Also: ordinary guarantee. Guarantee where the obligee can only demand payment from the guarantor if the principal obligor has become bankrupt, or has been granted a stay of (debt) enforcement, or if certain other conditions have been fulfilled. If a lien exists for the guaranteed obligation, then the guarantor can demand that the obligee first realize the value of this collateral as long as the principal obligor has not been declared bankrupt or has been granted a stay of enforcement (OR art. 495). See also joint and several guarantee.