Guarantee and indemnity: individual director guarantor—bilateral—all monies

The following Banking & Finance precedent provides comprehensive and up to date legal information covering:

  • Guarantee and indemnity: individual director guarantor—bilateral—all monies
  • background
  • 1 Definitions and interpretation
  • 2 Guarantee and indemnity
  • 3 Waiver of defences
  • 4 Immediate recourse
  • 5 No competition
  • 6 Representations and warranties
  • 7 Undertakings
  • 8 Credit to a suspense account
  • More...

Guarantee and indemnity: individual director guarantor—bilateral—all monies

Warning to the GUARANTOR: Before you sign this guarantee, you should seek independent legal advice on the nature of the obligations you are undertaking and which would be legally binding on you when you sign this guarantee.

You can take advice from an independent solicitor. Your solicitor should advise you in writing that they have explained to you the nature and limit of the obligations you are being asked to take on and the effect of the documents you are being asked to sign. If you decide not to take independent legal advice before signing the guarantee, please complete the declaration [provided to you OR attached] confirming that you had the opportunity to take independent legal advice and were advised to do so but decided not to take independent legal advice.

The amount you are being asked to guarantee is not a specific amount. THIS GuArantee is intended to cover all sums due by the company, of which you are a director, to the lender, INCLUDING PRINCIPAL, INTEREST, COSTS AND EXPENSES, EACH OF WHICH are as yet not determined. The interest is to be determined by a floating rate set out in the financing documentation between the lender and the company. The costs and expenses must be reasonable costs and expenses and include legal fees. Clauses 9

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