Vendor Application

PERSONAL GUARANTEE FOR CREDIT ACCOUNT

In consideration of KTC Group Limited (“the Company”) supplying _______________________________________ (Buyer’s Name) (“the Buyer”) with Goods and/or Services on credit terms, I _________________________________ (full name) of __________________________________________________ (full address) ___________________ (occupation) (“the Guarantor”) as a director of the Buyer personally guarantee the due and punctual payment to the Company by the Buyer of all moneys presently owing or which in the future become owing to the Company for the Goods and/or Service (“the personal guarantee”).

The Buyer has applied to the Company the supply of Goods and/or Services on credit terms (“the credit application”) in the amount of $ ___________________ . Notwithstanding the amount of the credit application set out herein, the personal guarantee granted by the Guarantor to the Company shall be unlimited.

This personal guarantee is given by me upon the following terms and conditions:

1. This personal guarantee is a continuing one and shall be in full force and effect and shall be irrevocable until all moneys due have been paid to the Company or the Company shall grant a written release.
2. I agree that my liability pursuant to the personal guarantee shall continue notwithstanding any indulgence, delay, waiver, forbearance to sue or other concession which the Company may grant to the Buyer or notwithstanding any arrangement between the Company and the Buyer, or notwithstanding any refusal (without notice to me) by the Company to extend future credit to the Buyer.
3. I accept that the Company is at liberty to act as though I were a principal debtor and I hereby waive any rights as surety which may at any time be inconsistent with any of the conditions contained herein.
4. This personal guarantee shall bind my personal representatives.

I also agree independently of the above personal guarantee to indemnify the Company against all losses, costs and other expenses which it may suffer or incur as a result of any failure by the Buyer to make due and punctual payment of any moneys due to the Company whether or not the liability of the Buyer is or has become void or unenforceable for any reason and whether or not the above personal guarantee shall be void or unenforceable against me for any reason.

DATED at ____________________ this _______ day of _________________________

Signed by the Guarantor: ________________________________

Guarantor’s full name: ________________________________