The Bank Loan Personal Guarantee is a crucial document in Canadian lending practices, typically used when a bank requires additional security beyond the primary borrower's creditworthiness or assets. This guarantee document serves as a risk mitigation tool for financial institutions while facilitating access to credit for borrowers who might not otherwise qualify. The document must comply with both federal banking regulations and provincial contract laws, incorporating mandatory consumer protection provisions and disclosure requirements. It's particularly important in business lending scenarios where personal guarantees from business owners or related parties are required to secure corporate loans. The guarantee outlines the guarantor's obligations, limits of liability, enforcement procedures, and rights of all parties involved.
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1. Parties: Identifies the guarantor, the lender (bank), and the primary debtor
2. Background: Explains the context of the guarantee, including reference to the primary loan agreement
3. Definitions: Defines key terms used throughout the guarantee agreement
4. Guarantee and Indemnity: Core section detailing the scope and nature of the guarantee obligation
5. Extent of Guarantor's Liability: Specifies the maximum amount guaranteed and any limitations
6. Continuing Security: Establishes that the guarantee remains in effect until all obligations are satisfied
7. Independent Obligations: Confirms the guarantee is independent of other securities or guarantees
8. Representations and Warranties: Guarantor's confirmations regarding their capacity and authority to provide the guarantee
9. Payment and Performance: Details how and when payments must be made under the guarantee
10. Bank's Rights and Remedies: Outlines the lender's rights in case of default
11. Postponement of Claims: Subordinates guarantor's claims against the debtor
12. Costs and Expenses: Allocates responsibility for legal and enforcement costs
13. Notices: Specifies how formal communications between parties should be made
14. Governing Law: Confirms Canadian law governs the agreement and specifies jurisdiction
15. Execution: Signature blocks and attestation requirements
1. Multiple Guarantors: Additional provisions when there is more than one guarantor, including joint and several liability
2. Limited Recourse: Used when the guarantee is limited to specific assets or amounts
3. Corporate Guarantor Provisions: Additional representations and warranties for corporate guarantors
4. Guarantee Release Terms: Specific conditions under which the guarantor may be released from obligations
5. Security Interest: Where specific assets are pledged as additional security for the guarantee
6. Currency Provisions: Required when the guarantee covers obligations in multiple currencies
7. Assignment and Transfer: Terms governing the bank's right to assign the guarantee
8. Spousal Consent: Required in some provinces when family assets may be affected
1. Schedule A - Primary Loan Agreement: Copy or summary of the main loan agreement being guaranteed
2. Schedule B - Guaranteed Obligations: Detailed description of the debts and obligations covered by the guarantee
3. Schedule C - Guarantor's Statement of Assets: Financial disclosure of the guarantor's assets and liabilities
4. Schedule D - Independent Legal Advice Certificate: Confirmation that the guarantor received independent legal advice
5. Schedule E - Consent Forms: Any required consent forms, including spousal consent if applicable
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Commercial Lending
Retail Banking
Small Business Banking
Corporate Banking
Real Estate
Construction
Manufacturing
Professional Services
Retail
Hospitality
Relevant Teams
Legal
Credit Risk
Commercial Banking
Retail Banking
Compliance
Documentation
Underwriting
Corporate Banking
Risk Management
Operations
Relevant Roles
Loan Officer
Credit Manager
Commercial Banking Manager
Risk Assessment Officer
Legal Counsel
Compliance Officer
Banking Relationship Manager
Credit Analyst
Branch Manager
Underwriter
Business Banking Advisor
Personal Banking Advisor
Chief Credit Officer
Documentation Specialist
Corporate Banking Officer
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