Common use of Demand by Lender Clause in Contracts

Demand by Lender. In addition to the terms of this Guaranty set forth in Sections 4, 5, and 6, and in no manner imposing any limitation on such terms, it is expressly understood and agreed that, if the Obligations are declared to be or otherwise become immediately due and payable, then Guarantor shall, upon demand in writing therefor by Lender to Guarantor, immediately pay the Guaranteed Obligations to Lender. Payment by Guarantor shall be made to Lender to be credited and applied upon the Obligations, in immediately available funds, to an account designated by Lender or at any address that may be specified in writing from time to time by Lender within the continental United States. This section shall in no way affect Lender’s right to resort to any collateral that may be held by Lender (the “Collateral”) without demand, as provided in Section 18.2. Any payment received by Lender with respect to the Obligations shall reduce the Guaranteed Obligations by the amount of such payment.