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Guarantor Promissory Note

Guarantor Promissory Note Template for New Zealand

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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."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
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

Industries
Property Law Act 2007: Governs property transactions and security interests in New Zealand, including requirements for documentation and enforcement of security interests
Contract and Commercial Law Act 2017: Provides the fundamental rules for contract formation, interpretation, and enforcement in New Zealand, including provisions for guarantees
Credit Contracts and Consumer Finance Act 2003: Regulates credit contracts and provides consumer protection measures, particularly relevant if the promissory note involves consumer credit
Personal Property Securities Act 1999: Governs the creation and enforcement of security interests in personal property, which may be relevant if the promissory note is secured
Fair Trading Act 1986: Ensures fair trading practices and prohibits misleading conduct in trade, relevant for the terms and conditions of the note
Bills of Exchange Act 1908: Contains provisions relating to negotiable instruments including promissory notes, their form, and legal effect
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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