Common use of Benefit of Novated Building Contract guarantee and third party warranties Clause in Contracts

Benefit of Novated Building Contract guarantee and third party warranties. 6.5.1 The Lessor assigns and agrees to assign absolutely (without recourse or warranty) to the Lessee the full benefit of all assignable guarantees, warranties and indemnities (whether express or implied) given to the Lessor by the Builder under the Novated Building Contract. Pursuant to the assignment in this clause 6.5 the Lessee shall (after the Delivery Date) be entitled to take such action upon any such warranty or indemnity as assignee of the Lessor against the Builder or any guarantor, manufacturer, repairer or supplier as the Lessee shall see fit, but subject to the Lessee first ensuring that the Lessor is indemnified (and, in the case of any counterclaim by the Builder against the Lessor, secured) to its satisfaction against all Losses thereby incurred or to be incurred. 6.5.2 The Lessor agrees: (a) to serve notice on the Builder of the assignment contained in clause 6.5.1 in the form set out in Schedule 9 promptly thereafter; and (b) to the extent that any guarantee, warranty or indemnity referred to in clause 6.5.1 is not assignable, if so requested by the Lessee and at the Lessee’s cost and expense, the Lessor will use reasonable endeavours to extend to the Lessee the benefit of that guarantee, warranty or indemnity. 6.5.3 Upon the expiry or termination of the Lease Period, the Lessee shall cease to be entitled to any rights under this clause 6.5 and shall (subject to clause 2.