Client Funding Agreement
:::info Important Notice
The Line of Credit Details and the Client Funding Terms set out the terms and conditions of Your Line of Credit from JustFund ("Agreement"). The Agreement is important and, before You sign, it is important that You:
- read the Agreement so that You know and understand exactly what You are entering into and Your obligations under the Agreement;
- get independent legal and financial advice on the Agreement;
- get independent tax advice on the Agreement. In particular, about Your obligations if there is an Unsuccessful Outcome (see "Unsuccessful Outcome in Your Legal Matter" in the Financial Table of the Line of Credit Details);
- speak to JustFund if You have any questions; and
- only sign the Agreement if You understand it and accept that You will be bound by its terms.
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LINE OF CREDIT DETAILS
| Disclosure Date |
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The information set out in this Agreement (including in these Line of Credit Details) is correct as at the Disclosure Date.
| Financial Table |
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| Purpose | Your Line of Credit is provided at Your request for the dominant purpose of enabling You to pursue Your family law matter. |
| Invoices Limit | $[●] \nThis is the maximum amount you can borrow to pay Invoices under this Agreement. |
| Credit Limit | $[●] \nThis is the maximum amount you can borrow under this Agreement at any time. The Invoices Limit (set out above) is part of the Credit Limit. \nWe can increase the Credit Limit at any time in our sole discretion. We will notify you if we exercise our right to increase the Credit Limit. |
| Initial unpaid balance | Nil. |
| Interest Rate | The Interest Rate is the JustFund Category [A]/[B]/[C] Variable Interest Rate. As at the Disclosure Date the JustFund Category [A]/[B]/[C] Variable Interest Rate is [•]% per annum. This is a variable rate and can change at any time (including before you borrow under this Agreement). |
| The JustFund Category [A]/[B]/[C] Variable Interest Rate is published on https://justfund.co.nz/important-disclosures/ | |
| Calculation of Interest Charge | JustFund calculates the interest on a daily basis, by multiplying the daily interest rate by the daily Unpaid Balance at the end of each day. The daily interest rate is the Interest Rate divided by 365. Interest is debited to Your account on the last calendar day of each month and on the day You pay the final amount owing under this Agreement and will form part of the Unpaid Balance once debited. \n \nIt is important You understand that we will charge you interest on all \namounts that are debited to Your account as we charge interest on \nthe daily Unpaid Balance. |
| Changes to Your Invoices Limit & Interest Rate | The interest rate we use as the Interest Rate depends on the Invoices \nLimit. If we agree to increase the Invoices Limit, we may change the \nInterest Rate applying under this Agreement as follows: \na. if the new Invoices Limit is $30,000 or less, the interest rate will be the \nJustFund Category [X] Variable Interest Rate; \nb. if the new Invoices Limit is between $30,001 and $100,000, the interest \nrate will be the JustFund Category [X] Variable Interest Rate; and \nc. if the new Invoices Limit is more than $100,000, the interest rate will be \nthe JustFund Category [X] Variable Interest Rate. \nThe JustFund Category A Variable Interest Rate, JustFund Category B \nVariable Interest Rate and JustFund Category C Variable Interest Rate are \npublished on https://justfund.co.nz/important-disclosures/. Each of these \ninterest rates is a variable rate and can change at any time (including \nbefore you borrow under this Agreement). |
| Default Interest Rate | We may charge default interest if You do not pay us an amount when it is \ndue and payable under this Agreement (see clause 32.4). The Default \nInterest Rate is the Interest Rate plus a margin of 6.5% per annum. \nAs at the Disclosure Date, the Default Interest Rate is []% per annum. |
| Repayment Amount | The Repayment Amount is calculated on the Repayment Date and is the \nlesser of: \na. the Unpaid Balance; or \nb. the Proceeds. \nThe Repayment Amount is not ascertainable at the Disclosure Date because it depends on how much You will ultimately borrow under Your Line of Credit and the Repayment Date. \nThe Repayment Amount is calculated in accordance with clause 13.1. \nIf You are in Default, the amount You may have to pay could exceed the \nRepayment Amount. |
| Unsuccessful Outcome in Your Legal Matter | If there is an Unsuccessful Outcome, You do not have to pay the Unpaid \nBalance to JustFund. \nWhere this occurs, there will be tax consequences for You. For example, because JustFund will not seek to recover the Unpaid Balance, this would give rise to income for You under this Agreement. Please get independent tax advice to understand what this might mean for You before You sign this Agreement. |
| The following fees and charges are or may be payable under this Agreement |
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| Assessment & Administration Fee | Assessment & Administration Fee: $[TBC] \n \nThe Assessment & Administration Fee is payable by You for JustFund independently assessing Your family law matter and establishing Your Line of Credit. We will debit this fee to Your account on the Commencement Date. Once debited to Your account, the Assessment & Administration Fee will accrue interest in accordance with clause 10. |
| Invoice Processing Fee | Invoice Processing Fee: $[TBC] \nthis covers the cost of processing invoice payments on your behalf and reviewing updates on the status of your legal matter. The Invoice Processing Fee is 3.75% of each amount drawn on your account inaccordance with clause 10. |
| Security Lodgement Fee | Security Lodgement Fee: $[TBC] \nYou must pay the Security Lodgement Fee to us if we register any caveat or mortgage or other security interest pursuant to this Agreement. We will debittheSecurityLodgementFeetoYouraccountontheCommencement Date(inrespect oftheReal Property and the Assigned Rights) or the date we register any caveat or mortgage (in respect of Additional Real Property).Once debited to Your account, each Security Lodgement Fee will accrue interest in accordance with clause 10. |
| Invoices Limit Increase Fee | Invoices Limit increase fee: $[TBC] \nYou may ask JustFund to increase the Invoices Limit. When you make this request, you are also asking JustFund to increase the Credit Limit by an amount greater than the increase to the Invoices Limit. The increase to the Credit Limit is required to reflect the increase in the amounts you can borrow under this Agreement.We will consider Your request and may in writing, at our sole discretion, agree to increase: \na. the Invoices Limit; and \nb. the Credit Limit. \nYou must pay a fee equal to $[TBC] to us if we agree to increase the InvoicesLimitandtheCreditLimitinthiscircumstance.Wewilldebitthis fee to Your account on the date the Invoices Limit and Credit Limit is increased. Once debited to Your account, this fee will accrue interest in accordance with clause 10. |
| Enforcement Expenses | You may be required to pay Enforcement Expenses in accordance with this Agreement in the event of a Default (see clause 32). |
Additional amounts may also become payable under this Agreement in certain circumstances.
