Common use of Guaranty Irrevocable Clause in Contracts

Guaranty Irrevocable. Guarantor's guarantee of the Guaranteed Obligations is irrevocable, except that Guarantor may terminate its continuing obligation to guarantee new indebtedness of Borrower by providing written notice to Lender of such termination and obtaining written confirmation thereof by Lender. No attempted or purported termination by Guarantor shall be effective unless receipt of the notice of termination is acknowledged by Lender thereof in writing. Termination shall apply only to principal portions of the Guaranteed Obligations arising after Lender has confirmed in writing receipt of such notice of termination and shall apply only to such Guaranteed Obligations with respect to which Lender was not obligated to advance credit to Borrower prior to confirmation in writing of receipt of such notice of termination. The notice of termination shall not relieve Guarantor of any of the Guaranteed Obligations: (i) incurred by Borrower before delivery (and confirmation of receipt thereof) of the notice of termination; (ii) arising from and out of Lender's commitments and agreements to extend credit to Borrower made before delivery (and confirmation of receipt thereof) of the notice of termination; and (iii) consisting of accrued interest, actual attorney fees, premiums, and other costs, charges, and monies owing under or pursuant to any of the instruments, documents, agreements, or contracts evidencing or comprising any of the Guaranteed Obligations. Termination of this Guaranty may constitute an event of default under the Guaranteed Obligations.

Guaranty Irrevocable. Guarantor's guarantee of the Guaranteed Obligations is irrevocable, except that Guarantor may terminate its continuing obligation to guarantee new indebtedness of Borrower by providing written notice to Lender Agent of such termination and obtaining written confirmation thereof by LenderAgent. No attempted or purported termination by Guarantor shall be effective unless receipt of the notice of termination is acknowledged by Lender Agent thereof in writing. Termination shall apply only to principal portions of the Guaranteed Obligations arising after Lender Agent has confirmed in writing receipt of such notice of termination and shall apply only to such Guaranteed Obligations with respect to which Lender was Lenders were not obligated to advance credit to Borrower prior to confirmation by Agent in writing of receipt of such notice of termination. The notice of termination shall not relieve Guarantor of any of the Guaranteed Obligations: (i) incurred by Borrower before delivery (and confirmation of receipt thereof) of the notice of termination; (ii) arising from and out of Lender's Lenders' commitments and agreements to extend credit to Borrower made before delivery (and confirmation of receipt thereof) of the notice of termination; and (iii) consisting of accrued interest, actual attorney fees, premiums, and other costs, charges, and monies owing under or pursuant to any of the instruments, documents, agreements, or contracts evidencing or comprising any of the Guaranteed Obligations. Termination of this Guaranty may constitute an event of default under the Guaranteed Obligations.