Common use of Guaranty of Payment and Not of Collection Clause in Contracts

Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment, and not of collection, and upon the occurrence of a Springing Recourse Event, a debt of Guarantor for its own account. Accordingly, none of the Lenders, the Swingline Lender, the Issuing Lender or the Agent shall be obligated or required before enforcing this Guaranty against Guarantor after a Springing Recourse Event: (a) to pursue any right or remedy any of them may have against the Borrower, any other Loan Party or any other Person or commence any suit or other proceeding against the Borrower, any other Loan Party or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower, any other Loan Party, or any other Person; or (c) to make demand of the Borrower, any other Loan Party or any other Person or to enforce or seek to enforce or realize upon any collateral security held by the Lenders, the Swingline Lender, the Issuing Lender or the Agent which may secure any of the Guarantied Obligations.

Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment, and not of collection, and upon the occurrence of a Springing Recourse Event, a debt of Guarantor for its own account. Accordingly, none of the Lenders, the Swingline Lender, the Issuing Lender Agent or the Agent Lender Hedge Providers shall be obligated or required before enforcing this Guaranty against Guarantor after a Springing Recourse Event: (a) to pursue any right or remedy any of them may have against the Borrower, any other Loan Party or any other Person or commence any suit or other proceeding against the Borrower, any other Loan Party or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower, any other Loan Party, or any other Person; or (c) to make demand of the Borrower, any other Loan Party or any other Person or to enforce or seek to enforce or realize upon any collateral security held by the Lenders, the Swingline Lender, the Issuing Lender Agent or the Agent Lender Hedge Providers which may secure any of the Guarantied Obligations.

Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment, and not of collection, and upon the occurrence of a Springing Recourse Event, a debt of each Guarantor for its own account. Accordingly, none of the Lenders, the Swingline Lender, the Issuing Lender Administrative Agent or the Agent other Guarantied Parties shall be obligated or required before enforcing this Guaranty against Guarantor after a Springing Recourse Eventany Guarantor: (a) to pursue any right or remedy any of them the Guarantied Parties may have against the any Borrower, any other Loan Party or any other Person or commence any suit or other proceeding against the any Borrower, any other Loan Party or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the any Borrower, any other Loan Party, Party or any other Person; or (c) without limiting any requirement to provide any notices to any Borrower under the Loan Agreement, to make demand of the any Borrower, any other Loan Party or any other Person or to enforce or seek to enforce or realize upon any collateral security held by the Lenders, the Swingline Lender, the Issuing Lender Administrative Agent or the Agent any other Guarantied Party which may secure any of the Guarantied Obligations.

Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment, and not of collection, and upon the occurrence of a Springing Recourse Event, a debt of each Guarantor for its own account. Accordingly, none of the Lenders, the Swingline Lender, the Issuing Lender Administrative Agent or the Agent other Guarantied Parties shall be obligated or required before enforcing this Guaranty against Guarantor after a Springing Recourse Eventany Guarantor: (a) to pursue any right or remedy any of them the Guarantied Parties may have against the any Borrower, any other Loan Party or any other Person or commence any suit or other proceeding against the any Borrower, any other Loan Party or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the any Borrower, any other Loan Party, Party or any other Person; or (c) without limiting any requirement to provide any notices to any Borrower under the Credit Agreement, to make demand of the any Borrower, any other Loan Party or any other Person or to enforce or seek to enforce or realize upon any collateral security held by the Lenders, the Swingline Lender, the Issuing Lender Administrative Agent or the Agent any other Guarantied Party which may secure any of the Guarantied Obligations.