EXHIBIT 10.14
GUARANTY
Gentlemen:
In consideration of any and all loans, advances, acceptances, discounts
and extensions of credit made by WorldWide Data, Inc., a Delaware corporation
("WorldWide") to, for the account of, or on behalf of AmCan Minerals Limited, a
British Columbia corporation, (hereinafter called the "Borrower"), pursuant to a
certain Promissory Note dated December 31, 1999 for US$177,685 (the "Note") the
undersigned, hereinafter called the "Guarantor", hereby jointly and severally,
absolutely and unconditionally, guarantee to WorldWide the punctual payment in
full at maturity of the principal, interest and other sums due and to become due
from the Borrower to WorldWide under the Note at any time and from time to time
from the date hereof until the termination of the liability of the Guarantor
hereunder as hereinafter provided, on account of any and all obligations,
indebtedness and liability of the Borrowereinafter referred to as
"indebtedness").
The Guarantor expressly waives the following: notice of the incurring of
indebtedness by the Borrower; the acceptance of this guaranty by WorldWide;
presentment and demand for payment, protest, notice of protest and notice of
dishonor or non-payment of any instrument evidencing indebtedness of the
borrower; any right to require suit against the Borrower or any other party
before enforcing this guaranty; any right to have security applied before
enforcing this guaranty; and any right of subrogation to WorldWide's rights
against the Borrower until the Borrower's indebtedness is paid in full.
The Guarantor hereby consents and agrees that renewals and extensions of
time of payment, surrender, release, exchange, substitution, dealing with or
taking of additional collateral security, taking or release of other guaranties,
abstaining from taking advantage of or realizing upon any collateral security or
other guaranties and any and all other forbearances or indulgences granted by
WorldWide to the Borrower or any other party may be made, granted and effected
by WorldWide without notice to the Guarantor and without in any manner affecting
his liability hereunder.
In the event that a petition in bankruptcy or for an arrangement or
reorganization of the Borrower under the bankruptcy laws or for the appointment
of a receiver for the Borrower or any of its property is filed by or against the
Borrower, or if the Borrower shall make an assignment for the benefit of
creditors or shall become insolvent, all indebtedness of the Borrower shall, for
the purpose of this guaranty, be deemed at WorldWide's election to have become
immediately due and payable.
The Guarantor further agrees to pay WorldWide any and all costs, expenses
and reasonable attorneys' fees paid or incurred by WorldWide in collecting or
endeavoring to collect the indebtedness of the Borrower or in enforcing or
endeavoring to enforce this
guaranty. All accounts, deposits, and property of the Guarantor with or in the
hands of WorldWide shall be and stand pledged as collateral security for the
indebtedness of the Borrower; and WorldWide shall have the same right of setoff
with respect to deposits and other credits of the Guarantor as it has with
respect to deposits and other credits of the borrower.
This guaranty shall operate as a continuing guaranty and shall expire as
to any Guarantor only upon written notice signed by such Guarantor or his
personal representative and actually received by WorldWide, but such termination
shall be effective only as to indebtedness of the Borrower incurred subsequent
to the receipt of such notice by WorldWide, and this guaranty shall remain in
full force and effect as to all indebtedness of the borrower theretofore
incurred. This guaranty shall be binding upon the Guarantor and his respective
heirs, executors, administrators and assigns, jointly and severally, and shall
ensure to the benefit of WorldWide and its successors and assigns. The terms
"Guarantor" and "Borrower" and any pronouns referring thereto as used herein
shall be construed in the masculine, feminine, neuter, singular or plural as the
context may require.
IN WITNESS WHEREOF, this guaranty has been executed and delivered to
WorldWide Data, Inc. by the undersigned guarantor this 31st day of December,
1999.
Signature: /s/ Xxxxxxx X. Xxxxxx
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Name: Xxxxxxx X. Xxxxxx
Address:
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