The Personal Guarantee Loan Agreement is a crucial document in Philippine lending practices, typically used when additional security is required for a loan transaction. It's particularly relevant when a primary borrower's creditworthiness needs to be supplemented by a third party's guarantee. The agreement, governed by Philippine law including the Civil Code and Truth in Lending Act, creates a legally binding commitment from the guarantor to assume responsibility for the loan if the primary borrower defaults. This document is essential for financial institutions in managing credit risk and is commonly used in both commercial and personal lending scenarios. It must include specific provisions required under Philippine law, such as clear disclosure of terms, interest calculations, and enforcement mechanisms. The agreement serves as a risk mitigation tool while providing detailed procedures for guarantee enforcement and protecting the rights of all parties involved.
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1. Parties: Identifies the Lender, Principal Debtor, and Guarantor with their complete legal names and addresses
2. Background: Describes the context of the principal loan agreement and the requirement for a guarantee
3. Definitions: Defines key terms used throughout the agreement
4. Guarantee: Core section detailing the scope and nature of the guarantee obligation
5. Representations and Warranties: Statements of fact by the Guarantor about their capacity and authority to provide the guarantee
6. Nature of Guarantee: Specifies that the guarantee is continuing, irrevocable, and unconditional as per Philippine law requirements
7. Payment Terms: Details of how and when the guarantee can be called upon, including interest calculations as per Truth in Lending Act
8. Enforcement: Procedures and conditions for enforcing the guarantee
9. Costs and Expenses: Allocation of costs related to the preparation and enforcement of the guarantee
10. Notices: Communication procedures between parties
11. Governing Law and Jurisdiction: Specifies Philippine law as governing law and defines jurisdiction for disputes
12. Execution: Signature blocks and execution formalities
1. Security: Include when the guarantee is backed by specific assets or collateral
2. Joint and Several Liability: Required when there are multiple guarantors
3. Electronic Execution: Include when agreement may be executed electronically under E-Commerce Act
4. Foreign Currency Provisions: Include when the guaranteed loan is in a currency other than Philippine Peso
5. Corporate Authority: Include when guarantor is a corporation, detailing board approvals and authority
6. Assignment: Include when rights under the guarantee may need to be transferred
7. Step-In Rights: Include when guarantor may have rights to take over the principal debt
8. Tax Provisions: Include when specific tax implications need to be addressed
1. Schedule 1 - Principal Loan Agreement Details: Summary of the main loan agreement being guaranteed
2. Schedule 2 - Guarantee Limit and Interest Calculations: Specific financial terms and calculations as required by Truth in Lending Act
3. Schedule 3 - Form of Demand: Standard form for making a demand under the guarantee
4. Schedule 4 - Security Details: If applicable, details of any security provided
5. Appendix A - Required Notices and Forms: Standard forms for various notices under the agreement
6. Appendix B - Compliance Certificates: Forms for periodic confirmation of continuing compliance with guarantee terms
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Construction
Manufacturing
Retail
Small and Medium Enterprises
Agriculture
Technology
Education
Relevant Teams
Legal
Credit Risk
Compliance
Finance
Operations
Collections
Customer Relations
Corporate Banking
Retail Banking
Credit Administration
Relevant Roles
Credit Officer
Loan Officer
Risk Manager
Legal Counsel
Corporate Lawyer
Compliance Officer
Banking Operations Manager
Credit Risk Analyst
Account Manager
Financial Controller
Chief Financial Officer
Chief Risk Officer
Collection Manager
Relationship Manager
Branch Manager
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