Common use of Target Guarantee Clause in Contracts

Target Guarantee. Target hereby unconditionally and irrevocably guarantees the due and punctual performance by Spinco of each and every covenant and obligation of Spinco arising under the Arrangement. Target hereby agrees that Acquiror shall not have to proceed first against Spinco before exercising its rights under this guarantee against Target.

Target Guarantee. Target hereby unconditionally and irrevocably guarantees the due and punctual performance by Spinco of each and every covenant and obligation of Spinco arising under this Agreement and the ArrangementArrangement for the benefit of Acquiror and to be performed prior to the Effective Time. Target hereby agrees that Acquiror shall not have to proceed first against Spinco before exercising its rights under or in respect of this guarantee against Target.