A Promissory Note Guaranty is a crucial financial security instrument used when additional assurance is required for a promissory note obligation. This document is typically employed in situations where a creditor seeks extra protection beyond the principal debtor's promise to pay, particularly in commercial lending, real estate transactions, or corporate finance arrangements. Under Irish law, the guarantee must comply with specific formal requirements, including written form as per the Statute of Frauds (Ireland) 1695. The document details the guarantor's obligations, enforcement mechanisms, and conditions for liability, providing a clear framework for all parties involved. It's especially relevant in business transactions where the creditworthiness of the principal debtor alone may not satisfy the creditor's risk assessment criteria.
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1. Parties: Identification of all parties: Guarantor(s), Creditor/Beneficiary, and Principal Debtor
2. Background: Context of the guarantee, including reference to the underlying promissory note and its key terms
3. Definitions: Key terms used throughout the document, including 'Guaranteed Obligations', 'Event of Default', etc.
4. Guarantee and Indemnity: Core guarantee provisions, including scope of guaranteed obligations and nature of guarantor's liability
5. Guarantor's Representations and Warranties: Statements regarding guarantor's capacity, authority, and financial condition
6. Payment Terms: Specifics of when and how payments must be made under the guarantee
7. Enforcement: Circumstances and procedures for enforcing the guarantee
8. Continuing Security: Clause establishing the guarantee as continuing security until full discharge
9. Discharge and Release: Conditions under which the guarantor may be discharged from obligations
10. Notices: Requirements for giving valid notices under the guarantee
11. Governing Law and Jurisdiction: Specification of Irish law as governing law and jurisdiction for disputes
1. Multiple Guarantors: Additional provisions for joint and several liability when there are multiple guarantors
2. Security Provisions: Where specific assets are provided as additional security for the guarantee
3. Assignment and Transfer: Rights to assign or transfer the guarantee, if permitted
4. Costs and Expenses: Allocation of costs related to preparation and enforcement
5. Currency Provisions: Required when guaranteed obligations are in foreign currency
6. Limitation of Liability: Where guarantor's liability is to be capped or limited in specific ways
7. Consumer Protection Provisions: Required when guarantor is a consumer under Irish law
1. Schedule 1 - Form of Demand: Template for making formal demand under the guarantee
2. Schedule 2 - Copy of Promissory Note: Copy of the underlying promissory note being guaranteed
3. Schedule 3 - Security Details: Details of any security provided (if applicable)
4. Schedule 4 - Guarantor Information: Detailed information about guarantor(s) including contact details
5. Appendix A - Payment Schedule: If payments are to be made according to a specific schedule
6. Appendix B - Compliance Certificate: Form of certificate confirming continuing compliance with guarantee terms
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