| Important Details |
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| Borrower | [●] (You/Your) |
| Borrower Address | |
| Borrower Email and mobile number | |
| Lender | JustFund Finance NZ Limited, trading as JustFund (JustFund/us/we) Level 17 SPACES15 Customs Street West, \nPWC Tower, Commercial Bay \nAuckland, 1010 \nEmail:clients@justfund.co.nz |
| Former Partner | |
| Law Firm | |
| Real Property | [Add address and record of title details here] |
| Caveat | You agree that JustFund may register a caveat on the Real Property and Additional Real Property. |
| Application of Proceeds | You agree to ensure that all Proceeds from Your Legal Matter are deposited to the client trust account of Your Law Firm. JustFund must be repaid directly from the Proceeds deposited to the client trust account of Your Law Firm before they are paid to You or any other party. |
| Statements of account | JustFund will provide a monthly statement of account to You and Your Law Firm. |
| Cancellation | You have the right, for a short period of time, to cancel this Agreement for any reason. See clause 35.2 which explains when and how you can cancel this Agreement. |
| Unforeseen hardship | See clause 46 which summarises when You can apply to us to make certain changes to this Agreement if something unexpected happens to You. |
| Things You must tell us | You must keep us regularly informed, and tell us as soon as practicable, of all material developments in Your Legal Matter. This includes (among other things), if: \na) YoureachanySettlementinYourLegalMatter; \nb) You wish to change Your Law Firm; \nc) You incur a new liability that is greater than $10,000, or extend any existing liability by $10,000 or more; \nd) You wish to deal with, dispose of or encumber any asset or real property (including the Real Property) over which you have given us a security interest or a caveatable interest; \ne) You become party to any other legal proceedings outside of the family court; \nf) You become aware of any circumstances or events that may make Your Legal Matter more expensive or more protracted; \ng) You become or are declared bankrupt; \nh) An event occurs that may undermine or defeat Your family law claim or significantly change the format of Your claim; \ni) You reconcile, cohabitate, recommence Your relationship with Your Former Partner or for any other reason choose not to continue to advance Your Legal Matter; or \nj) Your Former Partner dies. |
Acceptance Of Offer
You may accept this offer for a Line of Credit by signing a copy of this Agreement and returning it to us. You must sign and return it within 21 days of the Disclosure Date, otherwise we will need to reassess Your request for credit.
By signing this Agreement, You:
• acknowledge You received a copy of this Agreement before You signed;
• acknowledge that You obtained independent legal, tax and financial advice;
• accept our offer to extend to you a Line of Credit on the terms set out in this Agreement;
• declare all the information You have given to us is accurate and not misleading or deceptive;
• acknowledge that we are relying on the information You have given us;
• declare that You are not entering this Agreement as a trustee, and accept personal responsibility for the obligations under this Agreement;
• understand that if You Default under this Agreement, we can require You to pay the Outstanding Amount immediately;
• acknowledge that Interest Charges, fees, charges and other amounts will be debited to Your account under this Agreement and will form part of Your Unpaid Balance. This means we will charge you interest on these amounts;
• consent to receiving information about this Agreement (including disclosure required under the Credit Contracts and Consumer Finance Act 2003) in electronic form by electronic communication by email as set out in clause 42.3; and
• agree to the Special Conditions in Schedule 3 to this Agreement.
| EXECUTED AS AN AGREEMENT |
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| Signed by: |
| Signature: |
| Name: |
| Date: |
| Signed on behalf of JustFund Finance NZ Limited |
| Signature of Director: |
| Name of Director (Print): |
| Date: |
CLIENT FUNDING TERMS
1. Definition & Interpretation
1.1. The following definitions apply in this Agreement:
Act means the Property (Relationships) Act 1976.
Additional Real Property has the meaning given to that term in clause 13.3.d.
Advance means an amount advanced by JustFund or otherwise debited to Your account, in each case, in accordance with the terms of this Agreement.
Assessment & Administration Fee means the fee specified in the Financial Table of the Line of Credit Details.
Assigned Rights has the meaning given to that term in clause 37.1.
Borrower has the meaning given to that term in the Important Details of the Line of Credit Details.
Cash Proceeds means any Proceeds that is money available for immediate payment or distribution without the need for a sale or any other transaction of any kind.
Commencement Date means the date on which JustFund received a copy of this Agreement signed by You.
Credit Limit means the amount specified in the Financial Table of the Line of Credit Details (or any higher amount set in accordance with this Agreement). The Credit Limit includes the Invoices Limit.
Default has the meaning given to that term in clause 31.1.
Disclosure Date is the date identified in the Line of Credit Details.
Enforcement Expenses means all internal and external enforcement expenses reasonably incurred by us or our agents where:
a) You breach any term or condition of this Agreement; and
b) we or our agents incur enforcement expenses in enforcing our rights under this Agreement;
and includes but is not limited to:
c) any internal costs in relation to our staff and facilities we may bear to deal with a Default under this Agreement and expenses incurred by us:
i. rectifying a Default by You;
ii. taking proceedings in Court or otherwise to recover amounts due under, or enforcing, this Agreement; or
iii. appointing an agent or receiver, including any amounts due to them by way of reimbursement and as reimbursement of expenses incurred by them in the exercise of their powers;
d) barristers’ fees and lawyers’ fees and expenses (on a full indemnity basis);
e) expert witness costs, fees and expenses, including accounting and valuation experts;
f) receivers’ fees and charges;
g) debt recovery agents’ fees and charges; and
h) process servers’ fees.
Former Partner means the person specified in the Important Details of the Line of Credit Details.
Interest Charge means the amount of interest calculated in accordance with clause 10.
Interest Rate means the variable interest rate that applies to Your Line of Credit. The Interest Rate as at the Disclosure Date is specified in the Financial Table of the Line of Credit Details.
Interim Distribution means any Proceeds that you receive, retain or become entitled to pursuant to an interim Judgment, Order, Settlement or agreement (including an agreement that complies with section 21F of the Act) in Your Legal Matter, including any interim or final maintenance order under the Family Proceedings Act 1980 or costs order prior to the finalisation of Your Legal Matter.
Invoices means invoices or trust deposit requests for the fees incurred or to be incurred by You in conducting Your Legal Matter, including Law Firm fees, counsel fees, court fees, expert fees and other disbursements, as recorded in the budget at Schedule 2.
Invoices Limit means the amount specified in the Financial Table of the Line of Credit Details (or any higher amount agreed by us in accordance with this Agreement). The Invoices Limit is part of the Credit Limit.
