Common use of Enforcement of Guarantee Clause in Contracts

Enforcement of Guarantee. The Undersigned acknowledges it bears joint and several financial and legal liabilities for all the debts owed by the Facility Applicant which fall within the coverage of guarantee stated in Clause 2. Should the Facility Applicant fails to repay on time the principal and interest of all the Loans and advances paid by the Bank and other relevant expenses pursuant to the Credit Facility Agreement and/or the respective specific contracts, or any of the breach of contract prescribed in the Credit Facility Agreement and/or the respective specific contracts occurs, the Bank shall be entitled to make claims against the Undersigned directly without first making claims or initiating proceedings against the Facility Applicant. Notwithstanding that mortgage or pledge is created for securing due payment of all the debts owed by the Facility Applicant under the Credit Facility Agreement, the Bank may, at its option, make claims for such debts against the Undersigned directly without first disposing of the security or the collateral. Any notice of claim issued by the Bank shall be conclusive and the Undersigned shall not raise any objection thereto. The Undersigned agrees to make full payment of all the debts owed by the Facility Applicant under the Credit Facility Agreement within five days after receipt of a notice of claim in writing from the Bank without production of any proof and other documents by the Bank.

Enforcement of Guarantee. The Undersigned acknowledges it he bears joint and several financial and legal liabilities for all the debts owed by the Facility Applicant which fall within the coverage of guarantee stated in Clause 2. Should the Facility Applicant fails to repay on time the principal and interest of all the Loans and advances paid by the Bank and other relevant expenses pursuant to the Credit Facility Agreement and/or the respective specific contracts, or any of the breach of contract prescribed in the Credit Facility Agreement and/or the respective specific contracts occurs, the Bank shall be entitled to make claims against the Undersigned directly without first making claims or initiating proceedings against the Facility Applicant. Notwithstanding that mortgage or pledge is created for securing due payment of all the debts owed by the Facility Applicant under the Credit Facility Agreement, the Bank may, at its option, make claims for such debts against the Undersigned directly without first disposing of the security or the collateral. Any notice of claim issued by the Bank shall be conclusive and the Undersigned shall not raise any objection thereto. The Undersigned agrees to make full payment of all the debts owed by the Facility Applicant under the Credit Facility Agreement within five days after receipt of a notice of claim in writing from the Bank without production of any proof and other documents by the Bank.