(hereinafter called the "Customer") proposed to purchase from you on credit and to become indebted to you in an amount of money which will be changing constantly as you sell goods to the customer and the customer makes payment of account.
I hereby guarantee payment to you on any past due portions of the Customer’s indebtedness to you in accordance with your system of extending credit and charging interest on past due accounts; and also due payment of all commercial paper now due or which may at any time hereafter become due by the Customer to you or held by you upon which the Customer shall be or may be liable.
You shall have the right at any time to refuse further credit to the said Customer or accept the Customer’s notes or acceptances for the amount due on any part thereof, to renew said notes or acceptances or any part thereof, to compromise the Customer’ liability to you, to extend time for payment to the said Customer or to any person liable upon any collateral or other security which you may at any time hold and accept or relinquish other securities as you may think proper, without notice to me and without discharging or affecting my liability.
It is agreed that any claim or claims which I may now or hereafter have against the said Customer shall be deferred and postponed to your claim and that any monies received by me from the said Customer on account of such claim shall be deemed to be held in trust for you by me to the extent of your claim which monies for valuable consideration I hereby assign to you.
You shall not be bound to exhaust your recourses against the Customer or other persons, or the securities you may hold, before being entitled to payment from me of any and all amounts hereby guaranteed.
Where used in this guarantee the singular shall include the plural and the masculine shall include the feminine and the body corporate where the context or the parties so require or permit and in the event of there being more than one guarantor their liability shall be joint and severed.
THIS GUARANTEE shall be a continuing guarantee for the whole debt now contracted and which shall be contracted by the said Customer with you in respect of goods to be supplied to the Customer as aforesaid or otherwise howsoever, and shall be revocable at any time as the future transactions by notice in writing given you or your authorized agent by me, or in case of my death by my personal representative.