Common use of Conditional Guaranty Clause in Contracts

Conditional Guaranty. 1. Subject to Section A(5), Guarantor hereby unconditionally and irrevocably guarantees to Subordinated Lender the full and punctual payment by Borrower, when due, whether at the stated due date, by acceleration or otherwise of all Obligations (as defined below) of Borrower, howsoever created, arising or evidenced, voluntary or involuntary, whether direct or indirect, absolute or contingent now or hereafter existing or owing to Subordinated Lender, (collectively, the "Guaranteed Obligations"). Except as provided in Section A(5), this Guaranty is an absolute, unconditional, continuing guaranty of payment and not of collection of the Guaranteed Obligations and includes Guaranteed Obligations arising from successive transactions which shall either continue such Guaranteed Obligations or from time to time renew such Guaranteed Obligations after the same has been satisfied. This Guaranty is in no way conditioned upon any attempt to collect from Borrower or upon any other event or contingency, and shall be binding upon and enforceable against Guarantor without regard to the validity or enforceability of any document, instrument or agreement evidencing or governing the Obligations or any other agreement or instrument executed in connection therewith (including, without limitation, this Guaranty) or contemplated thereby (each, a "Subordinated Debt Document" and, collectively, the "Subordinated Debt Documents"). If for any reason Borrower shall fail or be unable duly and punctually to pay any of the Guaranteed Obligations (including, without limitation, amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. ss. 362(a)), Guarantor will forthwith pay the same, in cash. As used herein "Obligations" shall mean all obligations, liabilities and indebtedness of Borrower to Subordinated Lender under the Subordinated Note Purchase Agreement and the Subordinated Debt Documents and any documents relating thereto, whether now existing or hereafter created, absolute or contingent, direct or indirect, due or not, whether created directly or acquired by assignment or otherwise, including, without limitation, the Loans and the payment and performance of all other obligations, liabilities, and indebtedness of Borrower to Subordinated Lender under the Subordinated Debt Documents, including without limitation all fees, costs, expenses and indemnity obligations thereunder.

Conditional Guaranty. 1. (a) Subject to Section A(51(e), Guarantor hereby unconditionally and irrevocably guarantees to Subordinated Lender the full and punctual payment by Borrower, when due, whether at the stated due date, by acceleration or otherwise of all Obligations (as defined below) of Borrower, howsoever created, arising or evidenced, voluntary or involuntary, whether direct or indirect, absolute or contingent now or hereafter existing or owing to Subordinated Lender, (collectively, the "Guaranteed Obligations"). Except as provided in Section A(51(e), this Guaranty is an absolute, unconditional, continuing guaranty of payment and not of collection of the Guaranteed Obligations and includes Guaranteed Obligations arising from successive transactions which shall either continue such Guaranteed Obligations or from time to time renew such Guaranteed Obligations after the same has been satisfied. This Guaranty is in no way conditioned upon any attempt to collect from Borrower or upon any other event or contingency, and shall be binding upon and enforceable against Guarantor without regard to the validity or enforceability of any document, instrument or agreement evidencing or governing the Obligations or any other agreement or instrument executed in connection therewith (including, without limitation, this Guaranty) or contemplated thereby (each, a "Subordinated Debt Credit Document" and, collectively, the "Subordinated Debt Credit Documents"). If for any reason Borrower shall fail or be unable duly and punctually to pay any of the Guaranteed Obligations (including, without limitation, amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. ss. 362(a)), Guarantor will forthwith pay the same, in cash. As used herein "Obligations" shall mean all obligations, liabilities and indebtedness of Borrower to Subordinated Lender under the Subordinated Note Purchase Credit Agreement and the Subordinated Debt Documents "Credit Documents" referred to therein and any documents relating thereto, whether now existing or hereafter created, absolute or contingent, direct or indirect, due or not, whether created directly or acquired by assignment or otherwise, including, without limitation, the Loans and the payment and performance of all other obligations, liabilities, and indebtedness of Borrower to Subordinated Lender under the Subordinated Debt Credit Documents, including without limitation all fees, costs, expenses and indemnity obligations thereunder.