Common use of UNCONDITIONAL AND CONTINUING GUARANTY Clause in Contracts

UNCONDITIONAL AND CONTINUING GUARANTY. Guarantor's liabilities and other obligations under this Agreement are unconditional and effective immediately, and (except for those surviving indefinitely pursuant to section 11) shall remain in full effect until the payment in full of the Subject Debt, regardless of the lapse of time, regardless of the fact that there may be a time or times when no Subject Debt is outstanding, regardless of any act, omission, or course of dealing whatever on Bank's part, and regardless of any other event, condition, or thing. Without limiting the generality of the foregoing, neither the amount of the Subject Debt for purposes of this Agreement nor Guarantor's liability under this Agreement shall be diminished or impaired by: (a) Bank's granting any Obligor any credit, whether or not liability therefor constitutes Subject Debt, or any failure or refusal of Bank to grant any other credit to any Obligor even if Bank thereby breaches any duty or Commitment to Borrower or any other Person, (b) the application by Bank of credits, payments, or proceeds to any portion of the Bank of Borrower that is not Subject Debt, (c) any extension, renewal, or refinancing of all or any part of the Bank Debt of Borrower, (d) any amendment, restatement, or other modification of any kind in, to, or of any Related Writing, or any consent or other indulgence granted to any Obligor, or any waiver of any Default, (e) any acceptance of security for or any other Obligor on all or any part of the Bank Debt of Borrower, or any release of any security or other Obligor, whether or not Bank receives consideration for the release, (f) any discharge of all or any part of the Bank Debt of Borrower under any bankruptcy or insolvency law or otherwise, (g) Bank's failure to make any presentment or demand for payment, to assert or perfect any claim, demand, or interest, to enforce any right or remedy, to receive or review financial statements of or other information about any Obligor, or to exercise any other diligence in monitoring any Obligor or other security for all or any part of the Bank Debt, or any delay or neglect by Bank in respect of all or any part of the Bank Debt of Borrower or any security therefor, (h) any failure to give Guarantor notice of (i) the making of any loan or other credit extension or the terms, conditions, and other provisions applicable thereto, (ii) any dishonor by Borrower or any other Obligor, (iii) the inaccuracy or incompleteness of any representation, warranty, or other statement made by any Obligor, or (iv) any other event, condition, or thing, or (i) any defense that may now or hereafter be available to any Obligor, whether based on suretyship, impairment of collateral, accord and satisfaction, breach of warranty, breach of contract, failure of consideration, tort, lack of capacity, usury, or otherwise, or any illegality, invalidity, or unenforceability of all or any part of the Bank Debt of Borrower or of any Related Writing.