To,
.
.
1. In consideration of your agreeing to grant lease of
.to
..
(hereinafter referred to as the lessee) under the terms of
a lease agreement proposed to be made between yourselves and
the lessee of the equipment specified in the Schedule to the
said lease agreement and more particularly described in the
Schedule hereto, we the undersigned hereby jointly and severally
guarantee on demand by you the punctual payment by the lessee
all lease rentals, interest, all other sums whatsoever due and
the Agreed loss Value referred to in Articles
.and the Schedule
of the lease agreement and the due performance and observance
of ail the lessees covenants and obligations there under and
we further undertake to jointly and severally indemnify and
keep you indemnified against all losses, claims, damages, demands,
charges and proceedings incurred or suffered by you in consequence
of any failure by the lessee to perform any of the lessees
covenants and obligations under the lease agreement.
2. We jointly and severally agree that any notice in
writing by you about the indebtedness of the lessee about the
lease rentals and other sums whatsoever due under the lease
agreement shall be conclusive evidence against us and we shall
pay the said sum to you within
.days of service of notice
by you in this regard.
3. We further jointly and severally agree that:
(i) our liability under this guarantee and indemnity shall
be us principal debtors and shall be continuing guarantee and
shall be irrevocable;
(ii) our liability shall subsist whether or not you have
availed legal right or remedies against the lessee or not;
(iii) our liability shall also extend to cover any renewal
or renewal of the lease agreement; and
(iv) this guarantee and indemnity shall not be affected
or prejudiced b any other guarantee/indemnity and any other
form of security now or hereafter held by the lessor.
4. Our liability under this guarantee shall not in any
way be discharged, diminished or affected
(i) By the grant of time or indulgence to the lessee
or by effecting any compromise with the lessee or any agreement
not to sue the lessee or any variations of the terms of the
lese agreement.
(ii) Any change in the constitution of the lessee.
5. Our liability under this guarantee shall be in addition
to any security or additional security obtained by you from
the lessee and the loss, impairment; realisation or release
of any security will not diminish or affect our liability.
6. Any waiver, forbearance or indulgence grated by you
to us or any of us shall not affect our liability to you hereunder
and this guarantee and indemnity shall bind our respective heirs,
representatives, executors, successors and assigns and shall
not be determined or affected by the health or incapacity or
any one of us.
The Schedule above referred to
(1) Signature
Full Name
.
Description and address
(2) Signature
Full Name
.
Description and address
WITNESSES: 1
2
