Common use of Guarantee of Payment and Performance Clause in Contracts

Guarantee of Payment and Performance. Guarantor’s liability under this Guarantee is a guarantee of payment and performance of the obligations of the PLM Parties subject to this Guarantee and not of collectibility, and is not conditioned or contingent upon the genuineness, validity, regularity or enforceability of the Agreements and Guarantor hereby waives any and all benefits and defenses under CC Section 2810 and agrees that by doing so Guarantor is liable even if the PLM Parties had no liability at the time of execution of the Agreements or thereafter ceases to be liable. Guarantor’s liability hereunder shall continue until all sums due, and obligations to be performed, under the Agreements have been paid in full and fully performed and shall not be limited or affected in any way by any disability or other defense of the PLM Parties or any other guarantor or pledgor.