The Term Deposit Guarantee is a crucial financial security document used in Australian banking when a third party (guarantor) agrees to guarantee a customer's term deposit obligations. This document is typically required when a financial institution seeks additional security for a term deposit arrangement, particularly in commercial banking relationships or where there are concerns about the deposit holder's financial standing. The guarantee provides the bank with recourse against the guarantor if the customer fails to meet their obligations. The document must comply with Australian banking regulations and financial services laws, including the Banking Act 1959 (Cth) and ASIC requirements. It includes detailed provisions about the guarantee's scope, the parties' obligations, enforcement mechanisms, and release conditions. This type of guarantee is commonly used in corporate banking relationships, family business arrangements, or where parent companies guarantee subsidiaries' term deposits.
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1. Parties: Identifies the Guarantor, the Financial Institution (Bank), and the Customer whose obligations are being guaranteed
2. Background: Sets out the context of the guarantee, including reference to the underlying term deposit arrangement
3. Definitions and Interpretation: Defines key terms used in the document and establishes interpretation principles
4. Guarantee and Indemnity: Core section establishing the guarantee obligations and indemnity provisions
5. Extent of Guarantee: Defines the scope and limitations of the guarantee
6. Term Deposit Requirements: Specifies the requirements and conditions relating to the term deposit
7. Guarantor's Obligations: Details the specific obligations and undertakings of the guarantor
8. Representations and Warranties: Sets out the representations and warranties given by the guarantor
9. Events of Default: Defines what constitutes a default and the consequences
10. Payments: Specifies payment obligations, timing, and methods
11. Release and Discharge: Conditions under which the guarantee may be released or discharged
12. Notices: Requirements for giving notices under the guarantee
13. General Provisions: Standard boilerplate provisions including governing law, jurisdiction, and amendments
14. Execution: Formal execution blocks for all parties
1. Security: Include when additional security is being provided by the guarantor
2. Independent Legal Advice: Include when the guarantor is required to obtain independent legal advice
3. Joint and Several Liability: Include when there are multiple guarantors
4. Cross Guarantee: Include when the guarantee is part of a cross-guarantee arrangement
5. Foreign Currency Provisions: Include when the term deposit is in a foreign currency
6. Guarantee Limit: Include when the guarantee is limited to a specific amount
7. Priority Arrangements: Include when there are multiple guarantees or security interests requiring priority arrangements
8. Change of Control: Include when changes in control of the guarantor affect the guarantee
1. Term Deposit Details: Schedule containing specific details of the term deposit including amount, term, interest rate, and maturity date
2. Guaranteed Obligations: Detailed description of the obligations covered by the guarantee
3. Security Details: Details of any security provided in support of the guarantee
4. Fees and Charges: Schedule of applicable fees and charges
5. Authorized Representatives: List of authorized representatives for each party
6. Independent Legal Advice Certificate: Certificate confirming independent legal advice has been received
7. Guarantee Conditions Precedent: List of conditions that must be satisfied before the guarantee becomes effective
Relevant legal definitions
Account
Authorized Representative
Banking Day
Bank
Customer
Default Event
Guarantee
Guaranteed Money
Guaranteed Obligations
Guarantor
Governing Law
Interest Rate
Maturity Date
Notices
Outstanding Amount
Payment Currency
Principal Amount
Related Entity
Security Interest
Term
Term Deposit
Term Deposit Account
Transaction Documents
Secured Money
Settlement Date
Secured Property
Insolvency Event
Legal Costs
Loss
Material Adverse Effect
Permitted Security Interest
Power
Security
Tax
Authorized Representative
Banking Day
Bank
Customer
Default Event
Guarantee
Guaranteed Money
Guaranteed Obligations
Guarantor
Governing Law
Interest Rate
Maturity Date
Notices
Outstanding Amount
Payment Currency
Principal Amount
Related Entity
Security Interest
Term
Term Deposit
Term Deposit Account
Transaction Documents
Secured Money
Settlement Date
Secured Property
Insolvency Event
Legal Costs
Loss
Material Adverse Effect
Permitted Security Interest
Power
Security
Tax
Clauses
Guarantee and Indemnity
Term Deposit Terms
Payment Obligations
Representations and Warranties
Security
Default
Enforcement
Release and Discharge
Assignment
Confidentiality
Notices
Costs and Expenses
Tax
Currency
Set-off
Independent Obligations
Priority
Amendment
Waiver
Severability
Governing Law
Jurisdiction
Counterparts
Electronic Execution
Time Limits
Force Majeure
Entire Agreement
Further Assurance
Third Party Rights
Compliance
Term Deposit Terms
Payment Obligations
Representations and Warranties
Security
Default
Enforcement
Release and Discharge
Assignment
Confidentiality
Notices
Costs and Expenses
Tax
Currency
Set-off
Independent Obligations
Priority
Amendment
Waiver
Severability
Governing Law
Jurisdiction
Counterparts
Electronic Execution
Time Limits
Force Majeure
Entire Agreement
Further Assurance
Third Party Rights
Compliance
Relevant Industries
Banking
Financial Services
Insurance
Investment Management
Corporate Finance
Professional Services
Legal Services
Trust Services
Wealth Management
Commercial Banking
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Banking
Credit
Wealth Management
Trust Services
Commercial Banking
Relevant Roles
Chief Financial Officer
Treasury Manager
Banking Relationship Manager
Financial Controller
Corporate Lawyer
Legal Counsel
Compliance Officer
Risk Manager
Banking Officer
Trust Officer
Company Secretary
Finance Director
Commercial Banking Manager
Credit Risk Officer
Portfolio Manager
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