Common use of Non-exoneration Clause in Contracts

Non-exoneration. 6.1 If any purported obligation or liability of the Borrower to the Agent or the Banks which if valid would have been secured by this Deed is not or ceases to be valid or enforceable against the Borrower on any ground whatsoever whether or not known to the Agent and/or the Banks including but not limited to any defect in or want of powers of the Borrower or irregular exercise thereof or lack of authority by any person purporting to act on behalf of the Borrower or any legal or other limitation (whether under the Limitation Act 1980 or otherwis▇), ▇▇▇▇bility, incapacity or any change in the constitution, name or style of or any amalgamation, reconstruction or liquidation or administration or similar of the Borrower, the security constituted by this Deed shall nevertheless be enforceable. 6.2 The liability of the Chargor shall not be affected nor shall this Deed be discharged or dismissed by reason of:- (i) any present or future bill, note, guarante▇, ▇ndemnity, mortgage, charge, pledge, lien or other security or right or remedy held by or available to the Agent and/or the Banks being or becoming wholly or in part void, voidable or unenforceable on any ground whatsoever or by the Agent or any of the Banks from time to time dealing with, exchanging, varying, realising, releasing or failing to perfect or enforce any of the same; or (ii) the Agent or any of the Banks compounding with, discharging, releasing or varying the liability of or granting any time, indulgence or concession to the Borrower or any other person or renewing, determining, varying or increasing any bill, promissory note or other negotiable instrument or the Credit Agreement or any accommodation, facility or transaction in any manner whatsoever or concurring in, accepting or varying any compromise, arrangement or settlement or omitting to claim or enforce payment from the Borrower or any other person; or (iii) any act or omission which would not have discharged or affected the liability of the Chargor had it been principal debtor instead of surety or by anything done or omitted which but for this provision might operate to exonerate the Chargor.