A principal debtor clause in a guarantee that merely provides the guarantee shall take effect as if entered into by the guarantor as a further mortgagor, without an express waiver of all surety rights, is insufficient to exclude the equitable principle that a surety is discharged by material variations to the principal contract made without the surety's consent. Creditors seeking to preserve guarantors' liability through subsequent variations must ensure the principal debtor clause includes a sufficiently broad waiver of surety rights, or obtain the guarantors' consent to each variation.
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