The Co-Borrower Agreement is essential in situations where multiple parties wish to share responsibility for a loan or credit facility in New Zealand. This document is commonly used in various scenarios, such as couples purchasing property together, family members sharing a loan, or business partners obtaining joint financing. The agreement complies with New Zealand's regulatory requirements, including the Credit Contracts and Consumer Finance Act 2003 and related consumer protection legislation. It details the terms of the loan, establishes joint and several liability among co-borrowers, and outlines the rights, obligations, and responsibilities of all parties. The document includes crucial information about repayment terms, default provisions, communication requirements, and any security arrangements, ensuring all co-borrowers fully understand their shared and individual obligations under the loan.
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1. Parties: Identifies all parties to the agreement including the lender and all co-borrowers
2. Background: Explains the context of the agreement, including the purpose of the loan and the relationship between co-borrowers
3. Definitions: Defines key terms used throughout the agreement
4. Loan Details: Specifies the loan amount, interest rate, term, and purpose
5. Joint and Several Liability: Establishes that co-borrowers are jointly and severally liable for the loan obligations
6. Repayment Terms: Details the repayment schedule, payment methods, and any specific payment obligations
7. Representations and Warranties: Statements of fact and assurances made by the co-borrowers
8. Covenants: Ongoing obligations and restrictions on the co-borrowers
9. Default Events: Specifies what constitutes a default and the consequences
10. Communications: How notices and other communications between parties should be made
11. General Provisions: Standard contractual provisions including governing law, amendments, and severability
1. Security Arrangements: Include when the loan is secured against specific assets
2. Insurance Requirements: Include when insurance is required for secured assets or loan protection
3. Special Payment Arrangements: Include when there are specific arrangements between co-borrowers regarding contribution to payments
4. Guarantor Provisions: Include when there are additional guarantors to the loan
5. Early Repayment: Include when there are specific terms for early repayment or break fees
6. Change in Co-Borrower Circumstances: Include provisions for death, incapacity, or withdrawal of a co-borrower
7. Dispute Resolution: Include when specific dispute resolution procedures are required beyond standard court proceedings
1. Schedule 1 - Loan Details: Detailed breakdown of loan amount, interest rates, fees, and payment schedule
2. Schedule 2 - Security Details: Description of any security provided for the loan
3. Schedule 3 - Payment Contribution Schedule: Breakdown of how co-borrowers will contribute to loan payments
4. Schedule 4 - Direct Debit Authority: Direct debit authorization forms and details
5. Appendix A - Privacy Statement: Details how personal information will be collected, used, and protected
6. Appendix B - Key Information Document: Summary of key terms as required by NZ consumer credit law
Relevant legal definitions
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Relevant Industries
Banking & Finance
Real Estate & Property
Consumer Lending
Mortgage Services
Personal Banking
Commercial Banking
Credit Unions
Financial Services
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Relevant Teams
Legal
Compliance
Credit Risk
Lending Operations
Document Management
Customer Service
Financial Advisory
Mortgage Services
Contract Administration
Risk Management
Relevant Roles
Loan Officer
Credit Manager
Mortgage Broker
Financial Advisor
Legal Counsel
Compliance Officer
Risk Manager
Banking Relationship Manager
Credit Analyst
Document Controller
Contract Administrator
Property Finance Manager
Lending Specialist
Consumer Credit Officer
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