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Other names for the document:

Payment guarantee agreement
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Sample corporate guarantee agreement
Guarantee note
Guarantee agreement pdf
Guarantor form for loan doc
Guarantee letter
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A Guarantee and Collateral Agreement is a legal contract between the borrower, lender, and guarantor, where the borrower avails a loan for acquisition of an asset or performance of a similar act. The guarantor has to provide some collateral to the lender as security.
At law, the giver of a guarantee is called the surety or the "guarantor". The person to whom the guarantee is given is the creditor or the "obligee"; while the person whose payment or performance is secured thereby is termed "the obligor", "the principal debtor", or simply "the principal".
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.
There are two types of Guarantee i.e. Specific Guarantee which is for a specific transaction and Continuing Guarantee which is for a series of transactions. Specific Guarantee: A guarantee which is given for only one transaction or debt, the guarantee is known as a Specific Guarantee.