Common use of EXTENT OF GUARANTEE Clause in Contracts

EXTENT OF GUARANTEE. The Guarantee shall remain valid and a continuing specific guarantee for all of the Obligations, notwithstanding the occasional total or partial payment of the Member’s debts and will continue to bind the Guarantor and his successors and assigns unless and until the Guarantor has provided Collabria a twenty (20) days’ prior written notice of its intent to terminate this guarantee. Such notice shall have no effect upon and shall not discharge the Guarantor’s liability herein for any debts contracted by the Cardholder prior to the expiry of the said twenty (20) days’ notice. The Guarantor covenants and agrees that should Collabria receive from the Guarantor any payments for the whole or any part of the Obligations, the Guarantor shall not attempt to claim such payments from the Cardholder as long as any debts and Obligations of the Cardholder to Collabria remains outstanding. The Guarantor continues to be liable to Collabria, notwithstanding any discharge of the Cardholder’s Obligations. The Guarantor covenants to review the Cardholder’s financial condition from time to time and hereby relieves Collabria from any obligation or liability therefor.