Guarantee by Parent of Debt of Subsidiary

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Guarantee by a Parent Corporation of the debt of one of its Subsidiary Corporations.

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This form provides for a guarantor for the repayment of a debt. More specifically, this is a guarantee whereby a parent corporation will guarantee the purchase of a third party business by its subsidary. This guarantor is, in effect, a co-signer for the obligation. The guarantor (the parent) agrees that if any of the payments or performances are not made by the subsidary, the parent will perform/pay such obligations. The guarantor also agrees that the guarantee may be enforced without having to first exhaust all other remedies against the borrower. A mere default by the borrower without any court action will suffice to require the guarantor to make good on the obligation.

This form includes special formatting features to assist you in completing the agreement.
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Guarantee by Parent of Debt of Subsidiary

 

 

TO:   [Name of Seller of Business] (the “Seller”)
RE:   [Name of Subsidiary Corporation] (the “Buyer”) Purchase from the Seller of the Assets of [Name of Business being Sold] pursuant to a Purchase Agreement dated [Date of Purchase Agreement (ie. July 31, 2002)] (the "Purchase Agreement") among the Seller and the Buyer.
FOR VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby acknowledged, the undersigned, [Name of Parent Corporation (Guarantor)] (the “Guarantor”) hereby unconditionally guarantees to the Seller, payment and performance by the Buyer of all amounts owing to the Seller and performance of all obligations of the Buyer under the Purchase Agreement (collectively the “Obligations”) and indemnifies the Seller as a debtor and not simply as a surety.
The Guarantor hereby further agrees with the Seller as follows:
1.   The Seller shall not be bound to exhaust its recourse against the Buyer or others of any securities it may at any time hold before being entitled to payment and performance from the Guarantor of the Obligations. The Guarantor renounces to all benefits of discussion and division.
2.   This Guarantee shall not be affected by any change in the name of the Buyer, or by any change whatsoever in the objects, capital structure or constitution of the Buyer, or by the sale of the Buyers business or any part thereof or by the Buyer being merged with any corporation, but shall, notwithstanding any such event, continue to apply to all Obligations; and in the case of the Debtor being amalgamated with a corporation, this guarantee shall apply to the liabilities of the resulting corporation, and the term " Buyer " shall include each such resulting partnership and corporation, or by the insolvency, bankruptcy, dissolution, winding up or incapacity of the Buyer, but shall notwithstanding the happening of any such event continue to apply to the Obligations.
3.   The Guarantor shall be bound by any account settled between the Seller and the Buyer, and if no such account has been so settled immediately before demand for payment under this Guarantee any account stated by the Seller shall be accepted by the Guarantor as conclusive evidence of the amount which at the date of the account so stated is due by the Buyer to the Seller or remains unpaid by the Buyer to the Seller.
4.   No suit based on this Guarantee shall be instituted until demand for payment has been made, and demand for payment shall be deemed to have been effectually made upon the Guarantor if and when an envelope containing such demand, addressed to the Guarantor as follows:
[Address of Guarantor]
Attention: [Attention]
is posted, postage prepaid, in the post office. Moreover, when demand for payment has been made, the Guarantor shall also be liable to the Seller for all legal costs incurred by or on behalf of the Seller resulting from any action instituted on the basis of this Guarantee.
5.   This Guarantee shall extend to and enure to the benefit of the Seller and its heirs, executors, successors and assigns, and every reference herein to the Guarantor is a reference to and shall be construed as including the Guarantor and its successors and assigns or of each of them or of any of them, as the case may be, to and upon all of whom this Guarantee shall extend and be binding.
6.   This Guarantee shall be governed by the laws of the State of [State (ie. California)].
IN WITNESS WHEREOF the Guarantor has executed this Guarantee as [Date (ie. July 31, 2002)].
 
 
 
[NAME OF GUARANTOR]
 
 
 
 
Per:
 
 
 
 
Name:   
Title:   
 
Number of Pages9
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28622
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Guarantee by Parent of Debt of Subsidiary

 

 

TO:   [Name of Seller of Business] (the “Seller”)
RE:   [Name of Subsidiary Corporation] (the “Buyer”) Purchase from the Seller of the Assets of [Name of Business being Sold] pursuant to a Purchase Agreement dated [Date of Purchase Agreement (ie. July 31, 2002)] (the "Purchase Agreement") among the Seller and the Buyer.
FOR VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby acknowledged, the undersigned, [Name of Parent Corporation (Guarantor)] (the “Guarantor”) hereby unconditionally guarantees to the Seller, payment and performance by the Buyer of all amounts owing to the Seller and performance of all obligations of the Buyer under the Purchase Agreement (collectively the “Obligations”) and indemnifies the Seller as a debtor and not simply as a surety.
The Guarantor hereby further agrees with the Seller as follows:
1.   The Seller shall not be bound to exhaust its recourse against the Buyer or others of any securities it may at any time hold before being entitled to payment and performance from the Guarantor of the Obligations. The Guarantor renounces to all benefits of discussion and division.
2.   This Guarantee shall not be affected by any change in the name of the Buyer, or by any change whatsoever in the objects, capital structure or constitution of the Buyer, or by the sale of the Buyers business or any part thereof or by the Buyer being merged with any corporation, but shall, notwithstanding any such event, continue to apply to all Obligations; and in the case of the Debtor being amalgamated with a corporation, this guarantee shall apply to the liabilities of the resulting corporation, and the term " Buyer " shall include each such resulting partnership and corporation, or by the insolvency, bankruptcy, dissolution, winding up or incapacity of the Buyer, but shall notwithstanding the happening of any such event continue to apply to the Obligations.
3.   The Guarantor shall be bound by any account settled between the Seller and the Buyer, and if no such account has been so settled immediately before demand for payment under this Guarantee any account stated by the Seller shall be accepted by the Guarantor as conclusive evidence of the amount which at the date of the account so stated is due by the Buyer to the Seller or remains unpaid by the Buyer to the Seller.
4.   No suit based on this Guarantee shall be instituted until demand for payment has been made, and demand for payment shall be deemed to have been effectually made upon the Guarantor if and when an envelope containing such demand, addressed to the Guarantor as follows:
[Address of Guarantor]
Attention: [Attention]
is posted, postage prepaid, in the post office. Moreover, when demand for payment has been made, the Guarantor shall also be liable to the Seller for all legal costs incurred by or on behalf of the Seller resulting from any action instituted on the basis of this Guarantee.
5.   This Guarantee shall extend to and enure to the benefit of the Seller and its heirs, executors, successors and assigns, and every reference herein to the Guarantor is a reference to and shall be construed as including the Guarantor and its successors and assigns or of each of them or of any of them, as the case may be, to and upon all of whom this Guarantee shall extend and be binding.
6.   This Guarantee shall be governed by the laws of the State of [State (ie. California)].
IN WITNESS WHEREOF the Guarantor has executed this Guarantee as [Date (ie. July 31, 2002)].
 
 
 
[NAME OF GUARANTOR]
 
 
 
 
Per:
 
 
 
 
Name:   
Title:   
 
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