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District of Columbia Absolute Guaranty of Payment in Consideration of Extension of a Line of Credit

Category:
Guaranty - Absolute
State:
Multi-State
Control #:
US-01117BG
Format:
Word; 
Rich Text
Instant download
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Description

A guaranty is an undertaking on the part of one person (the guarantor) that is collateral to an obligation of another person (the debtor or obligor), and which binds the guarantor to performance of the obligation in the event of default by the debtor or obligor.


The contract of guaranty may be absolute or it may be conditional. An absolute guaranty is a contract by which the guarantor has promised that if the debtor does not perform the obligation or obligations, the guarantor will perform some act (such as the payment of money) to or for the benefit of the creditor.


A line of credit is an arrangement in which a lender extends a specified amount of credit to borrower for a specified time period.

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FAQ

Guarantors hold several rights that protect their interests. They have the right to receive notice if the primary borrower defaults, which ensures they can take action when necessary. Moreover, under a District of Columbia Absolute Guaranty of Payment in Consideration of Extension of a Line of Credit, guarantors can seek reimbursement from the borrower once they fulfill the payment obligation. This framework encourages responsible lending practices and accountability.

A guarantee refers to the promise made, typically by a guarantor, to fulfill the obligations of a borrower if they fail to do so. In contrast, the guarantor is the individual or entity that provides this assurance. In the context of a District of Columbia Absolute Guaranty of Payment in Consideration of Extension of a Line of Credit, understanding this distinction helps in navigating financial agreements effectively. It clarifies who bears the responsibility and under what circumstances.

The guarantor clause in a contract outlines the obligations of a guarantor regarding the debt or performance of the primary borrower. This term is crucial for agreements where a District of Columbia Absolute Guaranty of Payment in Consideration of Extension of a Line of Credit is involved. By signing this clause, the guarantor commits to fulfilling the borrower's duties in case they default. This protection provides lenders confidence in extending credits based on the guarantor's reliability.

Guarantor unconditionally guarantees payment to Lender of all amounts owing under the Note. This Guarantee remains in effect until the Note is paid in full. Guarantor must pay all amounts due under the Note when Lender makes written demand upon Guarantor.

Put another way, a guaranty of collection requires that the debtor must exhaust certain remedies against the debtor before proceeding against the guarantor, while a guaranty of payment means that the lender can proceed directly against the guarantor even if the debtor is solvent and otherwise able to pay.

A guaranty of payment, executed by Guarantor and pursuant to which Guarantor guarantees the repayment of the Loan, in an amount up to $20,000,000 of the principal amount of the Loan, plus accrued interest thereon (including default interest, if any), and the cost of the enforcement of such guaranty, all in accordance

A guaranty of payment is an independent agreement by a person or an entity to pay the loan when it goes into default. Even if the borrower is unable or unwilling to pay back the loan, the Bank can require the guarantor to pay it back.

Put another way, a guaranty of collection requires that the debtor must exhaust certain remedies against the debtor before proceeding against the guarantor, while a guaranty of payment means that the lender can proceed directly against the guarantor even if the debtor is solvent and otherwise able to pay.

A guarantee is a legal promise made by a third party (guarantor) to cover a borrower's debt or other types of liability in case of the borrower's default. The time a default happens varies, depending on the terms agreed upon by the creditor and the borrower.

Guarantee of collection means a loan guarantee under which the authority agrees to pay according to the terms of the guarantee agreement if the instrument is not paid when due and the participating lender has pursued all reasonable efforts relative to collection.

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