A Guarantee Promissory Note is typically used in Canadian business and financial transactions where additional security is required beyond a simple promise to pay. This document is particularly valuable when the creditor requires extra assurance of payment through a third-party guarantee, commonly used in business loans, commercial transactions, or private lending arrangements. The document combines the formal requirements of a promissory note under the federal Bills of Exchange Act with guarantee provisions governed by provincial contract law. It includes specific details about the primary debt obligation, payment terms, interest rates, and the guarantee provisions. This type of document is especially useful in situations where the primary debtor's creditworthiness needs to be supplemented by a guarantor's financial strength, providing an additional layer of security for the creditor.
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1. Parties: Identification of the Maker (Primary Debtor), Payee (Creditor), and Guarantor
2. Background: Context of the debt obligation and reason for the guarantee
3. Definitions: Key terms used throughout the document
4. Promise to Pay: Core promissory note obligation stating the principal amount, interest rate, and payment terms
5. Guarantee Provisions: Guarantor's unconditional promise to pay and guarantee obligations
6. Interest: Interest rate, calculation method, and payment frequency
7. Payment Terms: Schedule of payments, payment method, and application of payments
8. Events of Default: Circumstances constituting default and consequences
9. Waiver of Presentment: Standard promissory note waivers including presentment, protest, and notice
10. Guarantee Waivers: Guarantor's waiver of defenses, notice requirements, and other standard guarantee waivers
11. Representations and Warranties: Basic representations by both Maker and Guarantor
12. Governing Law: Specification of applicable Canadian jurisdiction
1. Security: Include when the note is secured by specific assets or collateral
2. Multiple Guarantors: Additional provisions for joint and several liability when there are multiple guarantors
3. Prepayment Terms: Include when early payment is allowed, specifying any penalties or conditions
4. Assignment: Include when the note may be assigned or transferred
5. Corporate Authority: Include when either the Maker or Guarantor is a corporation
6. Subordination: Include when the guarantee needs to be subordinated to other obligations
7. Currency Provisions: Include for cross-border transactions or when payments may be in different currencies
8. Costs and Expenses: Include when enforcement costs are to be specifically addressed
1. Payment Schedule: Detailed schedule of payment dates and amounts if installment payments are involved
2. Security Details: Description of any collateral or security if the note is secured
3. Guarantor Information: Additional details about guarantors if multiple guarantors are involved
4. Corporate Resolutions: Relevant corporate authorizations if corporate parties are involved
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Commercial Lending
Small Business
Construction
Manufacturing
Retail
Professional Services
Agriculture
Technology
Relevant Teams
Legal
Finance
Treasury
Credit and Collections
Risk Management
Corporate Secretariat
Commercial Banking
Business Development
Accounts Receivable
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Manager
Legal Counsel
Corporate Secretary
Business Development Manager
Commercial Lending Officer
Risk Manager
Treasury Manager
Accounts Receivable Manager
Collections Manager
Commercial Banking Officer
Corporate Finance Director
Financial Controller
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