The Loan Guarantor Agreement is a crucial financial security instrument widely used in Indian banking and lending transactions. This document becomes necessary when a lender requires additional security beyond the borrower's own creditworthiness or assets, typically in situations involving substantial loan amounts, borrowers with limited credit history, or high-risk lending scenarios. The agreement, governed by Indian law, particularly the Indian Contract Act, 1872, establishes the guarantor's obligation to step in and fulfill the borrower's debt obligations in case of default. It outlines specific terms including the scope of guarantee, enforcement mechanisms, and the rights and obligations of all parties involved. The document must comply with Indian banking regulations, financial laws, and relevant RBI guidelines, making it essential for financial institutions, businesses, and individuals engaged in secured lending transactions.
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1. Parties: Identifies and defines the Lender, Borrower, and Guarantor with their full legal names and addresses
2. Background: Describes the underlying loan agreement, relationship between parties, and purpose of the guarantee
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Guarantee and Indemnity: Core section establishing the guarantee obligations, scope, and indemnification provisions
5. Nature of Guarantee: Specifies whether the guarantee is continuing, unconditional, irrevocable, and joint and several
6. Guarantor's Representations and Warranties: Statements about Guarantor's capacity, authority, and financial condition
7. Guarantor's Covenants: Ongoing obligations of the Guarantor including financial reporting and maintenance of status
8. Preservation of Rights: Lender's rights preservation, including ability to pursue other remedies and securities
9. Demands and Payments: Process for making demands under the guarantee and payment obligations
10. Discharge and Release: Conditions for discharge of the guarantee and release of the Guarantor
11. Governing Law and Jurisdiction: Specifies Indian law as governing law and jurisdiction for disputes
12. Notices: Communication procedures and contact details for formal notices
13. Miscellaneous: Standard boilerplate provisions including severability, amendments, and counterparts
1. Security Provisions: Required when the guarantee is secured by specific assets or property
2. Multiple Guarantors: Additional provisions needed when there are multiple guarantors, defining joint and several liability
3. Corporate Guarantor Provisions: Specific provisions required when the guarantor is a company rather than an individual
4. Guarantee Commission: Include when the guarantor charges a fee for providing the guarantee
5. Step-In Rights: Provisions allowing guarantor to step into borrower's position in certain circumstances
6. Foreign Currency Provisions: Required when the underlying loan is in foreign currency
7. Limited Guarantee Provisions: When the guarantee is limited to a specific amount or percentage of the loan
1. Schedule 1 - Underlying Loan Agreement Details: Summary or copy of the main loan agreement terms being guaranteed
2. Schedule 2 - Guaranteed Obligations: Detailed list of obligations covered under the guarantee
3. Schedule 3 - Security Details: Description of any security or collateral provided (if applicable)
4. Schedule 4 - Form of Demand: Template for making formal demands under the guarantee
5. Schedule 5 - Guarantor's Assets Statement: Statement of Guarantor's assets and financial position
6. Appendix A - Board Resolution: Corporate authorization (for corporate guarantors)
7. Appendix B - Compliance Documents: List of required compliance and KYC documents
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