The Equipment Finance Agreement is a critical document used in New Zealand when businesses or individuals need to finance the purchase of equipment without immediate full payment. It establishes a legally binding arrangement where a finance provider extends credit for equipment acquisition, secured against the equipment itself. The agreement must comply with New Zealand's financial services regulations, particularly the Credit Contracts and Consumer Finance Act 2003 and Personal Property Securities Act 1999. It includes essential details such as payment schedules, interest rates, maintenance obligations, insurance requirements, and security arrangements. This document is commonly used across various industries where significant equipment investments are required, providing a structured financing solution while protecting the interests of all parties involved.
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1. Parties: Identifies and provides full details of the finance provider and the borrower/customer
2. Background: Outlines the context of the agreement, including the customer's request for financing and the provider's agreement to provide it
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Facility Details: Specifies the amount of financing, interest rate, term, and payment schedule
5. Equipment Details: Describes the equipment being financed, including specifications and identification numbers
6. Security Interest: Establishes the security interest in the equipment and related PPSA provisions
7. Payments and Fees: Details all payment obligations, including principal, interest, fees, and charges
8. Customer Obligations: Sets out the customer's responsibilities regarding equipment use, maintenance, and insurance
9. Title and Risk: Specifies when title passes and who bears risk for the equipment
10. Insurance Requirements: Details mandatory insurance coverage for the equipment
11. Default and Enforcement: Defines events of default and the provider's enforcement rights
12. Representations and Warranties: Lists the customer's declarations and ongoing warranties
13. General Provisions: Includes standard contract clauses like notices, amendments, and governing law
1. Guarantor Provisions: Required when a guarantor is providing additional security for the customer's obligations
2. Special Maintenance Requirements: Included when the equipment requires specific maintenance protocols or servicing arrangements
3. Option to Purchase: Used when offering the customer an option to purchase the equipment at the end of the term
4. GST provisions: Detailed GST provisions when the customer is GST-registered
5. Variable Interest Rate Provisions: Required when the interest rate can vary during the term
6. Equipment Installation: Included when installation is part of the agreement and requires specific conditions
7. Trade-In Provisions: Used when the customer is trading in existing equipment as part of the arrangement
1. Equipment Schedule: Detailed description of equipment including make, model, serial numbers, and specifications
2. Payment Schedule: Detailed breakdown of all payments including dates, amounts, and any balloon payments
3. Insurance Requirements: Specific insurance requirements including types of coverage and minimum amounts
4. Fees and Charges Schedule: Comprehensive list of all applicable fees and charges
5. Disclosure Statement: Mandatory disclosure information required under NZ credit legislation
6. Guarantee and Indemnity: Terms of guarantee when applicable
7. Maintenance Schedule: Required maintenance and servicing schedule for the equipment
Authors
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Construction
Agriculture
Mining
Transportation and Logistics
Healthcare
Information Technology
Hospitality
Retail
Warehousing
Food Processing
Printing and Publishing
Engineering Services
Relevant Teams
Finance
Legal
Procurement
Operations
Risk Management
Compliance
Treasury
Asset Management
Credit
Business Development
Equipment Management
Relevant Roles
Chief Financial Officer
Finance Manager
Treasury Manager
Procurement Manager
Operations Manager
Fleet Manager
Equipment Manager
Asset Manager
Risk Manager
Legal Counsel
Compliance Officer
Credit Manager
Business Development Manager
Account Manager
Financial Controller
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