Invoices Limit increase fee means the fee specified in the Financial Table of the Line of Credit Details or such amended amount set by us in accordance with clause 29.4.
Irrevocable Letter of Instruction means the letter from You to Your Law Firm in the form set out at Schedule 1.
Judgment means a decision, order or judgment by a court in relation to Your Legal Matter.
JustFund Bank Account means the bank account of JustFund as notified by JustFund to You from time to time.
Law Firm means the law firm specified in the Important Details of the Line of Credit Details.
Legal Matter means the legal matter in relation to the division of property and financial matters between You and Your Former Partner.
Line of Credit means an amount of funding, up to the Credit Limit.
Non-Cash Proceeds means any Proceeds that are not Cash Proceeds. Order means an order made by a court in relation to Your Legal Matter. Outstanding Amount, on any date, means the sum of:
a. the Repayment Amount or, if there has not been a Repayment Date, the Unpaid Balance; and
b. all other money payable to us under this Agreement and outstanding on that date, including any accrued default interest, fees, indemnities, costs and expenses.
Overdue Amount has the meaning given to that term in clause 32.4.
Proceeds means any and all assets, rights, interests and property as defined by section 2 of the Act, including any real property and superannuation entitlements and interests in trust owned property, that You receive, retain or become entitled to, including at any time in the future, pursuant to any Interim Distribution, Settlement, Judgment, Order or resolution in Your Legal Matter, including any costs order.
Reasonable Offer means an offer You are to make or accept as described in clauses 22.2 or 22.3 (respectively).
Real Property means the real property located in New Zealand (if any) and specified in the Important Details of the Line of Credit Details.
Related Rights means all rights and remedies and all proceeds and claims in favour of You arising or derived from Your Legal Matter.
Repayment Amount means the amount calculated in accordance with clause 13.1.
Repayment Date means the date immediately following a Successful Outcome that you receive or become entitled to retain Proceeds, unless all or some of the Proceeds are Non- Cash Proceeds, in which case, in respect of Non-Cash Proceeds only, the date that is the earlier of:
a. 4 months after the Successful Outcome; and
b. the date You receive or become entitled to retain moneys from the sale, refinance or other monetisation of the Non-Cash Proceeds under clause 13.3.b.
This means that where you receive or are entitled to retain both Cash and Non-Cash Proceeds as part of a Successful Outcome, You will have two Repayment Dates.
Security Lodgement Fee means the fee specified in the Financial Table of the Line of Credit Details or such amended amount set by us in accordance with clause 29.4.
Settlement means any settlement or agreement (including an agreement that complies with the requirements of section 21F of the Act) or any other resolution or compromise of any kind in relation to Your Legal Matter.
Special Conditions means the terms and conditions recorded at Schedule 3.
Successful Outcome means a Judgment, Order or Settlement in relation to Your Legal Matter pursuant to which You receive or become entitled to retain Proceeds.
Third Party Authorisation means a letter signed by You in the form set out at Schedule 4.
Unpaid Balance means, on any day, the difference between all amounts debited and credited to Your account under this Agreement.
Unsuccessful Outcome means a final and binding outcome in Your Legal Matter where You receive no Proceeds.
1.2. In this Agreement, unless the context indicates otherwise:
a. A reference to any agreement or document is to that agreement or document as amended, novated, supplemented or replaced from time to time.
b. A reference to a clause, part, schedule or attachment is a reference to a clause, part, schedule or attachment of or to this Agreement.
c. A word which indicates the singular indicates the plural, a word which indicates the plural indicates the singular, and a reference to any gender indicates the other genders.
d. An expression importing a natural person includes any company, trust, partnership, joint venture, association, body corporate or public authority.
e. A reference to dollars or $ means New Zealand dollars.
f. The schedules and attachments form part of this Agreement.
g. The headings do not form part of this Agreement.
h. References to the word ‘include’ or ‘including’ are to be interpreted without limitation.
i. A reference to a "business day" means a day other than a Saturday, Sunday or public holiday on which banks are open for business generally in New Zealand.
j. Where a period of time is specified and dates are from a given day or the day of an act or event it must be calculated exclusive of that day.
k. A reference to any legislation includes any statutory regulations, rules, orders or instruments made or issued pursuant to that legislation and any amendment to, re- enactment of, or replacement of, that legislation.
l. A reference to "You" or "Your" is a reference to the Borrower.
m. A reference to "JustFund", "we" or "us" is a reference to JustFund and its assignees or transferees.
2. Before we give You the Line of Credit
2.1. JustFund will provide the Line of Credit to You under this Agreement at its sole discretion having regard to whether:
a. we have received a completed and signed original or certified copy of this Agreement from You;
b. Your Law Firm has completed JustFund’s law firm accreditation process to JustFund’s satisfaction and has been confirmed as accredited by JustFund;
c. we have received all documents and other evidence reasonably requested by us to carry out all necessary “know Your customer” or other similar checks in relation to You;
d. we have received the Irrevocable Letter of Instruction completed and signed by You and Your Law Firm;
e. we have received the Third Party Authorisation completed and signed by You;
f. You have complied with any Special Conditions required to be completed before JustFund will advance funds to You under this Agreement;
g. You are not in Default under this Agreement;
h. nothing has occurred that would entitle us to commence proceedings under this Agreement;
i. there has been no material adverse change to the prospects of JustFund, including among other things, the prospects of us being repaid in accordance with the terms of this Agreement, including (but not limited to) Your expected entitlement or value of Proceeds; and
j. anything else we specify in this Agreement has been complied with.
2.2. If JustFund pauses or ceases to make Advances, this Agreement will continue with full force and effect and, for the avoidance of doubt, JustFund will remain entitled to the Outstanding Amount in accordance with the terms of this Agreement.
3. Funding Your Legal Matter
3.1. Subject to the terms of this Agreement, JustFund agrees to provide an amount of funding up to Your Credit Limit to You for the dominant purpose of You pursuing remedies in relation to Your Legal Matter.
3.2. The Unpaid Balance must not exceed the Credit Limit at any time.
4. Drawdown of Funding
4.1. You may use Your Line of Credit to obtain Advances from JustFund to pay Invoices associated with Your Legal Matter.
4.2. All Invoices are debited to Your account.
4.3. JustFund will make an Advance (subject to the terms of this Agreement) equal to the amount of an Invoice upon submission by Your Law Firm of that Invoice to JustFund, provided You have approved that Invoice.
4.4. The Advance will be paid to Your Law Firm or other service provider on Your behalf as payment of the Invoice.
4.5. JustFund may in its sole discretion make an Advance for an amount other than payment of Invoices as agreed between You and JustFund or as contemplated by clause 40.
