A Personal Guaranty Agreement is a crucial legal instrument in New Zealand's commercial landscape, commonly used to secure business loans, commercial leases, and other financial obligations. This document becomes necessary when a creditor requires additional security beyond the principal debtor's commitment, typically in situations where the principal debtor has limited credit history or assets. The agreement must comply with New Zealand's Contract and Commercial Law Act 2017, Credit Contracts and Consumer Finance Act 2003, and other relevant legislation. It serves to protect the creditor's interests by providing a secondary source of recourse while establishing clear terms for the guarantor's obligations, including the extent of liability, enforcement procedures, and any limitations or conditions on the guarantee.
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1. Parties: Identifies the Guarantor, the Creditor, and the Principal Debtor
2. Background: Explains the context of the guarantee, including the primary obligation being guaranteed
3. Definitions and Interpretation: Defines key terms and establishes rules for interpreting the agreement
4. Guarantee and Indemnity: Core section stating the guarantor's obligations and extent of the guarantee
5. Nature and Extent of Obligations: Details the scope of guaranteed obligations and whether the guarantee is limited or unlimited
6. Continuing Security: Establishes that the guarantee remains in force until all obligations are satisfied
7. Guarantor's Warranties and Representations: Statements and promises made by the guarantor regarding their capacity and understanding
8. Payment and Performance: Specifies how and when the guarantor must perform their obligations
9. Enforcement and Remedies: Details the creditor's rights and remedies in case of default
10. Costs and Indemnification: Addresses legal costs and expenses related to enforcement
11. Notices: Specifies how formal communications between parties should be made
12. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, and amendments
1. Security: Include when the guarantee is secured by specific assets or property
2. Multiple Guarantors: Required when there is more than one guarantor, defining joint and several liability
3. Limit of Liability: Include when the guarantee is capped at a specific amount
4. Independent Legal Advice: Add when requiring confirmation that the guarantor has received independent legal advice
5. Priority and Subordination: Include when there are multiple creditors or competing securities
6. Financial Covenants: Add when imposing ongoing financial requirements on the guarantor
7. Release Provisions: Include specific conditions under which the guarantor may be released
1. Schedule 1 - Guaranteed Obligations: Detailed description of the primary obligations being guaranteed
2. Schedule 2 - Secured Assets: List and description of any assets securing the guarantee (if applicable)
3. Schedule 3 - Guarantor Information: Detailed information about the guarantor including address and contact details
4. Schedule 4 - Certificate of Independent Legal Advice: Form for lawyer's certification of independent legal advice
5. Appendix A - Deed of Priority: Documents priority arrangements with other creditors (if applicable)
6. Appendix B - Notice Forms: Standard forms for various notices under the agreement
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