The Guarantee Promissory Note serves as a critical financial instrument in situations where additional security is required for a payment obligation. This document type is commonly used in England and Wales when a lender requires both a direct promise of payment and a third-party guarantee as security. It combines the features of a standard promissory note with guarantee provisions, making it particularly useful in commercial lending, property transactions, and business financing arrangements. The document must comply with specific legislative requirements including the Bills of Exchange Act 1882 and contains detailed provisions regarding payment terms, guarantor obligations, and enforcement mechanisms.
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1. Parties: Identifies all parties: maker, payee, and guarantor
2. Background: Context of the guarantee and underlying obligation
3. Definitions: Key terms used throughout the document
4. Promise to Pay: Principal obligation to pay specified amount
5. Guarantee Provisions: Terms of the guarantee including scope and conditions
6. Payment Terms: Amount, interest, due date, and payment method
7. Execution: Signature blocks and witnessing requirements
1. Security Provisions: Details of any collateral or security when the note is secured by assets
2. Default Provisions: Consequences of default and remedies when specific default terms are required
3. Assignment Rights: Terms for transferring the note when transferability is permitted
1. Payment Schedule: Detailed breakdown of payment installments if applicable
2. Security Details: Description of any security or collateral
3. Underlying Agreement: Reference to the principal agreement being guaranteed
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