Personal Guaranty printable pdf download

PERSONAL GUARANTY

The undersigned Guarantor(s) (whether one or more, hereafter called the “Guarantor”)

requests ___________________________________________, (“Seller”) to extend

credit to __________________________________________ (“Debtor”- insert company

name), and in consideration of such credit, the Guarantor agrees as follows:

A. The term “Obligations” includes all obligations of Debtor to Seller when incurred,

regardless of the nature of the obligation, whether existing on the date of this Guaranty

or arising hereafter, or whether it subsequently becomes unenforceable against Debtor

as a result of Debtor's bankruptcy or otherwise.

B. Guarantor hereby unconditionally and irrevocably guarantees payment of all

Obligations of Debtor to Seller, plus all interest, costs, attorney's fees, and other

expenses in the collection of any Obligations guaranteed hereby or in the enforcement

of this Guaranty. The maximum aggregate liability of the Guarantor under this Guaranty

shall be limited to _____________________________ Dollars ($________________),

exclusive of interest, costs, attorney's fees, and other expenses incurred in the

collection or enforcement of this Guaranty

C. Guarantor acknowledges that this Guaranty shall be effective until it is terminated or

expires in accordance with this section, and shall be binding on Guarantor without

further notice or acknowledgement that it is applicable to all Obligations of Debtor to

Seller. This Guaranty shall terminate on the (insert date)______________________, or

upon receipt of written notice of termination from the Guarantor by registered or certified

mail, provided that such termination shall not affect the liability of the Guarantor with

respect to:

•

Obligations incurred prior to such date; or

•

Extensions or renewals of, interest accruing on, or fees, costs, or expenses

incurred with respect to, such Obligations on or after such date.

D. This Guaranty is a guarantee of payment, and not merely a guarantee of collection.

Seller may proceed against Guarantor without first proceeding against Debtor or any

collateral securing the Obligations.

E. The liability of the Guarantor hereunder shall not be affected by any surrender or

release by Seller of any security or rights it may have for any Obligations herein

guaranteed, or by any amendment or change in the terms of the Obligations, whether

with or without notice to, or the consent of the Guarantor.

Until all Obligations guaranteed hereby are paid in full, any indebtedness (including

any right or interest or salary, dividends, options, benefits, or proceeds) of Debtor now

or hereafter owing to Guarantor is hereby subordinated to all Obligations of Debtor to

Seller. All amounts received by the Guarantor prior to payment in full of the Obligations

shall be received in trust for Seller.

Personal Guaranty