The Personal Guarantee Letter is a crucial document in Malaysian business and financial transactions, commonly used when entities or individuals seek credit facilities, loans, or other financial accommodations. It serves as additional security for creditors by providing recourse to a guarantor's personal assets if the primary debtor defaults. This document must comply with Malaysian legal requirements, including the Contracts Act 1950, Stamp Act 1949, and relevant banking regulations. The guarantee can be limited or unlimited in amount and may be supported by specific asset pledges. It's particularly important in situations where the primary borrower's creditworthiness needs to be supplemented, such as in business loans, property purchases, or corporate financing arrangements. The document typically includes clear identification of parties, specific obligations being guaranteed, enforcement mechanisms, and necessary representations and warranties.
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1. Date and Parties: Clearly states the date and identifies the Guarantor, Creditor, and Principal Debtor with full names and addresses
2. Background/Context: Brief explanation of the underlying transaction or relationship necessitating the guarantee
3. Guaranteed Obligations: Clear definition of the debts, obligations or liabilities being guaranteed
4. Guarantee and Indemnity: The main guarantee commitment and indemnity provisions
5. Extent of Liability: Clear statement of the guarantee amount and whether it's limited or unlimited
6. Duration: Period of guarantee and conditions for termination
7. Demand and Payment: Process for making demands under the guarantee and payment requirements
8. Guarantor's Representations: Confirmations about the guarantor's capacity and authority
9. Execution: Signature block with witness requirements
1. Joint and Several Liability: Required when there are multiple guarantors
2. Security Provisions: Include when specific assets are being pledged as additional security
3. Continuing Security: Used when the guarantee is intended to be ongoing for multiple transactions
4. Principal Debtor's Consent: When the principal debtor needs to acknowledge the guarantee
5. Spouse Consent: Required if the guarantor is married and local law requires spouse consent
6. Currency Provisions: Include for cross-border transactions involving multiple currencies
7. Financial Covenants: When specific financial conditions need to be maintained by the guarantor
1. Schedule of Guaranteed Obligations: Detailed list of specific debts, facilities or obligations covered by the guarantee
2. Schedule of Assets: List of any specific assets pledged as additional security under the guarantee
3. Payment Schedule: If applicable, schedule of any structured payments or specific payment terms
4. Details of Underlying Agreement: Reference details of the main agreement or facility being guaranteed
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