The Loan Personal Guarantee Form is a crucial document in Canadian lending practices, commonly used when a lender requires additional security beyond the primary borrower's creditworthiness. This document is particularly relevant when extending credit to small businesses, where personal guarantees from business owners or directors are often required. The form must comply with various Canadian federal and provincial regulations, including the Personal Property Security Act, Interest Act, and provincial consumer protection legislation. It should clearly outline the guarantee's scope, the guarantor's obligations, enforcement procedures, and any limitations on the guarantee amount. The document is essential for risk mitigation in lending transactions and typically requires careful review by legal professionals to ensure enforceability and compliance with Canadian law.
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1. Parties: Identification of the Guarantor, Lender, and Principal Debtor
2. Background: Context of the guarantee, reference to the principal loan agreement, and purpose of the guarantee
3. Definitions: Key terms used throughout the guarantee document
4. Guarantee and Indemnity: Core guarantee provisions, including the scope of guaranteed obligations and nature of the guarantee (continuing, unlimited, etc.)
5. Guarantor's Obligations: Detailed description of what the guarantor is promising to do, including payment obligations and performance guarantees
6. Representations and Warranties: Guarantor's confirmations regarding their capacity, authority, and financial condition
7. Enforcement: Lender's rights and remedies upon default, including enforcement procedures
8. Preservation of Rights: Provisions ensuring the guarantee remains valid despite changes to the underlying loan or circumstances
9. Costs and Expenses: Responsibility for legal and enforcement costs
10. Governing Law and Jurisdiction: Specification of Canadian law as governing law and jurisdiction for disputes
11. Execution: Signature blocks and witnessing requirements
1. Security: Include when the guarantee is secured by specific assets of the guarantor
2. Guarantee Limit: Include when the guarantee is limited to a specific amount rather than unlimited
3. Multiple Guarantors: Include when there are multiple guarantors, addressing joint and several liability
4. Priority and Subordination: Include when there are multiple guarantees or security interests that need to be ranked
5. Independent Legal Advice: Include when there's a requirement for the guarantor to obtain independent legal advice
6. Financial Covenants: Include when the guarantor must maintain certain financial conditions
7. Notice Requirements: Include when specific notice procedures are required for enforcement or communication
1. Schedule A - Guaranteed Obligations: Detailed description of the obligations being guaranteed, including reference to the principal loan agreement
2. Schedule B - Assets Schedule: List of assets securing the guarantee (if applicable)
3. Schedule C - Certificate of Independent Legal Advice: Confirmation that the guarantor received independent legal advice
4. Appendix 1 - Notice Details: Contact information and procedures for serving notices
5. Appendix 2 - Guarantee Limitation Terms: Specific terms and conditions of any limitations on the guarantee amount or scope
Relevant legal definitions
Agreement
Business Day
Default
Effective Date
Enforcement Rights
Event of Default
Guaranteed Obligations
Guarantor
Indebtedness
Independent Legal Advice
Lender
Loan Agreement
Material Adverse Change
Obligations
Parties
Principal Debtor
Principal Loan Agreement
Secured Obligations
Security
Security Interest
Term
Underlying Obligations
Business Day
Default
Effective Date
Enforcement Rights
Event of Default
Guaranteed Obligations
Guarantor
Indebtedness
Independent Legal Advice
Lender
Loan Agreement
Material Adverse Change
Obligations
Parties
Principal Debtor
Principal Loan Agreement
Secured Obligations
Security
Security Interest
Term
Underlying Obligations
Clauses
Guarantee and Indemnity
Representations and Warranties
Payment Obligations
Default
Enforcement
Security
Assignment
Waiver
Severability
Entire Agreement
Amendment
Notice
Governing Law
Jurisdiction
Independent Legal Advice
Continuing Guarantee
Set-off Rights
Costs and Expenses
Limitation Period
Discharge and Release
Survival
Joint and Several Liability
Counterparts
Time of Essence
Further Assurance
Representations and Warranties
Payment Obligations
Default
Enforcement
Security
Assignment
Waiver
Severability
Entire Agreement
Amendment
Notice
Governing Law
Jurisdiction
Independent Legal Advice
Continuing Guarantee
Set-off Rights
Costs and Expenses
Limitation Period
Discharge and Release
Survival
Joint and Several Liability
Counterparts
Time of Essence
Further Assurance
Relevant Industries
Financial Services
Banking
Real Estate
Small Business
Commercial Lending
Retail
Professional Services
Manufacturing
Construction
Technology
Healthcare
Relevant Teams
Legal
Credit Risk
Commercial Banking
Compliance
Finance
Operations
Business Development
Underwriting
Collections
Document Management
Relevant Roles
Credit Manager
Loan Officer
Commercial Banking Officer
Risk Manager
Legal Counsel
Compliance Officer
Business Development Manager
Account Manager
Credit Analyst
Underwriter
Collections Manager
Contract Administrator
Chief Credit Officer
Banking Relationship Manager
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