In a guarantee containing a clause distinguishing between 'new', 'replacement' and 'changed' arrangements (such as ANZ's standard cl 8), a subsequent credit agreement that is an exhaustive restatement of all terms and conditions, does not incorporate by reference any terms of the earlier agreement, and is intended to take the place of the earlier agreement, is a 'replacement' arrangement requiring the guarantor's consent, not merely a 'change'. The words 'increases my liability' in such a clause refer to changes to the underlying credit contract that increase the borrower's obligations, not to the maximum amount recoverable from the guarantor under the guarantee's liability cap. Where a guarantee contains both a general unconditional obligations clause (cl 4) and a specific variation clause (cl 8), the specific clause governs in relation to binding contractual variations.
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