SECTION 3.03. subordination. (a) Notwithstanding any provision contrary to this Agreement, all guarantors` rights under Sections 3.01 and 3.02, as well as all other rights of guarantors of compensation, contribution or transfer, are subject to the full payment of all guaranteed obligations. No failure of the borrower or a surety to make the payments required in sections 3.01 and 3.02 (or any other payment required by current legislation or otherwise) in any way limits the guarantor`s obligations and commitments with respect to its obligations under this framework and each guarantor remains responsible for the full amount of the guarantor`s commitments. ⇒ pro beneficiaries: this clause contains an unlimited guarantee requiring the surety to answer for all the principal debtor`s claims with respect to the secured bonds. With respect to the nature of the notification or memorandum of the guarantee that the law of fraudsters will comply, “do not make a special commitment to incriminate by a person, after the adoption of that act, the fault, delay or miscarriage of another person, in writing and signed by the party, or any other person authorized by him legitimately. , is deemed invalid to support a legal action, action or other procedure to incriminate the person who would have been the subject of such a commitment only because the consideration of that undertaking does not appear in writing or by the necessary conclusion of a written document.” [22] Any writing that embodied the terms of the agreement between the parties and which will be signed by the party to be raised is compliant; and the idea of the agreement should not be in the mind of the person who signed it. [23] However, it is necessary that the names of the contracting parties appear in writing somewhere; That the mandated party or its agent should sign the agreement or any other document relating to it; and that there is a full agreement on the transcript or memorandum. The memorandum must not be at the same time as the agreement itself. [24] The liability of a guarantee depends on its terms and is not necessarily co-extensive with that of the principal debtor. However, it is clear that the guarantee obligation must not exceed that of the client. [45] However, according to many existing civil codes, a guarantee that imposes a greater liability on the surety company than that of the client is not cancelled, but merely recalls that of the client.

[46] However, in India, the responsibility for the guarantee is coextensive, unless contractually liable to the contrary, with that of the client. [47] Under various existing civil codes, a guarantee if the underlying obligation is “unvaluing” is null and void, unless the disability is the result of the principal debtor`s personal incapacity[28] However, in some countries, the mere personal inability of a minor to borrow is sufficient[29] Egyptian sanctions guarantees expressly concluded “in view of the lack of legal capacity” to enter into a valid primary obligation [30] The Portuguese code retains responsibility for the guarantee for a main obligation not valid until it is legally repealed[31] Comment: Recitals that may begin with the more formal “WHEREAS” but which should not begin with the more formal “WHEREAS” explain the context of an agreement.