The Personal Guarantee Agreement is a fundamental security document in Malaysian business and finance transactions, commonly used when a creditor requires additional security beyond the principal debtor's own covenant. This document becomes particularly important in situations where companies seek financing but need additional support from their directors or shareholders, or where small businesses require external funding. The agreement must comply with Malaysian law, particularly the Contracts Act 1950 and Stamp Act 1949, and typically includes detailed provisions on the scope of the guarantee, enforcement mechanisms, and the rights and obligations of all parties involved. The document is essential in risk mitigation strategies for lenders and is often required as a condition precedent for various types of financing arrangements in the Malaysian market.
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1. Parties: Identifies and defines the Guarantor, Principal Debtor (borrower), and Creditor with their full legal names and addresses
2. Background: Sets out the context of the guarantee, including reference to the principal debt or obligation being guaranteed
3. Definitions: Defines key terms used throughout the agreement, including 'Guaranteed Obligations', 'Event of Default', and other relevant terms
4. Guarantee and Indemnity: Core section establishing the guarantee obligations and indemnity provided by the guarantor
5. Scope of Guarantee: Defines the extent and limitations of the guarantee, including maximum liability if applicable
6. Duration and Enforcement: Specifies when and how long the guarantee remains in force and the conditions for enforcement
7. Guarantor's Representations and Warranties: Statements by the guarantor about their capacity and authority to provide the guarantee
8. Rights of the Creditor: Details the creditor's rights to enforce the guarantee and seek recovery
9. Continuing Security: Confirms the guarantee as a continuing security until all obligations are fulfilled
10. Governing Law and Jurisdiction: Specifies Malaysian law as governing law and establishes jurisdiction for disputes
1. Multiple Guarantors: Required when there is more than one guarantor, defining joint and several liability
2. Security Provisions: Needed when the guarantee is secured by specific assets or collateral
3. Assignment and Transfer: Include when the rights under the guarantee may need to be assigned or transferred
4. Corporate Authority: Required when the guarantor is a company, including necessary corporate authorizations
5. Independent Legal Advice: Optional section confirming the guarantor has received independent legal advice
6. Currency Provisions: Required when the guaranteed obligations are in a foreign currency
7. Guarantee Limitation: Include when there are specific limitations on the guarantee amount or scope
1. Schedule 1 - Principal Agreement: Details of the main agreement or facility being guaranteed
2. Schedule 2 - Guaranteed Obligations: Detailed description of the obligations covered by the guarantee
3. Schedule 3 - Conditions Precedent: List of conditions that must be satisfied before the guarantee becomes effective
4. Schedule 4 - Form of Demand: Template for making a formal demand under the guarantee
5. Schedule 5 - Security Details: If applicable, details of any security provided in support of the guarantee
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