The Loan Extension Agreement is a crucial document used when parties to an existing loan agreement wish to extend the loan's maturity date or modify certain terms while keeping the basic loan structure intact. This document type is commonly used in New Zealand's financial sector and must comply with local regulations, particularly the Credit Contracts and Consumer Finance Act 2003 for consumer loans. It includes essential information such as the new maturity date, revised payment schedule, interest rate confirmations, and any additional conditions for the extension. The agreement is particularly relevant when borrowers require more time to repay their loans but are otherwise in good standing, or when market conditions make loan extension more favorable than refinancing. It's designed to protect both lender and borrower interests while ensuring regulatory compliance in the New Zealand jurisdiction.
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1. Parties: Identification of the Lender and Borrower with their full legal names and addresses
2. Background: Recitals describing the original loan agreement, its key terms, and the parties' intention to extend the loan
3. Definitions: Key terms used in the agreement, including references to the original loan agreement and new terms
4. Extension of Loan Term: Specific details of the extension, including the new maturity date and effective date of the extension
5. Repayment Terms: Modified payment schedule, interest rate confirmations, and any changes to payment methods
6. Conditions Precedent: Any conditions that must be satisfied before the extension becomes effective
7. Representations and Warranties: Borrower's confirmation of continuing accuracy of original representations and current ability to pay
8. Reaffirmation: Confirmation that all other terms of the original loan agreement remain in full force and effect
9. Costs and Expenses: Allocation of any costs associated with the extension
10. Execution: Signature blocks and execution requirements
1. Security Confirmation: Required if the original loan is secured, confirming the extension of security arrangements
2. Guarantor Acknowledgment: Required if the original loan has guarantors, obtaining their consent to the extension
3. Additional Covenants: Any new covenants or conditions imposed as part of the extension
4. Regulatory Disclosures: Additional disclosures required under CCCFA if the borrower is a consumer
5. Default Cure: Include if the extension is being used to cure an existing default
6. Fee Schedule: If new or modified fees are being introduced with the extension
7. Insurance Requirements: If there are new or modified insurance requirements as part of the extension
1. Schedule 1 - Original Loan Details: Summary of the original loan agreement terms and details
2. Schedule 2 - Modified Payment Schedule: Detailed schedule of new payment dates and amounts
3. Schedule 3 - Security Details: If secured, details of all security arrangements and confirmations
4. Appendix A - Compliance Certificate: Form of compliance certificate if required under the loan terms
5. Appendix B - Disclosure Statement: Updated disclosure statement if required under CCCFA
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