(HEREIN CALLED THE ‘GUARANTOR’) HERE BY GUARANTEE TO MACFUEL THE PAYMENT OF ALL MONIES WHICH ARE NOW OR WHICH SHALL AT ANY TIME HEREINAFTER BE DUE TO MFL FROM THE DEBTOR AND ALSO PAYMENT OF ALL NOTES OR ACCEPTANCES WHICH MAY AT ANY TIME BE GIVEN TO MACFUEL BY THE DEBTOR, UPON WHICH THE DEBTOR SHALL OR MAY BE LIABLE.
THIS GUARANTEE SHALL BE A CONTINUING GUARANTEE TO SECURE WHATEVER BALANCE IS NOW OR MAY HEREAFTER BE DUE BY THE DEBTOR TO MACFUEL IN RESPECT OF MONIES, NOTES AND ACCEPTANCE AS FORESAID.
MACFUEL SHALL HAVE THE RIGHT AT ANY TIME TO REFUSE FURTHER CREDIT TO THE DEBTOR, TO RELEASE ANY COLLATERAL OR OTHER SECURITIES, TO EXTEND THE TIME FOR PAYMENT TO IT OR ANY OTHER PERSON LIABLE UPON ANY COLLATERAL OR OTHER SECURITY WHICH MACFUEL MAY AT ANY TIME HOLD, OR TO COMPROMISE OR COMPOUND WITH THE DEBTOR WITHOUT NOTICE TO SAME, AND WITHOUT DISCHARGING OR AFFECTING THE GUARANTOR’S LIABILITY.
THE DEBTOR HEREBY GRANTS TO MACFUEL A SECURITY INTEREST BY WAY OF A PLEDGE OR ASSIGNMENT OF ALL BOOK DEBTS AND ACCOUNTS RECEIVABLE TO SECURE PAYMENT OF ALL DEBTS OWING TO MACFUEL BY THE DEBTOR, DIRECT AND INDIRECT, PRESENT AND FUTURE AND IRREVOCABLY DIRECTS AND AUTHORIZES PAYMENT OF ANY AND ALL DEBTS, PRESENT AND FUTURE, TO MACFUEL.
IN WITNESS HERE OF, ON THE