Common use of Guarantee Payment Clause in Contracts

Guarantee Payment. (a) Subject to the terms herein, the Guarantor unconditionally guarantees to the Administrative Agent for the benefit of the Secured Parties, the prompt and complete payment when due of the Guaranteed Obligations. This is a guarantee of payment and not of collection. (b) When and at such time as an Equity Non-Payment Event shall have occurred and be continuing, the Administrative Agent shall be entitled to make a Payment Demand to the Guarantor in accordance with Section 2.04 for the payment of all due and unpaid Guaranteed Obligations, subject to the provisions of Section 2.02. The Guarantor shall pay such Guaranteed Obligations to the Administrative Agent within five (5) Business Days of receipt of such Payment Demand. (c) When and at such time as a NEG Trigger Event shall have occurred and be continuing, the Administrative Agent shall be entitled to make a Payment Demand for the payment of an amount equal to the then current Available Equity Commitment. The Guarantor shall pay such amount to the Administrative Agent within five (5) Business Days of receipt of such Payment Demand.