The Personal Guarantee On Promissory Note is a crucial financial security instrument in Pakistani business and lending practices. It is typically used when a lender requires additional assurance beyond a basic promissory note, particularly in situations involving substantial loans, business financing, or when the principal debtor's creditworthiness needs supplementation. The document combines elements of both a guarantee agreement and a promissory note, structured in accordance with Pakistani law, specifically the Negotiable Instruments Act, 1881 and Contract Act, 1872. It's commonly used by banks, financial institutions, and businesses to secure their lending activities and provides a robust legal framework for debt recovery through both the primary debt instrument and the personal guarantee.
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Key Requirements PROMPT example:
Personal Guarantee On Promissory Note
"I need a Personal Guarantee on Promissory Note for a business loan of PKR 5 million to be issued by March 15, 2025, where my brother will act as guarantor for my textile manufacturing company's debt to ABC Bank Limited."
1. Parties: Identifies the Guarantor, the Principal Debtor (maker of the promissory note), and the Beneficiary (holder of the promissory note)
2. Background: Recitals explaining the context of the promissory note, the principal debt, and the reason for the guarantee
3. Definitions: Defines key terms used in the guarantee including 'Promissory Note', 'Principal Debt', 'Guaranteed Obligations'
4. Guarantee: Core section detailing the guarantee obligations, including the scope and nature of the guarantee
5. Representations and Warranties: Guarantor's confirmations regarding their capacity, authority, and financial condition
6. Nature of Guarantee: Specifies that the guarantee is continuing, unconditional, and irrevocable
7. Payment Obligations: Details of how and when the guarantor must pay upon demand
8. Indemnity: Guarantor's obligation to indemnify the beneficiary against losses
9. Continuing Security: Confirmation that the guarantee remains in force until all obligations are discharged
10. Enforcement: Rights and procedures for enforcing the guarantee
11. Notices: Process for serving notices under the guarantee
12. Governing Law and Jurisdiction: Confirms Pakistani law governs and specifies jurisdiction for disputes
1. Security: Include when the guarantee is secured by specific assets
2. Multiple Guarantors: Include when there is more than one guarantor, defining joint and several liability
3. Guarantee Limit: Include when the guarantee is limited to a specific amount
4. Assignment: Include when rights under the guarantee may be assigned
5. Costs and Expenses: Include when specific provisions about legal and enforcement costs are needed
6. Power of Attorney: Include when the guarantor grants power of attorney for enforcement purposes
1. Schedule 1 - Promissory Note Details: Copy or details of the promissory note being guaranteed, including amount, date, and payment terms
2. Schedule 2 - Form of Demand: Standard form for making a demand under the guarantee
3. Schedule 3 - Security Details: Details of any security provided (if applicable)
4. Appendix A - Statement of Personal Assets: Declaration of guarantor's assets and financial position
5. Appendix B - Payment Schedule: If applicable, schedule of payments under the promissory note
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