4.6. Any Advances by JustFund under this Agreement are at its sole discretion. JustFund will cease to make any Advances once a Successful Outcome or an Unsuccessful Outcome has occurred.
4.7. Notwithstanding clause 4.3 and without prejudice to clause 4.6, JustFund is not required to make an Advance if:
a. making the Advance would cause:
i. the Unpaid Balance (including the proposed new Advance) to exceed the Credit Limit; or
ii. the aggregate amount of Advances (including the proposed new Advance) used to pay Invoices to exceed the Invoices Limit;
b. the Invoice is not for a fee or cost recorded in the budget at Schedule 2 as amended, varied or extended by JustFund in its sole discretion;
c. the Invoice is not for a fee or cost associated with Your Legal Matter;
d. there has been a material adverse change under clause 28.1 or the Advance is not in the legitimate best interests of JustFund under clause 28.2;
e. You are in Default under this Agreement; or
f. JustFund is not otherwise required to do so under this Agreement.
5. Your account
5.1. JustFund will open an account in Your name for the purposes of this Agreement. We will debit each Advance against Your account as and when it is made or otherwise at the times set out in this Agreement.
5.2. We may not tell You before debiting any amount.
5.3. We may subsequently adjust debits and credits to Your account, and the balance owing on Your account, so as to accurately reflect the legal obligations of You and us (for example, because of an error or because a payment is dishonoured).
6. Your key obligations
6.1. You must:
a. pay the Repayment Amount on the Repayment Date;
b. pay any other amounts payable in accordance with this Agreement;
c. if You are in Default, pay the Outstanding Amount when we make demand under this Agreement;
d. advise us of any changes in Your name, contact details or Your bank account on file with JustFund;
e. not terminate Your engagement with Your Law Firm without our prior written consent;
f. instruct Your Law Firm to act in accordance with Your obligations under this Agreement, including the Irrevocable Letter of Instruction; and
g. notify us of any material development in Your Legal Matter.
7. Assessment & Administration Fee
7.1. The Assessment & Administration Fee will be debited to Your account on the Commencement Date and will form part of the Unpaid Balance
9. Security Lodgement Fee
9.1. If we exercise our discretion to register any caveat or mortgage or other security interest pursuant to this Agreement, the Security Lodgement Fee will be debited to Your account on the Commencement Date (in respect of the Real Property and the Assigned Rights) or on the date we register any caveat or mortgage (in respect of Additional Real Property), and will form part of the Unpaid Balance.
10. Interest Charge
10.1. JustFund calculates the interest on a daily basis, by multiplying the daily interest rate by the daily Unpaid Balance at the end of each day. The daily interest rate is the Interest Rate divided by
365.Interest is debited to Your account on the last calendar day of each month and the day You pay the final amount under this Agreement, and will form part of the Unpaid Balance once debited.
It is important You understand that we will charge you interest on all amounts that are debited to Your account as we charge interest on the daily Unpaid Balance.
11. Other amounts debited to your account
11.1. We may debit to Your account:
a. any new or amended fee or charge notified to You;
b. any indemnity amounts for which You become liable to us under this Agreement; and
c. any government charges, duties, taxes, or levies in connection with this Agreement. Once debited, these amounts form part of the Unpaid Balance.
11.2. The amounts in clause 11.1 will be debited to Your account:
a. if the amount is payable to us, at the times described in this Agreement; or
b. if the amount is payable to a third party, the date that we notify you of the relevant amount.
12. Trust Account
12.1. You must take any and all steps necessary to ensure that all Proceeds, including funds from the sale or monetisation of Non-Cash Proceeds, are deposited to the client trust account of Your Law Firm.
12.2. You must instruct Your Law Firm to apply all Proceeds to pay JustFund in accordance with this Agreement, in priority to You and any other party.
12.3. The parties agree that any amount held in Your Law Firm’s trust account, including Proceeds, is to be held and distributed in accordance with this Agreement.
13. Repayment Amount
13.1. The Repayment Amount is calculated on the Repayment Date and is the lesser of:
i. the Unpaid Balance; or
ii. the Proceeds.
| If there is an Unsuccessful Outcome, You do not have to pay the Unpaid Balance to JustFund and the Repayment Amount will be nil. Where this occurs, there will be tax consequences for You. For example, because JustFund will not seek to recover the Unpaid Balance, this would give rise to income for You under this Agreement |
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13.2. You must pay the Repayment Amount to us on the Repayment Date. JustFund may by written notice to You, at its sole discretion, extend the Repayment Date.
13.3. Following a Successful Outcome:
a. Where you are entitled to receive or retain Cash Proceeds, You must pay all the Cash Proceeds to JustFund toward payment of the Repayment Amount on the Repayment Date; and
b. If:
i. there are no Cash Proceeds; or
ii. if the amount of Cash Proceeds is less than the Repayment Amount, then immediately after complying with 13.3.a,
You must:
iii. take all steps necessary to sell, refinance or otherwise monetise the Non-Cash Proceeds in an amount that enables you to pay JustFund any outstanding portion of the Repayment Amount, as soon as possible and no later than 4 months after the Successful Outcome; and
iv. pay moneys received following any such sale, refinance or monetisation of Non-Cash Proceeds to JustFund in payment of the Repayment Amount on the date that you receive or become entitled to retain the funds from any sale, refinance or monetisation.
c. If You make a payment to us that is less than the Repayment Amount, any such payment will be applied as a reduction to the Unpaid Balance at the date of receipt of the part payment. Interest under clause 10 continues to accrue on the remaining Unpaid Balance.
d. If any real property is transferred to You as a Non-Cash Proceed (Additional Real Property), You agree to mortgage all of Your present and future interests in the Additional Real Property to JustFund in accordance with clauses 38 and 41 of this Agreement.
13.4. Notwithstanding any clause in this Agreement, You must pay the entire Repayment Amount in full to JustFund not later than 4 months after a Successful Outcome.
13.5. You are not required to make any payment in respect of the Unpaid Balance until after a Successful Outcome is reached in Your Legal Matter. However, You may voluntarily repay Your Unpaid Balance (in part or in full) at any time pursuant to clauses 15 and 16 of this Agreement.
13.6. Any amount to be paid to JustFund under this Agreement is to be paid to the JustFund Bank Account. Please contact us to get these details from us. Our contact details are set out in the Important Details of the Line of Credit Details.
13.7. Each repayment You make under this Agreement is credited to Your account in the manner outlined in this Agreement.
13.8. We will credit any money we receive under this Agreement to Your account as soon as practicable after receipt of the payment. This may not be the day upon which it is received.
