The Personal Guarantee Loan Agreement is a critical document used in Indian lending transactions where additional security is required beyond the primary borrower's commitments. This agreement is typically employed when a lender requires personal assurance from a guarantor (often a director, promoter, or related party) to secure a loan facility. The document is structured to comply with Indian banking regulations and the Indian Contract Act, 1872, particularly sections 126-147 dealing with contracts of guarantee. It becomes especially relevant in corporate borrowing scenarios where banks require personal guarantees from directors or in cases where smaller businesses seek loans backed by financially strong individuals. The agreement details the trilateral relationship between lender, borrower, and guarantor, specifying the guarantee's scope, enforcement mechanisms, and the guarantor's obligations and liabilities.
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1. Parties: Identifies all parties: the Lender, the Borrower, and the Guarantor(s), including their full legal names, addresses, and registration details if applicable
2. Background: Explains the context of the loan, the relationship between parties, and the purpose of the guarantee
3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out rules of interpretation
4. Loan Details: Specifies the loan amount, interest rate, tenure, and repayment schedule
5. Guarantee: Core section detailing the guarantee's scope, the guarantor's obligations, and extent of liability
6. Representations and Warranties: Statements of fact and assurances given by the Guarantor regarding their capacity and authority to provide the guarantee
7. Guarantor's Covenants: Ongoing obligations and commitments of the Guarantor throughout the loan tenure
8. Enforcement and Recovery: Procedures and rights for enforcing the guarantee in case of default
9. Indemnity: Guarantor's obligation to indemnify the lender against losses
10. Events of Default: Circumstances that constitute default and their consequences
11. Notices: Communication procedures between parties
12. Governing Law and Jurisdiction: Specifies Indian law as governing law and jurisdiction for disputes
13. Miscellaneous: Standard boilerplate provisions including severability, amendments, and entire agreement
1. Security: Include when the guarantee is backed by specific assets or securities
2. Multiple Guarantors: Include when there is more than one guarantor, defining joint and several liability
3. Guarantee Commission: Include if the guarantor is charging a fee for providing the guarantee
4. Cross Default: Include when default under other specified agreements triggers default under this guarantee
5. Assignment: Include when rights under the guarantee may be assigned to third parties
6. Step-In Rights: Include when guarantor has rights to take over borrower's position in specific circumstances
7. Guarantee Limitation: Include when guarantee amount is capped or limited in specific ways
8. Foreign Exchange Provisions: Include when loan is in foreign currency and guarantee needs to address exchange rate fluctuations
1. Schedule 1 - Loan Terms: Detailed breakdown of loan amount, interest calculations, and repayment schedule
2. Schedule 2 - Security Details: Description of any security or collateral provided by the guarantor
3. Schedule 3 - Guarantor's Statement of Assets: Declaration of guarantor's assets and financial position
4. Schedule 4 - Form of Notice: Standard formats for various notices under the agreement
5. Schedule 5 - Related Party Transactions: List of any relevant transactions between guarantor and borrower
6. Appendix A - Demand Letter Format: Standard format for demanding payment under the guarantee
7. Appendix B - Compliance Certificates: Templates for periodic compliance certificates to be submitted by guarantor
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Manufacturing
Trading
Retail
Information Technology
Healthcare
Education
Infrastructure
Small and Medium Enterprises
Corporate Finance
Microfinance
Relevant Teams
Legal
Finance
Risk Management
Compliance
Credit
Corporate Banking
Operations
Treasury
Debt Recovery
Documentation
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Risk Manager
Legal Counsel
Company Secretary
Compliance Officer
Loan Officer
Credit Analyst
Banking Relationship Manager
Corporate Banking Officer
Treasury Manager
Financial Controller
Director of Operations
Chief Risk Officer
Business Development Manager
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