The Forbearance Agreement Loan is a critical document in New Zealand's lending landscape, typically employed when borrowers face significant financial challenges that affect their ability to meet original loan obligations. This agreement, governed by New Zealand law, provides a structured framework for lenders to temporarily modify loan terms without waiving their underlying rights. The document becomes relevant when a default has occurred or is imminent, and both parties seek to avoid more severe consequences such as enforcement or insolvency proceedings. It details the specific terms of forbearance, including payment modifications, additional conditions, monitoring requirements, and the consequences of non-compliance. The agreement must comply with New Zealand's regulatory framework, including the Credit Contracts and Consumer Finance Act 2003 and recent reforms in lending practices. It serves as a risk management tool for lenders while offering borrowers an opportunity to address their financial difficulties within a formal, legally binding structure.
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1. Parties: Identifies the lender and borrower(s) with their full legal names and addresses
2. Background: Recitals describing the original loan agreement, current default status, and reason for forbearance
3. Definitions: Defines key terms used throughout the agreement including 'Forbearance Period', 'Default', 'Original Loan Agreement'
4. Acknowledgment of Debt: Borrower's formal acknowledgment of the outstanding debt amount and existing defaults
5. Forbearance Terms: Details of how the lender will forbear, including duration and specific actions being delayed or modified
6. Payment Terms: Modified payment schedule, amounts, and methods during the forbearance period
7. Conditions Precedent: Conditions that must be met before the forbearance becomes effective
8. Borrower's Covenants: Ongoing obligations of the borrower during the forbearance period
9. Default and Termination: Circumstances that will terminate the forbearance and consequences
10. Reservation of Rights: Lender's reservation of rights under the original loan agreement
11. Representations and Warranties: Borrower's confirmation of certain facts and circumstances
12. Governing Law: Specifies New Zealand law as governing the agreement
13. Execution: Signature blocks and execution requirements
1. Additional Security: Include when new security is being provided as part of the forbearance arrangement
2. Guarantor Provisions: Required when the original loan has guarantors who need to consent to the forbearance
3. Financial Reporting Requirements: Include when additional financial monitoring is required during forbearance
4. Insurance Requirements: Include when specific insurance must be maintained as part of forbearance
5. Cross-Default Provisions: Include when there are multiple loans or facilities affected
6. Step-In Rights: Include when lender requires right to take control of certain assets or operations
7. Additional Lender Rights: Include when specific additional rights are granted to lender during forbearance
8. Debt Restructuring Terms: Include when forbearance includes elements of debt restructuring
1. Schedule 1 - Original Loan Details: Details of the original loan agreement including date, parties, and key terms
2. Schedule 2 - Current Debt Statement: Detailed breakdown of current outstanding debt including principal, interest, and fees
3. Schedule 3 - Modified Payment Schedule: New payment schedule showing modified payment amounts and dates
4. Schedule 4 - Security Details: List and details of all security held or to be taken
5. Schedule 5 - Conditions Precedent Checklist: List of all conditions that must be satisfied
6. Appendix A - Form of Compliance Certificate: Template for periodic compliance certification by borrower
7. Appendix B - Financial Reporting Templates: Templates for required financial reporting during forbearance
Relevant legal definitions
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Relevant Industries
Banking and Financial Services
Real Estate and Property
Commercial and Industrial
Agriculture and Farming
Retail and Hospitality
Manufacturing
Construction
Professional Services
Transport and Logistics
Healthcare
Education
Relevant Teams
Legal
Credit Risk
Collections and Recovery
Corporate Banking
Compliance
Finance
Treasury
Loan Operations
Portfolio Management
Client Relations
Risk Management
Special Assets
Debt Restructuring
Documentation
Relevant Roles
Chief Financial Officer
Credit Risk Manager
Loan Officer
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Credit Analyst
Debt Recovery Specialist
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Risk Assessment Officer
Financial Controller
Treasury Manager
Corporate Banking Manager
Restructuring Specialist
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