Common use of Guaranty of Payment and Not of Collection Clause in Contracts

Guaranty of Payment and Not of Collection. This is an absolute guaranty of payment and not of collection, and an absolute guaranty of performance of all of the obligations of each Obligor under the Credit Documents, and each Guarantor WAIVES any right to require that any action be brought against any Obligor, any other Guarantor or any other Person, or that any Bank or the Agent be required to enforce, attempt to enforce or exhaust any rights, benefits or privileges of any Bank or the Agent under any of the Credit Documents, by law or otherwise; provided that nothing herein shall be construed to prevent any Bank or the Agent from exercising and enforcing at any time any right, benefit or privilege which any Bank or the Agent may have under any Credit Document or by law from time to time, and at any time, and each Guarantor agrees that each Guarantor's obligations hereunder are--and shall be--absolute, independent, unconditional, joint and several under any and all circumstances. Should any Bank or the Agent seek to enforce any Guarantor's obligations by action in any court, each Guarantor WAIVES any requirement, substantive or procedural, that (a) the Agent pursue any foreclosure action, realize or attempt to realize on any security (including the Cash Collateral Account) or preserve or enforce any deficiency claim against any Obligor, any other Guarantor or any other Person after any such realization, (b) a judgment first be sought or rendered against any Obligor, any other Guarantor or any other Person, (c) any Obligor, any other Guarantor or any other Person be joined in such action or (d) a separate action be brought against any Obligor, any other Guarantor or any other Person. Each Guarantor's obligations under this Guaranty are several from those of any other Obligor or any other Person, and are primary obligations concerning which such Guarantor is the principal obligor. All waivers in this Agreement or any of the other Credit Documents shall be without prejudice to the right of any Bank or the Agent at its option to proceed against any Obligor, any other Guarantor or any other Person, whether by separate action or by joinder. Each Guarantor agrees that this Guaranty shall not be discharged except by payment of the Obligations in full, expiration of all Letters of Credit, complete performance of all obligations of each Obligor under the Credit Documents and termination of each Bank's obligation--if any--to make any further advances or extend other financial accommodations to any Obligor under the Credit Documents.

Guaranty of Payment and Not of Collection. This is an absolute guaranty of payment and not of collection, and an absolute guaranty of performance of all of the obligations of each Obligor Borrower under the Credit Loan Documents, and each Guarantor WAIVES any right to require that any action be brought against any Obligor, any other Guarantor either Borrower or any other Person, or that any the Administrative Agent, the Issuing Bank or the Agent any Lender be required to enforce, attempt to enforce or exhaust any rights, benefits or privileges of any the Administrative Agent, the Issuing Bank or the Agent any Lender under any of the Credit Loan Documents, by law or otherwise; provided that nothing herein shall be construed to prevent any the Administrative Agent, the Issuing Bank or the Agent any Lender from exercising and enforcing at any time any right, benefit or privilege which any the Administrative Agent, the Issuing Bank or the Agent such Lender may have under any Credit Loan Document or by law from time to time, and at any time, and each . Guarantor agrees that each Guarantor's ’s obligations hereunder are--are – and shall be--be – absolute, independent, unconditional, joint and several unconditional under any and all circumstances. Should any the Administrative Agent, the Issuing Bank or the Agent any Lender seek to enforce any Guarantor's ’s obligations by action in any court, each Guarantor WAIVES any requirement, substantive or procedural, that (a) the Agent Administrative Agent, the Issuing Bank or any Lender pursue any foreclosure action, realize or attempt to realize on any security (including the Cash Collateral Account) or preserve or enforce any deficiency claim against any Obligoreither or both Borrowers, any other Guarantor or any other Person after any such realization, (b) a judgment first be sought or rendered against any Obligoreither or both Borrowers, any other Guarantor or any other Person, (c) any Obligoreither or both Borrowers, any other Guarantor or any other Person be joined in such action action, or (d) a separate action ac¬tion be brought against any Obligoreither or both Borrowers, any other Guarantor or any other Person. Each Guarantor's ’s obligations under this Guaranty are several from those of any other Obligor either or both Borrowers or any other Person, Person and are primary obligations concerning which such Guarantor is the principal obligor. All waivers in this Agreement Guaranty or any of the other Credit Loan Documents shall be without prejudice to the right of any the Administrative Agent, the Issuing Bank or the Agent any Lender at its option to proceed against any Obligoreither or both Borrowers, any other Guarantor or any other Person, whether by separate action or by joinder. Each Guarantor agrees that its obligations under this Guaranty shall not be discharged except by payment of the Obligations in full, expiration of all Letters of Credit, complete performance of all obligations of each Obligor the Borrowers and the other Obligors under the Credit Loan Documents and termination of each Bank's obligation--the Lenders’ obligations if any--any -- to make any further advances under the Loan Documents or extend other financial accommodations to any Obligor under the Credit Documentseither or both Borrowers.

