Common use of Personal Guaranties Clause in Contracts

Personal Guaranties. If any personal guaranty(s) has been executed as part of a Credit Application, the following constitute the terms of the Guaranty: Guarantors jointly and severally personally guarantees payment of all present and future indebtedness of Buyer to National Lumber including all renewals and extensions of such indebtedness. Guarantors consent to National Lumber obtaining personal and business consumer credit reports on them for (a) the extension of credit to Buyer, or (b) the collection of debt from Buyer and/or Guarantor(s). Guarantor waives all notices from National Lumber and waives the right to require National Lumber to proceed against Buyer. Guarantor waives the benefit of any limitations affecting their liability hereunder or the enforcement thereof to the extent permitted by law. Guarantor agrees that Guarantor’s personal guaranty shall not be deemed to be suspended, stayed, released, terminated or discharged by any of the following: any modification, substitution, settlement, supplement, extension of time, or compromise granted to Buyer; any change in the relationship between Guarantor and Buyer, including the sale of any or all of Guarantor’s ownership interest in Buyer; the execution of new or additional guarantees by Guarantor or by others; any change whatsoever in the business relationship between National Lumber and Buyer, including but not limited to any change in credit terms, amount of credit, or amount of interest or service charges; any transfer of new or additional security by anyone for payment of Buyer’s indebtedness to Seller; the bankruptcy of Buyer; the release or discharge of Buyer’s debt to National Lumber; an automatic stay of proceedings against Buyer; National Lumber’s failure to exercise diligence against Buyer or against any guarantor, including Guarantor; a failure or refusal by Buyer to execute a new or updated Credit Agreement and/or personal guaranty; or National Lumber’s knowledge that Guarantor is not an officer or owner of Buyer. This is an absolute and continuing Guaranty. It shall be conclusively presumed that all sales by National Lumber to Buyer are made in reliance upon Guarantor’s personal guaranty.

Personal Guaranties. If any personal guaranty(s) has been executed as part of a Credit Application, the following constitute the terms of the Guaranty: Guarantors Guarantor jointly and severally personally guarantees payment of all present and future indebtedness of Buyer to National Lumber Glasswerks including all renewals and extensions of such indebtedness. Guarantors consent to National Lumber Glasswerks obtaining personal and business consumer credit reports on them for (a) the extension of credit to Buyer, or (b) the collection of debt from Buyer and/or Guarantor(s). Guarantor waives all notices from National Lumber Glasswerks and waives the right to require National Lumber Glasswerks to proceed against Buyer. Guarantor waives Guarantors waive the benefit of any limitations affecting their liability hereunder or the enforcement thereof to the extent permitted by law. Guarantor agrees that Guarantor’s 's personal guaranty shall not be deemed to be suspended, stayed, released, terminated or discharged by any of the following: any modification, substitution, settlement, supplement, extension of time, or compromise granted to Buyer; any change in the relationship between Guarantor and Buyer, including the sale of any or all of Guarantor’s 's ownership interest in Buyer; the execution of new or additional guarantees by Guarantor or by others; any change whatsoever in the business relationship between National Lumber Glasswerks and Buyer, including but not limited to any change in credit terms, amount of credit, or amount of interest or service charges; any transfer of new or additional security by anyone for payment of Buyer’s 's indebtedness to Seller; the bankruptcy of Buyer; the release or discharge of Buyer’s 's debt to National LumberGlasswerks; an automatic stay of proceedings against Buyer; National Lumber’s Glasswerks failure to exercise diligence against Buyer or against any guarantor, including Guarantor; a failure or refusal by Buyer to execute a new or updated Credit Agreement and/or personal guaranty; or National Lumber’s Glasswerks knowledge that Guarantor is not an officer or owner of Buyer. This is an absolute and continuing Guaranty. It shall be conclusively presumed that all sales by National Lumber Glasswerks to Buyer are made in reliance upon Guarantor’s 's personal guaranty. Guarantors waive the benefit of any limitations affecting their liability hereunder or the enforcement thereof to the extent permitted by law. This is an absolute and continuing guaranty.