The Guarantor Promissory Note is a specialized financial instrument used in New Zealand when a loan or debt obligation requires additional security through a third-party guarantee. This document is commonly used in business financing, property transactions, and commercial lending where the lender seeks extra assurance beyond the borrower's promise to pay. It combines the features of a standard promissory note with guarantee provisions, making it particularly useful for situations where the borrower's creditworthiness alone may not satisfy the lender's requirements. The document must comply with New Zealand's financial and contract law requirements, including the Contract and Commercial Law Act 2017 and Bills of Exchange Act 1908. It's designed to protect the lender's interests while clearly defining the obligations of both the borrower and guarantor.
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Key Requirements PROMPT example:
Guarantor Promissory Note
"I need a Guarantor Promissory Note for a $500,000 business loan to be repaid over 5 years, with my company's major shareholder acting as guarantor and quarterly payments starting from March 2025."
1. Parties: Identifies the Lender (Promisee), Borrower (Principal Promisor), and Guarantor
2. Background: Establishes the context of the loan and guarantee arrangement
3. Definitions: Defines key terms used throughout the document
4. Promise to Pay: States the principal amount, interest rate, and unconditional promise to pay
5. Payment Terms: Specifies payment schedule, method of payment, and due dates
6. Guarantee: Details the guarantor's obligations and extent of guarantee
7. Default Provisions: Defines events of default and consequences
8. Rights and Remedies: Outlines the rights of the lender upon default
9. Representations and Warranties: Statements of fact by the borrower and guarantor
10. Governing Law: Specifies New Zealand law as governing law
11. Execution: Signature blocks for all parties with witness requirements
1. Security: Include if the note is secured by any assets or collateral
2. Prepayment Terms: Include if early payment is allowed and any associated conditions
3. Assignment: Include if the note can be transferred or assigned to other parties
4. Insurance Requirements: Include if specific insurance must be maintained
5. Joint and Several Liability: Include if there are multiple borrowers or guarantors
6. Independent Legal Advice: Include if requiring confirmation that parties obtained independent legal advice
1. Payment Schedule: Detailed breakdown of payment amounts and due dates
2. Security Details: Description of any assets or collateral securing the note
3. Guarantor's Statement of Financial Position: Current financial status of the guarantor
4. Notice Details: Contact information and addresses for formal notices
5. Guarantee Limitations: Any specific limitations or conditions on the guarantee
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Relevant Industries
Financial Services
Banking
Real Estate
Commercial Lending
Small Business
Construction
Manufacturing
Retail
Professional Services
Agriculture
Relevant Teams
Legal
Finance
Credit
Risk Management
Treasury
Compliance
Commercial Operations
Business Development
Corporate Services
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Manager
Legal Counsel
Commercial Lawyer
Risk Manager
Lending Officer
Credit Analyst
Business Development Manager
Contract Administrator
Company Secretary
Financial Controller
Treasury Manager
Compliance Officer
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