Guaranty of Payment and Not of Collection. This is an absolute guaranty of payment and not of collection, and an absolute guaranty of performance of all of the obligations of each Obligor Lufkin Finance under the Credit Loan Documents, and each Guarantor WAIVES any right to require that any action be brought against any Obligor, any other Guarantor Lufkin Finance or any other Person, or that any the Administrative Agent, the Issuing Bank or the Agent any Lender be required to enforce, attempt to enforce or exhaust any rights, benefits or privileges of any the Administrative Agent, the Issuing Bank or the Agent any Lender under any of the Credit Loan Documents, by law or otherwise; provided that nothing herein shall be construed to prevent any the Administrative Agent, the Issuing Bank or the Agent any Lender from exercising and enforcing at any time any right, benefit or privilege which any the Administrative Agent, the Issuing Bank or the Agent such Lender may have under any Credit Loan Document or by law from time to time, and at any time, and each . Guarantor agrees that each Guarantor's obligations hereunder are--are – and shall be--be – absolute, independent, unconditional, joint and several unconditional under any and all circumstances. Should any the Administrative Agent, the Issuing Bank or the Agent any Lender seek to enforce any Guarantor's obligations by action in any court, each Guarantor WAIVES any requirement, substantive or procedural, that (a) the Agent Administrative Agent, the Issuing Bank or any Lender pursue any foreclosure action, realize or attempt to realize on any security (including the Cash Collateral Account) or preserve or enforce any deficiency claim against any ObligorLufkin Finance, any other Guarantor or any other Person after any such realization, (b) a judgment first be sought or rendered against any ObligorLufkin Finance, any other Guarantor or any other Person, (c) any ObligorLufkin Finance, any other Guarantor or any other Person be joined in such action action, or (d) a separate action be brought against any ObligorLufkin Finance, any other Guarantor or any other Person. Each Guarantor's obligations under this Guaranty are several from those of any other Obligor Lufkin Finance or any other Person, Person and are primary obligations concerning which such Guarantor is the principal obligor. All waivers in this Agreement Guaranty or any of the other Credit Loan Documents shall be without prejudice to the right of any the Administrative Agent, the Issuing Bank or the Agent any Lender at its option to proceed against any ObligorLufkin Finance, any other Guarantor or any other Person, whether by separate action or by joinder. Each Guarantor agrees that its obligations under this Guaranty shall not be discharged except by payment of the Obligations in full, expiration of all Letters of Credit, complete performance of all obligations of each Obligor Lufkin Finance under the Credit Loan Documents and termination of each Bank's obligation--the Lenders’ obligations if any--any -- to make any further advances under the Loan Documents or extend other financial accommodations to any Obligor under the Credit DocumentsLufkin Finance.

