The Personal Guarantee Promissory Note is a crucial financial instrument in Australian business transactions, commonly used when additional security is required for a loan or financial obligation. This document is particularly relevant when a business or individual (the maker) requires financing, and a third party (the guarantor) agrees to personally guarantee the repayment. The document 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. It combines the formal requirements of a promissory note (including an unconditional promise to pay a specified sum) with comprehensive guarantee provisions, making it suitable for various commercial and personal lending scenarios. The document typically includes detailed payment terms, interest calculations, default provisions, and specific guarantor acknowledgments, providing security for the payee while ensuring all parties understand their obligations and rights.
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1. Parties: Identification of the Maker (primary debtor), the Payee (creditor), and the Guarantor(s)
2. Background: Context of the debt obligation and reason for the guarantee
3. Definitions: Key terms used throughout the document
4. Promise to Pay: Unconditional promise by the Maker to pay a specified sum with details of the amount, interest rate, and payment date(s)
5. Guarantee Provisions: Terms of the guarantee including the guarantor's unconditional promise to pay upon maker's default
6. Payment Terms: Detailed payment schedule, method of payment, and consequences of late payment
7. Interest Calculation: Method of calculating interest, default interest rates, and compound interest provisions
8. Events of Default: Circumstances constituting default and triggering guarantee obligations
9. Enforcement Rights: Rights and remedies of the payee upon default
10. Guarantor's Acknowledgments: Confirmations and warranties by the guarantor regarding their obligations
11. Notices: How and where formal notices must be given to all parties
12. Governing Law: Specification of Australian law as governing law and jurisdiction
13. Execution: Signature blocks for all parties with witness provisions
1. Security Provisions: Include when the note is secured by specific assets or collateral
2. Multiple Guarantors: Additional provisions needed when there is more than one guarantor, including joint and several liability
3. Prepayment Terms: Include when early payment options are allowed, including any penalties or benefits
4. Assignment Provisions: Include when the note may be assigned or transferred to other parties
5. Independent Legal Advice: Include when requiring confirmation that guarantors have obtained independent legal advice
6. Guarantee Limitations: Include when the guarantee is limited in amount or scope
7. Cross-Default Provisions: Include when default on other obligations will trigger default under this note
1. Payment Schedule: Detailed breakdown of payment dates, amounts, and allocation between principal and interest
2. Guarantor's Statement of Position: Financial statement or declaration of the guarantor's assets and liabilities
3. Security Details: Description of any assets or collateral securing the note
4. Guarantor's Certificate of Independent Legal Advice: Signed certificate from legal advisor confirming advice given to guarantor
5. Notice of Acceptance: Formal acknowledgment of the guarantee by the payee
Relevant legal definitions
Maker
Payee
Guarantor
Principal Amount
Interest Rate
Default Interest Rate
Due Date
Business Day
Payment Date
Event of Default
Guaranteed Obligations
Guarantee
Security
Secured Property
Related Entity
Claim
Enforcement Action
Insolvency Event
Law
Notice
Permitted Assignment
Interest Period
Payment Currency
Outstanding Amount
Default Notice
Authorized Representative
Security Interest
Collateral
Independent Legal Advice
Liability
Material Adverse Effect
Secured Moneys
Taxes
Working Day
Payee
Guarantor
Principal Amount
Interest Rate
Default Interest Rate
Due Date
Business Day
Payment Date
Event of Default
Guaranteed Obligations
Guarantee
Security
Secured Property
Related Entity
Claim
Enforcement Action
Insolvency Event
Law
Notice
Permitted Assignment
Interest Period
Payment Currency
Outstanding Amount
Default Notice
Authorized Representative
Security Interest
Collateral
Independent Legal Advice
Liability
Material Adverse Effect
Secured Moneys
Taxes
Working Day
Clauses
Parties
Interpretation
Definitions
Promise to Pay
Payment Terms
Interest
Security
Guarantee
Guarantor Obligations
Representations and Warranties
Default
Enforcement
Assignment
Notices
Governing Law
Jurisdiction
Independent Legal Advice
Waiver
Severability
Costs and Expenses
Further Assurance
Entire Agreement
Amendment
Counterparts
Time of Essence
Force Majeure
Indemnification
Confidentiality
Trustee Provisions
Joint and Several Liability
Interpretation
Definitions
Promise to Pay
Payment Terms
Interest
Security
Guarantee
Guarantor Obligations
Representations and Warranties
Default
Enforcement
Assignment
Notices
Governing Law
Jurisdiction
Independent Legal Advice
Waiver
Severability
Costs and Expenses
Further Assurance
Entire Agreement
Amendment
Counterparts
Time of Essence
Force Majeure
Indemnification
Confidentiality
Trustee Provisions
Joint and Several Liability
Relevant Industries
Banking and Financial Services
Small Business Lending
Commercial Real Estate
Corporate Finance
Private Lending
Retail Banking
Equipment Financing
Construction and Development
Professional Services
Manufacturing
Relevant Teams
Legal
Finance
Credit Risk
Commercial Lending
Compliance
Treasury
Business Development
Collections
Account Management
Risk Management
Relevant Roles
Credit Manager
Loan Officer
Financial Controller
Chief Financial Officer
Risk Manager
Commercial Lending Officer
Legal Counsel
Compliance Officer
Business Development Manager
Account Manager
Credit Analyst
Banking Relationship Manager
Collections Manager
Treasury Manager
Finance Director
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