Guarantee Indemnity. 20.1 In consideration of the Owner agreeing to enter into this Rental Agreement at the request of the Renter and Guarantor, the Guarantor hereby guarantees to the Owner the due and punctual performance by the Renter of its monetary and other obligations under this Rental Agreement (the “Guaranteed Obligations”). If The Renter does not pay any amount or comply with any other obligation due under this Rental Agreement, the Guarantor must pay that amount, or perform or procure performance of that obligation, within five (5) days of demand by the Owner. 20.2 As a separate and independent obligation, the Guarantor agrees to indemnify the Owner against all reasonable losses, costs, liabilities or damages which the Owner may suffer or sustain as a result of the non-payment of any moneys or the non-performance of any obligations under this Rental Agreement by the Renter, or the whole or any part of this Rental Agreement not being enforceable by the Owner against the Renter or any Guarantor, whenever and as often as such events may occur for any reason whatsoever (including, but without limitation, any right of set-off, counterclaim, deduction, reduction or extinguishment the Renter or Guarantor may have under law, statute or in equity). The indemnity in this clause does not extend to losses, costs, liabilities or damages that occur due to any fraud, wilful misconduct, mistake or negligence of the Owner, its employees, contractors, agents or appointed receivers. 20.3 The obligations of the Guarantor under this guarantee and indemnity are principal obligations imposed upon the Guarantor as principal debtor and the Guarantor acknowledges and agrees that the Owner has the right to make a claim or demand against the Guarantor pursuant to this guarantee and indemnity without having first taken any proceedings against the Renter or any other person. 20.4 This guarantee and indemnity is not to be considered as wholly or partly discharged unless and until all of the Guaranteed Obligations have been satisfied in full. 20.5 This guarantee and indemnity is not impaired or discharged by: (a) any variation (with or without the consent of the Guarantor) whenever made to this Rental Agreement; (b) any breach of any obligation of the Renter under this Rental Agreement with or without the consent or knowledge of the Renter, any Guarantor or the Owner; (c) the granting of time, credit, forbearance, indulgence or concession to the Renter or to any other Guarantor;
Appears in 1 contract
Sources: Rental Agreement
Guarantee Indemnity. 20.1 In consideration of the Owner agreeing to enter into this Rental Agreement at the request of the Renter and Guarantor, the Guarantor hereby guarantees to the Owner the due and punctual performance by the Renter of its monetary and other obligations under this Rental Agreement (the “Guaranteed Obligations”). If The Renter does not pay any amount or comply with any other obligation due under this Rental Agreement, the Guarantor must pay that amount, or perform or procure performance of that obligation, within five (5) days of demand by the Owner.
20.2 As a separate and independent obligation, the Guarantor agrees to indemnify the Owner against all reasonable losses, costs, liabilities or damages which the Owner may suffer or sustain as a result of the non-payment of any moneys or the non-non- performance of any obligations under this Rental Agreement by the Renter, or the whole or any part of this Rental Agreement not being enforceable by the Owner against the Renter or any Guarantor, whenever and as often as such events may occur for any reason whatsoever (including, but without limitation, any right of set-off, counterclaim, deduction, reduction or extinguishment the Renter or Guarantor may have under law, statute or in equity). The indemnity in this clause does not extend to losses, costs, liabilities or damages that occur due to any fraud, wilful misconduct, mistake or negligence of the Owner, its employees, contractors, agents or appointed receivers.
20.3 The obligations of the Guarantor under this guarantee and indemnity are principal obligations imposed upon the Guarantor as principal debtor and the Guarantor hereby waives all rights that it might otherwise be entitled to claim or enforce as guarantor and the Guarantor acknowledges and agrees that the Owner has the right to make a claim or demand against the Guarantor pursuant to this guarantee and indemnity without having first taken any proceedings against the Renter or any other person.
20.4 This guarantee and indemnity is not to be considered as wholly or partly discharged unless and until all of the Guaranteed Obligations have been satisfied in full.
20.5 This guarantee and indemnity is not impaired or discharged by: (a) any variation (with or without the consent of the Guarantor) whenever made to this Rental Agreement; (b) any breach breach, wilful or otherwise, of any obligation of the Renter under this Rental Agreement with or without the consent or knowledge of the Renter, any Guarantor or the Owner; (c) the granting of time, credit, forbearance, indulgence or concession to the Renter or to any other Guarantor;; (d) any compromise, abandonment, waiver, release, variation or redemption or compounding by the Owner of any of its rights under this Rental Agreement or against any other Guarantor; (e) the unenforceability in whole or in part of this Rental Agreement against the Renter(s); (f) the unenforceability in whole or in part of this guarantee and indemnity against any other Guarantor or that any other Guarantor has not executed this Rental Agreement; (g) the fact that all or any part of the moneys owing by the Renter may not or may cease to be recoverable from the Renter or any other person liable for any reason (other than the same has been fully paid or satisfied); (h) the liquidation, death, insolvency or bankruptcy (as the case may be) of the Renter or any Guarantor; (i) the avoidance for any reason by statute or otherwise of any payment by or on behalf of the Renter or any Guarantor; (j) the transfer or assignment of the benefit of this Rental Agreement to any person or corporation; (k) the Renter being under any legal disability; or (l) any other matter or thing which but for this provision could or might operate to abrogate the effect of the provisions of this guarantee and indemnity.