Guaranty of Payment and Not of Collection. This is an absolute guaranty of payment and not of collection, and an absolute guaranty of performance of all of the obligations of each Obligor Borrower under the Credit Documents, and each Guarantor WAIVES any right to require that any action be brought against any ObligorBorrower, any other Guarantor or any other Person, or that any Bank or the Agent be required to enforce, attempt to enforce or exhaust any rights, benefits or privileges of any Bank or the Agent under any of the Credit Documents, by law or otherwise; provided that nothing herein shall be construed to prevent any Bank or the Agent from exercising and enforcing at any time any right, benefit or privilege which any Bank or the Agent may have under any Credit Document or by law from time to time, and at any time, and each Guarantor agrees that each Guarantor's obligations hereunder are--and shall be--be-- absolute, independent, unconditional, joint and several under any and all circumstances. Should any Bank or the Agent seek to enforce any Guarantor's obligations by action in any court, each Guarantor WAIVES any requirement, substantive or procedural, that (a) the Agent pursue any foreclosure action, realize or attempt to realize on any security (including the Cash Collateral Account) or preserve or enforce any deficiency claim against any ObligorBorrower, any other Guarantor or any other Person after any such realization, (b) a judgment first be sought or rendered against any ObligorBorrower, any other Guarantor or any other Person, (c) any ObligorBorrower, any other Guarantor or any other Person be joined in such action or (d) a separate action be brought against any ObligorBorrower, any other Guarantor or any other Person. Each Guarantor's obligations under this Guaranty are several from those of any other Obligor Borrower or any other Person, and are primary obligations concerning which such Guarantor is the principal obligor. All waivers in this Agreement or any of the other Credit Documents shall be without prejudice to the right of any Bank or the Agent at its option to proceed against any ObligorBorrower, any other Guarantor or any other Person, whether by separate action or by joinder. Each Guarantor agrees that this Guaranty shall not be discharged except by payment of the Obligations in full, expiration of all Letters of Credit, complete performance of all obligations of each Obligor Borrower under the Credit Documents and termination of each Bank's obligation--if any--to make any further advances or extend other financial accommodations to any Obligor Borrower under the Credit Documents.

Guaranty of Payment and Not of Collection. This is an absolute absolute, present and continuing guaranty of payment and not of collection. Guarantor agrees that this Guaranty may be enforced by Lender without the necessity at any time of resorting to or exhausting any other security or collateral given in connection herewith or with the Note, Loan Agreement, Mortgage or any of the other Loan Documents through foreclosure or sale proceedings, as the case may be, under the Mortgage or otherwise, or resorting to any other guaranties, and an absolute guaranty Guarantor hereby waives any right to require Lender to join Borrower in any action brought hereunder or to commence any action against or obtain any judgment against Borrower or to pursue any other remedy or enforce any other right. Guarantor further agrees that nothing contained herein or otherwise shall prevent Lender from pursuing concurrently or successively all rights and remedies available to it at law and/or in equity or under the Note, Loan Agreement, Mortgage or any other Loan Documents, and the exercise of any of its rights or the completion of any of its remedies shall not constitute a discharge of Guarantor’s obligations hereunder, it being the purpose and intent of Guarantor that the obligations of Guarantor hereunder shall be absolute, independent and unconditional under any and all circumstances whatsoever and Guarantor shall remain fully liable for the payment and performance of all of the obligations of each Obligor under Guaranteed Obligations until the Credit Documents, and each Guarantor WAIVES any right to require that any action be brought against any Obligor, any other Guarantor or any other Person, or that any Bank or the Agent be required to enforce, attempt to enforce or exhaust any rights, benefits or privileges of any Bank or the Agent under any of the Credit Documents, by law or otherwise; provided that nothing herein shall be construed to prevent any Bank or the Agent from exercising and enforcing at any time any right, benefit or privilege which any Bank or the Agent may have under any Credit Document or by law from time to time, and at any time, and each Guarantor agrees that each Guarantor's obligations hereunder are--and shall be--absolute, independent, unconditional, joint and several under any Loan and all circumstancesGuaranteed Obligations have been indefeasibly paid and performed in full. Should any Bank or the Agent seek to enforce any None of Guarantor's obligations by action in any court, each Guarantor WAIVES any requirement, substantive or procedural, that (a) the Agent pursue any foreclosure action, realize or attempt to realize on any security (including the Cash Collateral Account) or preserve or enforce any deficiency claim against any Obligor, any other Guarantor or any other Person after any such realization, (b) a judgment first be sought or rendered against any Obligor, any other Guarantor or any other Person, (c) any