In consideration for [name of the Lender] (the “Beneficiary”) entering into a Loan Agreement and Promissory Note (the “Contract”) with the [name of guarantee holder] (the “Guarantee Holder”) I, [name of guarantor] residing at [address of guarantor] (the “Guarantor”), do hereby personally guarantee as primary obligor and not merely as surety the prompt performance by the Guarantee Holder of all its obligations and the payment of the sum of [N payment being guaranteed] under or in connection with the Contract when and as same shall become due
In the event that the Guarantee Holder fails to make payments to the Company or fails to discharge according to the said Contract between the parties, I hereby guarantee to make full payment to the Beneficiary in the same way as if I was the original contracting party with outstanding obligations in the Contract. I acknowledge that such payment shall take place within a strict limit of 10 calendar days after the guarantee call has been made.
I agree and acknowledge that I am precluded from invoking any payment terms or grace periods accorded to the Guarantee Holder and that the Guarantee Holder’s default is legally enforceable against me. I therefore expressly waive all benefits of discussion and division in regard to the Beneficiary and undertake to pay up to the limit of the commitment (principal sum and interest alike), without any need for the Beneficiary to take legal proceedings against the Guarantee Holder or take legal proceedings against other persons who have provided a guarantee to the Guarantee Holder.
This personal guarantee is willingly entered into this day of ___________ day of _________, 20____