Common use of Proceedings Against Guarantor Clause in Contracts

Proceedings Against Guarantor. In the event of a default in the payment of the amounts guaranteed pursuant to the terms hereof when and as the same shall become due, Beneficiary shall have the right to proceed first and directly against Guarantor under this Guaranty without proceeding against the Companies or exhausting any other remedies which it may have, provided that if arbitration proceedings under the Agreements have been initiated, any arbitration against Guarantor shall be conducted in connection with the proceedings under the Agreements.

Proceedings Against Guarantor. In the event of a default in the payment of the amounts guaranteed pursuant to the terms hereof when and as the same shall become due, the Beneficiary shall have the right to proceed first and directly against the Guarantor under this Guaranty without proceeding against the Companies Company or exhausting any other remedies which it may have, provided that if arbitration proceedings under the Agreements have been initiated, any arbitration against Guarantor shall be conducted in connection with the proceedings under the Agreements.