This Loan Agreement With Guarantor is designed for use in New Zealand when establishing a formal lending arrangement that requires additional security through a third-party guarantee. The document is particularly relevant when a borrower requires financial assistance but may not independently meet all lending criteria, necessitating a guarantor to provide additional security. It complies with New Zealand's regulatory requirements, including the Credit Contracts and Consumer Finance Act 2003, Fair Trading Act 1986, and relevant financial services legislation. The agreement comprehensively covers loan terms, guarantor obligations, enforcement rights, and includes mandatory disclosure requirements and cooling-off periods specific to New Zealand law. It's suitable for both consumer and business lending contexts, providing robust protection for all parties while ensuring regulatory compliance.
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1. Parties: Identifies and defines all parties to the agreement: the Lender, Borrower, and Guarantor
2. Background: Sets out the context of the loan and the purpose for which it is being made
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. The Loan: Details the loan amount, purpose, and conditions precedent to drawdown
5. Interest: Specifies the interest rate, calculation method, and payment terms
6. Repayment: Sets out the repayment schedule, method of payment, and early repayment provisions
7. Guarantee and Indemnity: Details the guarantor's obligations, extent of guarantee, and indemnification provisions
8. Representations and Warranties: Lists the representations and warranties given by both the borrower and guarantor
9. Borrower Covenants: Specifies the ongoing obligations and restrictions on the borrower
10. Events of Default: Lists circumstances that constitute default and their consequences
11. Enforcement: Details the lender's rights and remedies upon default
12. Costs and Indemnities: Allocates responsibility for costs and provides for indemnification
13. General Provisions: Contains standard boilerplate clauses including notices, amendments, and governing law
1. Security: Include when the loan is secured against specific assets
2. Insurance: Include when specific insurance requirements are imposed on the borrower
3. Special Conditions: Include when there are unique terms specific to the particular loan arrangement
4. Independent Legal Advice: Include when there's a requirement for the guarantor to obtain independent legal advice
5. Priority and Subordination: Include when there are multiple lenders or security interests involved
6. Guarantee Limitations: Include when the guarantee is limited in amount or scope
7. Financial Covenants: Include for business loans requiring specific financial metrics to be maintained
1. Schedule 1 - Loan Terms: Details of loan amount, interest rate, term, and repayment schedule
2. Schedule 2 - Conditions Precedent: List of conditions that must be satisfied before loan drawdown
3. Schedule 3 - Repayment Schedule: Detailed breakdown of repayment dates and amounts
4. Schedule 4 - Security Details: Description of any security provided for the loan
5. Schedule 5 - Guarantor Acknowledgment: Specific acknowledgments and confirmations by the guarantor
6. Appendix A - Form of Drawdown Notice: Template for requesting loan disbursement
7. Appendix B - Certificate of Independent Legal Advice: Template for legal advisor's certification of advice to guarantor
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