Example Customer (Borrower)
ZEBRA FINANCE LIMITED(Lender)
1.1 The following terms form part of the Credit Agreement between the Borrower and the Lender.
Definitions: terms used in these terms and any associated Credit Agreement have the following meanings:
“Business Day” means a day that the Lender’s bank is open for the Lender’s business;
“Credit Agreement” means the credit agreement between the Borrower and the Lender pursuant to which the Lender agrees to make a loan available to the Borrower.
“Expiry Date” means the date specified as such in the Credit Agreement.
“Interest Rate” means the daily interest rate stipulated in the Credit Agreement for the relevant time.
“Loan” means the principal amount of the loan made available by the Lender to the Borrower under the Credit Agreement and these terms together with any unpaid interest that is capitalised under clause 5.2.
“Transaction Document” means the Credit Agreement, these terms and any other document to which the Borrower and the Lender are a party (including, without limitation, a document the Lender signs as the Borrower’s attorney).
Person: A reference to a “person” includes an individual, company, body corporate, association of persons (whether corporate or not), trust, state or agency of a state or other entity, in each case whether or not having separate legal personality.
Headings: Headings are to be ignored in construing these terms.
Parties: References to parties are references to parties to the Credit Agreement, and include reference
to their successors and permitted transferees and assignees.
Clauses: References to clauses are references to such as they appear in these terms.
Examples: No example or instance shall limit whatever else may be included.
Money: References to money are to currency.
Legislation: References to legislation or to a provision of legislation includes a modification or re- enactment of it, a legislative provision substituted for it and a regulation or statutory instrument issued under it. If you wish to read any legislation referred to you can view it at http://www.legislation.govt.nz/.
“upon demand” means upon demand in writing signed by the Lender or made electronically by the Lender, or on behalf of the Lender by any officer, employee, solicitor or agent of the Lender.
Business Day Convention: Where any date which is specified in, or determined pursuant to the terms , would otherwise fall on a day that is not a Business Day, that date will be adjusted so that it will be the first following day that is a Business Day, unless that day falls in the next calendar month, in which case that date will be adjusted so that it will be the first preceding day that is a Business Day.
2.1 Loan Amount: If the Lender accepts the Borrower’s application, the Lender may approve only part of any Loan requested by the Borrower and may, in the Lender’s absolute discretion, credit any such lesser amount to the account of the Borrower as the Lender may determine. The Lender may make an offer to the Borrower for a lower amount by email. The Lender will outline the repayment terms to the Borrower. All other conditions in the Credit Agreement shall apply. Email acceptance by the Borrower will constitute an amendment to the Credit Agreement for those terms only. The email correspondence will form part of the Credit Agreement. Any rounding of numbers in interest calculations may be rounded in favour of the Lender, and may reflect a slight variation to the way the interest calculation.
2.2 Disbursement: Subject to these terms and the Credit Agreement, the Loan shall be disbursed to the Borrower into the bank account specified in the Credit Agreement.
2.3 The Lender, and the Borrower, agree that changes to the loan agreement may be made by way of email correspondence, provided that such changes do not breach the disclosure provisions of the Credit Contracts and Consumer Finance Act. By way of example, if the Lender offers the Borrower a lower sum of money, the Lender may do so, by explaining to the Borrower what the new repayment amounts would be. All other items in agreement such as the term of the loan shall remain the same.
3.1 Repayment: The Loan together with accrued and unpaid interest and any other amounts outstanding to the Lender shall be due and payable upon demand by the Lender, or in the absence of demand, on each date specified for a repayment installment in the Credit Agreement (if applicable and in the amounts specified in the Credit Agreement) and, if not already paid, on the Expiry Date. All payments are to be free of any deduction.
3.2 Cancellation and Prepayment: The Borrower may within 5 Business Days of drawing down the Loan, cancel the Loan and immediately repay the Loan together with all accrued interest without penalty or premium.
4.1 Payment: The Borrower shall pay interest on the Loan at the Interest Rate (subject to clause 5.2). Such interest shall be calculated daily (and upon the basis of a 365 day year) from (and including) the date upon which the Loan is made (or deemed to be made) or from (and including) the date the relevant amount became outstanding, to (and including) the date upon which it is repaid. Interest shall be paid on each date specified for a repayment installment in the Credit Agreement (if any) and on the date the Loan is repaid under clause 3.1 or 3.2.
5.1 Ordinary Rate: The Borrower shall pay interest at the Interest Rate upon all amounts payable under any Transaction Document or in respect of the Loan, but are unpaid. Such interest accrues daily both before and after judgment.
5.2 Capitalisation of Unpaid Interest: If the Borrower fails to make any payment due under clause 3 or 4 on the required date, or fails to make any other payment under any Transaction Document or in respect of the Loan on the date required by the Lender, then the unpaid amount(s) shall be added to and form part of the Loan and be capitalised on each day the failure continues. Any such capitalised amount(s) will bear interest at the Interest Rate. The Credit Agreement permits the Borrower to prepay the capitalised amount at any time and without penalty.
