PAYMENT DEMAND. (a) It shall not be a condition to the guaranties and agreements set forth in Section 2.1 (the “Guaranty”) that Seller shall have first made any request of, or demand upon, or given any notice of the occurrence of a default under the Purchase Agreement or the Closing Agreements (unless such notice is specifically required under the Purchase Agreement or the Closing Agreements) or any other notice whatsoever to Guarantor (except as provided in Section 2.2(b)) or the Obligor or any other entity or person, or shall have instituted any action or proceeding against the Obligor or any other company, entity or person in respect thereof, or shall have joined the Obligor in any such action or proceeding. (b) If the Obligor fails or refuses to pay any Obligations, Seller shall have the right from time to time to make a demand upon Guarantor (“Payment Demand”) and to proceed against Guarantor for recovery of the total of any and all amounts due to Seller by the Obligor. A Payment Demand shall be in writing and specify what amount the Obligor has failed to pay. Any delay or defect in the giving of such notice shall not alter or affect the Guaranty under this Agreement.
Appears in 2 contracts
Sources: Purchase and Sale Agreement, Purchase and Sale Agreement (Buckeye Partners, L.P.)