The Personal Guarantee Loan Agreement is a crucial document in Australian lending practices, particularly used when a lender requires additional security for a loan beyond the borrower's own capacity or assets. This agreement is commonly used in business lending scenarios where company directors personally guarantee corporate loans, or in situations where a stronger party guarantees a loan for a weaker borrower. The document must comply with Australian consumer credit laws, including the National Consumer Credit Protection Act 2009 and the Australian Consumer Law. It typically includes detailed sections on the guarantee's scope, the guarantor's obligations, enforcement rights, and mandatory risk disclosures. This agreement is essential for protecting the lender's interests while ensuring the guarantor is fully informed of their obligations under Australian law.
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1. Parties: Identifies and defines all parties: Lender, Borrower, and Guarantor(s)
2. Background: Explains the context of the loan and guarantee arrangement
3. Definitions and Interpretation: Defines key terms and interpretation rules used throughout the agreement
4. Loan Details: Specifies loan amount, interest rate, term, and repayment schedule
5. Guarantee and Indemnity: Core section detailing the guarantee obligations and indemnity provisions
6. Extent of Guarantee: Specifies the scope and limitations of the guarantee
7. Guarantor Acknowledgments: Confirms guarantor's understanding of obligations and risks
8. Lender's Rights: Details the rights of the lender in relation to the guarantee
9. Payments: Specifies payment obligations, methods, and allocation of payments
10. Events of Default: Lists circumstances constituting default and consequences
11. Enforcement: Details enforcement procedures and remedies
12. Costs and Expenses: Allocates responsibility for costs, charges, and expenses
13. General Provisions: Standard clauses including notices, amendments, governing law
14. Execution: Formal signing section with appropriate witnessing requirements
1. Security: Include when the guarantee is secured by specific assets
2. Multiple Guarantors: Include when there is more than one guarantor, defining joint and several liability
3. Guarantee Limit: Include when the guarantee is limited to a specific amount
4. Independent Legal Advice: Include when requiring certification of independent legal advice
5. Priority and Subordination: Include when there are multiple creditors or security interests
6. Guarantor Financial Covenants: Include when imposing ongoing financial requirements on guarantor
7. Release Provisions: Include when specific conditions for guarantee release are negotiated
1. Loan Terms Schedule: Detailed loan terms, amounts, interest rates, and payment schedule
2. Guarantor Details: Full details of guarantor(s) including contact information and identification
3. Security Details: Description of any security provided under the guarantee
4. Independent Legal Advice Certificate: Certificate from legal advisor confirming advice given to guarantor
5. Guarantor Acknowledgment Form: Separate form for guarantor to acknowledge risks and obligations
6. Direct Debit Authority: Payment authorization form for automatic payments
7. Privacy Consent: Consent form for handling personal information
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Lending
Small Business Services
Corporate Finance
Real Estate and Property
Professional Services
Retail
Construction
Manufacturing
Hospitality
Agriculture
Relevant Teams
Legal
Credit Risk
Compliance
Commercial Banking
Business Banking
Loan Operations
Document Management
Credit Assessment
Customer Relations
Risk Management
Relevant Roles
Credit Manager
Loan Officer
Risk Assessment Officer
Commercial Banking Manager
Legal Counsel
Compliance Officer
Credit Analyst
Relationship Manager
Business Banking Manager
Financial Advisor
Contract Administrator
Lending Specialist
Credit Risk Manager
Document Control Officer
Banking Operations Manager
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