Common use of Guaranty of Payment and Not of Collection Clause in Contracts

Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment, and not merely of collection. Accordingly, Lenders and Administrative Agent shall not be obligated or required before enforcing this Guaranty against Guarantor: (a) to pursue any right or remedy Lenders or Administrative Agent may have against Borrower or any other Person or commence any suit or other proceeding against Borrower or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of Borrower or any other Person; or (c) to make demand of Borrower or any other Person or to enforce or seek to enforce or realize upon any collateral security held by Lenders or Administrative Agent which may secure any of the Guaranteed Obligations.

Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment, and not merely of collection. Accordingly, the Lenders and the Administrative Agent shall not be obligated or required before enforcing this Guaranty against Guarantor: (a) to pursue any right or remedy the Lenders or the Administrative Agent may have against the Borrower or any other Person or commence any suit or other proceeding against the Borrower or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower or any other Person; or (c) to make demand of the Borrower or any other Person or to enforce or seek to enforce or realize upon any collateral security held by the Lenders or the Administrative Agent which may secure any of the Guaranteed Obligations.

Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment, and not merely of collection. Accordingly, Lenders and Administrative Agent Lender shall not be obligated or required before enforcing this Guaranty against GuarantorGuarantors: (a) to pursue any right or remedy Lenders or Administrative Agent Lender may have against Borrower or any other Person person or commence any suit or other proceeding against Borrower or any other Person person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of Borrower or any other Personperson; or (c) to make demand of Borrower or any other Person person or to enforce or seek to enforce or realize upon any collateral security held by Lenders or Administrative Agent Lender which may secure any of the Guaranteed Obligations.