Common use of Unconditional Obligation Clause in Contracts

Unconditional Obligation. This Agreement constitutes an absolute, unconditional, complete, present and continuing guaranty of payment and performance and not of collection, and the obligations of Guarantor hereunder shall be primary, absolute, independent and unconditional under any and all circumstances whatsoever. Guarantor intends to remain liable as principal for payment or performance of the Guaranteed Obligations until all such indebtedness has been irrevocably paid in full and the other terms, covenants and conditions of the Purchase Agreement, the other Transaction Documents and this Agreement have been performed, notwithstanding any circumstance, act or thing that might otherwise operate as a legal or equitable discharge of a surety. Neither Guarantor’s obligations under this Agreement nor any remedy for the enforcement thereof shall be impaired, modified, changed or released in any manner whatsoever by any impairment, modification, change, release or limitation of the liability of Seller under the Purchase Agreement or any other Transaction Document or by reason of Seller’s bankruptcy or by reason of any creditor or bankruptcy proceeding instituted by or against Seller. If at any time all or any part of any payment made by Guarantor or received by Buyer under or with respect to this Agreement or any other Transaction Document is or must be rescinded or returned for any reason whatsoever (including, without limitation, the insolvency, bankruptcy or reorganization of Guarantor or Seller), then the obligations of Guarantor hereunder shall, to the extent of the payment rescinded or returned, be deemed to have continued in existence, notwithstanding such previous payment by Guarantor or receipt of payment by Buyer, and the obligations of Guarantor hereunder shall continue to be effective or be reinstated, as the case may be, as to such payment, all as though such previous payment had never been made. The obligations of Guarantor pursuant to the preceding sentence shall survive any termination, cancellation or release of this Agreement.

Unconditional Obligation. This Agreement constitutes an absolute, unconditional, complete, present and continuing guaranty In the event of payment and performance and not of collection, and a default under the obligations of Guarantor hereunder shall be primary, absolute, independent and unconditional under any and all circumstances whatsoever. Guarantor intends to remain liable as principal for payment or performance of the Guaranteed Obligations until all such indebtedness has been irrevocably paid in full and the other terms, covenants and conditions of the Purchase Agreement, the other Transaction Documents and this Agreement have been performed, notwithstanding any circumstance, act or thing that might otherwise operate as a legal or equitable discharge of a surety. Neither Guarantor’s obligations under this Agreement nor any remedy for the enforcement thereof shall be impaired, modified, changed or released in any manner whatsoever by any impairment, modification, change, release or limitation of the liability of Seller under the Purchase Agreement or any other Transaction Document agreement between Borrower and Lender, Guarantor shall immediately pay to Lender the outstanding principal balance and all interest, charges, expenses and other amounts payable in connection with any Indebtedness, regardless of whether or by reason not Lender first pursues a Borrower or exhausts any of Seller’s bankruptcy its rights or by reason remedies against any Borrower, any other guarantor, others, or the Security. Guarantor shall not have any right of subrogation to Lender unless and until the Indebtedness is paid in full. Guarantor shall make no claim against any Borrower or any Borrowers estate in any way arising out of this Guaranty is a any proceeding wader the U.S. Bankruptcy Code, waives any right to such a claim, and shall repay all repayments of any creditor Indebtedness that are recovered from Lender or bankruptcy avoided in such a proceeding instituted or under any other law. This Guaranty shall extend and be applicable to alt renewals, amendments, extensions, consolidations, modifications, increases and restriction of the Indebtedness and Guarantor's liability under dais Guaranty shall not be affected or in any way reduced or canceled by or against Seller. If at any time all or any part of any payment made such action, No subsequent guaranty to Lender by Guarantor shall supersede or received by Buyer under or with respect terminate this Guaranty, but shall be an additional guaranty unless otherwise stated therein and, if Guarantor has given a previous guaranty to Lender, this Agreement or any other Transaction Document is or must Guaranty shall be rescinded or returned for any reason whatsoever (including, without limitation, the insolvency, bankruptcy or reorganization of Guarantor or Seller), then the obligations of Guarantor hereunder shall, in addition to the extent of the payment rescinded or returned, be deemed to have continued in existence, notwithstanding such previous payment by Guarantor or receipt of payment by Buyer, and the obligations of Guarantor hereunder shall continue to be effective or be reinstated, as the case may be, as to such payment, all as though such previous payment had never been made. The obligations of Guarantor pursuant to the preceding sentence shall survive any termination, cancellation or release of this Agreementguaranty.