Common use of Primary Liability Clause in Contracts

Primary Liability. (a) The Guarantor's liability under this Agreement shall be primary, and with respect to any right of action which shall accrue to Lender relating to any Liabilities, Lender may at its sole option and without notice or demand, proceed directly against the Guarantor without having proceeded against Borrower or any other person or entity liable to any extent for any of the Liabilities or against the collateral under the Loan Documents. The Guarantor's liability hereunder shall continue without regard to whether or not Lender may have instituted or prosecuted or obtained or realized any judgment in any suit, action or proceeding or shall have exhausted any of its remedies or taken any steps to enforce any of its rights under or pursuant to the Loan Documents or at law or in equity, or otherwise, and without regard to any other condition or contingency, so long as any of the Liabilities remains unsatisfied to any extent. This Agreement is an agreement of payment and performance and not merely of collection.

Primary Liability. (a) The Guarantor's liability under this Agreement shall be primary, and with respect to any right of action which shall accrue to Lender relating to any Liabilities, Lender may at its sole option and without notice or demand, proceed directly against the Guarantor without having proceeded against Borrower or any other person or entity liable to any extent for any of the Liabilities or against the collateral under the Loan Documents. The Guarantor's liability hereunder shall continue without regard to whether or not Lender may have instituted or prosecuted or obtained or realized any judgment in any suit, action or proceeding or shall have exhausted any of its remedies or taken any steps to enforce any of its rights under or pursuant to the Loan Documents or at law or in equity, or otherwise, and without regard to any other condition or contingency, so long as any of the Liabilities remains unsatisfied to any extent. This Agreement is an agreement of payment and performance and not merely of collection.