Common use of Effectiveness; Enforcement Clause in Contracts

Effectiveness; Enforcement. The guaranty under this Agreement shall be effective and shall be deemed to be made with respect to each Loan and each Letter of Credit as of the time it is made, issued or extended, or becomes a Letter of Credit under this Agreement, as applicable. No invalidity, irregularity or unenforceability by reason of any bankruptcy or similar law, or any law or order of any government or agency thereof purporting to reduce, amend or otherwise affect any liability of any Borrower, and no defect in or insufficiency or want of powers of any Borrower or irregular or improperly recorded exercise thereof, shall impair, affect, be a defense to or claim against such guaranty. The guaranty under this Agreement is a continuing guaranty and shall (a) survive any termination of this Agreement, and (b) remain in full force and effect until payment in full of, and performance of, all Guaranteed Obligations and all other amounts payable under this Agreement. The guaranty under this Agreement is a guaranty of payment (and not of collection) made for the benefit of the Administrative Agent, the Issuing Banks and the Banks and their successors and assigns, and may be enforced from time to time as often as occasion therefor may arise and without requirement on the part of the Administrative Agent, the Issuing Banks or the Banks first to exercise any rights against any Borrower, or to resort to any other source or means of obtaining payment of any of the said obligations or to elect any other remedy.

Effectiveness; Enforcement. The guaranty obligations of the Parent under this Agreement Article IIA shall be effective and shall be deemed to be made with respect to each Loan and Advance made to the Borrowers, or each Letter of Credit issued, extended or renewed as of the time it is mademade or issued, issued extended or extended, or becomes a Letter of Credit under this Agreement, as applicablerenewed. No invalidity, irregularity or unenforceability by reason of any bankruptcy or similar law, or any law or order of any government or agency thereof purporting to reduce, amend or otherwise affect any liability of any Borrowerthe Borrowers, and no defect in or insufficiency or want of powers of any Borrower the Borrowers or irregular or improperly recorded exercise thereof, shall impair, affect, be a defense to or claim against such guaranty. The guaranty under agreements of the Parent contained in this Agreement is Article IIA constitute a continuing guaranty and shall (ai) survive any termination of this Agreement, Agreement and (bii) remain in full force and effect until payment in full of, and performance of, of all Parent Guaranteed Obligations and all other amounts payable under this AgreementArticle IIA. The guaranty under agreements of the Parent contained in this Agreement is a guaranty of payment (and not of collection) Article IIA are made for the benefit of the Administrative Agent, the Issuing Banks Fleet and the Banks and their its successors and assigns, and may be enforced from time to time as often as occasion therefor may arise and without requirement on the part of the Administrative Agent, the Issuing Banks or the Banks Fleet first to exercise any rights against the Borrowers or to exhaust any Borrower, remedies available to them against the Borrowers or to resort to any other source or means of obtaining payment of any of the said obligations or to elect any other remedy.