Personal Guarantee means, with respect to a commercial lease for a commercial Tenant who has nine (9) employees or fewer, a term that provides for an individual who is not the Tenant to become wholly or partially personally liable for the rent, charges, or other sums required to be paid by the commercial Tenant, upon the occurrence of a default in payment. The term "Personal Guarantee" includes the execution of a separate instrument that would otherwise qualify as a Personal Guarantee if it were included within the terms of the underlying commercial lease. This definition only applies to a Personal Guarantee by a third party that is a natural person rather than a business entity.

Examples of Personal Guarantee in a sentence

In the event of Metalcraft being called upon and forced to make any payment to liquidator(s) under voidable preference transactions (insolvent transactions), the Personal Guarantee will cover any such payment including all legal costs to defend the same – as a new additional claim against guarantor(s) even if they had previously made payments / settlements to pay off the METALCRAFT dues, separately for voidable preference payment / expenses.
Personal Guarantee – Requires the tenant or 3rd party to be personally liable for the obligations under a commercial lease.
Guarantor, recognizing that his or her individual credit history may be necessary in the evaluation of this Personal Guarantee, hereby consents to and authorizes the use of a consumer credit report on Guarantor by OptConnect, from time to time as may be needed for credit evaluation purposes.
This Personal Guarantee is in no way conditioned or contingent on any attempt to collect Customer's payment obligations from any other person obligated with respect to Customer's obligations or any other guarantor of Customer's obligations.
This Personal Guarantee shall be binding on Guarantor and shall inure to the benefit of OptConnect and its successors and assigns.

More Definitions of Personal Guarantee

Personal Guarantee means a promise made by an audiol- ogist to a hearing instrument purchaser to provide the minimum product warranty offered by a manufacturer.

Personal Guarantee means the guarantee of a principal of Borrower that, in the event of Borrower’s default with respect to this Loan, the principal shall repay any overdue installment or installments, or the entire amount of principal and interest, that are due and payable. If the principal of Borrower is married, the principal’s spouse shall also sign and be bound by the personal guarantee.

Personal Guarantee means a guarantee given or, as the context may require, to be given by a Personal Guarantor in form and substance satisfactory to the Bank as security for the Outstanding Indebtedness and any and all other obligations of the Borrowers under this Agreement;

Personal Guarantee has the meaning ascribed to it in Clause 4.2(b);

Personal Guarantee means, with respect to a commercial lease for a commercial Tenant who has nine (9) employees or fewer, a term that

Personal Guarantee means the personal guarantee dated [Date] made between (1) the Personal Guarantor and (2) the Bank in respect of the liabilities of the Customer to the Bank[ (and held by [the Bank/NWM] as security agent for itself and [NWM/the Bank])] and limited to £[Amount] plus interest, fees, costs and expenses.]