Guaranty of Payment or Performance Sample Clauses

A Guaranty of Payment or Performance clause obligates a third party, known as the guarantor, to fulfill the payment or performance obligations of another party if that party fails to do so. In practice, this means that if the primary obligor defaults on a loan or contract, the guarantor must step in to pay the debt or complete the required work. This clause provides assurance to the beneficiary that they will receive payment or performance as agreed, thereby reducing the risk of loss due to nonperformance or default by the original party.
Guaranty of Payment or Performance. Guaranty any contract or obligation of any Person, except for any Indebtedness owed to Bank by any Affiliates of Borrower, and except that the foregoing restriction shall not apply to endorsements of instruments for collection in the ordinary course of business.
View SourceView Similar (5)
Guaranty of Payment or Performance. The Borrower will not guarantee any contract or otherwise be or become liable in connection with any obligation of any Person, except that the foregoing restriction shall not apply to endorsements of instruments for collection in the ordinary course of business.
View SourceView Similar (5)
Guaranty of Payment or Performance. No Borrower will guarantee or otherwise be or become liable in connection with any obligation of any Person, except as to (a) the Obligations under the Loan Documents or other obligations in favor of the Lender, and (b) endorsements of instruments for collection in the ordinary course of business.
View Source
Guaranty of Payment or Performance. The Borrower will not ---------------------------------- guarantee any contract or otherwise be or become liable in connection with any obligation of any Person, except that the foregoing restriction shall not apply to endorsements of instruments for collection in the ordinary course of business.
View Source
Guaranty of Payment or Performance. None of the Credit Parties will guarantee any contract or otherwise be or become liable in connection with any obligation of any Person, except that the foregoing restriction shall not apply to endorsements of instruments for collection in the ordinary course of business.
View Source
Guaranty of Payment or Performance. None of the Credit Parties will guarantee any contract or otherwise be or become liable in connection with any obligation of any Person, except that the foregoing restriction shall not apply to endorsements of instruments for collection in the ordinary course of business.
View Source

Related to Guaranty of Payment or Performance

  • Guaranty of Payment and Performance Guarantor’s obligations under this Guaranty constitute an unconditional guaranty of payment and performance and not merely a guaranty of collection.

  • Timing of Payment or Performance When the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than as described in the definition of Interest Period) or performance shall extend to the immediately succeeding Business Day.

  • Guaranty of Payment This Loan Guaranty is a guaranty of payment and not of collection. Each Loan Guarantor waives any right to require the Administrative Agent, the Issuing Bank or any Lender to ▇▇▇ any Borrower, any Loan Guarantor, any other guarantor of, or any other Person obligated for, all or any part of the Guaranteed Obligations (each, an “Obligated Party”), or otherwise to enforce its payment against any collateral securing all or any part of the Guaranteed Obligations.

  • Guaranty of Payment and Not of Collection This Guaranty is a guaranty of payment, and not of collection, and a debt of each Guarantor for its own account. Accordingly, the Guarantied Parties shall not be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue any right or remedy the Guarantied Parties may have against the Borrower, any other Loan Party or any other Person or commence any suit or other proceeding against the Borrower, any other Loan Party or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower, any other Loan Party or any other Person; or (c) to make demand of the Borrower, any other Loan Party or any other Person or to enforce or seek to enforce or realize upon any collateral security held by the Guarantied Parties which may secure any of the Guarantied Obligations.

  • Payment and Performance Bond Prior to the execution of this Contract, City may require Contractor to post a payment and performance bond (Bond). The Bond shall guarantee Contractor’s faithful performance of this Contract and assure payment to contractors, subcontractors, and to persons furnishing goods and/or services under this Contract.