Common use of Surety Agreement Clause in Contracts

Surety Agreement. (a) The Sureties hereby, jointly and severally, guaranty and become unconditional sureties to the Creditor, its successors, endorsees and assigns for the prompt payment and performance when due (subject to applicable grace periods) of all Obligations of the Debtor as defined in the Credit Agreement. (b) The Sureties agree that from time to time hereafter at the request of the Creditor, the Sureties will promptly execute and deliver to the Creditor a Ratification and Confirmation of this Surety Agreement in the form attached hereto as Exhibit “A.” (c) This Surety Agreement shall be irrevocable, unconditional, continuing, effective and binding upon the Sureties as to all Obligations regardless of whether they are incurred before, on or after the date hereof and how long hereafter they are incurred or remain unpaid. This Surety Agreement shall constitute a surety agreement as well as a guarantee, and the Creditor shall have no obligation or requirement to make any demand or claim upon or institute any action or pursue or enforce any right or remedy against the Debtor or any of its assets or properties, before enforcing this Surety Agreement against the Sureties and their assets and properties. The Creditor may make demand upon the Sureties hereunder and enforce this Surety Agreement at any time and from time to time as often as desired and without limit. The Sureties’ liabilities hereunder shall be payable immediately upon demand during the continuance of an Event of Default, and such liabilities due but unpaid shall bear interest at the Default Rate (but without duplication of the Default Rate payable by the Debtor). (d) If a claim is made upon the Creditor for repayment or recovery of any amount or amounts received by the Creditor which had the effect of reducing the liability of the Sureties hereunder and the Creditor repays all or part of such amount or amounts by reason of a judgment, decree or order of any court or administrative body having jurisdiction over the Creditor or any of its property, then and in such event, the Sureties agree that any such judgment, decree, order, settlement or compromise shall be binding upon the Sureties, whether or not this Surety Agreement shall have been terminated or canceled, and the Surety shall be and continue to remain jointly and severally liable to the Creditor hereunder to the same extent as if such amount had never originally been received by the Creditor.

Surety Agreement. (a) The Sureties hereby, jointly Surety hereby guarantees and severally, guaranty and become becomes an unconditional sureties surety to the Creditor, its successors, endorsees and assigns for the prompt payment and performance when due (subject to applicable grace periods) of all Obligations of the Debtor as defined in the Credit Agreement. (b) The Sureties agree Surety agrees that from time to time hereafter at the request of the Creditor, the Sureties Surety will promptly execute and deliver to the Creditor a Ratification and Confirmation of this Surety Agreement in the form attached hereto as Exhibit “"A.”" (c) This Surety Agreement shall be irrevocable, unconditional, continuing, effective and binding upon the Sureties Surety as to all Obligations regardless of whether they are incurred before, on or after the date hereof and how long hereafter they are incurred or remain unpaid. This Surety Agreement shall constitute a surety agreement as well as a guarantee, and the Creditor shall have no obligation or requirement to make any demand or claim upon or institute any action or pursue or enforce any right or remedy against the Debtor or any of its assets or properties, before enforcing this Surety Agreement against the Sureties Surety and their its assets and properties. The Creditor may make demand upon the Sureties Surety hereunder and enforce this Surety Agreement at any time and from time to time as often as desired and without limit. The Sureties’ Surety's liabilities hereunder shall be payable immediately upon demand during the continuance of an Event of Default, and such liabilities due but unpaid shall bear interest at the Default Rate (but without duplication of the Default Rate payable by the Debtor). (d) If a claim is made upon the Creditor for repayment or recovery of any amount or amounts received by the Creditor which had the effect of reducing the liability of the Sureties Surety hereunder and the Creditor repays all or part of such amount or amounts by reason of a judgment, decree or order of any court or administrative body having jurisdiction over the Creditor or any of its property, then and in such event, the Sureties agree Surety agrees that any such judgment, decree, order, settlement or compromise shall be binding upon the SuretiesSurety, whether or not this Surety Agreement shall have been terminated or canceled, and the Surety shall be and continue to remain jointly and severally liable to the Creditor hereunder to the same extent as if such amount had never originally been received by the Creditor.