The Vendor Loan Agreement is utilized in situations where traditional bank financing may not be suitable or available, and the vendor agrees to finance part or all of the purchase price. This document type is particularly common in business sales, property transactions, and asset purchases in New Zealand. The agreement must comply with New Zealand's Credit Contracts and Consumer Finance Act 2003, Property Law Act 2007, and other relevant legislation. It typically includes comprehensive terms covering the loan amount, interest calculations, repayment schedules, security arrangements, borrower covenants, and default provisions. The document provides protection for both the vendor-lender and purchaser-borrower while ensuring transparency and enforceability under New Zealand law.
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1. Parties: Identifies and details the Vendor (Lender) and Purchaser (Borrower) with full legal names and addresses
2. Background: Outlines the context of the loan agreement, including reference to the related sale transaction
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Loan Amount and Purpose: Specifies the loan amount, purpose, and any conditions precedent to advancing the loan
5. Interest: Details the interest rate, calculation method, and payment frequency
6. Repayment Terms: Specifies repayment schedule, payment methods, and term of the loan
7. Security: Details any security provided for the loan, including charges over property or other assets
8. Borrower's Covenants: Lists the borrower's obligations and promises under the agreement
9. Events of Default: Defines circumstances constituting default and consequences
10. Lender's Rights and Remedies: Outlines the lender's rights, particularly in event of default
11. Costs and Expenses: Allocates responsibility for legal costs, registration fees, and enforcement expenses
12. General Provisions: Includes standard clauses like notices, amendments, governing law, and assignment
13. Execution: Signature blocks and execution requirements
1. Guarantees: Required when a third party guarantees the loan obligations
2. Early Repayment: Include when early repayment is permitted, specifying any penalties or conditions
3. Insurance Requirements: Needed when specific insurance coverage is required for secured assets
4. Special Conditions: For any unique terms specific to the particular transaction
5. Vendor's Warranties: Include when the vendor makes specific representations about the loan or related sale
6. Dispute Resolution: Optional detailed dispute resolution procedures beyond standard court jurisdiction
7. Privacy and Information Sharing: Detailed privacy provisions when extensive personal information handling is involved
1. Schedule 1 - Loan Details: Key financial terms including loan amount, interest rate, payment dates, and term
2. Schedule 2 - Repayment Schedule: Detailed amortization schedule showing payment amounts and dates
3. Schedule 3 - Security Details: Description of security properties or assets, including registration details
4. Schedule 4 - Conditions Precedent: List of conditions to be satisfied before loan advancement
5. Schedule 5 - Disclosure Statement: Mandatory disclosure information required under CCCFA
6. Appendix A - Direct Debit Authority: Form for setting up automatic payments if applicable
7. Appendix B - Guarantee Form: Standard form of guarantee when applicable
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