The Guarantor Promissory Note is a specialized financial instrument commonly used in South African commercial and financial transactions where additional security is required for a debt obligation. This document type combines the features of a standard promissory note with a guarantee agreement, making it particularly useful in situations where creditors require additional assurance beyond the primary debtor's commitment. The document must comply with South African legislation, particularly the Bills of Exchange Act 34 of 1964 and common law principles regarding suretyship. It typically includes detailed payment terms, conditions of the guarantee, enforcement provisions, and remedies available to the creditor. The Guarantor Promissory Note is frequently used in business loans, commercial transactions, and structured finance arrangements where the creditor seeks to mitigate risk through a guarantor's additional commitment.
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1. Parties: Identification of the Maker (Principal Debtor), Payee (Creditor), and Guarantor(s)
2. Background: Brief context of the underlying transaction and reason for the promissory note
3. Definitions: Key terms used in the document
4. Promise to Pay: Unconditional promise by the Maker to pay the specified amount
5. Payment Terms: Details of amount, interest rate, payment dates, and method of payment
6. Guarantee Provisions: Terms of the guarantee, including nature of the guarantee (unconditional, irrevocable, as principal debtor)
7. Rights and Obligations: Specific rights and obligations of all parties
8. Events of Default: Circumstances constituting default and consequences
9. Enforcement: Rights and procedures for enforcement of the note and guarantee
10. Notices: How and where notices must be given to parties
11. General Provisions: Standard clauses including governing law, jurisdiction, and whole agreement
1. Security: Details of any security provided - include if the note is secured by specific assets
2. Multiple Guarantors: Joint and several liability provisions - include if there is more than one guarantor
3. Assignment: Rights to assign or transfer the note - include if transferability is intended
4. Acceleration: Circumstances allowing acceleration of payment - include for complex commercial transactions
5. Tax Provisions: Handling of tax implications - include if significant tax considerations exist
6. Currency Provisions: Include if payments may be made in multiple currencies
1. Payment Schedule: Detailed breakdown of payment dates and amounts if installment payments are involved
2. Security Details: Description of any security or collateral if the note is secured
3. Guarantor Financial Statement: Current financial position of the guarantor if required for commercial transactions
4. Specified Payment Instructions: Detailed payment procedures and bank account information
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Real Estate
Small and Medium Enterprises
Corporate Finance
Manufacturing
Retail
Construction
Agriculture
Professional Services
Import/Export
Mining and Resources
Relevant Teams
Legal
Finance
Treasury
Credit Control
Risk Management
Compliance
Corporate Finance
Commercial Operations
Business Development
Company Secretariat
Relevant Roles
Chief Financial Officer
Financial Director
Credit Manager
Legal Counsel
Commercial Director
Risk Manager
Treasury Manager
Corporate Finance Manager
Financial Controller
Compliance Officer
Business Development Manager
Account Manager
Company Secretary
Banking Relationship Manager
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