The Guarantor Promissory Note serves as a critical financial instrument in Australian business transactions where additional security is required for a debt obligation. This document is commonly used in situations where a lender requires extra assurance beyond the primary debtor's promise to pay, such as in business loans, property transactions, or commercial financing. The document combines the straightforward debt acknowledgment of a promissory note with the security of a guarantee, making it particularly useful for transactions where the primary debtor's creditworthiness may be insufficient on its own. It must comply with Australian federal legislation, including the Bills of Exchange Act 1909 and the National Consumer Credit Protection Act 2009, as well as relevant state laws. The document includes detailed payment terms, guarantee provisions, enforcement mechanisms, and often requires independent legal advice for the guarantor.
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1. Parties: Identifies the Maker (primary debtor), Payee (creditor), and Guarantor with their full legal names and addresses
2. Background: Brief context explaining the underlying debt obligation and the purpose of the guarantee
3. Definitions: Key terms used throughout the document including 'Principal Sum', 'Interest Rate', 'Due Date', and 'Event of Default'
4. Promise to Pay: Clear statement of the primary debt obligation, including the principal amount, interest rate, and payment terms
5. Guarantee Provisions: Explicit statement of the guarantor's obligations and the extent of their liability
6. Payment Terms: Detailed payment schedule, including installment amounts, due dates, and payment methods
7. Interest Calculation: Method and frequency of interest calculation and compounding
8. Events of Default: Circumstances that constitute default and consequences thereof
9. Enforcement Rights: Rights of the payee in case of default, including acceleration of the debt
10. Governing Law: Specification that Australian law governs the agreement and jurisdiction details
1. Security: Include when the note is secured by specific assets or collateral
2. Prepayment Terms: Include when early payment options are allowed, specifying any penalties or benefits
3. Multiple Guarantors: Include when there is more than one guarantor, specifying joint and several liability
4. Assignment Rights: Include when the note may be assigned or transferred to other parties
5. Notice Requirements: Include when specific notice procedures are required for various circumstances
6. Subordination: Include when the note needs to be subordinated to other debts
7. Currency Provisions: Include for international transactions or when multiple currencies are involved
1. Payment Schedule: Detailed breakdown of payment dates, amounts, and allocation between principal and interest
2. Guarantor's Statement of Financial Position: Current financial status of the guarantor
3. Security Details: Description of any assets or collateral securing the note
4. Guarantee Limit Calculation: If the guarantee is limited, calculation method and current limit details
5. Independent Legal Advice Certificate: Confirmation that the guarantor received independent legal advice
Relevant legal definitions
Maker
Payee
Guarantor
Principal Sum
Interest Rate
Default Interest Rate
Due Date
Payment Date
Business Day
Event of Default
Guarantee
Guarantee Period
Guaranteed Obligations
Independent Legal Advice
Interest Payment Date
Late Payment Fee
Material Adverse Change
Maturity Date
Note
Outstanding Balance
Payment Currency
Permitted Assignment
Place of Payment
Secured Property
Security Interest
Terms and Conditions
Payee
Guarantor
Principal Sum
Interest Rate
Default Interest Rate
Due Date
Payment Date
Business Day
Event of Default
Guarantee
Guarantee Period
Guaranteed Obligations
Independent Legal Advice
Interest Payment Date
Late Payment Fee
Material Adverse Change
Maturity Date
Note
Outstanding Balance
Payment Currency
Permitted Assignment
Place of Payment
Secured Property
Security Interest
Terms and Conditions
Clauses
Relevant Industries
Financial Services
Banking
Real Estate
Small Business
Commercial Lending
Private Lending
Construction
Professional Services
Retail
Manufacturing
Relevant Teams
Legal
Finance
Credit
Risk Management
Treasury
Compliance
Commercial Banking
Corporate Finance
Business Development
Collections
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Manager
Legal Counsel
Commercial Lawyer
Loan Officer
Risk Manager
Credit Analyst
Business Development Manager
Treasury Manager
Compliance Officer
Financial Controller
Company Secretary
Collections Manager
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