Personal Guarantee Promissory Note

Personal Guarantee Promissory Note Template for Denmark

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Key Requirements PROMPT example:

Document background

The Personal Guarantee Promissory Note is commonly used in Danish business and financial transactions where additional security is required for a loan or credit facility. This document type combines the features of a standard promissory note with a personal guarantee, making it particularly useful when a creditor requires both a clear acknowledgment of debt and personal assurance of repayment. The document is structured to comply with Danish law, including the Danish Contracts Act (Aftaleloven) and the Danish Debt Instruments Act (Gældsbrevsloven), and is typically used in situations involving business loans, corporate financing, or significant personal transactions where additional security is needed. The Personal Guarantee Promissory Note includes detailed information about the principal debt, payment terms, guarantee obligations, and enforcement mechanisms, providing clarity and legal certainty for all parties involved.

Suggested Sections

1. Parties: Identification of the Principal Debtor, Guarantor, and Creditor with full legal names and addresses

2. Background: Context of the underlying debt and reason for the guarantee

3. Definitions: Key terms used throughout the document including 'Principal Debt', 'Guarantee', 'Payment Date', etc.

4. Principal Debt Amount: Clear statement of the principal amount being borrowed and guaranteed

5. Interest Rate and Calculation: Specification of applicable interest rate, calculation method, and payment frequency

6. Payment Terms: Details of payment schedule, due dates, and payment methods

7. Guarantee Provisions: Scope and nature of the guarantee, including whether it is conditional or unconditional

8. Guarantor's Obligations: Detailed description of the guarantor's responsibilities and extent of liability

9. Default and Enforcement: Circumstances constituting default and consequent rights of the creditor

10. Representations and Warranties: Statements of fact and promises by both principal debtor and guarantor

11. Notices: Process and requirements for formal communications between parties

12. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction

Optional Sections

1. Security: Include when additional security is provided for the guaranteed amount

2. Multiple Guarantors: Include when more than one guarantor is involved, defining joint and several liability

3. Early Repayment: Include when early repayment options are permitted, with any associated conditions

4. Assignment and Transfer: Include when rights to assign or transfer the note or guarantee are granted

5. Currency Provisions: Include when the debt is in a currency other than Danish Krone

6. Tax Gross-Up: Include when tax implications need to be addressed explicitly

7. Financial Covenants: Include when ongoing financial requirements are imposed on the principal debtor

8. Guarantee Limitations: Include when specific limitations on the guarantee amount or scope are needed

Suggested Schedules

1. Payment Schedule: Detailed amortization schedule showing payment dates and amounts

2. Form of Payment Notice: Standard template for payment demands under the note

3. Evidence of Authority: Copies of power of attorney or corporate authorizations if applicable

4. Principal Debt Documentation: Reference copy of the underlying loan or credit agreement being guaranteed

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Personal Guarantee Promissory Note Template for Denmark

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