Obligor, any other Guarantor or any other Person be joined in such action or (d) a separate action be brought against any Obligor, any other Guarantor or any other Person. Each Guarantor's ’s obligations under this Guaranty are several from those or any remedy for the enforcement thereof shall be impaired, modified, changed or released in any manner whatsoever by any impairment, modification, change, release or limitation of the liability of Borrower under the Note, Loan Agreement, Mortgage or other Loan Documents or by reason of the bankruptcy of Borrower or by reason of any other Obligor creditor or any other Person, and are primary obligations concerning which such Guarantor is bankruptcy proceeding instituted by or against Borrower. In the principal obligor. All waivers in this Agreement or any event of the other Credit Documents shall foreclosure of the Mortgage and of a deficiency, Guarantor hereby promises and agrees forthwith to pay the amount of such deficiency notwithstanding the fact that recovery of said deficiency against Borrower would not be without prejudice to allowed by applicable law; however, the right of any Bank or the Agent at its option to proceed against any Obligor, any other Guarantor or any other Person, whether by separate action or by joinder. Each Guarantor agrees that this Guaranty foregoing shall not be discharged except by deemed to require that Lender institute foreclosure proceedings or otherwise resort to or exhaust any other collateral or security prior to or concurrently with enforcing this Guaranty. As used in this Guaranty, an “indefeasible” payment shall mean and refer to a payment that is no longer subject to potential disaffirmance, impairment, set aside, offset, recoupment, defeasance, recovery, disallowance, or recapture pursuant to the provisions of any federal or state law, regulation or order applicable to or governing creditors’ rights, including, without limitation, Title 11 of the Obligations in fullUnited States Code, expiration as amended, either by reason of all Letters the passage of Credittime following such payment or the final judgment of a court of competent jurisdiction establishing the unassailable right of the party receiving such payment to retain such payment without reduction, complete performance of all obligations of each Obligor under the Credit Documents and termination of each Bank's obligation--if any--to make any further advances offset, or extend other financial accommodations to any Obligor under the Credit Documentsimpairment.

Guaranty of Payment and Not of Collection. This is an absolute guaranty of payment and not of collection, and an absolute guaranty of performance of all of the obligations of each Obligor the Borrower under the Credit Loan Documents, and each Guarantor WAIVES any right to require that any action be brought against any Obligor, any other Guarantor the Borrower or any other Person, or that any Bank or the Agent Lender be required to enforce, attempt to enforce or exhaust any rights, benefits or privileges of the Administrative Agent or any Bank or the Agent Lender under any of the Credit Loan Documents, by law or otherwise; provided PROVIDED that nothing herein shall be construed to prevent the Administrative Agent or any Bank or the Agent Lender from exercising and enforcing at any time any right, benefit or privilege which any Bank the Administrative Agent or the Agent such Lender may have under any Credit Loan Document or by law from time to time, and at any time, and each . Each Guarantor agrees that each such Guarantor's obligations hereunder are--and are --and shall be--be -- absolute, independent, unconditional, joint and several under any and all circumstances. Should the Administrative Agent or any Bank or the Agent Lender seek to enforce any Guarantor's obligations by action in any court, each Guarantor WAIVES any requirement, substantive or procedural, that (a) the Administrative Agent or any Lender pursue any foreclosure action, realize or attempt to realize on any security (including the Cash Collateral Account) or preserve or enforce any deficiency claim against any Obligorthe Borrower, any other Guarantor or any other Person after any such realization, (b) a judgment first be sought or rendered against any Obligorthe Borrower, any other Guarantor or any other Person, (c) any Obligorthe Borrower, any other Guarantor or any other Person be joined in such action action, or (d) a separate action be brought against any Obligorthe Borrower, any other Guarantor or any other Person. Each Guarantor's obligations under this Guaranty are several from those of any other Obligor the Borrower or any other Person, Person and are primary obligations concerning which such Guarantor is the principal obligor. All waivers in this Agreement Guaranty or any of the other Credit Loan Documents shall be without prejudice to the right of the Administrative Agent or any Bank or the Agent Lender at its option to proceed against any Obligorthe Borrower, any other Guarantor or any other Person, whether by separate action or by joinder. Each Guarantor agrees that its obligations under this Guaranty shall not be discharged except by payment of the Obligations in full, expiration of all Letters of Credit, complete performance of all obligations of each Obligor the Borrower and the other Obligors under the Credit Loan Documents and termination of each Bank's obligation--the Lenders' obligations -- if any--any -- to make any further advances under the Loan Documents or extend other financial accommodations to any Obligor under the Credit DocumentsBorrower.

