Common use of Liability not discharged Clause in Contracts

Liability not discharged. The Guarantor’s liability to The Brokers shall not be limited, reduced or discharged by The Brokers: (a) granting any extension or other indulgence or any release or discharge to the Customer, the Guarantor or any other guarantor or surety; (b) changing or modifying the terms and conditions of the Guaranteed Account or the Customer’s relationship with The Brokers; (c) taking, giving up or abstaining from perfecting any security held by The Brokers; (d) accepting any compositions from or otherwise dealing with the Customer or any other guarantor or surety; (e) applying any monies received from the Customer or others or from any security against the Liabilities in any manner The Brokers sees fit; (f) exercising any right contained herein by The Brokers; or (g) acting or failing to act in any manner which might otherwise operate as a discharge, whether partial or absolute, of the Guarantor’s obligations to The Brokers under this Guarantee or of the Customer’s obligations in respect of the Liabilities. The Guarantor’s liability to The Brokers shall also not be limited, reduced or discharged by any right of set- off, counterclaim, appropriation, application or other demand or right the Customer or Guarantor may have, or by bankruptcy or insolvency of the Customer or the taking of any action therefore, or by reason of the unenforceability as against the Customer of any Liabilities.