The Guarantee Promissory Note is a sophisticated financial instrument commonly used in Austrian commercial and financial transactions to provide enhanced security for payment obligations. This document type is particularly valuable when parties seek to combine the benefits of a guarantee with the more readily enforceable nature of a promissory note. It is frequently used in commercial lending, real estate transactions, and corporate finance arrangements where a strong security package is required. The document must comply with Austrian legal requirements, including provisions of the ABGB and UGB, and typically includes detailed terms regarding the payment obligation, enforcement mechanisms, and the relationship between the guarantee and promissory note aspects. This instrument is especially useful in situations where the beneficiary requires both immediate access to a payment claim and the broader protection of a guarantee.
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1. 1. Parties: Identification of the Guarantor (who issues the guarantee promissory note), the Beneficiary (in whose favor the note is issued), and reference to the Principal Debtor
2. 2. Background: Brief description of the underlying obligation and the reason for issuing the guarantee promissory note
3. 3. Definitions: Key terms used in the document, including 'Guaranteed Obligations', 'Payment Date', and other relevant terms
4. 4. Promise to Pay: Unconditional promise by the Guarantor to pay a specified sum, including the amount, currency, and payment date
5. 5. Guarantee Provisions: Terms of the guarantee, including its unconditional nature and scope of the guaranteed obligations
6. 6. Enforcement: Conditions and process for enforcing the guarantee promissory note
7. 7. Representations and Warranties: Guarantor's confirmations regarding capacity, authority, and validity of obligations
8. 8. Governing Law and Jurisdiction: Confirmation of Austrian law as governing law and jurisdiction for disputes
1. Transfer and Assignment: Include when the note needs to be transferable or assignable to third parties
2. Tax Provisions: Include when there are specific tax implications or stamp duty requirements to be addressed
3. Notice Requirements: Include when specific notification procedures need to be established between parties
4. Multiple Guarantors: Include when there is more than one guarantor, establishing joint and several liability
5. Currency Provisions: Include for cross-border transactions involving multiple currencies
6. Limitation of Liability: Include when the guarantee needs to be limited to a specific amount or time period
1. Schedule 1 - Form of Demand: Template for making a demand under the guarantee promissory note
2. Schedule 2 - Underlying Obligation Details: Details of the principal debt or obligation being guaranteed
3. Schedule 3 - Payment Schedule: If applicable, schedule of installment payments or multiple payment dates
4. Appendix A - Copy of Authority: Corporate or other authorization for the Guarantor to issue the note
5. Appendix B - Notice Details: Contact information and formal notice requirements for all parties
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