Common use of Character of Obligations Clause in Contracts

Character of Obligations. (a) This is an absolute, continuing and unconditional guaranty of payment and not of collection. This Guaranty and the Guarantors’ obligations hereunder are irrevocable. All of the Guaranteed Indebtedness shall be conclusively presumed to have been made in acceptance hereof. Each Guarantor shall be liable, jointly and severally, with Borrower and any other guarantor of all or any part of the Guaranteed Indebtedness. (b) Each Guarantor agrees that its obligations hereunder shall not be released, diminished, impaired, reduced or affected by the existence of any other guaranty or the payment by any other guarantor of any part of the Guaranteed Indebtedness (other than payment in full thereof) and, each Guarantor’s obligations hereunder shall continue until Lender has received payment in full of the Guaranteed Indebtedness. (c) Each Guarantor’s obligations hereunder shall not be released, diminished, impaired, reduced or affected by, nor shall any provision contained herein be deemed to be a limitation upon, the amount of credit which Lender may extend to Borrower, the number of transactions between Lender and Borrower, payments by Borrower to Lender or Lender’s allocation of payments by Borrower.