13.9. Payments received by us after 3.00pm on a business day may not be credited until the next business day.
13.10. You must not, at any time, pay an amount to us which would cause Your account to have a credit balance. Should that occur, we will refund that amount to You. We will not pay interest on a credit balance.
14. Interim Distributions
14.1. If You receive an Interim Distribution that is greater than or equal to the then outstanding Unpaid Balance:
a. You must apply the Interim Distribution to pay the entire Unpaid Balance (or, if higher, the Outstanding Amount) and we will treat the payment as if a Successful Outcome has occurred; and
b. if the Outstanding Amount is paid in full, this Agreement will be terminated in accordance with clause 35.1 and You will not be able to redraw against any monies repaid by You.
14.2. If You receive an Interim Distribution that is less than the then outstanding Unpaid Balance, then the full Interim Distribution must be applied as part payment of the Unpaid Balance within 7 days after the date of receipt of the Interim Distribution.
15. Voluntary Repayment in Full
15.1. You may repay the full Unpaid Balance (including any accrued interest) at any time before the Repayment Date and we will treat the payment as if a Successful Outcome has occurred.
15.2. If the Outstanding Amount is paid in full, this Agreement will be terminated in accordance with clause 35.1 and You will not be able to redraw against any monies repaid by You.
16. Voluntary Partial Repayment
16.1. You may make a partial repayment in respect to Your Unpaid Balance at any time.
17. Payments in the Event of Default
17.1. Notwithstanding any other clause in this Agreement, if you are in Default, we will apply any payments we receive from You in the following order:
a. to any default interest accrued and payable under clause 32.4; then
b. to any Enforcement Expenses payable under clause 32.5; then
c. if the remaining balance of the payment is equal to or greater than the Repayment Amount or, if there has not been a Repayment Date, the Unpaid Balance at the date of payment, to the Repayment Amount or Unpaid Balance (as applicable) in full; then
d. if the remaining balance of the payment is less than the Repayment Amount or Unpaid Balance (as applicable) at the date of payment, any such payment will be applied as a reduction of the Repayment Amount or Unpaid Balance (as applicable) at the date of payment.
18. Monthly Statements
18.1. JustFund will provide a statement to You and Your Law Firm each month that records (among other things):
a. the Unpaid Balance of Your account;
b. the current Interest Rate;
c. the Credit Limit; and
d. all debits and credits made to Your account.
19. Warranties
19.1. You represent and warrant to JustFund that:
a. You have full power and authority to enter this Agreement;
b. neither the execution nor the performance of this Agreement conflict with, or result in any breach of, or require any consent or approval under, any other agreement or instrument to which You are a party;
c. all statements made, information and documents provided in connection with Your application to JustFund and all representations which You have made or may make to JustFund in connection with this Agreement are true and correct. You acknowledge that JustFund has relied upon the correctness of those statements, documents or representations in entering into this Agreement and will continue to do so;
d. You have identified, to the best of Your knowledge, all assets, liabilities, income and expenses related to You and Your Former Partner;
e. You have identified to JustFund any assets that may form part of the Proceeds that are or may be held on trust in any capacity;
f. You have not ever been charged with a criminal offence;
g. You will immediately inform JustFund if there is any material change in Your circumstances, including in relation to Your Legal Matter, that may affect the likelihood of a Successful Outcome or JustFund being repaid under this Agreement;
h. You will inform JustFund promptly if Your contact or bank account details change;
i. You have not relied on any representation made by JustFund which has not been stated expressly in this Agreement, or upon any descriptions, illustrations or specifications contained in any document including any website or public material produced by JustFund;
j. You will regularly check Your residential and email address for correspondence from JustFund.
20. Undertakings
20.1. You agree that You:
a. will use Your best endeavours to achieve a Successful Outcome;
b. will devote Your attention and resources to Your Legal Matter as are necessary to enable Your Law Firm to conduct Your Legal Matter effectively, efficiently and in a proper and timely manner;
c. will not take or omit to take any action that would or might be likely to adversely affect the prospects of a Successful Outcome;
d. will cooperate fully with Your Law Firm, in particular, by promptly providing all information, evidence and documents requested by Your Law Firm, and will deal promptly and diligently with all requests by Your Law Firm:
i. to provide any and all evidence; and
ii. to search for disclosable documents;
e. will follow the legal advice of Your Law Firm in a proper and timely fashion;
f. will not instruct Your Law Firm to act in such a way that would, or might be likely to, cause a breach of the terms of this Agreement;
g. have taken independent legal and tax advice and fully considered and understand the risks associated with entering into this Agreement;
h. have not relied on JustFund for legal, financial or other professional advice in respect of Your Legal Matter;
i. will pursue Your Legal Matter at all times without pause or delay; and
j. will pursue Your Legal Matter at all times in good faith.
20.2. Notwithstanding Your obligations under this Agreement, You will have complete control over the conduct of Your Legal Matter.
21. Special Conditions
21.1. You agree to the terms and conditions recorded in the Special Conditions.
22. Settlement
22.1. You will at all times use reasonable endeavours to seek to settle Your Legal Matter and You will instruct Your Law Firm to notify You when they consider it is appropriate to make an offer of Settlement.
22.2. Subject to clause 22.4, if Your Law Firm advises that it is reasonable to make an offer, You agree that You will make that offer to the parties in Your Legal Matter.
22.3. Subject to clause 22.4, if You receive an offer of Settlement in Your Legal Matter and Your Law Firm advises that it is reasonable to accept the offer, You agree that You will accept that offer.
22.4. You will not make or accept an offer of Settlement under which You are entitled to Proceeds in an amount or value less than the Unpaid Balance as at that date unless either:
a. subject to clause 22.5, Your Law Firm advises that the prospects of You being entitled to Proceeds greater than the Unpaid Balance at that date are less than 50%; or
b. JustFund agrees in writing that You may make or accept the relevant offer of Settlement.
22.5. If Your Law Firm advises that the prospects of You being entitled to Proceeds greater than the Unpaid Balance as at that date are less than 50%:
b. You must inform JustFund;
c. JustFund will have 10 business days to confirm whether it agrees or disagrees with Your Law Firm’s assessment of the prospects in Your Legal Matter;
d. if JustFund does not agree with Your Law Firm’s assessment of the prospects, independent counsel will then be instructed by JustFund to provide an opinion on whether the prospects of You being entitled to Proceeds greater than the Unpaid Balance at that date are less than 50%;
e. the cost of the independent counsel’s opinion will be paid by JustFund; and
f. if independent counsel advises that prospects of You being entitled to Proceeds greater than the Unpaid Balance at that date are:
i. less than 50%, only then may You make or accept the relevant offer; or
ii. 50% or better, You must not accept the relevant offer.
