Common use of Enforcement of Guarantee Clause in Contracts

Enforcement of Guarantee. 3.01 A certificate of the Bank as to any default by the Borrower in the payment of any Guaranteed Sum shall be conclusive against the Guarantor save in the event of a proven error. 3.02 The Guarantor undertakes to pay all sums due hereunder in full, free of set‑off or counterclaim. This Guarantee may be enforced by the Bank upon provision of a statement of the reason for the demand. 3.03 The Bank shall not be obliged before exercising any of the rights, powers or remedies conferred upon it in respect of the Guarantor by this Guarantee or by law to: (a) take any action or obtain judgement in any court against the Borrower; (b) make demand of the Borrower; (c) make or file any claim or proof in a winding-up or dissolution of the Borrower; (d) enforce or seek to enforce any security taken in respect of any of the obligations of the Borrower in respect of the Guaranteed Sums or Liabilities; or (e) have recourse to any other guarantee, and the Guarantor waives any right it may have of first requiring the Bank (or any trustee or agent on its behalf) to proceed against or enforce or exhaust any other rights or security or claim payment from any person before claiming from the Guarantor under this Guarantee. This waiver applies irrespective of any law or any provision of the Finance Contract to the contrary. 3.04 Where the Bank makes any demand hereunder, the Guarantor may pay to the Bank all outstanding Guaranteed Sums, including sums arising under Article 3.02 (Interest on overdue sums) of the Finance Contract, in settlement of its obligations hereunder. If the Guarantor makes such payment, the Bank shall, upon the request and at the expense of the Guarantor, assign to the Guarantor the Bank's rights under the Finance Contract and under any security therefor.

Enforcement of Guarantee. 3.01 A certificate of the Bank as to any default by the Borrower in the payment of any Guaranteed Sum shall be conclusive against the Guarantor save in the event of a proven error. 3.02 The Guarantor undertakes to pay all sums due hereunder in full, free of set‑off set-off or counterclaim. This Guarantee may be enforced by the Bank upon provision of a statement of the reason for the demand. 3.03 The Bank shall not be obliged before exercising any of the rights, powers or remedies conferred upon it in respect of the Guarantor by this Guarantee or by law to: (a) take any action or obtain judgement in any court against the Borrower; (b) make demand of the Borrower; (c) make or file any claim or proof in a winding-up or dissolution of the Borrower; (d) enforce or seek to enforce any security taken in respect of any of the obligations of the Borrower in respect of the Guaranteed Sums or Liabilities; or (e) have recourse to any other guarantee, and the Guarantor waives any right it may have of first requiring the Bank (or any trustee or agent on its behalf) to proceed against or enforce or exhaust any other rights or security or claim payment from any person before claiming from the Guarantor under this Guarantee. This waiver applies irrespective of any law or any provision of the Finance Contract to the contrary. 3.04 Where the Bank makes any demand hereunder, the Guarantor may pay to the Bank all outstanding Guaranteed Sums, including sums arising under Article 3.02 (Interest on overdue sums) of the Finance Contract, in settlement of its obligations hereunder. If the Guarantor makes such payment, the Bank shall, upon the request and at the expense of the Guarantor, assign to the Guarantor the Bank's rights under the Finance Contract and under any security therefor.

Enforcement of Guarantee. 3.01 A certificate of notice from the Bank as to any default by the Borrower in the payment of any Guaranteed Sum which sets out the basis of the calculation in reasonable detail shall be conclusive against the Guarantor save in the event of a manifest or proven error. 3.02 The Guarantor undertakes to pay all sums due hereunder in full, free of set‑off set-off or counterclaim. This Guarantee may be enforced by the Bank upon provision of a statement of the reason for the demand. 3.03 The Bank shall not be obliged before exercising any of the rights, powers or remedies conferred upon it in respect of the Guarantor by this Guarantee or by law to: (a) take any action or obtain judgement judgment in any court against the BorrowerBorrower or OpGen; (b) make demand of the BorrowerBorrower or OpGen; (c) make or file any claim or proof in a winding-up or dissolution of the BorrowerBorrower or OpGen; (d) enforce or seek to enforce any security taken in respect of any of the obligations of the Borrower in respect of the Guaranteed Sums or Liabilities; or (e) have recourse to any other guarantee, including, without limitation, any Guarantee Agreement, and the Guarantor waives any right it may have of first requiring the Bank (or any trustee or agent on its behalf) to proceed against or enforce or exhaust any other rights or security or claim payment from any person including, without limitation, OpGen, before claiming from the Guarantor under this Guarantee. This waiver applies irrespective of any law or any provision of the Existing Finance Contract or any other Finance Document to the contrary. 3.04 Where the Bank makes any demand Guaranteed Sums are due hereunder, the Guarantor may pay to the Bank all outstanding Guaranteed Sums, including sums arising under Article 3.02 3.03 (Interest on overdue sums) of the Existing Finance Contract, Contract in settlement of its obligations hereunder. If the Guarantor makes such payment, the Bank shall, upon the request and at the expense of the Guarantor, use reasonable endeavours to promptly assign to the Guarantor the Bank's rights under the Existing Finance Contract and under any security therefor.