Common use of Maximum Guaranteed Amount Clause in Contracts

Maximum Guaranteed Amount. Notwithstanding any other provision of this Guaranty to the contrary, if and to extent that the obligations of a Guarantor hereunder would otherwise be held or determined by a court of competent jurisdiction in any action or proceeding involving any state corporate law or any state or Federal bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other law affecting the rights of creditors generally, to be void, invalid or unenforceable to any extent on account of the amount of such Guarantor's liability under this Guaranty, giving effect to the rights of subrogation, contribution, reimbursement and indemnification of such Guarantor, if any, then notwithstanding any other provision of this Guaranty to the contrary, the amount of the liability of such Guarantor shall, without any further action by such Guarantor or any other Person, be automatically limited and reduced to the highest amount which is valid and enforceable as determined in such action or proceeding. Each Guarantor agrees that the Guaranteed Obligations may at any time and from time to time exceed such maximum liability without impairing this Guaranty or the rights and remedies of any Guaranteed Party.