6.1 Salary and wage deduction: The Borrower agrees that, if the Lender determines that the Borrower has not paid any amount owing to the Lender when due, the Lender may deduct that amount directly from the salary or wages of the Borrower and consents to the Lender contacting the employer of the Borrower to effect such deduction. The Lender will endeavor to only contact the employer, if at the discretion of the Lender, the Lender feels that they have exhausted all communication efforts with the Borrower. The Borrower waives any rights to privacy as to the content of any contract entered into with the Lender, and the Lender may at their discretion provide the whole contract to the employer to effect the said deduction. The Borrower’s attention is drawn to section 5 (2) of the Wages and Protection Act 1983 which allows the Borrower to withdraw this consent for a deduction from wages or salary. To withdraw the consent the Borrower must give written notice to the Borrower’s employer.
6.2 Direct Debit: The Borrower agrees that the Lender may debit by way of a direct debit from any account or accounts that the Borrower holds with any bank or other financial institution, the amount due under the Loan together with all other amounts due from the Borrower to the Lender. The Borrower acknowledges that the Lender from time to time may use the services of an intermediary to collect direct debits. In instances where the intermediary has it’s own fees such as dishonor fees, and SMS fees, the Lender will ensure that the Borrower will pay no more than the fees listed in our fees table.
7.1 The Borrower shall if and when requested by the Lender and at the cost of the Borrower execute all such agreements, assurances and other documents and do all such acts and things as the Lender may require if the Borrower has failed to do something it has agreed (in writing) with the Lender to do. This includes arranging or amending any direct debit authority and doing any other thing the Lender may require to facilitate the deduction of any amounts due from salary or wages of the Borrower as described in clause 6.1 (but subject to the Borrower not withdrawing consent for the deduction from salary or wages).
8.1 Any notice given by the Lender under these terms shall be deemed to be validly given and served if done so by SMS text message, email or post, in each case to the address or number provided in the Credit Agreement or any other Transaction Document or if given and served in accordance with any other method recognised by law.
9.1 The Borrower may not assign or otherwise transfer or grant an encumbrance over all or any of its rights, benefits and obligations hereunder or under the Credit Agreement, any Security or any other agreement to which the Lender and Borrower are a party.
9.2 Any reference in these terms, the Credit Agreement to “the Lender” shall be construed as a reference to the Lender and the assignees and transferees of all or any of the Lender’s rights and obligations hereunder or thereunder.
9.3 The Lender may disclose to a potential assignee, transferee or any other third party as the Lender may determine is necessary or desirable in connection with the administration, operation or enforcement of the Loan or any associated rights, such information about the Borrower as the Lender shall consider appropriate.
10.1 These terms are governed by and shall be construed in accordance with the laws of New Zealand. Each party irrevocably and unconditionally submits to the non-exclusive jurisdictions of the courts of New Zealand.
11.1 If the Borrower fails to comply with the Credit Agreement, these terms or any other Transaction
Document the Lender may:
(a) Declare the Loan and all unpaid interest and other amounts owed to the Lender to be due and payable (but without prejudice to the on demand nature of the Loan); and
(b) Exercise any right or remedy it has under the Credit Agreement, these terms or any other Transaction Document.
11.2 Time shall be of the essence of these terms but no failure to exercise, and no delay in exercising, any right or remedy of the Lender under these terms, the Credit Agreement or any other Transaction Document shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy preclude any other nor further exercise thereof or the exercise of any other right or remedy. No waiver by the Lender of any default, right or remedy under these terms, the Credit Agreement or any other Transaction Document shall be effective unless it is in writing signed by the Lender.
11.3 The Lender may disclose to a potential assignee, transferee or any other third party as the Lender may determine is necessary or desirable in connection with the administration, operation or enforcement of the Loan or any associated rights, such information about the Borrower as the Lender shall consider appropriate.
12.1 The Borrower will pay all fees, costs and expenses incurred by the Lender in
(a) these terms, any Security or the Credit Agreement;
(b) any fees payable to a third party for collection of direct debit payments;
(c) the exercise or attempted exercise by the Lender of any of its powers or rights under these terms, any Security or the Credit Agreement; and
(d) any non-compliance of the Borrower with any obligation it has with the Lender.
12.2 Statements: A statement signed by the Lender’s representative will, in the absence of obvious error, be conclusive evidence against the Borrower of the amount of any money owing and of any other matter set out in the statement.
13 ADJUSTMENT TO PAYMENT DATES
13.1 We always seek to align Your Payment Dates with the dates that Your salary or wages are credited to Your bank account. If We become aware that the Payment Dates provided above differ from the dates that your salary or wages are actually credited to your bank account, then We reserve the right, and you expressly authorise us, to adjust the payment dates accordingly (including bringing forward a payment date or dates where You are paid on an earlier date or dates).
14 AMENDMENTS TO AMOUNTS DUE
14.1 If we are required to adjust the payment dates of your loan as provided by the above clause, then we reserve the right, and you expressly authorise us, to adjust the amounts due based on the new payment schedule and applicable interest rate and fees payable.