Common use of Primary Nature of Guaranty Clause in Contracts

Primary Nature of Guaranty. The liability of Guarantor is present, absolute, unconditional, continuing, primary, direct and independent of the obligations of Debtor. Nothing shall discharge or satisfy Guarantor's liability hereunder except the full performance and payment of all of Debtor's Obligations to Lender, with interest. Guarantor shall have no right of subrogation, reimbursement or indemnity whatsoever and no right of recourse to or with respect to any assets or property of Debtor. This Guaranty will continue to be effective until Debtor no longer has any Obligations to Lender and will be reinstated, if at any time after a payment is made to Lender, or any successor or assignee of Lender, such payment is rescinded or must be returned upon the insolvency, bankruptcy or reorganization of Debtor, Guarantor or otherwise, as if such payment had never been made.