20.6 If there are two or more Guarantors then the obligations under this guarantee and indemnity binds them jointly and each of them severally. A reference to Guarantor means all Guarantors, any 2 or more and each of them.
20.7 Each Guarantor represents and warrants to the Owner that it is to the Guarantor’s commercial benefit that it enters into the Guarantee and Indemnity.
Appears in 1 contract
Sources: Rental Agreement
Guarantee Indemnity. 20.1 In consideration 2.1. The Guarantors unconditionally, jointly and severally:
2.1.1. guarantee the Permittee’s obligations under the Berthage/Mooring Agreement.
2.1.2. indemnify PN against any loss or liability that PN incurs arising from or connected with the Permittee’s obligations under the Berthage/Mooring Agreement or the failure of the Owner agreeing Permittee to enter into this Rental Agreement at the request observe and perform those obligations.
2.2. Each of the Renter Guarantors’ obligations:
2.2.1. is a principal obligation and Guarantor, will not be treated as an ancillary or collateral to any other right or obligation however creating or arising;
2.2.2. may be enforced against the Guarantor hereby guarantees Guarantors without PN first being required to exhaust any remedy it may have against the Permittee or to enforce any security it may have with respect to the Owner the due and punctual performance by the Renter of its monetary and other Permittee’s obligations under this Rental Agreement (the “Guaranteed Obligations”). If The Renter does not pay any amount or comply with any other obligation due under this Rental Berthage/Mooring Agreement, the Guarantor must pay that amount, or perform or procure performance of that obligation, within five (5) days of demand by the Owner.
20.2 As 2.2.3. is a separate and independent obligation, the Guarantor agrees to indemnify the Owner against all reasonable losses, costs, liabilities or damages which the Owner may suffer or sustain as a result of the non-payment of any moneys or the non-performance of any obligations under this Rental Agreement by the Renter, or the whole or any part of this Rental Agreement not being enforceable by the Owner against the Renter or any Guarantor, whenever and as often as such events may occur for any reason whatsoever (including, but without limitation, any right of set-off, counterclaim, deduction, reduction or extinguishment the Renter or Guarantor may have under law, statute or in equity). The indemnity in this clause does not extend to losses, costs, liabilities or damages that occur due to any fraud, wilful misconduct, mistake or negligence of the Owner, its employees, contractors, agents or appointed receivers.
20.3 The obligations of the Guarantor under this continuing guarantee and indemnity are principal for the whole of the Permittee’s obligations imposed upon under the Guarantor as principal debtor Berthage/Mooring Agreementand will be irrevocable and the Guarantor acknowledges will remain in full force and agrees that the Owner has the right to make a claim or demand against the Guarantor pursuant to this guarantee and indemnity without having first taken any proceedings against the Renter or any other person.effect until discharged;
20.4 This guarantee and indemnity is 2.2.4. will not to be considered as wholly or partly partially discharged unless and until all by the performance at any time of any of the Guaranteed Obligations have been satisfied in fullPermittee’s obligations under the Berthage/Mooring Agreementor by any settlement of account or by any other matter or thing whatever and will apply to the present and future scope of the Permittee’s obligations.
20.5 2.3. The liability of the Guarantors is absolute and will not be affected by any act, omission, matter or thing which but for this provision might operate to release or otherwise exonerate them or either of them from the guarantor’s obligations in whole or in part, including without limiting the generality of the foregoing:
2.3.1. the grant to the Permittee or any other person of any time, waiver or indulgence or concession or the discharge or release of any other security held by PN in respect of the Permittee’s obligations under the Berthage/Mooring Agreement;
2.3.2. any transaction or arrangement that may take place between PN and the Permittee, the Guarantors (and each of them, if more than one) or any other person;
2.3.3. the insolvency of the Permittee;
2.3.4. any legal limitation, disability, incapacity or other circumstance related to the Permittee;
2.3.5. the failure of any of the Guarantors to execute this deed or the granting of this guarantee by any of the Guarantors being or becoming void or voidable.
2.4. This guarantee and indemnity is not impaired deed extends to cover the Berthage/Mooring Agreement as amended, varied or discharged by: (a) any variation (replaced, either with or without the consent of the Guarantor) whenever made to this Rental Agreement; (b) any breach of any obligation of the Renter under this Rental Agreement with or without the consent or knowledge of the Renter, any Guarantor or the Owner; (c) the granting of time, credit, forbearance, indulgence or concession to the Renter or to any other Guarantor;Guarantors.
Appears in 1 contract
Sources: Permit Agreement