Common use of Conditional Guaranty Clause in Contracts

Conditional Guaranty. The Guaranty is a conditional guaranty on the terms and conditions set forth herein. It guarantees the performance of EMC as a general partner and it is conditioned upon the requirement that the Partnership first attempt to collect any of its liabilities from the assets of EMC. Payments by the Guarantor hereunder are immediately due and payable upon the insolvency of EMC. Any such payments may be required by EMC in any number of installments, and shall remain in full force and effect until satisfaction in full of the Liabilities, notwithstanding any intermediate or temporary payment or settlement of the whole or any part of the Liabilities.