Common use of Method of Guarantee Clause in Contracts

Method of Guarantee. The guarantee herein is joint and several. The Guarantor acknowledges that where the Borrower fails to perform its debt under the master contract, no matter whether the Lender owns any other guarantee (including but not limited to guarantee, mortgage and pledge) against the lender’s rights under the master contract, the Lender is entitled to require the Guarantor to undertake its guarantee liability within the said scope of guarantee, with no lender’s right to require any other guarantor to perform their guarantee liabilities first. The Guarantor hereby waives the defense of first enforcing the security for things provided by the Borrower.