A Loan Guarantor Agreement becomes necessary when a lender requires additional security beyond the borrower's own covenant. Under English and Welsh law, this document establishes a secondary obligation where the guarantor commits to fulfilling the borrower's loan obligations if they fail to do so. The agreement is particularly common in situations where the borrower's creditworthiness alone may not satisfy the lender's requirements. The document must comply with the Statute of Frauds 1677 and, where applicable, consumer protection legislation.
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Key Requirements PROMPT example:
Loan Guarantor Agreement
"I need a Loan Guarantor Agreement for a commercial property loan where my parent company will act as guarantor for our subsidiary's £2.5M borrowing, to be completed before March 2025."
1. Parties: Identifies and defines the Lender, Borrower, and Guarantor
2. Background: Explains the context of the loan and guarantee arrangement
3. Definitions: Defines key terms used throughout the agreement
4. Guarantee and Indemnity: Core terms of the guarantee obligation
5. Scope of Guarantee: Extent and limitations of the guarantee
6. Guarantor's Obligations: Specific duties and responsibilities of the guarantor
7. Duration: Term of the guarantee and conditions for termination
8. Governing Law and Jurisdiction: Specifies applicable law and courts
1. Security Provisions: Details of any security provided by the guarantor - include when guarantee is secured against assets
2. Multiple Guarantors: Provisions for joint and several liability - include when there is more than one guarantor
3. Guarantee Limitations: Specific caps or restrictions on liability - include when guarantee amount is limited
1. Principal Agreement: Copy or details of the underlying loan agreement
2. Security Details: Description of any security provided by the guarantor
3. Guarantor's Statement of Assets: Financial statement of guarantor's assets and liabilities
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