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The Guarantor guarantees to the Lender full and prompt collection of all monies payable by Company to Lender under the Transaction Documents (the ?Guaranteed Obligations?).
Definition. The form of payment guarantee controls how the payment of a sales document item is guaranteed. In Risk Management for Receivables you can use both credit management as well as the following forms of payment guarantee: Financial documentary payments (for example, letters of credits or documentary collection) ...
Payment guarantee - What is a payment guarantee? A payment guarantee provides the beneficiary with financial security should the applicant fail to make payment for the goods or services supplied.
Put another way, a guaranty of collection requires that the debtor must exhaust certain remedies against the debtor before proceeding against the guarantor, while a guaranty of payment means that the lender can proceed directly against the guarantor even if the debtor is solvent and otherwise able to pay.
Guaranty of payment and not of collection. A statement to this effect allows the lender to go after the guarantor immediately upon default by the borrower, without having to first seek collection from the borrower.