The Personal Guarantee Loan Agreement is a crucial document in Canadian lending practices, commonly used when a lender requires additional security beyond the primary borrower's creditworthiness. This agreement is particularly relevant when businesses or individuals seek financing but need stronger creditworthiness, typically provided by a director, shareholder, or related party. The document, governed by Canadian federal banking laws and provincial regulations, outlines the guarantor's commitment to repay the loan if the primary borrower defaults. It includes essential elements such as the guarantee amount, terms of liability, enforcement procedures, and rights of all parties. The agreement must comply with provincial consumer protection legislation and federal banking regulations, particularly regarding disclosure requirements and interest rate calculations. This type of agreement is frequently used in business loans, real estate financing, and commercial transactions where personal guarantees provide additional security for lenders.
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1. Parties: Identifies all parties to the agreement: the lender, borrower, and guarantor(s)
2. Background: Explains the context of the loan and guarantee, including the relationship between the borrower and guarantor
3. Definitions: Defines key terms used throughout the agreement
4. Loan Details: Specifies the loan amount, interest rate, term, and repayment schedule
5. Guarantee: Details the guarantor's obligations and the extent of the guarantee
6. Nature of Guarantee: Specifies whether the guarantee is continuing, limited, or unlimited, and whether it's joint and several
7. Guarantor's Representations and Warranties: Statements by the guarantor about their financial status and capacity to guarantee
8. Rights and Remedies of the Lender: Outlines the lender's rights in case of default
9. Default and Enforcement: Defines events of default and enforcement procedures
10. Payments: Details payment mechanisms, allocation of payments, and currency
11. Demands and Notices: Specifies how and where formal communications between parties should be made
12. General Provisions: Includes standard clauses like governing law, amendments, and severability
1. Security: Include when the guarantee is supported by specific security or collateral
2. Guarantee Limit: Include when the guarantee is limited to a specific amount
3. Co-Guarantors: Include when multiple guarantors are involved, defining their respective obligations
4. Priority and Subordination: Include when there are multiple creditors or guarantees requiring priority arrangements
5. Release Provisions: Include when specific conditions for releasing the guarantor are negotiated
6. Financial Covenants: Include when the guarantor must maintain specific financial conditions
7. Guarantee Commission: Include when the guarantor is to receive compensation for providing the guarantee
8. Cross-Default: Include when default under other agreements triggers default under this guarantee
1. Schedule A - Loan Terms: Detailed breakdown of loan amount, interest calculations, and payment schedule
2. Schedule B - Guarantor's Statement of Assets and Liabilities: Financial disclosure from the guarantor
3. Schedule C - Security Details: Description of any security or collateral supporting the guarantee
4. Schedule D - Guarantee Limitations: Specific limitations or conditions on the guarantee if applicable
5. Appendix 1 - Demand Form: Standard form for making demands under the guarantee
6. Appendix 2 - Compliance Certificate: Template for periodic confirmation of compliance with agreement terms
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Commercial Real Estate
Small Business & Entrepreneurship
Professional Services
Retail
Manufacturing
Construction
Technology
Healthcare
Hospitality
Relevant Teams
Legal
Finance
Credit Risk
Compliance
Commercial Lending
Corporate Banking
Credit Administration
Collections & Recovery
Treasury
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Risk Assessment Officer
Legal Counsel
Commercial Lending Officer
Loan Officer
Account Manager
Credit Analyst
Compliance Officer
Business Development Manager
Corporate Secretary
Financial Controller
Treasury Manager
Collections Manager
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