Common use of Full Prepayment Clause in Contracts

Full Prepayment. If you pay the unpaid balance in full before the final payment is due (full prepayment), you will not be required to pay a fee or charge to compensate the lender for any loss resulting from the full prepayment. You may however have to pay the lender's administrative costs relating to the full prepayment. If there is a security interest to be discharged, we may charge you for the disbursements involved in that. For registration of a land mortgage discharge, $75.00 (LINZ $60.00 and agents $15.00) WHAT TO DO IF YOU SUFFER UNFORESEEN HARDSHIP If you are unable reasonably to keep up your payments or other obligations because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause, you may be able to apply to the creditor for a hardship variation. To apply for a hardship variation, you need to: (a) make an application in writing; and (b) explain your reason(s) for the application; and (c) request one of the following:  an extension of the term of the contract (which will reduce the amount of each payment due under the contract); or  a postponement of the dates on which payments are due under the contract (specify the period for which you want this to apply); or  both of the above; and (d) give the application to the creditor. Do this as soon as possible. If you leave it for too long, the creditor may not have to consider your application. DISPUTE RESOLUTION Name of dispute resolution scheme: FSCL Disputes Resolution Service Registration No. 954 It is free to make a complaint to this independent dispute resolution scheme. This scheme can help you to resolve any disagreements you have with the creditor. Contact details of dispute resolution scheme: Phone: 0000 000 000 or (00) 000 0000 Website: xxx.xxxx.xxx.xx Business address: P O Xxx 0000, Xxxxxxxxxx 0000 REGISTRATION ON FINANCIAL SERVICE PROVIDER REGISTER Creditor registration name: Bankrupt Vehicle Sales & Finance Limited Registration number: 36244 MEMORANDUM OF TERMS AND CONDITIONS You the borrower(s) acknowledge the debt to the lender of the initial unpaid balance and agree: Major Terms and Conditions Grant of security interest in chattels or other personal property ("Collateral")

Full Prepayment. If you pay the unpaid balance in full before the final payment is due (full prepayment), you will not be required to pay a fee or charge to compensate the lender for any loss resulting from the full prepayment. You may however have to pay the lender's administrative costs relating to the full prepayment. If there is a security interest to be discharged, we may charge you for the disbursements involved in that. For registration of a land mortgage discharge, $75.00 (LINZ $60.00 and agents $15.00) WHAT TO DO IF YOU SUFFER UNFORESEEN HARDSHIP If you are unable reasonably to keep up your payments or other obligations because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause, you may be able to apply to the creditor for a hardship variation. To apply for a hardship variation, you need to: (a) make an application in writing; and (b) explain your reason(s) for the application; and (c) request one of the following:  an extension of the term of the contract (which will reduce the amount of each payment due under the contract); or  a postponement of the dates on which payments are due under the contract (specify the period for which you want this to apply); or  both of the above; and (d) give the application to the creditor. Do this as soon as possible. If you leave it for too long, the creditor may not have to consider your application. DISPUTE RESOLUTION Name of dispute resolution scheme: FSCL Disputes Resolution Service Registration No. 954 It is free to make a complaint to this independent dispute resolution scheme. This scheme can help you to resolve any disagreements you have with the creditor. Contact details of dispute resolution scheme: Phone: 0000 000 000 or (00) 000 0000 Website: xxx.xxxx.xxx.xx Business address: P O Xxx 0000, Xxxxxxxxxx 0000 REGISTRATION ON FINANCIAL SERVICE PROVIDER REGISTER Creditor registration name: Bankrupt Vehicle Sales & Finance Limited Registration number: 36244 435546 MEMORANDUM OF TERMS AND CONDITIONS You the borrower(s) acknowledge the debt to the lender of the initial unpaid balance and agree: Major Terms and Conditions Grant of security interest in chattels or other personal property ("Collateral")

Full Prepayment. If you pay the unpaid balance in full before the final payment is due (full prepayment), you will not be required to pay a fee or charge to compensate the lender for any loss resulting from the full prepayment. You may however have to pay the lender's administrative costs relating to the full prepayment. If there is a security interest to be discharged, we may charge you for the disbursements involved in that. For registration of a land mortgage discharge, $75.00 (LINZ $60.00 and agents $15.00) WHAT TO DO IF YOU SUFFER UNFORESEEN HARDSHIP If you are unable reasonably to keep up your payments or other obligations because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause, you may be able to apply to the creditor for a hardship variation. To apply for a hardship variation, you need to: (a) make an application in writing; and (b) explain your reason(s) for the application; and (c) request one of the following:  • an extension of the term of the contract (which will reduce the amount of each payment due under the contract); or  • a postponement of the dates on which payments are due under the contract (specify the period for which you want this to apply); or  • both of the above; and (d) give the application to the creditor. Do this as soon as possible. If you leave it for too long, the creditor may not have to consider your application. DISPUTE RESOLUTION Name of dispute resolution scheme: FSCL Disputes Resolution Service Registration No. 954 It is free to make a complaint to this independent dispute resolution scheme. This scheme can help you to resolve any disagreements you have with the creditor. Contact details of dispute resolution scheme: Phone: 0000 000 000 or (00) 000 0000 Website: xxx.xxxx.xxx.xx Business address: P O Xxx 0000, Xxxxxxxxxx 0000 REGISTRATION ON FINANCIAL SERVICE PROVIDER REGISTER Creditor registration name: Bankrupt Vehicle Sales & Finance Limited Registration number: 36244 MEMORANDUM OF TERMS AND CONDITIONS You the borrower(s) acknowledge the debt to the lender of the initial unpaid balance and agree: Major Terms and Conditions Grant of security interest in chattels or other personal property ("Collateral")