GUARANTY: For value received, the undersigned unconditionally guarantees any and all obligations arising under any loan(s) and lines of credit granted by Cathay Bank to the Business Applicant, as well as any extensions, increases, modifications or renewals of such loans or lines (“Loan” The undersigned waives: (i) presentment, demand, protest, notice of dishonor, and notice of nonpayment; (ii) the right to require Bank to proceed against Business Applicant or any other guarantor liable on, or in connection with, the Loans; and (iii) the right to require Bank to pursue any security, property or remedy in connection with the Loans, or to notify Bank of any additional indebtedness incurred by the Business Applicant or any charges in the Business Applicant’s financial condition; and any defense arising by reason of any defense of the Business Applicant or another guarantor (other than full payment of the Loan
Bank may, without affecting the undersigned’s liability hereunder, and without prior notice or consent; (a) extend, modify, compromise, accelerate, renew, increase or otherwise change the terms of the Loans, including without limitation the interest rate, amount and time for repayment; (b) proceed against Business Applicant or any one or more guarantors; (c) obtain credit reports, and provide credit information to others ( including, without limitation, companies affiliated with Bank), regarding the undersigned from time to time; (d) release or substitute any party liable directly or indirectly on the Loans or this Guaranty; (e) and agrees to be bound, as if a party, to any arbitration provision governing the Loans to which Bank and Business Applicant agree.
The undersigned agrees to pay Bank’s costs and attorney’s fees in enforcing this Guaranty. This Guaranty shall benefit the Bank and its successors and assigns. Any indebtedness of the Business Applicant now or hereafter held by the undersigned is hereby subordinated to the indebtedness of the Business Applicant to Bank.
The undersigned acknowledges and agrees that should any other person or entity also guarantee all or any part of the Loans, the undersigned shall be jointly and severally liable to the Bank hereunder with any and all such other persons or entities.