The Guarantor in Loan Agreement is a crucial document in Canadian lending practices, typically used when additional security is required for a loan beyond the primary borrower's creditworthiness. This agreement becomes necessary in various scenarios, such as business loans where personal guarantees from directors are required, real estate financing where family members may guarantee residential mortgages, or corporate financing where parent companies guarantee subsidiaries' obligations. The document must comply with both federal banking regulations and provincial contract laws, including specific requirements for written guarantees under provincial Statutes of Fraud. It outlines the guarantor's obligations, enforcement mechanisms, and any limitations on liability, while ensuring all parties' rights are protected under Canadian law.
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1. Parties: Identifies all parties to the agreement including the lender, borrower, and guarantor(s)
2. Background: Explains the context of the guarantee, including reference to the main loan agreement
3. Definitions: Defines key terms used throughout the guarantee agreement
4. Guarantee and Indemnity: Core section establishing the guarantee obligations and indemnification provisions
5. Extent of Guarantor's Liability: Defines the scope and limitations of the guarantor's obligations
6. Nature of Guarantee: Specifies that the guarantee is continuing, unconditional and irrevocable
7. Preservation of Rights: Establishes that the lender's rights against the guarantor are preserved despite various circumstances
8. Payments: Details how and when payments must be made by the guarantor
9. Representations and Warranties: Guarantor's confirmations about their capacity and authority to enter into the guarantee
10. Costs and Expenses: Allocation of costs related to the preparation and enforcement of the guarantee
11. Notices: Specifies how formal communications between parties should be made
12. Governing Law and Jurisdiction: Specifies that Canadian law governs and establishes jurisdiction for disputes
1. Security: Include when the guarantee is secured by specific assets of the guarantor
2. Multiple Guarantors: Include when there is more than one guarantor to establish joint and several liability
3. Limited Recourse: Include when the guarantee is limited to specific assets or amounts
4. Corporate Guarantor Provisions: Include when the guarantor is a corporation, including specific representations and warranties
5. Guarantee Release Conditions: Include when there are specific conditions under which the guarantee may be released
6. Currency Provisions: Include when the loan and guarantee involve multiple currencies
7. Tax Gross-Up: Include when tax implications need to be addressed in the guarantee payments
8. Financial Covenants: Include when the guarantor must maintain certain financial conditions
1. Schedule A - Primary Loan Agreement: Copy or summary of the main loan agreement being guaranteed
2. Schedule B - Guaranteed Obligations: Detailed description of the obligations being guaranteed, including any specific limitations
3. Schedule C - Security Details: Details of any security provided by the guarantor (if applicable)
4. Schedule D - Guarantor Information: Key information about the guarantor including contact details and notice information
5. Appendix 1 - Form of Demand: Standard form for making a demand under the guarantee
6. Appendix 2 - Compliance Certificate: Form for periodic confirmation of compliance with guarantee terms (if required)
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