The Loan Personal Guarantee Form is a critical document in Indian lending practices, commonly used when a lender requires additional security beyond the primary borrower's creditworthiness. This document becomes particularly important in business loans, corporate borrowings, and personal loans where the primary borrower's credentials alone may not satisfy the lender's risk assessment criteria. The form, governed by Indian contract and banking laws, establishes a three-way relationship between the lender, borrower, and guarantor. It typically includes comprehensive details about the underlying loan, the extent of guarantee coverage, the guarantor's obligations, and enforcement mechanisms. The document is essential for risk mitigation in lending operations and must comply with regulations set by the Reserve Bank of India and various banking laws.
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1. Parties: Identifies the Guarantor, the Lender (Creditor), and the Borrower (Principal Debtor)
2. Background: Describes the underlying loan agreement and the context for the guarantee
3. Definitions: Defines key terms used throughout the guarantee agreement
4. Guarantee and Indemnity: Core section establishing the guarantee obligations and indemnification provisions
5. Scope of Guarantee: Defines the extent and limitations of the guarantee coverage
6. Duration of Guarantee: Specifies the time period for which the guarantee remains valid
7. Guarantor's Representations and Warranties: Statements about the guarantor's capacity and authority to provide the guarantee
8. Guarantor's Covenants: Ongoing obligations and commitments of the guarantor
9. Enforcement and Recovery Rights: Lender's rights and remedies in case of default
10. Demands and Notices: Procedures for making demands under the guarantee and serving notices
11. Governing Law and Jurisdiction: Specifies Indian law as governing law and defines jurisdiction for disputes
1. Security Provisions: Include when the guarantee is secured by specific assets of the guarantor
2. Co-Guarantors: Include when multiple guarantors are jointly providing the guarantee
3. Guarantee Commission: Include if the guarantor is to receive any commission for providing the guarantee
4. Release and Discharge: Include specific conditions for release of guarantor from obligations
5. Cross Default: Include when default under other agreements triggers default under this guarantee
6. Financial Covenants: Include when guarantor must maintain specific financial metrics
7. Assignment and Transfer: Include when rights under the guarantee may be assigned or transferred
1. Schedule 1 - Underlying Loan Details: Details of the principal loan agreement including amount, tenure, and key terms
2. Schedule 2 - Guarantor Information: Detailed information about the guarantor including address and contact details
3. Schedule 3 - Demand Notice Format: Template for making demands under the guarantee
4. Schedule 4 - Security Details: If applicable, details of any security provided with the guarantee
5. Appendix A - Compliance Certificate: Format for periodic compliance certificates if required from the guarantor
6. Appendix B - Net Worth Statement: Format for guarantor's statement of assets and liabilities
Relevant legal definitions
Agreement
Applicable Law
Borrower
Business Day
Default
Default Interest
Effective Date
Enforcement Event
Event of Default
Financial Indebtedness
Guarantee
Guarantee Obligations
Guaranteed Amount
Guarantor
Indebtedness
Interest Rate
Lender
Loan
Loan Agreement
Material Adverse Effect
Notice
Obligations
Outstanding Amount
Party/Parties
Payment Date
Principal Amount
Recovery Expenses
Relevant Jurisdiction
Secured Obligations
Security
Taxes
Term
Third Party
Working Day
Applicable Law
Borrower
Business Day
Default
Default Interest
Effective Date
Enforcement Event
Event of Default
Financial Indebtedness
Guarantee
Guarantee Obligations
Guaranteed Amount
Guarantor
Indebtedness
Interest Rate
Lender
Loan
Loan Agreement
Material Adverse Effect
Notice
Obligations
Outstanding Amount
Party/Parties
Payment Date
Principal Amount
Recovery Expenses
Relevant Jurisdiction
Secured Obligations
Security
Taxes
Term
Third Party
Working Day
Clauses
Guarantee and Indemnity
Representations and Warranties
Covenants
Payment Obligations
Default
Enforcement
Assignment
Notices
Governing Law
Jurisdiction
Waiver
Severability
Amendments
Termination
Force Majeure
Indemnification
Confidentiality
Costs and Expenses
Time of Essence
Entire Agreement
Dispute Resolution
Remedies
Subrogation Rights
Set-off Rights
Authority
Counterparts
Third Party Rights
Continuing Guarantee
Financial Statements
Compliance with Laws
Representations and Warranties
Covenants
Payment Obligations
Default
Enforcement
Assignment
Notices
Governing Law
Jurisdiction
Waiver
Severability
Amendments
Termination
Force Majeure
Indemnification
Confidentiality
Costs and Expenses
Time of Essence
Entire Agreement
Dispute Resolution
Remedies
Subrogation Rights
Set-off Rights
Authority
Counterparts
Third Party Rights
Continuing Guarantee
Financial Statements
Compliance with Laws
Relevant Industries
Banking
Financial Services
Real Estate
Manufacturing
Construction
Retail
Information Technology
Healthcare
Education
Hospitality
Small and Medium Enterprises
Agriculture
Infrastructure
Relevant Teams
Legal
Finance
Credit Risk
Compliance
Corporate Banking
Loan Operations
Risk Management
Credit Administration
Recovery and Collections
Document Processing
Underwriting
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Risk Manager
Loan Officer
Banking Relationship Manager
Legal Counsel
Compliance Officer
Risk Assessment Officer
Corporate Banking Officer
Credit Analyst
Business Development Manager
Branch Manager
Account Manager
Underwriting Manager
Recovery Officer
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