The Guarantor Promissory Note is a sophisticated financial instrument used in Canadian business and personal transactions where additional security is required for a debt obligation. This document type is particularly useful when a lender requires extra assurance beyond the primary debtor's promise to pay, typically in situations involving substantial loans, business financing, or when the primary debtor has limited credit history. The document combines the essential elements of a standard promissory note with guarantee provisions, creating a dual layer of security for the creditor. It must comply with federal legislation such as the Bills of Exchange Act and provincial contract law requirements. The Guarantor Promissory Note includes detailed information about the debt amount, interest rate, payment terms, default conditions, and the guarantor's obligations, making it a comprehensive instrument for securing financial obligations with third-party backing.
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1. Parties: Identifies the Maker (primary debtor), Payee (creditor), and Guarantor(s)
2. Background: Brief context of the debt obligation and reason for the guarantee
3. Definitions: Key terms used throughout the document including Principal Amount, Interest Rate, Payment Terms, and Guarantee obligations
4. Promise to Pay: Primary obligation of the Maker to pay the specified amount with interest
5. Payment Terms: Details of payment schedule, interest calculation, and payment methods
6. Guarantee Provisions: Guarantor's unconditional promise to pay and perform the Maker's obligations
7. Events of Default: Circumstances constituting default and consequences thereof
8. Demand and Enforcement: Conditions and process for demanding payment from either Maker or Guarantor
9. Representations and Warranties: Statements of fact by both Maker and Guarantor regarding their capacity and authority
10. Joint and Several Liability: Where multiple guarantors exist, their joint and several obligations
11. Governing Law: Specification of applicable Canadian jurisdiction
12. Execution: Signature blocks for all parties with witness requirements
1. Security Interest: Include when the note is secured by specific assets or property
2. Prepayment Rights: Include when early payment options are permitted with specific terms
3. Acceleration Clause: Include when immediate payment of entire amount can be demanded upon specific triggers
4. Assignment Rights: Include when transfer or assignment of the note is specifically permitted or restricted
5. Subordination: Include when this note needs to be subordinated to other debt obligations
6. Currency Provisions: Include for cross-border transactions or when payments in multiple currencies are permitted
7. Notice Provisions: Include when specific notice requirements for demands or communications are needed
1. Payment Schedule: Detailed amortization table showing payment dates, amounts, and interest allocations
2. Guarantor Financial Statement: Current financial statement of the Guarantor if required for enforcement
3. Security Description: Detailed description of any security or collateral if the note is secured
4. Additional Guarantor Information: Additional details about multiple guarantors if applicable
5. Permitted Payment Methods: Specific details about acceptable payment methods and processing
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