The Loan Settlement Agreement is a crucial document used in New Zealand when parties wish to formally conclude a loan arrangement on terms that may differ from the original loan agreement. This document is typically employed when a borrower and lender have negotiated an early payoff, a discounted settlement, or a modified payment arrangement to discharge the loan. The agreement must comply with New Zealand's Contract and Commercial Law Act 2017 and the Credit Contracts and Consumer Finance Act 2003, among other relevant legislation. It includes essential details such as the original loan information, settlement amount, payment terms, releases, and discharges of security interests. This document is particularly important for maintaining clear records of loan settlements and preventing future disputes by clearly documenting the parties' agreements and mutual releases.
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1. Parties: Identifies and defines all parties to the agreement, including the lender and borrower with their full legal names and addresses
2. Background: Recitals outlining the history of the loan, original terms, current outstanding amount, and reason for settlement
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Settlement Amount: Specifies the agreed settlement sum and how it was calculated
5. Payment Terms: Details of how and when the settlement amount will be paid, including payment schedule if applicable
6. Release and Discharge: Provisions for the release of the borrower from the original loan obligations upon completion of settlement terms
7. Representations and Warranties: Statements of fact and promises made by both parties regarding their capacity and authority
8. Confidentiality: Obligations regarding the confidentiality of the settlement terms and related information
9. General Provisions: Standard contract clauses including governing law, entire agreement, and severability
10. Execution: Signature blocks and execution requirements for all parties
1. Security Release: Required when the original loan was secured against assets or property that need to be released
2. Guarantor Provisions: Necessary when the original loan involved guarantors who need to be released or whose obligations need to be modified
3. Default and Remedies: Include when the settlement involves installment payments rather than a lump sum
4. Tax Implications: Required when there are specific tax consequences that need to be addressed
5. Third Party Consents: Include when settlement requires approval or acknowledgment from other parties
6. Continuing Obligations: Necessary when certain obligations from the original loan agreement survive the settlement
1. Schedule 1 - Original Loan Details: Copy or summary of the original loan agreement and amendments
2. Schedule 2 - Settlement Calculation: Detailed breakdown of the settlement amount including principal, interest, and any discounts
3. Schedule 3 - Payment Schedule: If applicable, detailed schedule of installment payments with dates and amounts
4. Schedule 4 - Security Details: List of any security interests to be released and relevant registration details
5. Appendix A - Required Forms: Standard forms required for releasing security interests or updating official registers
6. Appendix B - Confirmation of Authority: Documents confirming the authority of signatories to execute the agreement
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Real Estate
Commercial Lending
Consumer Finance
Corporate Finance
Business Services
Legal Services
Property Development
Agriculture
Manufacturing
Retail
Relevant Teams
Legal
Finance
Credit
Risk Management
Compliance
Treasury
Loan Operations
Collections
Corporate Banking
Settlement Operations
Relevant Roles
Credit Manager
Loan Officer
Financial Controller
Chief Financial Officer
Legal Counsel
Compliance Officer
Risk Manager
Collection Specialist
Settlement Officer
Account Manager
Corporate Banker
Finance Director
Treasury Manager
Debt Recovery Specialist
Credit Analyst
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