Guaranties of indebtedness are becoming more expansive, moving away from true limited and non-recourse sponsor liability and toward expanded coverage of borrower-side industry and economic risk. If hedging against interest rate risk is required or any other derivative product is offered in connection with the underlying loans, the interaction of loan guarantees with ECP rules should be fully considered. In addition, guaranty drafters are including waivers of state-specific statutory and common law defenses beyond the traditional suretyship set.
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