Common use of Guaranty of Performance of Obligations Clause in Contracts

Guaranty of Performance of Obligations. Each Performance Guarantor hereby guarantees to each Recipient and each other Secured Party (collectively, the "Beneficiaries"), the full and punctual payment and performance when due by each Originator of its respective Obligations. This Guaranty is an absolute, unconditional and continuing guaranty of the full and punctual payment and performance of all of the respective Obligations of each Originator under the Transaction Documents and each other document executed and delivered by such Originator pursuant to the Transaction Documents and is in no way conditioned upon any requirement that any Beneficiary first attempt to collect from such Originator, any other Performance Guarantor or any other Person, any amounts owing by such Originator to such Beneficiary or resort to any collateral security, any balance of any deposit account or credit on the books of such Beneficiary in favor of such Originator or any other Person or other means of obtaining payment. Should any Originator default in the payment or performance of any of its respective Obligations, each Beneficiary (or its assigns) may require the immediate performance thereof by any Performance Guarantor and require any payment of any Obligations that are then due and payable to such Beneficiary (or its assigns) to be paid by any Performance Guarantor, without other demand or notice of any nature (other than as expressly provided herein), all of which are hereby expressly waived by each Performance Guarantor.