ANY AND ALL PAYMENTS AND PROCEEDS
OF ANY PROPERTY OF ANY PERSON SECURING ANY OR ALL OF THE OBLIGATIONS RECEIVED BY
FGI AT ANY TIME AGAINST THE OBLIGATIONS IN ANY ORDER AS FGI MAY DETERMINE; ALL
OF THE FOREGOING IN SUCH MANNER AND UPON SUCH TERMS AS FGI MAY SEE FIT, AND
WITHOUT NOTICE TO OR FURTHER CONSENT FROM GUARANTOR, WHO HEREBY AGREES TO BE AND
SHALL REMAIN BOUND UPON THIS AGREEMENT NOTWITHSTANDING ANY SUCH ACTION ON FGI'S
PART.
5.
SCOPE OF GUARANTY.
THE AGREEMENT IS AN AGREEMENT OF SURETYSHIP
AND A GUARANTY OF PAYMENT AND NOT OF COLLECTION.
THE LIABILITY OF GUARANTOR
HEREUNDER IS ABSOLUTE, PRIMARY, UNLIMITED AND UNCONDITIONAL AND SHALL NOT BE
REDUCED, IMPAIRED OR AFFECTED IN ANY WAY BY REASON OF (A) ANY FAILURE TO OBTAIN,
RETAIN OR PRESERVE, OR THE LACK OF PRIOR ENFORCEMENT OF, ANY RIGHTS AGAINST ANY
PERSON OR PERSONS LIABLE FOR THE OBLIGATIONS (INCLUDING CLIENT AND GUARANTOR) OR
IN ANY PROPERTY, (B) THE INVALIDITY, UNENFORCEABILITY OR VOIDABILITY OF ANY
OBLIGATIONS OR ANY LIENS OR RIGHTS IN ANY PROPERTY PLEDGED BY ANY PERSON OR
PERSONS, (C) ANY DELAY IN MAKING DEMAND UPON CLIENT OR ANY DELAY IN ENFORCING,
OR ANY FAILURE TO ENFORCE, ANY RIGHTS AGAINST CLIENT OR ANY OTHER PERSON OR
PERSONS LIABLE FOR ANY OR ALL OF THE OBLIGATIONS OR IN ANY PROPERTY PLEDGED BY
ANY PERSON OR PERSONS, EVEN IF SUCH RIGHTS ARE THEREBY LOST, (D) ANY FAILURE,
NEGLECT OR OMISSION ON FGI'S PART TO OBTAIN, PERFECT OR CONTINUE ANY LIEN UPON,
PROTECT, EXERCISE RIGHTS AGAINST, OR REALIZE ON, ANY PROPERTY OF CLIENT,
GUARANTOR OR ANY OTHER PARTY SECURING THE OBLIGATIONS, (E) THE EXISTENCE OR
NONEXISTENCE OF ANY DEFENSES WHICH MAY BE AVAILABLE TO THE CLIENT WITH RESPECT
TO THE OBLIGATIONS, (F) THE GRANTING OF ANY WAIVER OR FORBEARANCE AT ANY TIME
AND FOR ANY PERIOD WITH RESPECT TO ANY PERFORMANCE BY CLIENT OR ANY TERMINATION
EVENT(S) UNDER THE CORGENIX UK AGREEMENT, (G) THE COMMENCEMENT OF ANY
BANKRUPTCY, REORGANIZATION, LIQUIDATION, DISSOLUTION OR RECEIVERSHIP PROCEEDING
OR CASE FILED BY OR AGAINST CLIENT OR ANY GUARANTOR OR (H) ANY OTHER FACT,
EVENT, CONDITION OR OMISSION WHICH MAY GIVE RISE TO A SURETYSHIP DEFENSE.
GUARANTOR PROMISES AND UNDERTAKES TO MAKE ALL PAYMENTS HEREUNDER FREE AND CLEAR
OF ANY DEDUCTION, OFFSET, DEFENSE, CLAIM OR COUNTERCLAIM OF ANY KIND.
6.
REINSTATEMENT.
IF ANY OR ALL PAYMENTS OR PROCEEDS OF PROPERTY
SECURING ANY OR ALL OF THE OBLIGATIONS MADE FROM TIME TO TIME TO FGI WITH
RESPECT TO ANY OBLIGATION HEREBY GUARANTEED ARE AT ANY TIME RECOVERED FROM, OR
REPAID BY, FGI IN WHOLE OR IN PART IN ANY BANKRUPTCY, REORGANIZATION,
RECEIVERSHIP, INSOLVENCY OR SIMILAR CASE OR PROCEEDING INSTITUTED BY OR AGAINST
CLIENT, THIS AGREEMENT SHALL CONTINUE TO BE FULLY APPLICABLE TO (OR, AS THE CASE
MAY BE, REINSTATED TO BE APPLICABLE TO) SUCH OBLIGATION TO THE SAME EXTENT AS IF
THE RECOVERED OR REPAID PAYMENT(S) OR PROCEEDS HAD NEVER BEEN ORIGINALLY PAID TO
FGI.
7.
CUMULATIVE REMEDIES.
ALL RIGHTS AND REMEDIES HEREUNDER AND UNDER
THE CORGENIX