A Personal Guarantee On Promissory Note is a crucial financial security instrument used in Australian business and lending practices when additional assurance is required for a debt obligation. This document is typically employed when a creditor requires personal security beyond the primary debtor's promise to pay, particularly in situations involving business loans, commercial transactions, or significant financial commitments. The guarantee creates a secondary obligation where the guarantor personally commits to fulfilling the debt obligations if the primary debtor defaults on the promissory note. The document must comply with Australian federal and state legislation, including consumer protection laws and financial regulations, and typically includes detailed terms about the guarantee's scope, enforcement mechanisms, and the rights and obligations of all parties involved. It's particularly relevant in business contexts where companies seek financing but lenders require additional security from company directors or related parties.
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1. Parties: Identifies the Guarantor(s), the Creditor (Promissee), and the Debtor (Maker of the promissory note)
2. Background: Outlines the context of the guarantee, including reference to the underlying promissory note and the reason for the guarantee
3. Definitions: Defines key terms used throughout the document including 'Guaranteed Obligations', 'Event of Default', and 'Security'
4. Guarantee and Indemnity: Core section detailing the guarantee obligations, including the scope of the guarantee and indemnification provisions
5. Nature of Guarantee: Specifies whether the guarantee is continuing, unconditional, and/or irrevocable
6. Payment Terms: Details when and how payments must be made by the guarantor upon default of the primary debtor
7. Guarantor Representations and Warranties: Statements of fact and promises made by the guarantor regarding their capacity and financial position
8. Events of Default: Specifies circumstances that trigger the guarantee obligations
9. Enforcement: Outlines the creditor's rights and remedies upon default
10. Expenses and Stamp Duty: Addresses who is responsible for costs associated with the guarantee
11. Notices: Specifies how formal communications between parties should be made
12. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, and severability
1. Multiple Guarantors: Required when there is more than one guarantor, specifying joint and several liability
2. Security Provisions: Required when the guarantee is secured against specific assets
3. Independent Legal Advice: Required when there is a need to document that the guarantor has received independent legal advice
4. Limitation of Liability: Optional section to cap the guarantor's liability if agreed
5. Priority and Subordination: Required when there are multiple creditors or security interests
6. Guarantee Release Terms: Optional section specifying conditions under which the guarantee may be released
7. Financial Covenants: Optional section requiring the guarantor to maintain certain financial positions
1. Schedule 1 - Promissory Note Details: Copy or key details of the underlying promissory note including principal amount, interest rate, and payment schedule
2. Schedule 2 - Security Details: Description of any security provided under the guarantee, including asset details and registration requirements
3. Schedule 3 - Guarantor Details: Personal or corporate information about the guarantor(s) including address and contact details
4. Appendix A - Independent Legal Advice Certificate: Certificate from legal advisor confirming advice given to guarantor
5. Appendix B - Guarantor Financial Statement: Current financial position of the guarantor if required
Relevant legal definitions
Guaranteed Obligations
Promissory Note
Guarantor
Principal Debtor
Creditor
Security
Event of Default
Guarantee
Business Day
Claim
Costs
Default Interest
Default Rate
Enforcement Action
Financial Indebtedness
Insolvency Event
Interest Rate
Liability
Material Adverse Effect
Maturity Date
Outstanding Amount
Payment Date
Permitted Security Interest
Related Entity
Secured Property
Security Interest
Taxes
Transaction Documents
Underlying Agreement
Authority
Applicable Law
Independent Legal Advice
Notice
Business Hours
Promissory Note
Guarantor
Principal Debtor
Creditor
Security
Event of Default
Guarantee
Business Day
Claim
Costs
Default Interest
Default Rate
Enforcement Action
Financial Indebtedness
Insolvency Event
Interest Rate
Liability
Material Adverse Effect
Maturity Date
Outstanding Amount
Payment Date
Permitted Security Interest
Related Entity
Secured Property
Security Interest
Taxes
Transaction Documents
Underlying Agreement
Authority
Applicable Law
Independent Legal Advice
Notice
Business Hours
Clauses
Guarantee and Indemnity
Representations and Warranties
Payment Obligations
Security
Events of Default
Enforcement
Limitation of Liability
Costs and Expenses
Tax
Assignment and Transfer
Notices
Governing Law and Jurisdiction
Severability
Waiver
Confidentiality
Independent Legal Advice
Further Assurance
Entire Agreement
Amendment
Counterparts
Time of Essence
Joint and Several Liability
Set-off
Priority and Subordination
Release and Discharge
Stamp Duty
Force Majeure
Survival of Obligations
Third Party Rights
Representations and Warranties
Payment Obligations
Security
Events of Default
Enforcement
Limitation of Liability
Costs and Expenses
Tax
Assignment and Transfer
Notices
Governing Law and Jurisdiction
Severability
Waiver
Confidentiality
Independent Legal Advice
Further Assurance
Entire Agreement
Amendment
Counterparts
Time of Essence
Joint and Several Liability
Set-off
Priority and Subordination
Release and Discharge
Stamp Duty
Force Majeure
Survival of Obligations
Third Party Rights
Relevant Industries
Banking and Financial Services
Commercial Lending
Private Lending
Real Estate
Construction
Small Business
Corporate Finance
Investment
Professional Services
Manufacturing
Relevant Teams
Legal
Finance
Credit and Risk
Compliance
Treasury
Corporate Secretariat
Commercial Banking
Business Banking
Loan Operations
Credit Administration
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Risk Manager
Commercial Lawyer
Legal Counsel
Banking Manager
Lending Officer
Credit Analyst
Company Director
Business Owner
Financial Controller
Compliance Officer
Corporate Secretary
Treasury Manager
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