Counter Indemnity to a Guarantor for a Loan

Guarantor

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Description:

In relation to a loan, a counter indemnity is given by the indemnifier (usually the Borrower's parent) to the Guarantor for the Borrower's obligations. This is drafted in favour of the guarantor.

In consideration of the Guarantor agreeing to grant the Guarantee to the Bank and for other valuable consideration, the Indemnifier hereby unconditionally and irrevocably undertakes to the Guarantor that, if and each time the Guarantor pays or is obliged to make payment or receives a demand or notice from in respect of an Indemnified Amount, the Indemnifier shall, upon the first written demand by the Guarantor, pay to the Guarantor the amount equal to such Indemnified Amount being the amount so paid or which the Guarantor is obliged to pay or in respect which the Guarantor receives a demand or notice in whatever currency denominated and shall upon first written demand by the Guarantor fully indemnify the Guarantor and the Bank against any and all losses, claims, costs (including legal fees), charges and expenses to which it may be subject or which it may incur under or in connection with the Guarantee, this Counter-Indemnity or otherwise in respect of the Indemnified Amounts.

Document Type:

Deed /poa / authorisation / agency / escrow

Category:

Business > Banking and Finance > Letter of Comfort / Guarantee and Indemnity

 
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