. Accordingly, none of the Credit Guarantied Parties shall not be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue any right or remedy any of them the Guarantied Parties may have against the Borrower, any other Guarantor or any other Person or commence any suit or other proceeding against the Borrower, any other Guarantor or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower, any other Guarantor or any other Person; or (c) to make demand of the Borrower, any other Guarantor or any other Person or to enforce or seek to enforce or realize upon any collateral security held by a Credit Party the Guarantied Parties which may secure any of the Guarantied Obligations; or (d) to exercise any rights of set-off or other rights or remedies against any deposit account or credit on the books of any Credit Party or any other Person or to any other guarantor of all or part of the Guarantied Obligations.

Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment and performance when duepayment, and not of collection, and a debt of each Guarantor for its own account. Accordingly, none of the Credit Guarantied Parties shall not be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue any right or remedy any of them the Guarantied Parties may have against the Borrower, the Gallery Borrower any other Guarantor Loan Party or any other Person or commence any suit or other proceeding against the Borrower, the Gallery Borrower any other Guarantor Loan Party or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower, the Gallery Borrower any other Guarantor Loan Party or any other Person; or (c) to make demand of the Borrower, the Gallery Borrower any other Guarantor Loan Party or any other Person or to enforce or seek to enforce or realize upon any collateral security held by a Credit Party the Guarantied Parties which may secure any of the Guarantied Obligations; or (d) to exercise any rights of set-off or other rights or remedies against any deposit account or credit on the books of any Credit Party or any other Person or to any other guarantor of all or part of the Guarantied Obligations.

Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment and performance when duepayment, and not of collection, and a debt of each the Guarantor for its own account. Accordingly, none of the Credit Parties no Guarantied Party shall be obligated or required before enforcing this Guaranty against any the Guarantor: (a) to pursue any right or remedy any of them it may have against the BorrowerCompany, any other Guarantor guarantor of the Guarantied Obligations or any other Person or commence any suit or other proceeding against the BorrowerCompany, any other Guarantor guarantor of the Guarantied Obligations or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the BorrowerCompany, any other Guarantor guarantor of the Guarantied Obligations or any other Person; or (c) to make demand of the BorrowerCompany, any other Guarantor guarantor of the Guarantied Obligations or any other Person or to enforce or seek to enforce or realize upon any collateral security held by a Credit or for the benefit of any Guarantied Party which may secure any of the Guarantied Obligations; or (d) to exercise any rights of set-off or other rights or remedies against any deposit account or credit on the books of any Credit Party or any other Person or to any other guarantor of all or part of the Guarantied Obligations.