Common use of Guaranty of Payment and Performance of Obligations Clause in Contracts

Guaranty of Payment and Performance of Obligations. The undersigned Guarantor, jointly and severally with each other person or entity which guarantees the "Obligations" (as hereinafter defined), hereby unconditionally guarantees to Sonesta International Hotels Corporation and Sonesta Limited (jointly and severally "Sonesta") that Borrower will duly and punctually pay and perform, at the place specified therefor, the following amounts when and as required to be paid by Borrower pursuant to the Loan Agreement and the Management Agreement: Any and all interest, principal, fees, charges, and other amounts at any time payable by Borrower to Sonesta (or their affiliates) under the Loan Agreement and/or the Management Agreement. The obligations so guaranteed pursuant to the preceding sentence may be collectively referred to in this Guaranty as the "Obligations". This Guaranty is an absolute, unconditional and continuing guaranty of the full and punctual payment and performance by Borrower of the Obligations and not of their collectibility only and is in no way conditioned upon any requirement that Sonesta first attempt to collect any of the Obligations from Borrower or resort to any security or other means of obtaining payment of any of the Obligations. Upon any default by Borrower in the full and punctual payment and performance of the Obligations, the liabilities and obligations of the Guarantor hereunder shall, at the option of Sonesta, become forthwith due and payable to Sonesta without demand or notice of any nature, all of which are expressly waived by the Guarantor. Payments by the Guarantor hereunder may be required by Sonesta on any number of occasions.

Guaranty of Payment and Performance of Obligations. The undersigned GuarantorIn consideration of the Lenders’ extending credit or otherwise in their discretion giving time, financial or banking facilities or accommodations to the Borrowers, each Guarantor hereby jointly and severally with each other person or entity which guarantees the "Obligations" (as hereinafter defined)severally, hereby absolutely, irrevocably and unconditionally guarantees to Sonesta International Hotels Corporation the Administrative Agent and Sonesta Limited each Lender the prompt payment of the Obligations in full when due (jointly and severally "Sonesta") that Borrower will duly and punctually pay and performwhether at stated maturity, at the place specified thereforas a mandatory prepayment, the following amounts when and as required to be paid by Borrower pursuant to the Loan Agreement and the Management Agreement: Any and all interest, principal, fees, charges, and other amounts at any time payable by Borrower to Sonesta (acceleration or their affiliates) under the Loan Agreement and/or the Management Agreement. The obligations so guaranteed pursuant to the preceding sentence may be collectively referred to in this Guaranty as the "Obligations"otherwise). This Guaranty is an absolute, unconditional unconditional, irrevocable and continuing guaranty of the full and punctual payment and performance by Borrower the Borrowers of the Obligations and not of their collectibility only and is in no way conditioned upon any requirement that Sonesta any Lender or DB1/ 97920064.5 the Administrative Agent first attempt to collect any of the Obligations from Borrower the Borrowers or any other Person (including a co-guarantor) or resort to any security or other means of obtaining payment of any of the ObligationsObligations which any Lender or the Administrative Agent now has or may acquire after the date hereof or upon any other contingency whatsoever. Upon any default Event of Default which has occurred and is continuing by Borrower the Borrowers, in the full and punctual payment and performance of the Obligations, the liabilities and obligations of the each Guarantor hereunder shall, at the option of Sonestathe Administrative Agent, become forthwith due and payable to Sonesta the Administrative Agent and to the Lender or Lenders owed the same without demand or notice of any nature, all of which are expressly waived by each Guarantor, except for notices required to be given to the GuarantorBorrowers under the Credit Documents. Payments by the Guarantor Guarantors hereunder may be required by Sonesta any Lender or the Administrative Agent on any number of occasions.