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Personal Guarantee Loan Agreement

Personal Guarantee Loan Agreement Template for New Zealand

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Key Requirements PROMPT example:

Personal Guarantee Loan Agreement

"I need a Personal Guarantee Loan Agreement for a $500,000 business loan where three company directors will act as guarantors, with the loan to be drawn down by March 2025 and including specific provisions for joint and several liability."

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Document background
The Personal Guarantee Loan Agreement is a vital financial instrument used in New Zealand when a lender requires additional security for a loan through a personal guarantee from a third party. This document is commonly used in situations where the borrower's creditworthiness alone may not satisfy the lender's requirements, or when dealing with business loans where personal guarantees from directors or shareholders are required. The agreement must comply with New Zealand's regulatory framework, including the Credit Contracts and Consumer Finance Act 2003, Contract and Commercial Law Act 2017, and related legislation. It typically includes detailed terms about the guarantee's scope, the guarantor's obligations, enforcement mechanisms, and necessary disclosures required by New Zealand law. The document is particularly important in commercial lending, small business financing, and situations where family members or business associates provide personal guarantees for loans.
Suggested Sections

1. Parties: Identifies all parties to the agreement: the lender, borrower, and guarantor(s)

2. Background: Sets out the context of the loan and guarantee arrangement, including the purpose of the loan and the guarantor's relationship to the borrower

3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules

4. Loan Terms: Details of the loan amount, interest rate, repayment terms, and payment schedule

5. Guarantee and Indemnity: Core guarantee provisions, including the scope of the guarantee and the guarantor's obligations

6. Representations and Warranties: Statements of fact and assurances given by both the borrower and guarantor

7. Events of Default: Circumstances that constitute default and trigger enforcement rights

8. Enforcement Rights: Lender's rights and remedies in case of default

9. Costs and Indemnities: Allocation of costs and indemnification obligations

10. Notices: How formal communications between parties should be made and delivered

11. General Provisions: Standard boilerplate clauses including governing law, assignment, and amendments

12. Execution: Signature blocks and execution requirements for all parties

Optional Sections

1. Security Provisions: Include when the guarantee is supported by specific security over assets

2. Independent Legal Advice: Required when there's a need to document that the guarantor received independent legal advice

3. Multiple Guarantors: Additional provisions needed when there is more than one guarantor

4. Guarantee Limitations: Include when the guarantee is limited in amount or scope

5. Privacy and Information Sharing: Extended privacy provisions when significant personal information sharing is involved

6. Cross-Default: Include when the guarantee is linked to other agreements or facilities

7. Subordination: Required when the guarantee needs to be subordinated to other creditors

Suggested Schedules

1. Loan Details Schedule: Specific details of the loan including amount, interest rate, term, and payment schedule

2. Guarantor Details: Personal information and contact details for each guarantor

3. Security Details: Description of any security provided to support the guarantee

4. Payment Schedule: Detailed repayment schedule including dates and amounts

5. Guarantor Certificate: Certificate confirming the guarantor's understanding and acceptance of obligations

6. Independent Legal Advice Certificate: Solicitor's certificate confirming independent legal advice was given

7. Guarantor Financial Statement: Statement of the guarantor's financial position at the time of entering the guarantee

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Financial Services

Banking

Real Estate

Small Business

Construction

Retail

Professional Services

Manufacturing

Agriculture

Property Development

Commercial Lending

Relevant Teams

Legal

Credit Risk

Compliance

Commercial Banking

Corporate Finance

Business Banking

Document Control

Loan Administration

Risk Management

Client Relations

Relevant Roles

Credit Manager

Loan Officer

Legal Counsel

Commercial Banking Manager

Risk Assessment Officer

Compliance Officer

Financial Advisor

Business Development Manager

Credit Analyst

Contract Administrator

Relationship Manager

Corporate Lawyer

Banking Executive

Lending Specialist

Due Diligence Officer

Industries
Credit Contracts and Consumer Finance Act 2003: This is the primary legislation governing consumer credit contracts in New Zealand, including disclosure requirements, interest rates, fees, and borrower protections.
Contract and Commercial Law Act 2017: Sets out the fundamental principles of contract law in New Zealand, including formation, interpretation, and enforcement of contracts.
Property Law Act 2007: Relevant for any security interests and enforcement rights related to the loan agreement.
Fair Trading Act 1986: Ensures fair trading practices and prohibits misleading or deceptive conduct in business transactions, including loan agreements.
Privacy Act 2020: Governs how personal information must be collected, used, stored and disclosed in the context of the loan agreement.
Consumer Guarantees Act 1993: While primarily focused on goods and services, its principles may be relevant to financial services aspects of the agreement.
Personal Property Securities Act 1999: Relevant if the loan involves any form of personal property as security or collateral.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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