Occurrence of Guarantee Liability Clause Samples

Occurrence of Guarantee Liability. If the Debtor fails to make repayment to the Creditor on any date of regular repayment or date of prepayment under the Main Contract as agreed upon, the Creditor shall have the right to require the Guarantor to assume the guarantee liability. The date of regular repayment referred to in the preceding paragraph is the principal repayment date and interest payment date set forth in the Main Contract or the date on which the Debtor shall make any payments to the Creditor pursuant to such contract. The date of prepayment referred to in the preceding paragraph is the date of prepayment proposed by the Debtor and consented by the Creditor, and the date of prepayment of the principal and interests of the creditor's rights and/or any other amounts to be made by the Debtor as required by the Creditor pursuant to the Contract, etc. Surety or guarantee with other assets for the principal debts existing simultaneously beyond the Contract, shall not affect any rights of the Creditor hereunder and the exercise thereof, and the Guarantor shall not raise a plea against the Creditor on this ground.