Common use of Guarantee by SVI Clause in Contracts

Guarantee by SVI. SVI represents that it is the registered and beneficial owner of all of the issued shares of the Purchaser. SVI warrants that the representations and warranties of the Purchaser are true and guarantees the timely performance of all of the Purchaser's obligations under this Agreement. The representations, warranties and covenants of SVI shall survive the time of Closing and shall continue in full force and effect for the benefit of the Vendor following Closing. The Vendor shall not be bound to exhaust its recourse against the Purchaser before being entitled to pursue its remedies against SVI. SVI waives any right to require the Vendor to proceed against the Purchaser.