Waiver of Resort to Security. Each Parent further agrees that this Agreement, insofar as it constitutes a guarantee of monetary Obligations, constitutes a guarantee of payment when due and not of collection, and each Parent waives any right to require as a condition to its Guarantee that any resort be had by a Beneficiary to any security held for the payment of any Obligations.
Appears in 9 contracts
Samples: Parent Agreement (Millennium Chemicals Inc), Parent Agreement (Equistar Funding Corp), Parent Agreement (Lyondell Petrochemical Co)
