Common use of Nature of undertaking Clause in Contracts

Nature of undertaking. This Agreement is an irrevocable, absolute, continuing agreement by the Guarantor to indemnify, save and hold the Guaranteed Parties harmless in respect of the Guaranteed Obligations and not a guaranty of collection. This Agreement may not be revoked by the Guarantor and shall continue to be effective with respect to all Guaranteed Obligations arising or created after any attempted revocation by the Guarantor. The fact that at any time or from time to time the Guaranteed Obligations may be increased or reduced shall not release or discharge the obligation of the Guarantor to the Guaranteed Parties with respect to the Guaranteed Obligations. This Agreement may be enforced by the Collateral Agent (acting upon the written direction of the Requisite Lenders), GS and the other Guaranteed Parties and shall not be discharged by the assignment or negotiation of all or part of the Loans or any of the other Secured Obligations. This Agreement shall be deemed discharged and the Guarantor shall be released from any and all liability hereunder upon the payment in full of the Obligations in accordance with the terms of the Credit Agreement.

Nature of undertaking. This Agreement is an irrevocable, absolute, continuing agreement by the each Guarantor to indemnify, save and hold the Guaranteed Parties harmless in respect of the Guaranteed Obligations and not a guaranty of collection. This Agreement may not be revoked by the any Guarantor and shall continue to be effective with respect to all Guaranteed Obligations arising or created after any attempted revocation by the any Guarantor. The fact that at any time or from time to time the Guaranteed Obligations may be increased or reduced shall not release or discharge the obligation of the any Guarantor to the Guaranteed Parties with respect to the Guaranteed Obligations. This Agreement may be enforced by the Collateral Agent (acting upon the written direction of the Requisite Required Lenders), GS BISF and the other Guaranteed Parties and shall not be discharged by the assignment or negotiation of all or part of the Loans or any of the other Secured Obligations. This Agreement shall be deemed discharged and the Guarantor Guarantors shall be released from any and all liability hereunder upon the payment Payment in full Full of the Obligations in accordance with the terms of the Credit Agreement.