23. The Services
23.1. You acknowledge and agree:
a. JustFund provides a method of funding to pay for Your Legal Matter;
b. JustFund does not provide legal advice and that JustFund is not responsible for the conduct or outcome of Your Legal Matter;
c. if You object, challenge or otherwise seek review of an Invoice that has been approved and paid in accordance with this Agreement, that is a matter between You and Your Law Firm and Your obligations under this Agreement, including repayment obligations to JustFund in relation to that Invoice, will continue with full force and effect; and
d. JustFund makes no warranty as to the merchantability, suitability or otherwise of Your Law Firm and is not liable for any representation or conduct of Your Law Firm.
24. Commission
24.1. You acknowledge that we may pay a commission to a third party in relation to this Agreement.
24.2. JustFund will charge a fee to Your Law Firm calculated as a percentage of the total value of each Invoice paid under clause 4.4. This percentage may range from 4% to 5% of each Invoice.
25. Your Law Firm
25.1. You must not terminate Your engagement with Your Law Firm without JustFund’s prior written consent.
25.2. ou will instruct Your Law Firm to provide any information to JustFund relating to any aspect of this Agreement or Your Legal Matter.
25.3. You acknowledge and agree that JustFund:
a. will provide a copy of this Agreement to Your Law Firm;
b. will notify Your Law Firm if You are in Default under this Agreement;
c. may communicate or otherwise engage with Your Law Firm in relation to any aspect of this Agreement or Your Legal Matter, including among other things, providing Your Law Firm with a copy of Your account balance at any point in time; and
d. may communicate with and/or share information with other third parties or vendors in administration of this Agreement in order to effect servicing, payments, collections, or otherwise administer and make decisions in the execution of our obligations and rights under this Agreement.
25.4. If JustFund consents to You changing law firms, You agree that you will instruct the new law firm to act in accordance with Your obligations under this Agreement and You will sign and issue a new Irrevocable Letter of Instruction to Your new law firm.
26. Other Outcomes
26.1. If Your Former Partner dies or is subject to some incapacity that causes You to retain, receive or be entitled to assets or property that may otherwise have formed part of the Proceeds, including by way of will, joint title property, gift, letters of administration, court order or otherwise, You agree to pay JustFund the Unpaid Balance within 28 days of receiving the assets or property.
27. Variation of Credit Limit and Invoices Limit
27.1. JustFund may increase the Credit Limit in writing, at its sole discretion and without getting Your consent. We will notify You if we exercise this right.
27.2. You may ask JustFund to increase the Invoices Limit. When you make this request, you are also asking JustFund to increase the Credit Limit by an amount greater than the increase to the Invoices Limit. The increase to the Credit Limit is required to reflect the increase in the amounts you can borrow under this Agreement. JustFund will consider Your request and may, at its sole discretion, agree to increase:
a. the Invoices Limit; and
b. the Credit Limit.
JustFund will notify You if it agrees to Your request.
27.3. If JustFund agrees to increase the Invoices Limit and Credit Limit under clause 27.2, then:
a. a fee equal to $[●] will be debited to Your account on the date the Invoices Limit and Credit Limit is increased. Such fee will form part of the Unpaid Balance; and
b. JustFund may change the Interest Rate applying under this Agreement in accordance with clause 29.
28. Material Adverse Change
28.1. JustFund is not required to make any Advance if JustFund considers, in its sole discretion, that there has been a material adverse change to the prospects of JustFund being repaid in accordance with the terms of this Agreement, including but not limited to Your expected entitlement or value of Proceeds.
28.2. Notwithstanding any provision in this Agreement, JustFund is not required to make any Advance if JustFund considers, in its sole discretion, that making the Advance is not in the legitimate best interests of JustFund.
28.3. If JustFund pauses or ceases to make Advances for any reason under this Agreement, this Agreement will continue with full force and effect and, for the avoidance of doubt, JustFund will remain entitled to the Outstanding Amount in accordance with the terms of this Agreement.
29. Changes
29.1. We may change the Interest Rate applying under this Agreement at any time (including where we agreed to increase the Invoices Limit).
29.2. We will notify You of any change to the Interest Rate.
29.3. You may contact us or check our website to find out our current interest rates. Our contact details are set out in the Important Details of the Line of Credit Details and our current interest rates are also available at [insert page on NZ website where the JustFund Category A Variable Interest Rate, JustFund Category B Variable Interest Rate and JustFund Category C Variable Interest Rate are published].
29.4. We may charge new credit fees and change:
a. the credit fees;
b. the amount of any credit fees; or
c. the frequency with which a credit fee must be paid, by giving You at least 20 days’ notice in writing.
29.5. We can make such changes to this Agreement as are required:
a. to comply with any change or anticipated change in any relevant law, code of practice, guidance or general banking practice; or
b. to reflect any decision of a court, ombudsman or regulator. We will give You notice of the changes as are required by law.
29.6. We can change this Agreement, or any part of it, at any time without Your consent, for one or more of the following reasons:
a. to reflect a change in our systems or procedures, including for security reasons;
b. to respond to changes in the cost of providing credit (including by changing interest rates);
c. to respond to changes in the capital available to JustFund from time to time; or
d. to make this Agreement clearer or to add features. We will give You notice of the changes as are required by law.
30. Indemnity
30.1. You indemnify JustFund in an amount equal to any liability of JustFund in relation to any costs order made by a court in relation to Your Legal Matter or any costs You agree to pay in relation to Your Legal Matter.
30.2. You indemnify us in an amount equal to any claim, liability, cost, damage and expense (including legal costs on full indemnity basis) that we notify You as having been incurred or sustained by us as a result of or in connection with:
a. Any action brought against us by Your Former Partner, individuals associated with your Former Partner or their legal representatives in connection in any way to this Agreement;
b. You making a false representation (verbally, in writing or by Your conduct), or failing to disclose a material matter;
c. any fraudulent or negligent act or omission by You;
d. any breach or non-observance by You with any Law; or
e. any breach or non-observance by You with a term or condition of this Agreement and any mortgage or security interest.
30.3. Any amount payable under this clause 30 will be debited to Your account immediately on the date that we notify You of the relevant amount.
