Common use of Scope of Guaranty Clause in Contracts

Scope of Guaranty. Guarantor absolutely, unconditionally and irrevocably guarantees to Buyer (i) the full and prompt payment of all Recourse Obligations when due and payable and at all times thereafter, (ii) the full and prompt payment of all Enforcement Costs when due and payable and at all times thereafter and (iii) the full, complete and punctual observance, performance and satisfaction of all of the obligations, duties, covenants and agreements of Seller under the Purchase Agreement and the other Transaction Documents to the extent that any failure or delay by Seller in the observance, performance or satisfaction of such obligations, duties, covenants or agreements would constitute or give rise to a Recourse Obligation. All payment obligations described in clauses (i), (ii) or (iii) above are referred to herein as the “Guaranteed Obligations”, whether or not allowed or allowable as a claim in any bankruptcy or other insolvency proceeding, including any interest that would have accrued under the terms of any of the Transaction Documents.