The Continuing Guarantee Agreement is a crucial financial security instrument in Malaysian commercial practice, commonly used when a lender requires additional security beyond the borrower's own covenant. This document type is particularly relevant when a parent company guarantees its subsidiary's obligations, or when directors or shareholders personally guarantee corporate borrowings. The agreement, governed by Malaysian law, specifically the Contracts Act 1950 and Financial Services Act 2013, establishes an ongoing guarantee that remains effective until properly terminated, covering both existing and future obligations. It includes detailed provisions for enforcement, guarantor's obligations, lender's rights, and necessary Malaysian law compliance requirements, including proper stamping under the Stamp Act 1949.
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1. Parties: Identification of the Guarantor, Principal Debtor (borrower), and Beneficiary (lender)
2. Background: Context of the guarantee, reference to the primary facility/agreement being guaranteed
3. Definitions and Interpretation: Key terms used in the agreement, including 'Guaranteed Obligations', 'Security', and interpretation rules
4. Guarantee and Indemnity: Core guarantee obligations, scope of the continuing guarantee, and indemnity provisions
5. Nature of Guarantee: Specification that this is a continuing security, covering present and future obligations
6. Preservation of Rights: Lender's rights preservation, including ability to pursue guarantor without first pursuing borrower
7. Representations and Warranties: Guarantor's confirmations about their capacity and authority to enter into the guarantee
8. Payments: Payment obligations, currency, method, and timing of payments
9. Costs and Expenses: Responsibility for legal fees, stamp duty, and enforcement costs
10. Duration and Release: Terms for the continuation and termination of the guarantee
11. Notices: Communication requirements and contact details
12. Assignment and Transfer: Rights to assign or transfer the guarantee
13. Governing Law and Jurisdiction: Specification of Malaysian law and courts' jurisdiction
1. Multiple Guarantors: Required when there is more than one guarantor, specifying joint and several liability
2. Security Provisions: Used when specific assets are provided as additional security for the guarantee
3. Set-Off Rights: Optional rights for the lender to set off amounts against guarantor's accounts
4. Foreign Currency Provisions: Required when guaranteed obligations involve multiple currencies
5. Corporate Guarantor Provisions: Specific provisions required when the guarantor is a company
6. Subordination: Used when the guarantor's claims need to be subordinated to the lender's rights
7. Islamic Banking Provisions: Required when the guarantee needs to be Shariah-compliant
1. Schedule 1 - Primary Facility: Details of the main facility or agreement being guaranteed
2. Schedule 2 - Guaranteed Obligations: Specific list or description of obligations covered by the guarantee
3. Schedule 3 - Conditions Precedent: List of documents and conditions required before guarantee becomes effective
4. Schedule 4 - Form of Notice: Standard forms for any notices required under the guarantee
5. Schedule 5 - Security Assets: Description of any assets provided as security (if applicable)
6. Appendix A - Board Resolution: Format for corporate authorization (for corporate guarantors)
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Property Development
Manufacturing
Construction
Trading and Commerce
Retail
Hospitality
Infrastructure Development
Small and Medium Enterprises
Corporate Services
Relevant Teams
Legal
Finance
Risk Management
Corporate Banking
Credit Administration
Compliance
Treasury
Corporate Secretarial
Documentation
Commercial Banking
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Banking Lawyer
Risk Manager
Credit Manager
Commercial Director
Treasury Manager
Company Secretary
Compliance Officer
Relationship Manager
Corporate Banking Manager
Security Documentation Officer
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