31. Default
31.1. You are in "Default" under this Agreement if:
a. You breach a warranty, undertaking, Special Condition or any other provision of this Agreement and You fail to remedy the breach within 5 business days after JustFund gives You notice to correct the breach;
b. You do not pay on time any amount due under this Agreement;
c. You settle, abandon, withdraw or discontinue Your Legal Matter except in accordance with the terms of this Agreement;
d. We are informed by Your Law Firm that You rejected a Reasonable Offer or You do not make a Reasonable Offer;
e. You or a person acting on Your behalf gives JustFund or has given JustFund materially incorrect or misleading information in connection with this Agreement, or JustFund reasonably believes that You or another person acting on your behalf has acted fraudulently or illegally in connection with this Agreement;
f. You are charged with a criminal offence;
g. You become or are declared bankrupt, are wound up or become subject to statutory management, no asset procedure, debt repayment order, administration or receivership or any similar thing under any law;
h. You fail to respond to our communications, or fail to provide satisfactory answers to our reasonable requests for updates and/or further information in relation to Your Legal Matter;
i. You deal with, dispose of, or encumber any assets or real property (including the Real Property) over which you have given us a security interest or a caveatable interest, without our prior written consent;
j. for any reason, any security interest granted to JustFund pursuant to this Agreement, including a caveat or mortgage, is terminated, discharged, removed, withdrawn or otherwise invalidated in any way without JustFund’s prior written consent;
k. You lose capacity to continue to provide instructions to Your Law Firm, including if You die;
l. You reconcile, cohabitate or otherwise recommence Your relationship with Your Former Partner, such that You do not continue to advance Your Legal Matter as quickly and expediently as possible; and/or
m. the Irrevocable Letter of Instruction is rescinded or varied without the prior written consent of JustFund, or is illegal, void or unenforceable.
31.2. Your estate is in Default under this Agreement upon Your death. The Outstanding Amount will be immediately due and payable as a debt against Your estate.
32. What can happen if You are in Default
32.1. If You are in Default, we may give You a notice stating that You are in Default.
32.2. We may give You an opportunity to remedy any Default that can be remedied. If You do not, or cannot, remedy the Default within any grace period given in any notice we give You (or if You are in Default again for a similar reason at the end of that period), then, at the end of that period we may exercise any of our rights under clause 34.1.
32.3. If we reasonably believe that a Default is not capable of being remedied (including where You have given us incorrect or misleading or deceptive information or acted fraudulently in connection with this Agreement), we may exercise any of our rights under clause 34.1.
32.4. If You do not pay us an amount when it is due and payable under this Agreement ("Overdue Amount"), we may charge the Default Interest Rate (as specified in the Financial Table of the Line of Credit Details) on that Overdue Amount from the date it is due and payable until that Overdue Amount is paid in full. Default interest is calculated on a daily basis, by multiplying the daily default interest rate by the Overdue Amount at the end of each day. The daily default interest rate is the Default Interest Rate divided by 365. This default interest is charged on the last calendar day of each month and on the day you pay the Overdue Amount in full. Once default interest is charged, You must pay it immediately and, if not paid immediately, the default interest may itself accrue default interest as an Overdue Amount.
32.5. We will also charge You any Enforcement Expenses incurred in connection with the Default and, once demanded, You must pay it immediately.
32.6. The default interest that may accrue under clause 32.4 and any Enforcement Expenses in clause 32.5 means that the amount You may have to pay following a Default could exceed the Repayment Amount.
32.7. If You are in Default and JustFund are unable to collect any Outstanding Amounts You owe to us, JustFund may engage a debt collector to recover amounts owing under this Agreement. You must pay for any Enforcement Expenses JustFund incurs in exercising JustFund’s rights to recover any Outstanding Amount due under this Agreement. You consent to JustFund disclosing all information provided by You in connection to this Agreement to the debt collector.
33. Waiver of Default
33.1. We may (but are not obliged to) agree to waive a Default.
33.2. We may, as a condition precedent to waiving the Default, offer You alternative terms and conditions in respect of all of part or the Outstanding Amount at the time of the Default. These alternative terms will reflect our increased risk as a result of waiving the Default.
33.3. If You accept the alternative terms, the Default will cease to be grounds for us to commence enforcement action (unless another Default occurs).
34. Our power to commence enforcement proceedings
34.1. If we do not agree to waive a Default as set out in clause 33 then we may (but are not obliged to) commence enforcement proceedings and may do all or any of the following:
a. call for payment of the Outstanding Amount, which amount will be immediately due for payment;
b. end our obligation to make Advances to You under this Agreement;
c. do anything or pay any amount we reasonably believe is necessary to rectify any Default; and
d. exercise all incidental rights and powers to give effect to our rights under this Agreement.
34.2. If we exercise any of our rights on Default, then in addition to any other rights we may have by law:
a. any Enforcement Expenses that we incur will be payable by You; and
b. we may give effective receipts and such assurances and do all such other things as we may consider appropriate in the exercise of our rights and powers.
35. Termination
35.1. Subject to clause 35.2, this Agreement will terminate when You have paid the Outstanding Amount in full.
35.2. You may cancel this Agreement by giving written notice of the cancellation to JustFund within 10 Working Days after this Agreement was sent or given to you. You must also repay any money you have borrowed under this Agreement. JustFund can also ask you to pay:
a. interest from the date you borrowed the money; until the day you have repaid those monies; and
b. the amount of the reasonable expenses JustFund had to pay in connection with this Agreement and its cancellation.
In this clause 35.2, Working Days means any day other than a Saturday, Sunday, national public holiday in New Zealand and a day between 25 December and 2 January (inclusive).
36. Set-off
36.1. You must pay all amounts owed under this Agreement in full without setting off or deducting amounts You believe we owe You and without counterclaim, including without any deduction for any amount of tax, unless a tax deduction is required by law.
37. Assignment of Proceeds
37.1. You assign to JustFund by way of security all of Your rights, title, benefit and interest from time to time under and in respect of the Proceeds together with all Related Rights ("Assigned Rights").
37.2. You acknowledge and agree that JustFund may, pursuant to its exercise of the Assigned Rights, request any party that may be relevant to the administration of Proceeds (including a conveyancer or Your Former Partner's law firm) to pay Proceeds to a law firm nominated by JustFund under the Third Party Authorisation. If JustFund makes such a request, it will only nominate Your Law Firm.
38. Security
38.1. You agree to mortgage (being a first ranking all obligations mortgage, subject to any prior ranking mortgage approved by JustFund) all of Your present and future interests in the Real Property and Additional Real Property to JustFund. JustFund may register a caveat over the Real Property or Additional Real Property in respect of this agreement to mortgage.