Guaranty of Payment and Not of Collection. This is an absolute guaranty of payment and not of collection, and an absolute guaranty of performance of all of the obligations of each Obligor under the Credit DocumentsDebt, and each Guarantor WAIVES any right to require that any action be brought against any Obligor, any other Guarantor the Borrower or any other Person, or that the Administrative Agent or any Bank or the Agent Lender be required to enforce, attempt to enforce or exhaust any rights, benefits or privileges of the Administrative Agent or any Bank or the Agent Lender under any of the Credit Loan Documents, by law or otherwise; provided that nothing herein shall be construed to prevent the Administrative Agent or any Bank or the Agent Lender from exercising and enforcing at any time any right, benefit or privilege which any Bank the Administrative Agent or the Agent such Lender may have under any Credit Loan Document or by law from time to time, and at any time, and each . Guarantor agrees that each Guarantor's ’s obligations hereunder are--—and shall be--—absolute, independent, unconditional, joint and several under any and all circumstances. Should the Administrative Agent or any Bank or the Agent Lender seek to enforce any Guarantor's ’s obligations by action in any court, each Guarantor WAIVES any requirement, substantive or procedural, that (a) the Administrative Agent or any Lender pursue any foreclosure action, realize or attempt to realize on any security (including the Cash Collateral Account) or preserve or enforce any deficiency claim against any Obligorthe Borrower, any other Guarantor or any other Person after any such realization, (b) a judgment first be sought or rendered against any Obligorthe Borrower, any other Guarantor or any other Person, (c) any Obligorthe Borrower, any other Guarantor or any other Person be joined in such action action, or (d) a separate action be brought against any Obligorthe Borrower, any other Guarantor or any other Person. Each Guarantor's ’s obligations under this Guaranty are several from those of any other Obligor the Borrower or any other Person, Person and are primary obligations concerning which such Guarantor is the principal obligor. All waivers in this Agreement Guaranty or any of the other Credit Loan Documents shall be without prejudice to the right of the Administrative Agent or any Bank or the Agent Lender at its option to proceed against any Obligorthe Borrower, any other Guarantor or any other Person, whether by separate action or by joinder. Each Guarantor agrees that this Guaranty shall not be discharged except by payment of the Obligations in full, expiration of all Letters of Credit, complete performance of all obligations of each Obligor under the Credit Documents and termination of each Bank's obligation--if any--to make any further advances or extend other financial accommodations to any Obligor under the Credit Documents.

