3.5. Legality. To the knowledge of the Guarantor, and the execution, delivery and execution of this Guarantee by the Guarantor and the completion of the transactions contemplated herein do not violate or conflict with any law, statute or regulation to which the Guarantor is subject, or any delay (or event that would constitute a delay with notice or expiry of time, or both) to: or lead to the violation of influences, costs, privileges or contracts, agreements or other instruments to which the Guarantor is a party. This guarantee is the legal and binding obligation of the guarantor and is enforceable in accordance with its terms, unless it is limited by bankruptcy, bankruptcy or other laws of general application relating to the enforcement of the rights of creditors. 5. Waiver of Presentation and Communication. The Guarantor further waives the presentation, application, notice of dishonor, protest, non-payment and any other communication, including, but not limited to: notice of acceptance of this notice; Disclosure of all contracts and obligations; notification of the existence or commitment of liability under the Agreement, as well as their amount and conditions; and notification of any omission, dispute or controversy between beneficiaries and debtors arising out of the contract or otherwise, as well as their settlement, compromise or adjustment. CONSIDERING that the beneficiary cooperates with [OTHER PARTY TO THE COMMERCIAL TRANSACTION] (hereinafter the “debtor”) a [COMMERCIAL TRANSACTION, AS .B. ENTERS INTO A DISTRIBUTION AGREEMENT OR SUPPLY AGREEMENT] on the date [DATE] [OF THE SAME DATE WITH THESE TERMS] (this Agreement and any supplement, modification, waiver, extension or addition to the Agreement, collectively, the “Agreement”); The term “unconditional and absolute” means that no conditions must be met against the debtor or that no recourse must be provided against the debtor before the rights against the guarantor become enforceable. The term “irrevocable” means that the guarantee cannot be revoked as long as the underlying trade agreement remains in force. 5.4. Subject to privileges.
The Guarantor agrees that all liens, security interests, judgment privileges, costs or other charges on the Borrower`s assets that secure payment of the Guarantee Claims are and will remain inferior and subordinate to the privileges, security interests, judgment privileges, costs or other charges on the Borrower`s assets that secure payment of the debt, whether these charges are in favor of the Borrower The guarantors or the lender currently exist or are created or seized later. Without the prior written consent of the Lender, the Guarantor may not (a) exercise or enforce the creditor`s right against the Borrower, or (b) execute, repossess, sequester or otherwise take or take or take any measure or proceeding (judicial or otherwise, including, but not limited to, initiating or joining liquidation, bankruptcy, conversion proceedings, debt relief or insolvency) to assert liens, mortgages, trust deeds, security interests, guarantee rights, judgments or other charges on the borrower`s assets held by the guarantor. 1.5. Payment by the Guarantor. If all or part of the covered bonds are not paid on time by maturity, the guarantor shall pay immediately at the request of the lender and without presentation, protest, notice of protest, notice of non-payment, notice of intent to accelerate the maturity date, notice of maturity acceleration or any other notice in legitimate money from the United States of America, the amount due for the secured obligations to the lender at the lender`s address, as set forth herein. Such claims may be made at any time at the same time or after the date of payment of all or part of the covered obligations and from time to time in connection with the identical or different elements of the covered obligations. Such a claim shall be made, given and received in accordance with the provisions of this notice period. 1.3. Type of warranty. This guarantee is an irrevocable, absolute and continuous guarantee of payment and not a guarantee of recovery. This Guarantor cannot be revoked by the Guarantor and continues to be effective in respect of all guaranteed obligations arising out of or occurring after an attempt at revocation by the Guarantor and after the death of the Guarantor (if the Guarantor is a natural person) of the Guarantor (in which case this Guarantor binds the guarantor`s estate and the guarantor`s legal representatives and heirs).
