This guarantee of claim promissory note template has 6 pages and is a MS Word file type listed under our legal agreements documents.
Sample of our guarantee of claim promissory note template:
GUARANTEE OF CLAIM-PROMISSORY NOTE This Guarantee of Claim-Promissory Note (the "Agreement") is effective [DATE], BETWEEN: [FIRST PARTY NAME] (the "Lender"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [SECOND PARTY NAME] (the "Borrower"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [THIRD PARTY NAME] (the "Guarantor"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS the Lender has entered into a Contract of Loan and Hypothecs with [COMPANY NAME] (the "Borrower") pursuant to which the Lender has made a loan in the amount of [AMOUNT] [COUNTRY] currency bearing interest at the rate of [PERCENTAGE %] per annum, repayable in [NUMBER] equal consecutive monthly installments commencing on [DATE], for the purpose of assisting the Borrower in the acquisition of [SPECIFY], and the Borrower has granted a movable hypothec without delivery on certain equipment described therein, including without limitation the equipment so purchased, in favor of the Lender, the whole upon the terms and conditions set forth therein (the "Contract"); WHEREAS the Borrower has executed a term promissory note in favor of the Lender in respect of the aforesaid loan (the "Note"); WHEREAS the Financing Proposal dated [DATE] made by the Lender to the Borrower and accepted by the Borrower (the "Proposal") renders the said loan conditional upon the granting by each of [NAME] and [NAME] (collectively, the "Guarantors") of a postponement of claim in favor of the Lender, and of an unconditional personal guarantee of the obligations of the Borrower to the Lender; WHEREAS the Guarantors have each intervened to the Contract as surety for the Borrower; WHEREFORE, in consideration of the advances to be made by the Lender to the Borrower pursuant to the Contract and the Note, and for other good and valuable consideration, the Guarantors hereby, solidarily with the Borrower and each other, irrevocably guarantee the performance and payment, forthwith after demand therefor as hereinafter provided, of all obligations of the Borrower to the Lender pursuant to the Contract and the Note (the "Obligations"), including any costs and expenses incurred with respect to or arising out of such Obligations or any securities therefor, or costs reasonably incurred by or awarded to the Lender in connection with any proceedings taken against the Borrower or one or both of the Guarantors or any moneys paid by the Lender on account of Taxes (as hereinafter defined), wages, insurance or the remuneration or costs of any liquidator, trustee, agent or other person, or on any other account whatsoever, the whole up to an aggregate amount of [AMOUNT]. AND THE GUARANTORS HEREBY SOLIDARILY AGREE WITH AND IN FAVOUR OF THE LENDER AS FOLLOWS: THAT this shall be a continuing guarantee and shall secure the present Obligations and all Obligations incurred or arising after the date hereof of the Borrower to the Lender and shall secure the ultimate balance due from the Borrower to the Lender and shall be binding as a continuing security on the Guarantors, up to the maximum aggregate amount of [AMOUNT]. THAT all benefits of discussion and division are hereby renounced and the Lender shall not be bound to exhaust its recourses against the Borrower or others or the securities (which term as used herein includes other guarantees) they may hold nor to value such securities before being entitled to payment from one or both of the Guarantors. THAT this guarantee shall be in addition to and without prejudice to any other securities by whomsoever given held at any time by the Lender and the Lender shall be under no obligation to marshall in favor of the Guarantors any such securities or any of the funds or assets the Lender may be entitled to receive or have a claim upon, and the Lender may, without diminishing the Guarantors' liability hereunder, grant extensions of time or other indulgences to the Borrower or others and give up or modify, vary, exchange, renew or abstain from perfecting or taking advantage of any securities, and may discharge any party or parties and accept or make any compositions or arrangements and realize any securities when and in such manner as the Lender may see fit and in no case shall the Lender be responsible or shall the Guarantors be released either in whole or in part for any act or omission in connection with the registration or filing of any security under any [YOUR COUNTRY LAW] or otherwise or the realization of any security or the postponement of such realization or having sold any security at an under value. THAT all dividends, compositions, proceeds of security valued and payments received by the Lender from the Borrower or from others shall be deemed to be payments in gross without any right on the part of the Guarantors to claim in reduction of the liability under this guarantee the benefit of any such dividends, compositions, proceeds or payments or any securities held by the Lender or proceeds thereof and the Guarantors shall have no right to be subrogated in any rights of the Lender until the Lender shall have received payment in full of the Obligations of the Borrower to the Lender hereby guaranteed. THAT the Guarantors shall pay all amounts payable hereunder free and clear of and without liability for, and subject to the provisions of Section 6, without deduction or withholding for, and to pay and to reimburse the Lender upon demand for any payment made by it with respect to, and to indemnify and hold the Lender harmless against any liability for (i) any and all present and future taxes (including stamp taxes), levies, imposts, deductions, charges, withholdings, duties, fees, interests, fines and penalties imposed by the jurisdiction from which payment is made on or in connection with the payment of any amount required to be paid to the Lender pursuant to this guarantee or imposed by any jurisdiction with respect to the preparation, execution, delivery, registration, performance, amendment or enforcement of this guarantee (all of the foregoing items are herein referred to as "Local Taxes"); and (ii) any and all present and future taxes (including stamp taxes), levies, imposts, deductions, charges, withholdings, duties, fees, interests, fines and penalties which shall be due in any jurisdiction with respect to the payment of or reimbursement for any Local Taxes by the Lender (all of the foregoing listed in clauses (i) and (ii) is herein referred to as "Taxes"). THAT if one or both of the Guarantors is required by law to make any deduction or withholding in respect of any Taxes from any amount payable under this guarantee or is prevented by operation of law from paying, causing to be paid or reimbursing for the payment of any Taxes, the Guarantors shall pay such additional amount as may be necessary in order that the net amounts received by the Lender after such deduction or withholding and after the deduction of any such Taxes not paid, caused to be paid or reimbursed for by any one thereof shall equal the amounts which would have been realized by the Lender if such deduction or withholding had not been made and if such Taxes had been paid, caused to be paid or reimbursed by the Guarantors. Such additional amounts shall be paid (i) in the case of amounts payable as a result of a deduction or withholding from an amount payable under this guarantee, on the date the latter amount is payable and (ii) in the case of an amount payable as a result of the failure by the Guarantors to pay or reimburse for Taxes, on the earlier of the date on which such Taxes are due and the date on which such Taxes are paid by the Lender.
