Common use of Default by Borrowers Clause in Contracts

Default by Borrowers. If an Event of Default exists, Guarantor shall pay to Administrative Agent, any and all amounts then due and payable under this Guaranty on demand and without (a) further notice of dishonor, to Guarantor, (b) any prior notice to Guarantor of the acceptance by Administrative Agent of this Guaranty, (c) any notice having been given to Guarantor prior to such demand of the creating or incurring of such Indebtedness, or (d) notice of intent to accelerate or notice of acceleration to Guarantor or Borrowers. To enforce such payment by Guarantor it shall not be necessary for Administrative Agent to first or contemporaneously institute suit or exhaust remedies against any Borrower or others liable on such Indebtedness, or to enforce rights against any security or collateral ever given to secure such Indebtedness.

Default by Borrowers. If an Event of Default exists, Guarantor shall pay to Administrative Agent, Lender any and all amounts then due and payable under this Guaranty on demand and without (a) further notice of dishonor, dishonor to Guarantor, (b) any prior notice to Guarantor of the acceptance by Administrative Agent Lender of this Guaranty, (c) any notice having been given to Guarantor prior to such demand of the creating or incurring of such Indebtedness, or (d) notice of intent to accelerate or notice of acceleration to Guarantor or Borrowers. To enforce such payment by Guarantor it shall not be necessary for Administrative Agent Lender to first or contemporaneously institute suit or exhaust remedies against any Borrower or others liable on such Indebtedness, or to enforce rights against any security or collateral ever given to secure such Indebtedness.