A Release Of Personal Guaranty is a crucial document used when a creditor agrees to discharge a guarantor from their obligations under a personal guarantee. Under English and Welsh law, this document provides formal confirmation that the guarantor is no longer liable for the guaranteed obligations. It's commonly used in situations where the underlying debt has been satisfied, the primary debtor's circumstances have changed, or as part of a broader restructuring arrangement. The document should clearly identify the original guarantee, specify the extent of the release (whether partial or complete), and include any conditions precedent to the release taking effect.
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1. Parties: Identifies the guarantor being released, the creditor, and the primary debtor
2. Background: Details of the original guarantee and circumstances leading to release
3. Definitions: Key terms used in the release document
4. Release Statement: Formal statement of release from guaranty obligations
5. Effective Date: When the release takes effect
6. Execution: Signature blocks and execution formalities
1. Partial Release Provisions: Used when only certain obligations are being released while others remain in effect
2. Consideration: Details of any payment or consideration for the release
3. Continuing Obligations: Specifies any obligations that survive the release
4. Representations and Warranties: Statements about authority to release and other matters in complex commercial arrangements
1. Original Guarantee: Copy or details of the original guarantee being released
2. Related Security Documents: List of any related security documents affected by the release
3. Payment Schedule: Schedule of payments if the release is conditional on payment arrangements
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