BOWERS MUSEUM - 2006 GUARANTY AGMT FOR EXPANSION-2006

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right, remedy or claim under or by reason of this Guaranty Agreement. All covenants, stipulations, promises or agreements contained in this Guaranty Agreement by and on behalf of the Agency shall be for the sole and exclusive benefit ofthe Bank. SECTION 7.04. Successor. Whenever in this Guaranty Agreement either the Agency or the Bank is named or referred to, such reference shall be deemed to include the successors or assigns thereof, and all the covenants and agreements in this Guaranty Agreement contained by or on behalf of the Agency or the Bank shall bind and inure to the benefit of the respective successors and assigns thereof whether so expressed or not. SECTION 7.05. Discharge of Guarantv Agreement. If the Agency shall pay and discharge the entire indebtedness under this Guaranty Agreement by paying or causing to be paid the Obligation Amount and any interest thereon, as and when the same become due and payable as specified in Section 2; then, at the election of the Agency, but only if all other amounts then due and payable hereunder shall have been paid or provision for their payment made, the pledge of and lien upon the Pledged Tax Revenues and other funds provided for in this Guaranty Agreement and all other obligations of the Agency under this Guaranty Agreement shall cease and terminate, except only the obligation of the Agency to payor cause to be paid to the Bank, from the amounts so deposited with the Bank or such other fiduciary, all sums due with respect to this Guaranty Agreement and all expenses and costs of the Bank. Notice of such election shall be filed with the Bank. Any funds thereafter held by the Bank hereunder, which are not required for said purposes, shall be paid over to the Agency. SECTION 7.06. Termination of Guaranty Agreement. This Guaranty Agreement shall terminate and the Guaranty shall become null and void upon the payment in full of the Obligation Amount and all interest and other amounts payable to the Bank hereunder. SECTION 7.07. the parties in writing. Amendment. This Guaranty Agreement may only be amended by SECTION 7.08. Waiver of Personal Liabilitv. No member, officer, agent or employee of the Agency shall be individually or personally liable for the payment of the principal of or the interest under this Guaranty Agreement; but nothing herein contained shall relieve any such member, officer, agent or employee from the performance of any official duty provided by law. SECTION 7.09. Payment on Business Days. Whenever in this Guaranty Agreement any amount is required to be paid on a day that is not a Business Day, such payment shall be required to be made on the Business Day immediately following such day and no further interest shall accrue. SECTION 7.10 Notices. All written notices to be given under this Guaranty Agreement shall be given by first-class mail or personal delivery to the party entitled thereto at its address set forth below, or at such address as the party may provide to the other party in writing from time to time. Notice shall be deemed effective 48 hours after deposit in the United 10