This Simple Interest Loan Agreement template is designed for use in New Zealand lending transactions where parties wish to establish clear terms for a loan using simple interest calculations. It is particularly suitable for business loans, personal lending, and inter-company financing arrangements. The document incorporates requirements from New Zealand's Credit Contracts and Consumer Finance Act 2003 and related legislation, ensuring compliance with local lending laws while providing flexibility for different lending scenarios. This agreement should be used when parties need a straightforward lending arrangement without compound interest, and includes provisions for security, guarantors, and various repayment structures as required.
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1. Parties: Identifies and provides full details of the Lender and Borrower
2. Background: Explains the context of the loan and the parties' intention to enter into the agreement
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Loan Amount and Purpose: Specifies the principal amount being lent and the approved purpose of the loan
5. Interest Rate and Calculations: Details the simple interest rate and how interest will be calculated
6. Repayment Terms: Specifies payment schedule, amounts, and method of payment
7. Events of Default: Lists circumstances that constitute default and consequences
8. Representations and Warranties: Statements of fact and promises made by the Borrower regarding their capacity and financial situation
9. Borrower's Obligations: Details ongoing obligations of the Borrower during the loan term
10. Costs and Expenses: Addresses responsibility for legal fees, enforcement costs, and other expenses
11. General Provisions: Standard contract clauses including notices, amendments, governing law, and dispute resolution
1. Security: Required if the loan is secured against any assets, detailing the security arrangement
2. Guarantee: Include when a guarantor is providing additional security for the loan
3. Insurance Requirements: Include when insurance of secured assets or loan payments is required
4. Early Repayment: Include to specify terms and any fees for early loan repayment
5. Draw Down Conditions: Include for loans with specific conditions that must be met before funds are released
6. Special Conditions: Include when there are unique terms specific to this loan arrangement
7. Financial Covenants: Include for business loans requiring maintenance of specific financial ratios or conditions
1. Schedule 1 - Loan Details: Key financial terms including loan amount, interest rate, term, and payment schedule
2. Schedule 2 - Repayment Schedule: Detailed breakdown of payment dates and amounts
3. Schedule 3 - Fee Schedule: Comprehensive list of all applicable fees and charges
4. Schedule 4 - Security Details: Description of any secured assets and their valuation
5. Schedule 5 - Disclosure Statement: Mandatory disclosure information required under NZ consumer credit law
6. Appendix A - Direct Debit Authority: Form for setting up automatic payment arrangements
7. Appendix B - Guarantor Details: Information about guarantors if applicable
Relevant legal definitions
Agreement
Business Day
Default Interest Rate
Default Event
Drawdown Date
Due Date
Effective Date
Enforcement Expenses
Final Repayment Date
Interest Payment Date
Interest Period
Interest Rate
Lender
Borrower
Guarantor
Loan
Loan Amount
Material Adverse Effect
Payment Account
Permitted Purpose
Principal
Related Documents
Repayment Schedule
Security
Security Interest
Simple Interest
Term
Working Day
Outstanding Balance
Payment Date
Secured Property
Security Provider
Taxes
Transaction Documents
Unpaid Amount
Business Day
Default Interest Rate
Default Event
Drawdown Date
Due Date
Effective Date
Enforcement Expenses
Final Repayment Date
Interest Payment Date
Interest Period
Interest Rate
Lender
Borrower
Guarantor
Loan
Loan Amount
Material Adverse Effect
Payment Account
Permitted Purpose
Principal
Related Documents
Repayment Schedule
Security
Security Interest
Simple Interest
Term
Working Day
Outstanding Balance
Payment Date
Secured Property
Security Provider
Taxes
Transaction Documents
Unpaid Amount
Clauses
Interpretations
Loan Amount and Purpose
Interest Rate
Repayment Terms
Security
Representations and Warranties
Covenants
Events of Default
Enforcement
Guarantees
Assignment
Notices
Costs and Expenses
Indemnification
Confidentiality
Privacy
Force Majeure
Dispute Resolution
Governing Law
Amendments
Severability
Entire Agreement
Electronic Execution
Early Repayment
Set-off Rights
Insurance Requirements
Information Disclosure
Default Interest
Registration and Stamp Duty
Termination
Loan Amount and Purpose
Interest Rate
Repayment Terms
Security
Representations and Warranties
Covenants
Events of Default
Enforcement
Guarantees
Assignment
Notices
Costs and Expenses
Indemnification
Confidentiality
Privacy
Force Majeure
Dispute Resolution
Governing Law
Amendments
Severability
Entire Agreement
Electronic Execution
Early Repayment
Set-off Rights
Insurance Requirements
Information Disclosure
Default Interest
Registration and Stamp Duty
Termination
Relevant Industries
Banking & Financial Services
Real Estate
Small Business
Construction
Agriculture
Manufacturing
Retail
Professional Services
Education
Healthcare
Relevant Teams
Legal
Finance
Compliance
Risk Management
Treasury
Credit Administration
Commercial Banking
Business Development
Contract Management
Operations
Relevant Roles
Finance Manager
Credit Officer
Legal Counsel
Compliance Officer
Risk Manager
Commercial Banker
Loan Officer
Financial Controller
Business Development Manager
Contract Administrator
Chief Financial Officer
Treasury Manager
Account Manager
Credit Analyst
Legal Administrator
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