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Interest Waiver

Interest Waiver Template for New Zealand

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Key Requirements PROMPT example:

Interest Waiver

"I need an Interest Waiver agreement for a small business loan of NZD 250,000, where we're waiving all interest from January 1, 2025, to June 30, 2025, due to the borrower's temporary financial hardship."

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Document background
An Interest Waiver agreement is a crucial document used in New Zealand when a creditor agrees to forgo their right to collect interest on a loan or debt. This document is commonly used in situations of financial hardship, debt restructuring, or as part of commercial arrangements to provide financial relief to borrowers. The agreement must comply with New Zealand's Credit Contracts and Consumer Finance Act 2003 and related legislation, ensuring proper disclosure and fair trading practices. It typically includes details of the original loan agreement, the amount or period of interest being waived, any conditions attached to the waiver, and the ongoing obligations of all parties. The Interest Waiver can be temporary or permanent and may be used across various sectors, from commercial lending to consumer finance. It's particularly relevant in times of economic stress or as part of broader debt management strategies.
Suggested Sections

1. Parties: Identification of all parties to the agreement, including the creditor and debtor(s)

2. Background: Context of the original debt/loan, reference to the original agreement, and reason for the interest waiver

3. Definitions: Definitions of key terms used in the agreement, including 'Interest Period', 'Principal Sum', 'Original Agreement', etc.

4. Acknowledgment of Debt: Confirmation of the existing debt amount and interest accrued to date

5. Interest Waiver Terms: Specific details of the interest being waived, including the amount or period of interest and effective date

6. Remaining Obligations: Clarification of continuing obligations regarding the principal amount and any future interest

7. General Terms: Standard contract terms including governing law, entire agreement, and amendments

Optional Sections

1. Conditions Precedent: Include when the interest waiver is subject to specific conditions being met

2. Security Arrangements: Include when there is existing security that needs to be addressed or modified

3. Tax Implications: Include when there are specific tax consequences that need to be acknowledged

4. Default Provisions: Include when the waiver can be revoked under certain circumstances

5. Reporting Requirements: Include when ongoing reporting or notification obligations exist

6. Guarantee Provisions: Include when there are guarantors to the original agreement who need to acknowledge the waiver

Suggested Schedules

1. Schedule 1 - Original Loan Agreement Details: Summary or copy of the key terms from the original loan agreement

2. Schedule 2 - Interest Calculation: Detailed calculation of the interest being waived

3. Schedule 3 - Payment Schedule: Updated payment schedule reflecting the interest waiver, if applicable

4. Appendix A - Required Notices: Any statutory notices required under NZ law regarding the interest waiver

5. Appendix B - Supporting Documents: List of any supporting documents referenced in the agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Banking & Financial Services

Real Estate & Property

Agriculture

Manufacturing

Retail

Professional Services

Construction

Healthcare

Education

Hospitality

Relevant Teams

Legal

Finance

Credit Risk

Collections

Compliance

Commercial Banking

Corporate Banking

Retail Banking

Operations

Customer Service

Relevant Roles

Credit Manager

Financial Controller

Chief Financial Officer

Risk Manager

Commercial Lawyer

Debt Recovery Officer

Account Manager

Credit Analyst

Collections Manager

Loan Officer

Relationship Manager

Compliance Officer

Industries
Credit Contracts and Consumer Finance Act 2003: Regulates credit contracts, including provisions about interest charges, disclosure requirements, and consumer protection in financial transactions
Property Law Act 2007: Relevant for secured transactions and mortgages where interest is being waived, particularly regarding the formal requirements for documentation
Contract and Commercial Law Act 2017: Provides the general framework for contract formation, validity, and enforcement in New Zealand
Financial Markets Conduct Act 2013: May be relevant if the interest waiver relates to financial products or services offered in the financial markets
Income Tax Act 2007: Addresses the tax implications of interest waivers, including potential deemed income or gift considerations
Fair Trading Act 1986: Ensures fair trading practices and prohibits misleading or deceptive conduct in commercial transactions, including financial arrangements
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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