Common use of Indemnity and Guaranty Clause in Contracts

Indemnity and Guaranty. (a) Guarantor unconditionally and irrevocably (i) assumes liability for, (ii) guarantees timely payment to Lender of, (iii) agrees to pay, protect, defend, save harmless and indemnify Lender from and against any and all liens, damages (including, without limitation, punitive or exemplary damages), losses, liabilities (including, without limitation, strict liability), obligations, settlement payments, penalties, fines, assessments, citations, claims, litigation, demands, defenses, judgments, suits, proceedings, costs, and expenses of any kind whatsoever (including reasonable attorneys’, consultants’ and experts’ fees and disbursements actually incurred in investigating, defending, settling or prosecuting any claim or proceeding or enforcing any term of this Guaranty) (collectively “Costs”) which may at any time be imposed upon, incurred by or asserted against Lender in connection with these transactions. The liability of the Guarantor under this Guaranty shall be primary, direct and immediate and not conditional or contingent upon pursuit by the Lender of any remedies it may have against the Borrower, or its successors and assigns, with respect to the guaranteed obligations, whether pursuant to the terms of the Note or by law.