The fact that the secured obligations may be increased or decreased at any time or from time to time does not release or fulfil the guarantor`s obligation to the lender with respect to the secured obligations. This security may be enforced by the lender and any subsequent holder of the Debenture and will not be satisfied by the assignment or negotiation of all or part of the Debenture. ⇒ Pro Guarantor: On the other hand, a Guarantor may want language that limits the Warranty, such as: “Notwithstanding the foregoing, the Guarantor shall not be liable under this Warranty for any consequential, incidental, punitive or indirect damages under this Warranty or otherwise.” 1.10. Waiver of subrogation, reimbursement and contribution. Notwithstanding anything to the contrary in this Warranty, the Guarantor hereby unconditionally and irrevocably waives all rights it now or later has under any agreement, statute or equity (including, but not limited to, any law transferring the Guarantor to the Lender`s Rights), until the time: at which time the debt is paid in full. to bring a claim against the Borrower or any other party responsible for the payment of one or all of the Secured Bonds for any payment made by the Guarantor under or in connection with this Guarantee, or to require a contribution, set-off or any other form of repayment. Comment: This section sets out the guarantor`s obligations, including the type of guarantor. This agreement contains a payment guarantee, which means that if the debtor does not pay, the beneficiary can bring an action directly against the guarantor without the beneficiary first bringing an action against the debtor.
A payment guarantee differs from a recovery guarantee in this respect. In the context of a recovery guarantee, the beneficiary must first exhaust his remedies against the debtor before wanting to assert his claims against the guarantor. A performance guarantee obliges the guarantor to keep the promise that the debtor made but did not keep. The promise may include payment or other obligation (e.g.B. to deliver goods or services). ⇒ pro guarantor: If the parties intend that the guarantor has a certain period of time to obtain payment from the debtor, the agreement may read as follows: “Before taking steps to assert his rights under this guarantor, he must inform the guarantor in writing of the amount of non-payment by the debtor under the agreement. The guarantor shall be given a period of at least [NUMBER OF DAYS, Z.B. 30] days after receipt of such notification to remedy or remedy such alleged non-payment or to induce the debtor to remedy or remedy it. » ⇒ Pro beneficiary: This clause contains an unlimited guarantee under which the guarantor is required to represent all debts of the principal debtor with respect to the secured obligations. Note: Some guarantors provide for special notification to the guarantor as soon as the principal debtor has not paid or performed.
Other guarantees stipulate that the guarantor must pay or pay if the principal debtor does not do so without the need for further notification. A guarantor will request written termination provisions. The article also specifies that the enforcement of any of the rights guaranteed by the beneficiary does not prevent the exercise of other rights, such as. B rights in security or other security provided by the principal debtor. If you need to guarantee the creditworthiness of a person, you can use our personal guarantee form. Whether you want a bank to lend money to a family member or hold back the collection of their late phone bill, being a guarantor comes with the responsibility of getting your debts paid off if they don`t. Using a warranty agreement can protect you by specifying the terms of this agreement. CONSIDERING that the Guarantor has determined that he will benefit from the conclusion of the Contract by the Debtor and therefore wishes to conclude this Guarantee Contract (this “Guarantee”) in return and as an incentive for the conclusion of the Contract by the Beneficiary; 9. Final Agreement.
This warranty constitutes the entire agreement between the parties with respect to the subject matter of this Agreement and supersedes all prior or contemporaneous written or oral agreements. 5.2. Insolvency claims. In the event of receivership, bankruptcy, reorganization, composition, discharge of the debtor or other insolvency proceedings in which the guarantor is involved as the debtor, the creditor shall have the right to prove its claim in such proceedings in order to establish its rights under this contract and to receive dividends and payments directly from the insolvency administrator, the trustee or other court deposit, which would otherwise have to be paid on security claims. The Guarantor hereby assigns such dividends and payments to the Lender. If the lender receives such a dividend or payment for the application to the covered obligations, which is otherwise payable to the guarantor and which constitutes a credit note between the borrower and the guarantor for the guarantor`s claims, the guarantor will transfer to the lender`s rights after full payment of the secured obligations to the lender: to the extent that such payments to the creditor on the guarantor`s claims have contributed to the liquidation of the guarantee. Obligations and such subrogation refer to the proportion of the covered obligations that would have remained unpaid if the creditor had not received dividends or payments on the guarantor`s claims […].