Joint Guarantor Clause Samples
The Joint Guarantor clause establishes that two or more parties are collectively responsible for guaranteeing the obligations of a debtor under an agreement. In practice, this means that each guarantor may be held liable for the full amount owed if the primary debtor defaults, or they may be liable only for their respective share, depending on the specific terms. This clause ensures that the creditor has additional security by allowing recourse to multiple guarantors, thereby reducing the risk of non-payment and increasing the likelihood that obligations will be fulfilled.
POPULAR SAMPLE Copied 4 times
Joint Guarantor. 17.1 The Joint Guarantor warrants that the Lessee shall perform all provisions hereunder; in case of breach by the Lessee, the Joint Guarantor shall be jointly liable for satisfaction and will abandon any defense in accordance with Section 24 of the Civil Procedures, Indebtedness Section and is willing to be bound by the following:
17.1.1 The Lessee's liability for warranty covers any rent, note amount, advanced payment, service fee arising out of lease by the Lessee, and any liquidated damages, interest, late interest, costs, damages, and any other obligation subordinate to principal debts.
17.1.2 During the period of validity of the Agreement, where the Lessee desires to make alternation to provisions of the Agreement with consent from the Lessor as the Lessee thinks practical, the guarantor shall still be jointly and severally liable for her, whether the Insurer is notified or not.
17.1.3 Where the Lessor may abandon security interest provided by the Lessee or allow the Lessee to extend payment or replace any leased property or the assumption of debt by any third party without consent of or notice to the joint guarantor, the joint guarantor may not make defense or disclaim its liability for warranty for such reason.
17.1.4 In case of absence of any element in the lease agreement or note, or in completion of procedures or defective title on leased property, the joint guarantor shall be still fully liable.
17.1.5 The joint guarantor's liability may not be released until obtaining written consent from the Lessor.
17.2 If the Lessor is of opinion that credit of the Lessee's joint guarantor is severally damaged or its capability to provide guaranty is insufficient, the Lessor may request the Lessee to choose another joint guarantor accepted by the lessor for replacement and the Lessee may not decline such request.
Joint Guarantor. The joint guarantor will jointly bear the responsibility with Party B in relation to Party A for execution of all obligations borne by Party B based on this Agreement.
Joint Guarantor. 1. The Joint Guarantor shall be liable to perform all the obligations of the Lessee to the Lessor under this Agreement (including renewal and amendment thereto) jointly with the Lessee.
2. The Lessee and Joint Guarantor shall notify the Lessor in writing without delay of any change in the matters described on the certificate of current status or certified copy of residence registry which has been delivered by the Joint Guarantor to the Lessor prior to the execution of this Agreement (as for the certificate of current status, address, trade name, representative, business purposes, capital amount and other commercial matters of the Joint Guarantor to be registered, and as for the certified copy of residence registry, address, name and other matters describing personal status), registered seal of the Joint Guarantor or nature or type of business described on the application form for moving-in, together with a document certifying the change attached to such written notice.
3. If the Joint Guarantor falls under Article 15 Paragraph 1 Item 2, Item 3 or each item of Article 15 Paragraph 2, if it turns out that there is any false statement in the matters set forth in Paragraph 2 of this article that have been filed by the Joint Guarantor to the Lessor, or if the Joint Guarantor otherwise loses its qualification as a joint guarantor authorized by the Lessor, the Lessee shall immediately elect another joint guarantor for approval of the Lessor.
Joint Guarantor. The Joint Guarantor bears all liabilities on the Customer arising from this agreement. The Joint Guarantor shall sign and affix the Joint Guarantor’s registered seal to the Letter of Guarantee. If the Joint Guarantor becomes unable to pay, or if Nidom determines that the Joint Guarantor is not appropriate, then the Joint Guarantor must be replaced with one that Nidom consents to.