Common use of Guaranty Limitations Clause in Contracts

Guaranty Limitations. Notwithstanding anything to the contrary contained or implied in this Guaranty, the aggregate actual and contingent liability of the Guarantor under this Guaranty shall be limited to a maximum principal amount of USD $10,000,000 (Ten Million U.S. Dollars) plus interest, costs and charges upon this maximum principal amount, in accordance with the terms and conditions of the Loan Documents, without any withholding, deduction or set off for any reason or account whatsoever. In no event shall the Guarantor be liable under this Guaranty for any amounts advanced by the Bank on or after the date on which the Bank first demands payment by the Guarantor (the "Demand Date"). The limitation in the immediately preceding sentence shall not apply to (i) advances made on or after the Demand Date to fund payment of letters of credit issued before such Demand Date under the Credit Agreement for the account of the Debtor or (ii) interest, fees, costs and other expenses that accrue on or after the Demand Date under the terms of the Loan Documents on (x) advances made before the Demand Date or (y) advances made after the Demand Date to fund payment of letters of credit issued before the Demand Date.