The Vendor Finance Agreement is utilized when a vendor wishes to facilitate the sale of their assets or equipment by providing direct financing to the purchaser, rather than requiring the purchaser to obtain third-party financing. This arrangement is particularly common in commercial and industrial contexts in New Zealand, where traditional bank financing might not be the optimal solution. The document must comply with New Zealand's financial and commercial legislation, including the Credit Contracts and Consumer Finance Act 2003 and the Personal Property Securities Act 1999. This agreement type is especially useful for large equipment purchases, industrial machinery, or significant commercial assets where the vendor has the capacity to offer financing terms. The agreement covers crucial elements such as the financing terms, security arrangements, payment schedules, default provisions, and the parties' ongoing obligations, all while ensuring compliance with New Zealand's legal requirements.
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1. Parties: Identifies and defines the vendor/financier and the purchaser/borrower with their full legal details
2. Background: Sets out the context of the agreement, including the vendor's ownership of the asset and the purchaser's desire to acquire it through vendor financing
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes rules for interpretation
4. Sale and Purchase: Details the asset being sold and purchased, including any specific conditions or characteristics
5. Finance Terms: Specifies the purchase price, deposit, interest rate, payment schedule, and other key financial terms
6. Security Interest: Establishes the vendor's security interest in the asset until full payment is received
7. Title and Risk: Specifies when title passes to the purchaser and allocates risk in the asset
8. Representations and Warranties: Contains statements of fact and promises made by both parties
9. Purchaser Covenants: Sets out the purchaser's ongoing obligations regarding the asset and payments
10. Default and Enforcement: Defines events of default and the vendor's enforcement rights
11. General Provisions: Contains standard legal provisions including notices, amendments, governing law, and dispute resolution
1. Insurance: Required when specific insurance requirements need to be imposed on the purchaser
2. Maintenance and Use: Included when the asset requires specific maintenance or has restricted uses during the finance period
3. Early Repayment: Details early repayment rights and any associated fees or calculations when early repayment is permitted
4. Guarantee: Required when a third-party guarantee is part of the security arrangement
5. GST: Needed when the transaction involves GST-registered parties and GST implications
6. Assignment and Transfer: Include when either party needs the right to assign or transfer their rights and obligations
7. Multiple Assets: Required when the financing arrangement covers multiple assets with different terms or conditions
1. Asset Description: Detailed description of the asset(s) being financed, including serial numbers, specifications, and condition
2. Payment Schedule: Detailed breakdown of payment amounts, due dates, and allocation between principal and interest
3. Financial Terms: Specific details of interest calculations, fees, and charges
4. Security Registration Details: PPSR registration details and requirements
5. Maintenance Requirements: Detailed maintenance and servicing requirements for the asset
6. Insurance Requirements: Specific insurance requirements including types of coverage and minimum amounts
7. Form of Guarantee: The form of any required guarantee or security documentation
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