Liability of Guarantor. (a) This Guaranty is an absolute, irrevocable and unconditional guaranty of payment. Guarantor shall be liable for the payment of the Guaranteed Obligations as a primary obligor. This Guaranty shall be effective as a waiver of, and Guarantor hereby expressly waives, any and all rights and privileges to which Guarantor may otherwise have been entitled under any suretyship laws in effect from time to time, whether existing under statute, at law or in equity, to require Administrative Agent, on behalf of the Lenders, to take prior recourse or proceedings against any collateral, security or Person (hereinafter defined) whatsoever.
Appears in 4 contracts
Samples: Guaranty Agreement (Behringer Harvard Short Term Opportunity Fund I Lp), Guaranty Agreement (Behringer Harvard Short Term Opportunity Fund I Lp), Guaranty Agreement (Behringer Harvard Reit I Inc)
