Common use of Effect of dealings Clause in Contracts

Effect of dealings. A dealing by us or failure by us to deal with a borrower or anyone else, or with any right or security, doesn't release you or impair your liability. This is so even if you don't know of or consent to the dealing, however we act, and even if we're unwilling to act, we receive nothing in return, we don't take care, or we're at fault in any other way. If the dealing changes or replaces what is owed, your guarantee applies to the changed obligation or replacement. Some examples are: • We give more time to comply with what you guarantee, or we give any other waiver. • We agree to change or replace what is owed. • We release any person from a liability, even if the person is another guarantor with whom you were jointly and severally liable. • We release a security, or all or part of the property from the mortgage or other security. • We don't have, protect or take the benefit of a right against anyone, or under a security. • We accept a part payment or any other settlement of what you guarantee. • We agree to change a security, or an obligation of another person • We renew the loan, even if other terms are changed (for example, the interest rate is increased or the amortization period is lowered). • Subject to section 5.5.3, we approve a new owner of the property or deal with a new owner after a transfer of the property (for example, we renew the loan). • We take other rights such as security or a guarantee. • If a borrower is a corporation and the corporation is changed or amalgamated, your guarantee covers what is owed by the changed or amalgamated corporation. Our rights against you aren't impaired if the borrower sells or deals in any other way with the property or part of it.

Effect of dealings. A dealing by us or failure by us to deal with a borrower or anyone else, or with any right or security, doesn't release you or impair your liability. This is so even if you don't know of or consent to the dealing, however we act, and even if we're unwilling to act, we receive nothing in return, we don't take care, or we're at fault in any other way. If the dealing changes or replaces what is owed, your guarantee applies to the changed obligation or replacement. Some examples are: •  We give more time to comply with what you guarantee, or we give any other waiver. •  We agree to change or replace what is owed. •  We release any person from a liability, even if the person is another guarantor with whom you were jointly and severally liable. •  We release a security, or all or part of the property from the mortgage or other security. •  We don't have, protect or take the benefit of a right against anyone, or under a security. •  We accept a part payment or any other settlement of what you guarantee. •  We agree to change a security, or an obligation of another person •  We renew the loan, even if other terms are changed (for example, the interest rate is increased or the amortization period is lowered). •  Subject to section 5.5.3, we approve a new owner of the property or deal with a new owner after a transfer of the property (for example, we renew the loan). •  We take other rights such as security or a guarantee. •  If a borrower is a corporation and the corporation is changed or amalgamated, your guarantee covers what is owed by the changed or amalgamated corporation. Our rights against you aren't impaired if the borrower sells or deals in any other way with the property or part of it.