Template:Continuing guarantee description

Continuing guarantee: A continuing guarantee is one where the guarantor assumes liability for all the debtor's past, present and future obligations to a creditor. Even where the amount owing has been completely paid, the guarantor can still be liable under that line of credit if there is a subsequent indebtedness. This is useful for revolving credit facilities and other forms of indebtedness with a "now you see it, now you don't" sort of a flavour to them.