Common use of No Obligation to Enforce Clause in Contracts

No Obligation to Enforce. Before the Guarantor takes steps to enforce any rights conferred on the Guarantor, or exercising any of the rights, powers and remedies conferred upon the Guarantor by this Agreement, the Loan Agreement, the General Agency Agreement or by law, the Guarantor shall not be obliged; (i) to take any action (including, but without limitation, the filing of any petition or other documents for a bankruptcy, winding-up, liquidation or re-organisation of any other Person) or obtain judgment in any court against any other Person (including Persons from whom the Guarantor may seek reimbursement in respect of any Guarantor Payment); or (ii) to enforce or seek to enforce any other rights which the Guarantor may have against the Borrower or any other Person.