The Loan Guarantee Agreement is a crucial legal instrument in New Zealand's commercial lending landscape, used when a third party (guarantor) agrees to secure the loan obligations of a borrower. This document is essential when lenders require additional security beyond the borrower's own capacity, particularly in scenarios involving substantial commercial loans, property development financing, or business expansion funding. The agreement must comply with New Zealand's legal framework, including the Contract and Commercial Law Act 2017 and relevant financial regulations. It typically includes detailed provisions about the guarantee's scope, enforcement mechanisms, guarantor's obligations, and creditor's rights. This document is particularly important in situations where the principal debtor's creditworthiness alone may not satisfy the lender's requirements, or where corporate structures necessitate parent company guarantees for subsidiary borrowings.
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1. Parties: Identifies the guarantor, the creditor (beneficiary of the guarantee), and the principal debtor
2. Background: Recitals explaining the context of the guarantee, including reference to the principal debt/loan agreement
3. Definitions and Interpretation: Defines key terms and establishes interpretation rules for the agreement
4. Guarantee and Indemnity: Core provisions establishing the guarantee obligations and indemnity provisions
5. Extent and Limits of Guarantee: Defines the scope of the guarantee, including maximum liability if applicable
6. Nature of Guarantee: Specifies that the guarantee is continuing, unconditional, and irrevocable
7. Guarantor's Obligations: Details specific obligations, including payment, compliance, and notification requirements
8. Representations and Warranties: Guarantor's confirmations about their capacity and authority to enter the guarantee
9. Preservation of Rights: Creditor's rights preservation and ability to enforce without affecting guarantee validity
10. Payments: Payment mechanisms, currency, and treatment of taxes
11. Default and Enforcement: Events of default and creditor's enforcement rights
12. Costs and Expenses: Allocation of legal and enforcement costs
13. Notices: Communication requirements and contact details
14. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, and amendment procedures
1. Security Provisions: Required when the guarantee is secured against specific assets
2. Multiple Guarantors: Required when there are multiple guarantors, establishing joint and several liability
3. Corporate Guarantor Provisions: Required when the guarantor is a company, including director's certificates and corporate authority
4. Independent Legal Advice: May be required to ensure enforceability, particularly for individual guarantors
5. Guarantee Limitation: Required when the guarantee amount is capped or limited in specific ways
6. Cross-Guarantee Provisions: Required when there are multiple related guarantees or cross-collateralization
7. Priority Arrangements: Required when there are multiple creditors or security interests
1. Schedule 1 - Principal Loan Agreement Details: Summary of the main loan agreement terms being guaranteed
2. Schedule 2 - Guarantor Information: Detailed information about the guarantor(s) including contact details and identification
3. Schedule 3 - Security Details: Description of any security provided under the guarantee
4. Schedule 4 - Guarantee Limit Calculations: If applicable, detailed breakdown of guarantee caps or limitations
5. Schedule 5 - Form of Demand: Template for making formal demands under the guarantee
6. Appendix A - Corporate Authority Documentation: Required corporate resolutions and certificates for corporate guarantors
7. Appendix B - Independent Legal Advice Certificates: Certificates from lawyers confirming advice given to guarantors
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