The Loan Guarantor Agreement is a crucial legal instrument in Malaysian financial transactions, commonly used when a third party needs to provide additional security for a borrower's loan obligations. This document type is essential in various scenarios, including corporate financing, property purchases, and business expansion, where the principal debtor's creditworthiness alone may not satisfy the lender's requirements. The agreement must comply with Malaysian legislation, particularly the Contracts Act 1950 and Financial Services Act 2013, and typically includes comprehensive details about the guarantee's scope, the guaranteed obligations, enforcement mechanisms, and the parties' rights and responsibilities. The document becomes particularly important in Malaysia's business environment where family-owned businesses and corporate groups often provide cross-guarantees for financing arrangements.
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1. Parties: Identifies the Guarantor, Lender (or Creditor), and Principal Debtor with their full legal names and addresses
2. Background: Recitals explaining the context of the principal debt, the relationship between parties, and the purpose of the guarantee
3. Definitions: Defines key terms used throughout the agreement including 'Guaranteed Obligations', 'Principal Debt', 'Security', etc.
4. Guarantee and Indemnity: Core section detailing the guarantee obligations, including the scope of guarantee and indemnity provisions
5. Nature and Extent of Guarantee: Specifies whether the guarantee is continuing, limited or unlimited, and its maximum liability
6. Guarantor's Representations and Warranties: Guarantor's confirmations regarding their capacity, authority, and financial status
7. Principal Obligations: Details the guaranteed obligations and payment terms
8. Demand and Enforcement: Procedures for making demands under the guarantee and enforcement mechanisms
9. Preserving Rights: Provisions maintaining the guarantee's validity despite changes to the principal debt or debtor's circumstances
10. Payments: Terms regarding method, timing, and application of payments, including provisions for taxes and deductions
11. Costs and Expenses: Allocation of legal costs, stamp duty, and other expenses
12. Notices: Communication procedures between parties
13. Governing Law and Jurisdiction: Confirms Malaysian law governance and jurisdiction for disputes
1. Security: Include when the guarantee is secured by specific assets or collateral
2. Joint and Several Liability: Required when there are multiple guarantors
3. Assignment and Transfer: Include when parties need the right to assign or transfer their rights/obligations
4. Independent Legal Advice: Recommended when dealing with individual guarantors to confirm they received independent advice
5. Corporate Authority: Required when the guarantor is a corporation, confirming corporate approval
6. Cross Default: Include when the guarantee should be triggered by defaults under other agreements
7. Currency Provisions: Required for cross-border transactions involving multiple currencies
1. Schedule 1 - Principal Debt Details: Details of the underlying loan agreement including amount, interest rate, and repayment terms
2. Schedule 2 - Security Details: Description of any security or collateral provided under the guarantee
3. Schedule 3 - Guarantee Limit: Specific financial limits of the guarantee if not unlimited
4. Schedule 4 - Form of Demand: Template for making formal demands under the guarantee
5. Schedule 5 - Corporate Information: Corporate information and resolutions if guarantor is a company
6. Appendix A - Principal Loan Agreement: Copy of the underlying loan agreement being guaranteed
7. Appendix B - Legal Advice Certificate: Certificate confirming independent legal advice if applicable
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