The Bank Credit Guarantee is a critical financial instrument in Canadian banking and commercial transactions, used when a bank requires additional security for a credit facility beyond the primary borrower's commitments. This document is essential when extending credit to businesses or individuals who may need support from stronger financial parties to secure financing. The guarantee can be limited or unlimited in amount and may be secured or unsecured. Under Canadian law, the agreement must comply with federal banking regulations, provincial contract laws, and consumer protection legislation where applicable. The document typically includes detailed provisions about the scope of the guarantee, enforcement mechanisms, representations and warranties, and specific requirements for corporate or individual guarantors. It's particularly important in commercial lending situations where parent companies guarantee subsidiaries' obligations or when business owners personally guarantee corporate debt.
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1. Parties: Identification of the Guarantor(s), the Bank (Beneficiary), and the Principal Debtor
2. Background: Context of the guarantee, reference to the underlying credit facility, and purpose of the guarantee
3. Definitions: Definitions of key terms used throughout the agreement, including 'Guaranteed Obligations', 'Credit Facility', and 'Events of Default'
4. Guarantee: Core guarantee provisions, including scope of guaranteed obligations and nature of guarantee (continuing, unconditional, etc.)
5. Liability of Guarantor: Extent of guarantor's liability, including any limits on the guarantee amount
6. Preservation of Rights: Bank's rights to modify underlying credit facility without affecting guarantee
7. Representations and Warranties: Guarantor's representations regarding capacity, authority, and financial condition
8. Payments: Terms for making payments under the guarantee, including currency, timing, and method
9. Default and Enforcement: Events triggering enforcement and bank's enforcement rights
10. Indemnity: Guarantor's indemnification obligations
11. Costs and Expenses: Responsibility for legal fees, enforcement costs, and other expenses
12. Notices: Requirements for giving notices under the guarantee
13. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
14. General Provisions: Standard boilerplate clauses including severability, amendments, and assignment
1. Corporate Authority: Required for corporate guarantors, including resolutions and authority verification
2. Security Interest: Include when specific assets are being pledged as additional security
3. Multiple Guarantors: Required when there are multiple guarantors, addressing joint and several liability
4. Independent Legal Advice: Required for individual guarantors, confirming they received independent legal advice
5. Financial Covenants: Include when guarantor must maintain specific financial metrics
6. Guarantee Limitations: Required when guarantee amount or scope is limited in specific ways
7. Cross-Default: Include when default under other agreements triggers guarantee obligations
8. Currency Conversion: Required for international transactions involving multiple currencies
9. Tax Gross-Up: Include when payments may be subject to withholding tax
1. Schedule A - Credit Facility Details: Details of the underlying credit facility being guaranteed
2. Schedule B - Guarantee Amount and Specific Terms: Specific financial terms of the guarantee
3. Schedule C - Form of Demand: Template for making demand under the guarantee
4. Schedule D - Guarantor Information: Detailed information about the guarantor(s) and contact details
5. Schedule E - Secured Assets: Description of any assets specifically pledged as security
6. Appendix 1 - Corporate Resolution: For corporate guarantors, resolution authorizing the guarantee
7. Appendix 2 - Certificate of Independent Legal Advice: For individual guarantors, confirmation of legal advice received
8. Appendix 3 - Compliance Certificate: Template for periodic financial covenant compliance certification
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Commercial Real Estate
Manufacturing
Retail
Construction
Agriculture
Technology
Healthcare
Transportation
Energy
Mining
Hospitality
Professional Services
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Secretariat
Credit Administration
Commercial Banking
Business Development
Account Management
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Corporate Counsel
Legal Counsel
Banking Relationship Manager
Credit Risk Manager
Commercial Banking Officer
Corporate Secretary
Financial Controller
Risk Management Officer
Compliance Officer
Business Development Manager
Account Manager
Senior Loan Officer
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