Continuing Enforcement. If, after receipt of any payment of all or any part of the Liabilities, Lender is compelled to surrender such payment to any person or entity for any reason (including, without limitation, a determination that such payment is void or voidable as a preference or fraudulent conveyance, an impermissible setoff, or a diversion of trust funds), then this Guaranty shall continue in full force and effect or be reinstated, as the case may be, and Guarantor shall be liable to the extent provided in Section 1 hereof. The provisions of this Section shall survive the termination of this Guaranty and shall remain effective notwithstanding the payment of the Liabilities, the cancellation of the Note, this Guaranty or any other Loan Document, the release of any security interest, lien or encumbrance securing the Liabilities or any other action which Lender may have taken in reliance upon its receipt of such payment. Any cancellation, release or other such action shall be deemed to have been conditioned upon any payment of the Liabilities having become final and irrevocable.
Appears in 3 contracts
Samples: Limited Guaranty Agreement (Generation Income Properties, Inc.), Limited Guaranty Agreement (Generation Income Properties, Inc.), Limited Guaranty Agreement (Generation Income Properties, Inc.)
Continuing Enforcement. If, after receipt of any payment of all or any part of the LiabilitiesObligations, Lender is compelled or reasonably agrees, for settlement purposes, to surrender such payment to any person or entity Person for any reason (including, without limitation, a determination that such payment is void or voidable as a preference or fraudulent conveyance, an impermissible setoff, or a diversion of trust funds), then this Guaranty shall continue in full force and effect or be reinstated, as the case may be, and Guarantor shall be liable for, and shall indemnify, defend and hold harmless Lender with respect to the extent provided in Section 1 hereoffull amount so surrendered. The provisions of this Section shall survive the termination of this Guaranty and shall remain effective notwithstanding the payment of the LiabilitiesObligations, the cancellation of either Note or the Note, this Guaranty or any other Loan Document, the release of any security interest, lien or encumbrance securing the Liabilities or any other action which Lender may have taken in reliance upon its receipt of such payment. Any cancellation, release or other such action shall be deemed to have been conditioned upon any payment of the Liabilities Obligations having become final and irrevocable.
Appears in 2 contracts
Samples: Settlement and General Release Agreement (Ronco Brands, Inc.), Guaranty Agreement (Ronco Brands, Inc.)
