Common use of Guarantee Type Clause in Contracts

Guarantee Type. 1. The guarantee type hereunder shall be joint and several liability guarantee; 2. In the event that Party A provides joint guarantee for multiple guarantors, each guarantor shall assume joint and several liabilities for all creditor’s rights. 3. In the event that the Debtor fails to settle the debts as agreed in the Master Contract, and there are both guarantee and real rights for security for the creditor’s right under the Master Contract, Party B shall, at its discretion, have the priority right for claim from the Guarantor or real rights for security, or concurrently claim for repayment from the Guarantor and real rights for security.