Common use of Conditions of the Guarantee Clause in Contracts

Conditions of the Guarantee. For the purposes of the Agreement, the liability of the Guarantor shall be limited to the maximum amount of sum (or its equivalent) specified in Paragraph 2.3 of the Joint Guarantee Agreement (at the commercial rate of the Bank as of the date of settlement of the liability (in parts or in full). During the term of effectiveness of the Agreement the Guarantor shall waive his/her/its right to: Raise the Debtor’s counterclaims against the Bank; Refuse to satisfy the Bank, whether or not the Debtor has the right to question the Agreement on the Secured Claims underlying his/her/its obligations. Request to be released from the Guarantee, whether or not: The Debtor’s property status has substantially deteriorated; Repayment from the Debtor has become substantially difficult due to the change of the place of residence or location; The Bank has the ability to demand fulfillment of obligations under the Agreement on the Secured Claims from the Debtor or his/her/its successor/assignee due to the loss of capacity and/or authority of the Debtor, and/or death/bankruptcy/liquidation of the Debtor; The membership of the party/parties to the Agreement on the Secured Claims changes; The Bank transfers the Secured Claims and other claims under the Agreement to other Person (other than the Guarantor); The Bank holds the document having the executive endorsement on execution against the Guarantor. The Bank: Is entitled to request from the Guarantor settlement of the Secured Claims without the compulsory enforcement efforts against the Debtor and preliminary warning of the Debtor/Guarantor, if the Debtor’s insolvency is evident and/or the debt has been claimed by the Bank ahead of the term and has not been paid; Xxxxx, at the Guarantor’s request, provide him/her/it with information regarding the Debtor’s debt; Is entitled to exercise foreclosure on any property or assets of the Guarantor in order to settle the Debtor’s liability. Based on the joint nature of the guarantee, the Parties agree that the reduction of other means of securing the obligation under the Agreement on the Secured Claims shall not affect the Guarantor and cause reduction of the maximum amount of liability of the Guarantor as specified in Paragraph 2.3 of the Joint Guarantee Agreement.