The Loan Guarantee agreement is a critical financial security document used in New Zealand when a third party (guarantor) agrees to guarantee the repayment obligations of a borrower under a loan agreement. This document becomes necessary when a lender requires additional security beyond the borrower's own covenant, particularly in situations involving substantial loans, borrowers with limited credit history, or complex financing arrangements. The guarantee can be limited or unlimited in scope and may be secured or unsecured. It must comply with New Zealand's financial services legislation, including the Credit Contracts and Consumer Finance Act 2003 when applicable to consumer lending, and the Contract and Commercial Law Act 2017. The document typically includes detailed provisions about the nature and extent of the guarantee, enforcement mechanisms, guarantor's obligations, and any security arrangements.
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1. Parties: Identifies the guarantor(s), the lender, and the borrower (principal debtor)
2. Background: Sets out the context of the guarantee, including details of the underlying loan agreement
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles
4. Guarantee and Indemnity: Core section establishing the guarantee obligations and indemnity provisions
5. Extent of Guarantee: Defines the scope and limitations of the guarantee
6. Guarantor's Obligations: Details specific obligations, including payment, performance, and compliance requirements
7. Lender's Rights: Outlines the lender's rights, including enforcement and remedy provisions
8. Representations and Warranties: Guarantor's confirmations about their capacity and authority
9. Protection of Guarantee: Provisions ensuring the guarantee remains effective despite various circumstances
10. Payments: Details about payment mechanisms, timing, and currency
11. Costs and Expenses: Allocation of costs related to the guarantee
12. Notices: Communication requirements and contact details
13. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, and amendments
1. Security: Include when the guarantee is secured against specific assets
2. Multiple Guarantors: Include when there is more than one guarantor, establishing joint and several liability
3. Guarantee Limitations: Include when the guarantee amount or duration is specifically limited
4. Independent Legal Advice: Include when required by law or prudent practice, particularly for consumer guarantees
5. Priority and Subordination: Include when there are multiple creditors or security interests
6. Financial Covenants: Include when the guarantor must maintain specific financial metrics
7. Guarantee Release Conditions: Include when specific conditions for releasing the guarantee are agreed
1. Schedule 1 - Guaranteed Obligations: Detailed description of the underlying loan agreement and guaranteed amounts
2. Schedule 2 - Security Details: Details of any security provided under the guarantee
3. Schedule 3 - Guarantor Information: Detailed information about the guarantor(s) including contact details and key information
4. Schedule 4 - Specific Limitations: Any specific limitations or conditions on the guarantee
5. Appendix A - Form of Demand: Standard form for making a demand under the guarantee
6. Appendix B - Compliance Certificate: Standard form for periodic compliance certification if required
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