Guarantee Certificate definition
Examples of Guarantee Certificate in a sentence
The number is located on the Loan Guarantee Certificate (LGC) or the Mortgage Insurance Certificate (MIC).
VA Loan Guarantee Certificate Number VA Loan Guarantee Certificate Number Loan Number Servicer Loan Number Loan Term Loan Term Loan Type Loan Type Loss Mit Approval Date Loss Mit Approval Date Loss Mit Flag (Man Code) A code that identifies the account as an active Loss Mit account.
The term Customer in the Guarantee Certificate may be replaced with the term Principal or other term.
In case the mentioned term is not sufficient for the Bank to make a decision and unless the Bank Guarantee Agreement and/or the Guarantee Certificate specify otherwise, the Bank is authorized to extend the term of review for 20 (twenty) more Banking days, of which the Bank shall immediately notify the Beneficiary, but if the Legislation provides for different term of reviewing a request on the Bank Guarantee enforcement, than the mentioned term shall apply.
The Guarantee Certificate shall reflect conditions of the Bank Guarantee (including, unambiguously, the guarantee amount, payment terms and conditions, validity, venue and form of submission, etc.) and it will be drawn up in 2 (two) counterparts of equal legal force, of which the first copy will stay with the Bank and another will be handed over to the Customer to submit to the Beneficiary, or will be handed over to the Beneficiary based on the agreement with the Customer.