*** and the borrower are equal in terms of credit and debt obligations. *** and the repayer are the second source of repayment. They only have debts but no rights. They are one of the primary debtors. When the debtor cannot repay the bank debt, the bank can directly pursue the debt from the second repayer. If the co-payer is no longer able to repay the loan, the guarantor of the loan can be held accountable for his repayment obligations after litigation and judicial proceedings.
The first debtor: the borrower or the co-borrower. They must sign and stamp the fingerprints of the co-borrower on the loan contract, and they have the same rights, debts and obligations as the borrower.
Second debtor: *** is the same as the repayer, and is the person other than the primary lender who participates in the repayment on the loan application form. In the loan contract, *** and the repayer sign, and at the same time, the borrower issues a "*** Repayment Commitment Letter" to the creditor. Only when the borrower cannot perform its obligations, the bank can directly pursue** *Same as the repayer.
Tertiary debtor: The guarantor of the loan must sign and seal the guarantor of the loan contract. If both the borrower and the repayer are unable to repay the loan, the guarantor of the loan may be held accountable for their repayment obligations after litigation and judicial proceedings.
The establishment of a legal relationship of guarantee is predicated on the parties’ clear intention to bear the guarantee liability. It is a single, gratuitous legal liability borne by the guarantor based on its special relationship with the debtor. It does not Have the right to demand payment from the other party. A general guarantor enjoys the right of first-litigation defense. A guarantor of a general guarantee may refuse to assume guarantee liability to a creditor until the main contract dispute has not been tried or arbitrated and the debtor's property has been enforced in accordance with the law and the debtor still cannot perform the debt.