Common use of Guarantor as Principal Debtor Clause in Contracts

Guarantor as Principal Debtor. As a separate obligation, the Guarantor shall be liable as a principal debtor including, but not limited to, where any liability or obligation of the Customer for any of the Guaranteed Monies is or becomes unlawful, irrecoverable, invalid or unenforceable for any reason including by reason of any legal limitation, disability or incapacity or any other act, omission or circumstance which, but for this provision, would discharge the Guarantor to any extent. Any Guaranteed Monies which may not be recoverable from the Customer for any reason whatsoever shall be recoverable by the Bank from the Guarantor as principal debtor by way of indemnity under this separate obligation, on demand, together with Default Interest thereon in accordance with Clause 3.03 above.

Guarantor as Principal Debtor. As a separate obligation, the Guarantor Guarantors shall be liable as a principal debtor debtors including, but not limited to, where any liability or obligation of the Customer Borrower for any of the Guaranteed Monies is or becomes unlawful, irrecoverable, invalid or unenforceable for any reason including by reason of any legal limitation, disability or incapacity or any other act, omission or circumstance which, but for this provision, would discharge the Guarantor Guarantors to any extent. Any Guaranteed Monies which may not be recoverable from the Customer Borrower for any reason whatsoever shall be recoverable by the Bank Lender from the Guarantor Guarantors as principal debtor by way of indemnity under this separate obligation, on demand, together with Default Interest interest costs and expenses thereon in accordance with Clause 3.03 2b above.