I/we personally guarantee prompt payment of any obligation of the Company to Iron Source, LLC, whether now existing or hereinafter, and I/we further agree to bind myself/ourselves to pay on demand and sum which is due by the Company to Iron Source, LLC whenever the Company fails to pay same. I/we understand that this guaranty shall be an absolute continuing and irrevocable for such indebtedness of the Company.
I/we agree to be bound by Iron Source, LLC’s Rental Policies
, which may be amended on occasion as deemed fit by Iron Source, LLC.
I/we understand and agree that this is a continuing guaranty and Iron Source, LLC shall not be obligated to notify the undersigned of the dates or amounts of any such credit, that the undersigned waives demand and notice of default and agrees that any extension of time or other forbearance, which may be granted by Iron Source, LLC shall not affect or alter Iron Source, LLC’s rights under this guaranty.
The undersigned further waives: (a) notice of acceptance of this guaranty; (b) any demand for payment under this guaranty; (c) benefit of all exemptions and homestead laws; (d) all set-offs and counterclaims; and (e) all other notices to which the undersigned might otherwise be entitled.
If the guarantied is not paid by me/us when due (after formal demand for payment), and this guaranty is placed in the hands of an attorney for collection, or suit is brought hereon, or it is enforced through any judicial proceeding whatsoever, I/we shall pay no less than an additional 30% of the amount due plus the service charge as a collection fee and court costs incurred by Iron Source, LLC, including without limitation reasonable attorney’s fees.
The undersigned's obligation shall remain effective and be enforceable regardless of any subsequent incorporation, reorganization, merger or consolidation transfer or sale of the Applicant(s) or any other change in the composition, nature, personnel, or location of the Applicant(s).
This guaranty shall inure to the benefit of Iron Source, LLC, its successors and assigns and shall bind the heirs, executors, personal representatives, administrators, assignees, purchasers, and other successors of the undersigned.
If any provision or part of this guaranty is in conflict with any applicable statute or rule of law, such provision, or part thereof, as the case may be, shall be deemed null and void to the extent that it may conflict therewith, but without invalidating the remaining provisions hereof or the remaining part of such provision.
The undersigned's obligations hereunder may be canceled only by written notice delivered to Iron Source, LLC by certified mail, with proof of delivery.
Upon receipt by Iron Source, LLC of such cancellation notice, the undersigned shall not be liable for any further extensions of credit to the Applicant(s); however, the undersigned shall continue to be liable for all indebtedness of Applicant(s) incurred prior to the date of Iron Source, LLC’s receipt of the cancellation notice, together with all pre - and post- cancellation service charges, reasonable costs of collection, including attorney's fees, incurred in Iron Source, LLC's efforts to collect any indebtedness incurred prior to the date of receipt of the cancellation notice.
The undersigned agree(s) that any and all claims of the undersigned against the Applicant(s) shall be subordinate and subject in right of payment to the prior payment in full of all indebtedness to Iron Source, LLC by Applicant(s).
In consideration of Iron Source, LLC's extension of credit to Applicant(s), the undersigned hereby expressly waives any right of trial by jury in any proceeding arising out of, or relating to, this guaranty, to the extent allowed by the laws of the State of Delaware. The undersigned further consents to jurisdiction and venue for any such action in Sussex County, State of Delaware.
The undersigned recognizes the obligation both of the Applicant(s) and the undersigned to cause that portion of all payments received by Applicant(s) which include payment to Applicant(s) for the equipment and supplies furnished by Iron Source, LLC pursuant to this agreement to be held in a separate account in trust for payment to Iron Source, LLC. The undersigned agrees that the Applicant(s) shall not use said payments for any other purpose until payment in full has been made to Iron Source, LLC. The undersigned agrees to act as a fiduciary for payment to Iron Source, LLC in exchange for the Applicant(s)'s ability to rent and/or purchase equipment and supplies on credit. The undersigned agrees that any failure to hold payments in trust for Iron Source, LLC shall create a debt which is not dischargeable in bankruptcy, and which shall be an exception to discharge pursuant to the terms of 11 U.S.C. §523(a)(4) and (6).
Such terms and conditions include, but are not limited to, indemnification and limitation of liability provisions that may affect the undersigned's liability.
The undersigned acknowledges that the Rental Agreement terms and conditions may change over time and agrees to be bound by such terms and conditions in use at the time of each rental or sales transaction in the jurisdiction where the purchase or rental occurs.
The terms and conditions of the Rental Agreement are incorporated herein by reference and constitute a part of this Credit Agreement and guaranty, regardless of whether the Rental Agreement is executed by an authorized representative of Applicant or the undersigned. A copy of the current terms and conditions of the Rental Agreement is available upon request.
In the event more than one party executed this Guaranty as a guarantor, then each guarantor agrees to be jointly and severally liable for the guarantied indebtedness, and, in all instances herein, the singular shall be construed to include the plural.