The Release Of Guarantee Agreement is a crucial document in Canadian commercial and financial transactions, typically used when a guarantor needs to be discharged from their obligations under an existing guarantee. This situation commonly arises when the underlying debt has been repaid, when restructuring business relationships, or when refinancing arrangements require the release of existing guarantors. The document must be carefully drafted to ensure compliance with both federal and provincial legislation, particularly in relation to banking regulations, contract law, and security interests. It should clearly identify the original guarantee, specify the scope of the release (whether partial or complete), and include any conditions precedent to the release taking effect. The agreement is particularly important in protecting both the creditor's interests and providing legal certainty to the released guarantor.
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Key Requirements PROMPT example:
Release Of Guarantee Agreement
"I need a Release of Guarantee Agreement to discharge ABC Manufacturing Ltd. as guarantor from their obligations under a $2M guarantee dated March 15, 2020, as the underlying loan has been fully repaid to National Bank of Canada."
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1. Parties: Identifies all parties: the Creditor (entity releasing the guarantee), the Guarantor (being released), and the Principal Debtor (original borrower)
2. Background: Recitals describing the original guarantee, its date, the underlying debt/obligation, and the reason for the release
3. Definitions: Defines key terms including 'Original Guarantee', 'Released Obligations', 'Effective Date', and other relevant terms
4. Release: The operative clause that formally releases the Guarantor from their obligations under the guarantee
5. Representations and Warranties: Statements by the Creditor regarding their authority to release the guarantee and by the Guarantor regarding any relevant circumstances
6. Return of Documents: Provisions regarding the return or cancellation of the original guarantee documents
7. General Provisions: Standard clauses including governing law, entire agreement, and counterparts
8. Execution: Signature blocks and execution requirements for all parties
1. Partial Release: Used when only certain obligations under the guarantee are being released while others remain in effect
2. Conditions Precedent: Include when the release is conditional upon certain events or actions being completed
3. Consideration: Required when there is payment or other consideration for the release
4. Surviving Obligations: Needed when certain obligations or indemnities survive the release
5. Multiple Guarantors: Additional provisions when releasing one of multiple guarantors while maintaining others' obligations
6. Confidentiality: Include when parties must keep the terms of the release confidential
7. Tax Provisions: Required when there are tax implications or requirements related to the release
1. Schedule A - Original Guarantee: Copy or details of the original guarantee being released
2. Schedule B - Released Obligations: Detailed list of the specific obligations being released (particularly important for partial releases)
3. Schedule C - Related Security Documents: List of any related security or collateral documents affected by the release
4. Schedule D - Payment Details: If consideration is being paid, details of payment terms and arrangements
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Contract Administrator
Company Secretary
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