Common use of Payments by Guarantors Clause in Contracts

Payments by Guarantors. Should the Secured Party receive from the Guarantor a payment or payments in full or on account of the liability under this guarantee and postponement of claim, the Guarantor shall not be entitled to claim repayment against the Debtor until the Secured Party's claims against the Debtor have been paid in full; and in case of liquidation, winding up or bankruptcy of the Debtor (whether voluntary or compulsory) or in the event that the Debtor shall make a bulk sale of any of the Debtor's assets within the provisions of any bulk sales act or similar legislation or any composition with creditors or scheme of arrangement, the Secured Party shall have the right to rank for its full claim and receive all dividends or other payments in respect thereof until its claim has been paid in full and the Guarantor shall continue to be liable for any balance which may be owing to the Secured Party by the Debtor. In the event of valuation by the Secured Party of any of its securities and the retention

Payments by Guarantors. Should the Secured Party receive from any of the Guarantor Guarantors a payment or payments in full or on account of the liability under this guarantee and postponement of claim, none of the Guarantor Guarantors shall not be entitled to claim repayment against the Debtor until the Secured Party's claims against the Debtor have been paid in full; and in case of liquidation, winding up or bankruptcy of the Debtor (whether voluntary or compulsory) or in the event that the Debtor shall make a bulk sale of any of the Debtor's assets within the provisions of any bulk sales act or similar legislation or any composition with creditors or scheme of arrangement, the Secured Party shall have the right to rank for its full claim and receive all dividends or other payments in respect thereof until its claim has been paid in full and each of the Guarantor Guarantors shall continue to be liable for any balance which may be owing to the Secured Party by the Debtor. In the event of valuation by the Secured Party of any of its securities and the retentionretention thereof by the Secured Party, such valuation

Payments by Guarantors. Should the Secured Party receive from the Guarantor a payment or payments in full or on account of the liability under this guarantee and postponement of claim, the Guarantor shall not be entitled to claim repayment against the Debtor until the Secured Party's claims against the Debtor have been paid in full; and in case of liquidation, winding up or bankruptcy of the Debtor (whether voluntary or compulsory) or in the event that the Debtor shall make a bulk sale of any of the Debtor's assets within the provisions of any bulk sales act or similar legislation or any composition with creditors or scheme of arrangement, the Secured Party shall have the right to rank for its full claim and receive all dividends or other payments in respect thereof until its claim has been paid in full and the Guarantor shall continue to be liable for any balance which may be owing to the Secured Party by the Debtor. In the event of valuation by the Secured Party of any of its securities and the retentionretention thereof by the -4- Secured Party, such valuation and retention shall not, as between the Secured Party and the Guarantor, be considered as a purchase of such securities, or as payment or satisfaction or reduction of the Debtor's debts or liabilities to the Secured Party, or any part thereof. 11.