The Loan Guarantor Agreement is a critical legal instrument in Indonesian commercial lending practice, used when a third party agrees to guarantee the repayment of a loan on behalf of a borrower. This document becomes necessary when a lender requires additional security beyond the borrower's own creditworthiness, particularly in cases of substantial commercial loans or when the borrower's credit profile needs enhancement. The agreement must comply with Indonesian banking regulations, the Civil Code, and Financial Services Authority (OJK) requirements. It includes comprehensive details about the guaranteed obligations, enforcement mechanisms, and the specific circumstances under which the guarantee can be called upon. The document is particularly important in Indonesia's growing commercial lending market, where guarantees often facilitate access to credit for businesses and individuals who might otherwise struggle to secure loans.
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1. Parties: Identifies and provides full details of the Lender, Borrower, and Guarantor(s)
2. Background: Recitals explaining the context of the underlying loan and the purpose of the guarantee
3. Definitions and Interpretation: Defines key terms and establishes rules for interpreting the agreement
4. Guarantee and Indemnity: Core section establishing the guarantee obligations and indemnification provisions
5. Scope of Guarantee: Defines the exact extent of the guaranteed obligations and any limitations
6. Guarantor's Representations and Warranties: Statements of fact and assurances provided by the guarantor regarding their capacity and authority
7. Continuing Security: Establishes that the guarantee remains in effect until all secured obligations are fully discharged
8. Payments and Interest: Details of how and when payments must be made under the guarantee, including interest calculations
9. Enforcement and Rights of the Lender: Specifies when and how the guarantee can be enforced and the lender's remedies
10. Preservation of Rights: Confirms that the lender's rights remain despite any changes to the underlying loan or delays in enforcement
11. Costs and Expenses: Allocation of costs related to the preparation and enforcement of the guarantee
12. Notices: Procedures for formal communications between parties
13. Governing Law and Jurisdiction: Specifies Indonesian law as governing law and defines jurisdiction for disputes
14. Execution: Signature blocks and execution formalities
1. Multiple Guarantors: Additional provisions for when there is more than one guarantor, including joint and several liability
2. Foreign Currency Provisions: Required when the underlying loan is in a currency other than Indonesian Rupiah
3. Corporate Guarantor Provisions: Additional representations and requirements specific to corporate guarantors
4. Security Rights: Required when the guarantee is backed by specific assets or security interests
5. Change of Parties: Provisions allowing for transfer or assignment of rights under the guarantee
6. Language Requirements: Required for dual-language agreements, specifying which version prevails
7. Tax Provisions: Detailed tax-related provisions when cross-border elements exist
8. Force Majeure: Provisions dealing with extraordinary events affecting the guarantor's ability to perform
1. Schedule 1 - Details of the Underlying Loan Agreement: Summary of the main loan terms being guaranteed
2. Schedule 2 - Guarantor's Assets Statement: Declaration of the guarantor's financial position and major assets
3. Schedule 3 - Form of Demand: Standard form for making a demand under the guarantee
4. Schedule 4 - Required Corporate Authorizations: List of corporate approvals obtained (for corporate guarantors)
5. Schedule 5 - Security Documents: List and copies of any related security documents
6. Appendix A - Power of Attorney: Standard form of power of attorney for enforcement purposes
7. Appendix B - Specimen Signatures: Verified signatures of authorized signatories
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