Common use of Guarantee Payment Clause in Contracts

Guarantee Payment. (a) Subject to the terms herein, the Guarantor unconditionally guarantees to the Security Agent for the benefit of the Lenders, the prompt and complete payment when due of the Guaranteed Obligations. This is a guarantee of payment and not of collection. (b) When and at such time as a NEG Trigger Event shall have occurred and be continuing, the Security Agent shall be entitled to make a Payment Demand to the Guarantor (with a copy to the Company) in accordance with Section 2.04 for the payment of all due and unpaid Guaranteed Obligations. The Guarantor shall pay such Guaranteed Obligations to the Security Agent within five (5) Business Days of receipt of such Payment Demand.