The Fixed Sum Loan Agreement Early Settlement is designed for use in New Zealand lending transactions where a specific loan amount is advanced with the possibility of early repayment. This document is particularly relevant when lenders need to comply with the Credit Contracts and Consumer Finance Act 2003 (CCCFA) while providing borrowers with the flexibility to settle their loans before the scheduled maturity date. It includes mandatory disclosure statements, detailed fee structures, interest calculations, and specific provisions for early settlement calculations. The agreement is suitable for both consumer and business lending, incorporating necessary consumer protection measures while maintaining commercial practicality. It can be used for secured or unsecured loans and includes optional provisions for different security arrangements and guarantor requirements.
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1. Parties: Identifies and provides full details of the lender and borrower
2. Background: Explains the context of the loan and the parties' intention to enter into the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies the principal sum and permitted use of the loan funds
5. Interest Rate and Calculations: Details the applicable interest rate and how interest is calculated
6. Repayment Terms: Specifies regular payment amounts, payment dates, and payment methods
7. Early Settlement Provisions: Details the borrower's right to early repayment and calculation of early settlement figures
8. Fees and Charges: Lists all applicable fees including establishment fees and early repayment fees
9. Events of Default: Defines circumstances constituting default and consequences
10. Representations and Warranties: States the promises and assertions made by the borrower
11. General Provisions: Includes standard contract clauses such as amendments, notices, and governing law
1. Security: Include when the loan is secured against specific assets
2. Guarantor Provisions: Include when there is a guarantor for the loan
3. Insurance Requirements: Include when specific insurance coverage is required for secured assets
4. Special Conditions: Include when there are unique terms specific to this loan arrangement
5. Direct Debit Authority: Include when automatic payments are being set up
6. Financial Covenants: Include for business loans requiring ongoing financial compliance
1. Schedule 1 - Initial Disclosure Statement: Mandatory CCCFA disclosure information including all fees, charges, and interest calculations
2. Schedule 2 - Repayment Schedule: Detailed amortization table showing payment dates and amounts
3. Schedule 3 - Early Repayment Calculation Method: Formula and examples for calculating early repayment amounts
4. Schedule 4 - Security Details: Description of any secured assets and their valuation
5. Appendix A - Direct Debit Form: Standard direct debit authorization form if applicable
6. Appendix B - Guarantee Form: Standard guarantee document if applicable
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Financial Services
Banking
Consumer Lending
Real Estate
Construction
Small Business
Retail
Agriculture
Manufacturing
Professional Services
Relevant Teams
Legal
Compliance
Credit Risk
Operations
Finance
Treasury
Commercial Lending
Retail Banking
Documentation
Risk Management
Customer Service
Business Development
Relevant Roles
Credit Manager
Loan Officer
Financial Advisor
Compliance Officer
Legal Counsel
Risk Manager
Financial Controller
Commercial Manager
Business Development Manager
Treasury Manager
Credit Analyst
Relationship Manager
Documentation Specialist
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