The Guarantor Agreement For Loan is a critical document in New Zealand's lending landscape, used when a third party agrees to guarantee a loan obligation. This agreement is particularly important in situations where the primary borrower may not meet lending criteria independently or where additional security is required by the lender. The document must comply with New Zealand's Credit Contracts and Consumer Finance Act 2003 and related legislation, ensuring proper disclosure and fair trading practices. It typically includes comprehensive details about the guarantee's scope, the guarantor's obligations, enforcement procedures, and any limitations on liability. This type of agreement is commonly used in both consumer and commercial lending contexts, providing lenders with additional security while offering borrowers increased access to credit facilities.
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1. Parties: Identifies all parties to the agreement: the lender, the borrower, and the guarantor(s)
2. Background: Explains the context of the guarantee, including reference to the primary loan agreement and the borrower's obligations
3. Definitions: Defines key terms used throughout the agreement
4. Guarantee and Indemnity: Core section detailing the guarantee being provided and indemnification obligations
5. Extent of Guarantee: Specifies the scope and limit of the guarantee, including whether it's limited or unlimited
6. Guarantor's Obligations: Details the specific obligations and responsibilities of the guarantor
7. Nature of Guarantee: Specifies that the guarantee is continuing, irrevocable, and unconditional
8. Payments: Outlines how and when payments must be made by the guarantor if called upon
9. Lender's Rights: Sets out the lender's rights in relation to enforcement and recovery
10. Representations and Warranties: Guarantor's confirmations about their capacity and understanding
11. Default and Enforcement: Specifies what constitutes default and the consequences
12. Notices: Details how formal communications between parties should be made
13. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, etc.
14. Execution: Signature blocks and execution requirements
1. Security: Include when the guarantee is supported by specific security provided by the guarantor
2. Independent Legal Advice: Include when there's a requirement for the guarantor to obtain independent legal advice
3. Guarantee Limit: Include when the guarantee is limited to a specific amount rather than unlimited
4. Multiple Guarantors: Include when there is more than one guarantor to specify joint and several liability
5. Priority and Subordination: Include when there are multiple creditors or security interests to establish priority
6. Financial Covenants: Include when the guarantor must maintain certain financial conditions
7. Release Provisions: Include when specific conditions for releasing the guarantor are agreed
1. Primary Loan Agreement: Copy or summary of the main loan agreement being guaranteed
2. Guarantor Statement of Position: Financial statement or declaration of the guarantor's assets and liabilities
3. Independent Legal Advice Certificate: Certificate from a lawyer confirming independent legal advice was provided
4. Security Details: Details of any security provided by the guarantor
5. Guarantee Limit Calculation: If applicable, details of how the guarantee limit is calculated or adjusted
6. Key Information Disclosure: Mandatory disclosure information required under the CCCFA
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