The Personal Guarantee Loan Agreement is a vital financial instrument used in New Zealand when a lender requires additional security for a loan through a personal guarantee from a third party. This document is commonly used in situations where the borrower's creditworthiness alone may not satisfy the lender's requirements, or when dealing with business loans where personal guarantees from directors or shareholders are required. The agreement must comply with New Zealand's regulatory framework, including the Credit Contracts and Consumer Finance Act 2003, Contract and Commercial Law Act 2017, and related legislation. It typically includes detailed terms about the guarantee's scope, the guarantor's obligations, enforcement mechanisms, and necessary disclosures required by New Zealand law. The document is particularly important in commercial lending, small business financing, and situations where family members or business associates provide personal guarantees for loans.
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1. Parties: Identifies all parties to the agreement: the lender, borrower, and guarantor(s)
2. Background: Sets out the context of the loan and guarantee arrangement, including the purpose of the loan and the guarantor's relationship to the borrower
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Loan Terms: Details of the loan amount, interest rate, repayment terms, and payment schedule
5. Guarantee and Indemnity: Core guarantee provisions, including the scope of the guarantee and the guarantor's obligations
6. Representations and Warranties: Statements of fact and assurances given by both the borrower and guarantor
7. Events of Default: Circumstances that constitute default and trigger enforcement rights
8. Enforcement Rights: Lender's rights and remedies in case of default
9. Costs and Indemnities: Allocation of costs and indemnification obligations
10. Notices: How formal communications between parties should be made and delivered
11. General Provisions: Standard boilerplate clauses including governing law, assignment, and amendments
12. Execution: Signature blocks and execution requirements for all parties
1. Security Provisions: Include when the guarantee is supported by specific security over assets
2. Independent Legal Advice: Required when there's a need to document that the guarantor received independent legal advice
3. Multiple Guarantors: Additional provisions needed when there is more than one guarantor
4. Guarantee Limitations: Include when the guarantee is limited in amount or scope
5. Privacy and Information Sharing: Extended privacy provisions when significant personal information sharing is involved
6. Cross-Default: Include when the guarantee is linked to other agreements or facilities
7. Subordination: Required when the guarantee needs to be subordinated to other creditors
1. Loan Details Schedule: Specific details of the loan including amount, interest rate, term, and payment schedule
2. Guarantor Details: Personal information and contact details for each guarantor
3. Security Details: Description of any security provided to support the guarantee
4. Payment Schedule: Detailed repayment schedule including dates and amounts
5. Guarantor Certificate: Certificate confirming the guarantor's understanding and acceptance of obligations
6. Independent Legal Advice Certificate: Solicitor's certificate confirming independent legal advice was given
7. Guarantor Financial Statement: Statement of the guarantor's financial position at the time of entering the guarantee
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