Common use of Principal and independent obligation Clause in Contracts

Principal and independent obligation. (a) This clause ‎12 is: (1) a principal obligation and is not to be treated as ancillary or collateral to any other right or obligation; and (2) independent of and not in substitution for or affected by any other Collateral Security which any Finance Party may hold in respect of the Secured Moneys or any obligations of any Transaction Party or any other Person. (b) This clause ‎12 is enforceable against a Guarantor: (1) without first having recourse to any Collateral Security; (2) whether or not any Finance Party has: (A) made demand on any Transaction Party (other than any demand specifically required to be given, or notice required to be issued, to a Guarantor under clause ‎12.2 or any other provision of a Transaction Document); (B) given notice to any Transaction Party or any other Person in respect of any thing; or (C) taken any other steps against any Transaction Party or any other Person; (3) whether or not any Secured Moneys is then due and payable; and (4) despite the occurrence of any event described in clause ‎12.12.

Principal and independent obligation. (a) This clause ‎12 13 is: (1) a principal obligation and is not to be treated as ancillary or collateral to any other right or obligation; and (2) independent of and not in substitution for or affected by any other Collateral Security which any Finance Party the Lender may hold in respect of the Secured Moneys or any obligations of any Transaction Party or any other Personperson. (b) This clause ‎12 13 is enforceable against a Guarantor: (1) without first having recourse to any Collateral Security;; Debt finance facility agreement (2) whether or not any Finance Party the Lender has: (A) made demand on any Transaction Party (other than any demand specifically required to be given, or notice required to be issued, to a the Guarantor under clause ‎12.2 13.2 or any other provision of a Transaction Document); (B) given notice to any Transaction Party or any other Person person in respect of any thing; or (C) taken any other steps against any Transaction Party or any other Personperson; (3) whether or not any Secured Moneys is then due and payable; and (4) despite the occurrence of any event described in clause ‎12.1213.12.

Principal and independent obligation. (a) This clause ‎12 16 is: (1) a principal obligation and is not to be treated as ancillary or collateral to any other right or obligation; and (2) independent of and not in substitution for or affected by any other Collateral Security Interest which any Finance Party may hold in respect of the Secured Moneys Money Owing or any obligations of any Transaction Party Obligor or any other Personperson. (b) This clause ‎12 16 is enforceable against a Guarantoran Obligor: (1) without first having recourse to any Collateral SecuritySecurity Interest; (2) whether or not any Finance Party has: (A) has made demand on any Transaction Party Obligor (other than any demand specifically required to be given, or notice required to be issued, to a Guarantor an Obligor under clause ‎12.2 16.2 or any other provision of a Transaction Finance Document); (B3) whether or not any Finance Party has given notice to any Transaction Party Obligor or any other Person person in respect of any thing; or (C4) whether or not any Finance Party has taken any other steps against any Transaction Party Obligor or any other Personperson; (3c) whether or not any Secured Moneys Money Owing is then due and payable; and (4d) despite the occurrence of any event described in clause ‎12.1216.12.

Principal and independent obligation. (a) This clause ‎12 13 is: (1) a principal obligation and is not to be treated as ancillary or collateral to any other right or obligation; and (2) independent of and not in substitution for or affected by any other Collateral Security which any Finance Party the Financier may hold in respect of the Secured Moneys or any obligations of any Transaction Party or any other Personperson. (b) This clause ‎12 13 is enforceable against a Guarantor: (1) without first having recourse to any Collateral Security; (2) whether or not any Finance Party has: (A) the Financier has made demand on any Transaction Party (other than any demand specifically required to be given, or notice required to be issued, to a Guarantor under clause ‎12.2 13.2 or any other provision of a Transaction Document); (B3) whether or not the Financier has given notice to any Transaction Party or any other Person person in respect of any thing; or; (C4) whether or not the Financier has taken any other steps against any Transaction Party or any other Personperson; (35) whether or not any Secured Moneys is then due and payable; and (46) despite the occurrence of any event described in clause ‎12.1213.12.

Principal and independent obligation. (a) This clause ‎12 14 is: (1) a principal obligation and is not to be treated as ancillary or collateral to any other right or obligation; and (2) independent of and not in substitution for or affected by any other Collateral Security which any Finance Party the Financier may hold in respect of the Secured Moneys or any obligations of any Transaction Party or any other Personperson. (b) This clause ‎12 14 is enforceable against a the Guarantor: (1) without first having recourse to any Collateral Security; (2) whether or not any Finance Party has: (A) the Financier has made demand on any Transaction Party (other than any demand specifically required to be given, or notice required to be issued, to a the Guarantor under clause ‎12.2 14.2 or any other provision of a Transaction Document); (B3) whether or not the Financier has given notice to any Transaction Party or any other Person person in respect of any thing; or; (C4) whether or not the Financier has taken any other steps against any Transaction Party or any other Personperson; (35) whether or not any Secured Moneys is then due and payable; and (46) despite the occurrence of any event described in clause ‎12.1214.12.

Principal and independent obligation. (a) This clause ‎12 7 is: (1) a principal obligation and is not to be treated as ancillary or collateral to any other right or obligation; and (2) independent of and not in substitution for or affected by any other Collateral Security which any Finance Party the Lender may hold in respect of the Secured Outstanding Moneys or any obligations of any Transaction Party or any other Personperson. (b) This clause ‎12 7 is enforceable against a Guarantor: (1) without first having recourse to any Collateral Security; (2) whether or not any Finance Party has: (A) the Lender has made demand on any Transaction Party (other than any demand specifically required to be given, or notice required to be issued, to a Guarantor under clause ‎12.2 7.2 or any other provision of a Transaction Document); (B3) whether or not the Lender has given notice to any Transaction Party or any other Person person in respect of any thing; or; (C4) whether or not the Lender has taken any other steps against any Transaction Party or any other Personperson; (35) whether or not any Secured Outstanding Moneys is then due and payable; and (46) despite the occurrence of any event described in clause ‎12.127.12.

Principal and independent obligation. (a) This clause ‎12 21 is: (1) a principal obligation and is not to be treated as ancillary or collateral to any other right or obligation; and (2) independent of and not in substitution for or affected by any other Collateral Security which any Finance Party the Financier may hold in respect of the Secured Moneys or any obligations of any Transaction Party or any other Personperson. (b) This clause ‎12 21 is enforceable against a the Guarantor: (1) without first having recourse to any Collateral Security; (2) whether or not any Finance Party has: (A) the Financier has made demand on any Transaction Party (other than any demand specifically required to be given, or notice required to be issued, to a the Guarantor under clause ‎12.2 21.2 or any other provision of a Transaction Document); (B3) whether or not the Financier has given notice to any Transaction Party or any other Person person in respect of any thing; or; (C4) whether or not the Financier has taken any other steps against any Transaction Party or any other Personperson; (35) whether or not any Secured Moneys is then due and payable; and (46) despite the occurrence of any event described in clause ‎12.1221.12.