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Nationsbanc (the Forsythe guaranty, the Indeck Energy guaranty,
and the Indeck Power guaranty, respectively). Each guaranty
provided in relevant part:
SECTION 1. Guarantee. * * * The Guarantor does
hereby unconditionally guarantee to the Secured Party and
its successors, endorsees, transferees and assigns, without
offset or deduction, the following:
(a) the prompt payment when due, whether by
acceleration or otherwise, of all amounts payable by
the Debtor pursuant to or under the Security Agreement,
the Note and all related agreements (collectively, the
“Basic Agreements”); * * *
(b) the punctual and faithful performance by Debtor of
each and every duty, agreement, covenant and obligation
of Debtor under and in accordance with the terms of the
Basic Agreements and all other obligations of Debtor to
the Secured Party arising under the Basic Agreements or
any of the transactions related thereto. The Guarantor
does hereby agree that in the event Debtor does not or
is unable to pay or perform in accordance with the
terms of the Basic Agreements for any reason
(including, without limitation, the liquidation,
dissolution, receivership, insolvency, bankruptcy,
assignment for the benefit of creditors,
reorganization, arrangement, composition or
readjustment of, or other similar proceedings affecting
the status, existence, assets or obligations of Debtor
or the limitation of damages for the breach, or the
disaffirmance of, any Basic Agreement in such
proceeding) it will pay the sums, or amounts equal
thereto, which Debtor is (or, but for any such reason,
would be) obligated to pay at the times specified in
the Basic Agreements, whether by acceleration or
otherwise (it being the intention hereof that the
Guarantor shall pay to the Secured Party, as a payment
obligation directly due from the Guarantor to the
Secured Party, amounts equal to all amounts which
Debtor shall fail faithfully and properly to pay when
due under the Basic Agreements, whether by acceleration
or otherwise), or otherwise provide for and bring about
promptly when due such payment and the performance of
such duties, agreements, covenants and obligations of
Debtor under the Basic Agreements. The Guarantor
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