Guaranty of Payment and Not of Collection. This is an absolute guaranty of payment and not of collection, and an absolute guaranty of performance of all of the obligations of each Obligor under the Credit DocumentsDebt, and each Guarantor WAIVES any right to require that any action be brought against any Obligor, any other Guarantor the Borrower or any other Person, or that the Administrative Agent or any Bank or the Agent Lender be required to enforce, attempt to enforce or exhaust any rights, benefits or privileges of the Administrative Agent or any Bank or the Agent Lender under any of the Credit Loan Documents, by law or otherwise; provided that nothing herein shall be construed to prevent the Administrative Agent or any Bank or the Agent Lender from exercising and enforcing at any time any right, benefit or privilege which any Bank the Administrative Agent or the Agent such Lender may have under any Credit Loan Document or by law from time to time, and at any time, and each . Guarantor agrees that each Guarantor's ’s obligations hereunder are--are — and shall be--be — absolute, independent, unconditional, joint and several under any and all circumstances. Should the Administrative Agent or any Bank or the Agent Lender seek to enforce any Guarantor's ’s obligations by action in any court, each Guarantor WAIVES any requirement, substantive or procedural, that (a) the Administrative Agent or any Lender pursue any foreclosure action, realize or attempt to realize on any security (including the Cash Collateral Account) or preserve or enforce any deficiency claim against any Obligorthe Borrower, any other Guarantor or any other Person after any such realization, (b) a judgment first be sought or rendered against any Obligorthe Borrower, any other Guarantor or any other Person, (c) any Obligorthe Borrower, any other Guarantor or any other Person be joined in such action action, or (d) a separate action be brought against any Obligorthe Borrower, any other Guarantor or any other Person. Each Guarantor's ’s obligations under this Guaranty are several from those of any other Obligor the Borrower or any other Person, Person and are primary obligations concerning which such Guarantor is the principal obligor. All waivers in this Agreement Guaranty or any of the other Credit Loan Documents shall be without prejudice to the right of the Administrative Agent or any Bank or the Agent Lender at its option to proceed against any Obligorthe Borrower, any other Guarantor or any other Person, whether by separate action or by joinder. Each Guarantor agrees that this Guaranty shall not be discharged except by payment of the Obligations in full, expiration of all Letters of Credit, complete performance of all obligations of each Obligor under the Credit Documents and termination of each Bank's obligation--if any--to make any further advances or extend other financial accommodations to any Obligor under the Credit Documents.

Guaranty of Payment and Not of Collection. This is an absolute guaranty of payment and not of collection, and an absolute guaranty of performance of all of the obligations of each Obligor under the Credit DocumentsDebt, and each Guarantor WAIVES any right to require that any action be brought against any Obligor, any other Guarantor the Borrower or any other Person, or that the Administrative Agent or any Bank or the Agent Lender be required to enforce, attempt to enforce or exhaust any rights, benefits or privileges of the Administrative Agent or any Bank or the Agent Lender under any of the Credit Loan Documents, by law or otherwise; provided that nothing herein shall be construed to prevent the Administrative Agent or any Bank or the Agent Lender from exercising and enforcing at any time any right, benefit or privilege which any Bank the Administrative Agent or the Agent such Lender may have under any Credit Loan Document or by law from time to time, and at any time, and each . Each Guarantor agrees that each such Guarantor's ’s obligations hereunder are--are —and shall be--be — absolute, independent, unconditional, joint and several under any and all circumstances. Should the Administrative Agent or any Bank or the Agent Lender seek to enforce any Guarantor's ’s obligations by action in any court, each Guarantor WAIVES any requirement, substantive or procedural, that (a) the Administrative Agent or any Lender pursue any foreclosure action, realize or attempt to realize on any security (including the Cash Collateral Account) or preserve or enforce any deficiency claim against any Obligorthe Borrower, any other Guarantor or any other Person after any such realization, (b) a judgment first be sought or rendered against any Obligorthe Borrower, any other Guarantor or any other Person, (c) any Obligorthe Borrower, any other Guarantor or any other Person be joined in such action action, or (d) a separate action be brought against any Obligorthe Borrower, any other Guarantor or any other Person. Each Guarantor's ’s obligations under this Guaranty are several from those of any other Obligor the Borrower or any other Person, Person and are primary obligations concerning which such Guarantor is the principal obligor. All waivers in this Agreement Guaranty or any of the other Credit Loan Documents shall be without prejudice to the right of the Administrative Agent or any Bank or the Agent Lender at its option to proceed against any Obligorthe Borrower, any other Guarantor or any other Person, whether by separate action or by joinder. Each Guarantor agrees that this Guaranty shall not be discharged except by payment of the Obligations in full, expiration of all Letters of Credit, complete performance of all obligations of each Obligor under the Credit Documents and termination of each Bank's obligation--if any--to make any further advances or extend other financial accommodations to any Obligor under the Credit Documents.