The Personal Guarantee Promissory Note is commonly used in Danish business and financial transactions where additional security is required for a loan or credit facility. This document type combines the features of a standard promissory note with a personal guarantee, making it particularly useful when a creditor requires both a clear acknowledgment of debt and personal assurance of repayment. The document is structured to comply with Danish law, including the Danish Contracts Act (Aftaleloven) and the Danish Debt Instruments Act (G脙茠脗娄ldsbrevsloven), and is typically used in situations involving business loans, corporate financing, or significant personal transactions where additional security is needed. The Personal Guarantee Promissory Note includes detailed information about the principal debt, payment terms, guarantee obligations, and enforcement mechanisms, providing clarity and legal certainty for all parties involved.
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Key Requirements PROMPT example:
Personal Guarantee Promissory Note
I need a Personal Guarantee Promissory Note under Danish law for a business loan of 500,000 DKK to my startup company, with two personal guarantors who are both board members, including quarterly interest payments and a maturity date of March 1, 2025.
1. Parties: Identification of the Principal Debtor, Guarantor, and Creditor with full legal names and addresses
2. Background: Context of the underlying debt and reason for the guarantee
3. Definitions: Key terms used throughout the document including 'Principal Debt', 'Guarantee', 'Payment Date', etc.
4. Principal Debt Amount: Clear statement of the principal amount being borrowed and guaranteed
5. Interest Rate and Calculation: Specification of applicable interest rate, calculation method, and payment frequency
6. Payment Terms: Details of payment schedule, due dates, and payment methods
7. Guarantee Provisions: Scope and nature of the guarantee, including whether it is conditional or unconditional
8. Guarantor's Obligations: Detailed description of the guarantor's responsibilities and extent of liability
9. Default and Enforcement: Circumstances constituting default and consequent rights of the creditor
10. Representations and Warranties: Statements of fact and promises by both principal debtor and guarantor
11. Notices: Process and requirements for formal communications between parties
12. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction
1. Security: Include when additional security is provided for the guaranteed amount
2. Multiple Guarantors: Include when more than one guarantor is involved, defining joint and several liability
3. Early Repayment: Include when early repayment options are permitted, with any associated conditions
4. Assignment and Transfer: Include when rights to assign or transfer the note or guarantee are granted
5. Currency Provisions: Include when the debt is in a currency other than Danish Krone
6. Tax Gross-Up: Include when tax implications need to be addressed explicitly
7. Financial Covenants: Include when ongoing financial requirements are imposed on the principal debtor
8. Guarantee Limitations: Include when specific limitations on the guarantee amount or scope are needed
1. Payment Schedule: Detailed amortization schedule showing payment dates and amounts
2. Form of Payment Notice: Standard template for payment demands under the note
3. Evidence of Authority: Copies of power of attorney or corporate authorizations if applicable
4. Principal Debt Documentation: Reference copy of the underlying loan or credit agreement being guaranteed
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Lending
Real Estate
Small and Medium Enterprises
Corporate Finance
Investment Services
Professional Services
Construction
Manufacturing
Retail
Agriculture
Relevant Teams
Legal
Finance
Credit
Risk Management
Compliance
Treasury
Corporate Banking
Document Management
Business Development
Client Relations
Relevant Roles
Credit Manager
Loan Officer
Legal Counsel
Corporate Lawyer
Financial Controller
Risk Manager
Compliance Officer
Business Development Manager
Account Manager
Treasury Manager
Chief Financial Officer
Legal Director
Banking Relationship Manager
Credit Risk Analyst
Document Control Specialist
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