Common use of Character of Obligation Clause in Contracts

Character of Obligation. This Guaranty is a guaranty of payment and performance and not collection and shall be enforceable by the Buyers immediately upon any default by the Sellers in the payment or performance of any Obligation guarantied hereunder that is not cured within the applicable cure period, without any suit or action against the Guarantor or the Sellers. Any payment due hereunder from the Guarantor shall be made within thirty (30) days after notice from the Buyers of the default by the Sellers giving rise to such payment that is not cured within the applicable cure period, provided that such default is not fully cured by the end of such thirty (30) day period or otherwise the subject of a legitimate dispute. The Guarantor expressly waives any right to require that any action be brought against the Sellers or any other person, or to require that the Buyers resort to any other right or remedy that the Buyers may have. The obligations of the Guarantor hereunder shall be effective regardless of the solvency or insolvency of the Sellers at any time, the extension or modification of any indebtedness of the Sellers by operation of law or otherwise, or the subsequent reorganization, merger, consolidation, sale of stock or assets, change of ownership, or any other change in the composition, nature, or location of the Sellers. The obligations of Guarantor hereunder shall not be subject to counterclaim, set-off, abatements, recoupment and defense for any reason whatsoever other than those defenses that Sellers could raise pursuant to the terms of the Purchase Agreement.

Character of Obligation. This Guaranty is a guaranty of payment and performance and not collection and shall be enforceable by the Buyers Sellers immediately upon any default by the Sellers Buyers in the payment or performance of any Obligation guarantied hereunder that is not cured within the applicable cure period, without any suit or action against the Guarantor or the SellersBuyers. Any payment due hereunder from the Guarantor shall be made within thirty (30) days after notice from the Buyers Sellers of the default by the Sellers Buyers giving rise to such payment that is not cured within the applicable cure period, provided that such default is not fully cured by the end of such thirty (30) day period or otherwise the subject of a legitimate dispute. The Guarantor expressly waives any right to require that any action be brought against the Sellers Buyers or any other person, or to require that the Buyers Sellers resort to any other right or remedy that the Buyers Sellers may have. The obligations of the Guarantor hereunder shall be effective regardless of the solvency or insolvency of the Sellers Buyers at any time, the extension or modification of any indebtedness of the Sellers Buyers by operation of law or otherwise, or the subsequent reorganization, merger, consolidation, sale of stock or assets, change of ownership, or any other change in the composition, nature, or location of the SellersBuyers. The obligations of Guarantor hereunder shall not be subject to counterclaim, set-off, abatements, recoupment and defense for any reason whatsoever other than those defenses that Sellers Buyers could raise pursuant to the terms of the Purchase Agreement.