Common use of Liability Not Affected Clause in Contracts

Liability Not Affected. (a) The Company’s rights pursuant to this Guarantee shall be additional to and shall not merge with, affect, or be affected by any other: (i) security now or subsequently held by the Company from the Client, the Guarantor or any other co-surety or co-indemnifier; or (ii) obligation of the Guarantor to the Company, notwithstanding any rule of law or equity or any statutory provision to the contrary. (b) The Guarantor’s liability under this Guarantee and indemnity shall not be affected by: (i) the fact that any other person who was intended to execute this Guarantee or otherwise to become a co-surety or co- indemnifier for payment of the monies owed or the performance of the Client’s Obligations or any of them has not done so or has not done so effectively; (ii) the discharge under statute or any principle of law or equity of any Guarantor or any person who is co-surety or co-indemnifier for payment of the monies owed or performance of the Client’s Obligations or any part thereof; or (iii) a lawful assignment of this Guarantee or indemnity or an assignment by the Company of the rights to receive the benefit of the payment of the monies owed or the performance of the Client’s Obligations, and in the event of such assignment the Guarantor’s obligations pursuant to this Guarantee shall be assigned and transferred automatically to the assignee and the assignee shall be entitled to the benefit of and to enforce the provisions of this Guarantee against the Guarantor as if the assignee were named as the Company in this Guarantee.