Under the Boulder Designs Personal Guarantee, is the Guarantor's liability primary or secondary?

Boulder Designs® 1 The liability of the Guarantor is primary and shall not be terminated or otherwise affected or impaired by, and the Guarantor waives notice of, any granting time by Franchisor to the Franchisee (regardless of the number of length of such grant of time) or any other indulgence or indulgences granted by Franchisor to the Franchisee; Franchisor heretofore, now or hereafter acquiring, releasing or in any way modifying any guaranty from any other person or persons or any collateral or other security in whatever form for any of the obligations hereby guaranteed, whether or not notice thereof shall have been or be given to the Guarantor; any failure on the part of Franchisor to take any action with respect to, or to realize upon any security, rights, endorsements or guaranties which Franchisor may now or hereafter hold with respect to any obligation hereby guaranteed, including without limitation rights against the Franchisee; any alterations, waivers, extensions, renewals or modifications of any such obligation to which Franchisor may agree from time to time; any invalidity or unenforceability of any of the obligations guaranteed hereby; any change in the membership of any partnership which shall be the Franchisee; any fraud, illegal or improper acts of the Franchisee; any relief of the Franchisee with respect to its obligations to Franchisor because of any right of set-off, deduction or defense of any kind or otherwise; any other defenses which might constitute a legal or equitable discharge of a surety or guarantor; the failure of Franchisor to perfect any lien securing any Franchisee obligations or the obligations of other parties, including any other guarantors; voluntary or involuntary bankruptcy (including a reorganization in bankruptcy) of the Franchisee or entry of an order for relief against or with respect to the Franchisee under any applicable bankruptcy or like laws; composition, extension, moratoria or other forms of debtor relief granted to the Franchisee pursuant to law presently in force or hereafter enacted; payment of any or all obligations and indebtedness of the Franchisee in the event such payment is invalidated or avoided by a trustee, custodian or receiver of the Franchisee; the dissolution of the Franchisee; or the reorganization, merger or consolidation of the Franchisee into or with another entity, corporate or otherwise, or the sale or disposition of all or substantially all of the capital

Source: Item 22 — CONTRACTS (FDD page 50)