The Co-Borrower Loan Agreement is a crucial document in New Zealand's lending landscape, designed for situations where multiple parties wish to jointly obtain a loan from a financial institution. This agreement type is commonly used for property purchases, business funding, or personal loans where borrowers want to combine their financial capacity. The document must comply with New Zealand's Credit Contracts and Consumer Finance Act 2003 and related regulations, incorporating mandatory disclosure requirements and responsible lending obligations. It establishes joint and several liability among co-borrowers, meaning each borrower is independently responsible for the entire loan amount while also sharing collective responsibility. The agreement includes essential details about loan terms, repayment schedules, interest rates, default provisions, and any security arrangements.
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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 loan and the relationship between co-borrowers
3. Definitions and Interpretation: Defines key terms and establishes rules for interpreting the agreement
4. Loan Details: Specifies loan amount, interest rate, term, and purpose of the loan
5. Co-Borrower Obligations: Details joint and several liability and responsibilities of co-borrowers
6. Repayment Terms: Specifies payment schedule, method, and consequences of default
7. Interest and Fees: Details interest calculation, applicable fees, and charges
8. Representations and Warranties: Statements of fact and promises made by co-borrowers
9. Events of Default: Defines circumstances constituting default and consequences
10. General Provisions: Includes standard clauses like notices, amendments, governing law
1. Security Arrangements: Include when the loan is secured against assets or property
2. Insurance Requirements: Include when insurance is required for secured assets
3. Guarantee Provisions: Include when there are additional guarantors
4. Early Repayment: Include when early repayment options are available
5. Special Conditions: Include for any unique terms specific to the borrowers
6. Direct Debit Authority: Include when automatic payments are being set up
7. Refinancing Provisions: Include when the loan is refinancing existing debt
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 - Co-Borrower Information: Detailed information about each co-borrower
4. Schedule 4 - Payment Schedule: Amortization schedule showing payment breakdown
5. Appendix A - Direct Debit Form: Standard form for setting up automatic payments
6. Appendix B - Disclosure Statement: Initial disclosure statement required under CCCFA
7. Appendix C - Privacy Statement: Details how personal information will be handled
Relevant legal definitions
Agreement
Annual Interest Rate
Business Day
CCCFA
Co-Borrowers
Collateral
Commencement Date
Default Interest Rate
Default Event
Disclosure Statement
Due Date
Enforcement Expenses
Event of Default
Facility
Fees
Final Repayment Date
Financial Statements
Guarantor
Initial Disclosure
Interest Payment Date
Joint and Several Liability
Lender
Loan Amount
Loan Term
Material Adverse Effect
Maturity Date
Outstanding Balance
Payment Date
Permitted Purpose
Principal
Repayment Schedule
Security
Security Interest
Term
Total Amount Payable
Variation
Annual Interest Rate
Business Day
CCCFA
Co-Borrowers
Collateral
Commencement Date
Default Interest Rate
Default Event
Disclosure Statement
Due Date
Enforcement Expenses
Event of Default
Facility
Fees
Final Repayment Date
Financial Statements
Guarantor
Initial Disclosure
Interest Payment Date
Joint and Several Liability
Lender
Loan Amount
Loan Term
Material Adverse Effect
Maturity Date
Outstanding Balance
Payment Date
Permitted Purpose
Principal
Repayment Schedule
Security
Security Interest
Term
Total Amount Payable
Variation
Clauses
Loan Facility
Joint and Several Liability
Interest and Charges
Repayment Terms
Security
Representations and Warranties
Borrower Covenants
Events of Default
Enforcement
Privacy and Information Sharing
Assignment
Notices
Amendments and Variations
Governing Law
Dispute Resolution
Force Majeure
Severability
Entire Agreement
Counterparts
Costs and Expenses
Insurance
Default Interest
Early Repayment
Disclosure
Acknowledgments
Indemnification
Term and Termination
Further Assurance
Joint and Several Liability
Interest and Charges
Repayment Terms
Security
Representations and Warranties
Borrower Covenants
Events of Default
Enforcement
Privacy and Information Sharing
Assignment
Notices
Amendments and Variations
Governing Law
Dispute Resolution
Force Majeure
Severability
Entire Agreement
Counterparts
Costs and Expenses
Insurance
Default Interest
Early Repayment
Disclosure
Acknowledgments
Indemnification
Term and Termination
Further Assurance
Relevant Industries
Financial Services
Banking
Real Estate
Mortgage Lending
Consumer Finance
Property Development
Asset Finance
Personal Banking
Relevant Teams
Legal
Lending
Credit Assessment
Compliance
Risk Management
Document Management
Customer Service
Operations
Finance
Relevant Roles
Legal Counsel
Loan Officer
Credit Manager
Mortgage Broker
Financial Advisor
Compliance Officer
Risk Manager
Banking Manager
Lending Specialist
Contract Administrator
Legal Administrator
Documentation Specialist
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