38.2. You must execute such documents as we reasonably require, including a power of attorney, for the purpose of giving effect to any mortgage over the Real Property or Additional Real Property.
38.3. The mortgage over the Real Property and Additional Real Property and the assignment at clause 37.1 secures all of Your obligations and amounts outstanding under this Agreement until those obligations and amounts have been met or paid. If upon an exercise of any of JustFund's rights under any of these security interests there remains any amounts outstanding under this Agreement, You will still be required to pay those amounts outstanding in accordance with this Agreement. When a Successful Outcome or Unsuccessful Outcome has occurred and all obligations and amounts outstanding under this Agreement have been met or paid, and, if there is no outstanding breach of this Agreement, we will, on request, release the Real Property, the Additional Real Property and the Assigned Rights from any security interest and withdraw or discharge any caveat or mortgage.
38.4. You will not create or permit to be created any interest, security, assignment or charge over the Real Property, Additional Real Property or the Assigned Rights without the prior written consent of JustFund (in JustFund's sole discretion), other than any prior ranking mortgage approved by JustFund. If You do, this would be a breach of this Agreement and You will be in Default under clause 31.1. If a Default occurs, we may seek to recover amounts owing under this Agreement by exercising our rights under any security interest, including the Assigned Rights. If upon an exercise of any of these rights and application of any amounts recovered, there remains any amounts outstanding under this Agreement, You will be required to pay those amounts outstanding in accordance with this Agreement.
39. Third Party Correspondence
39.1. You authorise JustFund to send a copy of the Third Party Authorisation at any time to any party that may be relevant to the administration of Proceeds, including any conveyancer and the law firm of Your Former Partner.
40. Advance to Clear Arrears or Default on Loans
40.1. If at any time You are in default or arrears under any other loan or other credit facility, JustFund may, at its sole discretion and without being under any obligation to do so, provide an Advance to pay all or part of the amount in default or arrears. If JustFund provides such an Advance, JustFund may also, in accordance with clause 27.1, increase the Credit Limit by an amount greater than that Advance, to reflect the increase to the amounts you can borrow under this Agreement.
40.2. Any such Advance will be debited to your account on the date the amount is paid by JustFund. Once debited to Your account, that Advance forms part of the Unpaid Balance.
40.3. You agree to provide all authorisations and information reasonably required by JustFund to make such a payment, including but not limited to relevant account details, demand letters, loan statements, or communications from the lender or credit provider.
40.4. You further agree that any such Advance provided by JustFund does not amount to a waiver of JustFund’s rights under this Agreement, nor does it mean that JustFund is assuming any responsibility or liability for the underlying loan or credit facility.
41. Further assurances
41.1. You agree (at Your own cost) promptly to do all things and execute all documents that we may request You to do in order to:
a. ensure that this Agreement is fully effective, enforceable and any security interest is perfected and registered with the required priority; and
b. otherwise give full effect to the provisions of this Agreement and the transactions contemplated by this Agreement, and enable us to obtain the full benefit of the provisions of this Agreement.
42. Communication & Notices
42.1. You authorise JustFund to communicate with You by email, telephone, text message and letter.
42.2. You must notify JustFund if You change Your name, residential, or email address, telephone or mobile number.
42.3. If JustFund gives You a document, notice or information under this Agreement (including disclosure required by the Credit Contracts and Consumer Finance Act 2003), then You consent to JustFund doing so:
a. by delivering it to You personally;
b. by sending it by post to Your residential address shown in the Important Details of the Line of Credit Details; or
c. in electronic form by electronic communication by emailing it to the email address shown in the Important Details of the Line of Credit Details,
and where you notify us of a change to residential or email address under clause 42.2, your consent to us using that new residential address or email address under this clause 42.3.
42.4. If You have to give JustFund a document or notice under this Agreement, then You can do so by sending it by post or leaving it at JustFund’s address or emailing it to the email address shown in the Important Details of the Line of Credit Details, or any other address we tell You.
43. Information
43.1. You agree to:
a. keep JustFund regularly informed of all material developments in Your Legal Matter as soon as reasonably practicable, including informing us of any developments listed in the Important Details of the Line of Credit Details, including but not limited to:
i. any development that may have an impact on the outcome or budget of Your Legal Matter;
ii. the progress of any Settlement discussions or any Settlement offer with the other parties to Your Legal Matter;
iii. any pre-action or interlocutory (or equivalent) application You intend to make in respect of Your Legal Matter;
iv. any court or tribunal hearing in Your Legal Matter due to take place;
v. any Settlement offer, Settlement, Unsuccessful Outcome or Successful Outcome; and/or
vi. any change in Your Law Firm’s assessment of the prospects of success in Your Legal Matter, as a whole or in respect of any part or stage of Your Legal Matter;
b. promptly comply in all respects with all requests by or on behalf of JustFund for information and documents in connection with Your Legal Matter.
43.2. You will instruct Your Law Firm to:
a. keep JustFund regularly informed of all material developments in Your Legal Matter as soon as reasonably practicable, including by way of a monthly written report from Your Law Firm to JustFund in a format prescribed by JustFund from time to time; and
b. respond to any request for information by JustFund.
44. Confidentiality
44.1. All information that is disclosed by each party in respect of this Agreement, or in the course of negotiating this Agreement, will be treated as confidential information (“Confidential Information”) and will not amount to a waiver of legal professional privilege.
44.2. This Agreement, including the provision of funding by JustFund, is Confidential Information and must not be disclosed to any party, including Your Former Partner, except as provided by this Agreement.
44.3. Except as provided by this Agreement, each party will hold the Confidential Information in strict confidence and will not use the Confidential Information for any purpose other than for the performance of this Agreement, nor disclose the Confidential Information to any person other than an affiliate except as required to be disclosed by law for a period of 2 years from the date of termination of this Agreement.
44.4. Confidential Information will not include any information that is public knowledge or publicly available or which is required by law to be disclosed by a party.
44.5. Each party may disclose Confidential Information:
a. to Your Law Firm;
b. to any of its directors, employees, agents, accountants, service providers, officers, auditors, insurers, affiliates, current or potential capital providers;
c. where such disclosure is required by law;
d. in the case of JustFund only, to any assignee or transferee or potential assignee or transferee; and
e. otherwise with the written consent of the other party.
45. Fair Trading Act
45.1. To the extent that the Fair Trading Act 1986 would make a provision of this Agreement illegal, void or unenforceable or a provision of this Agreement would otherwise not comply with a requirement of the Fair Trading Act 1986 or would impose an obligation or liability which is prohibited by the Fair Trading Act 1986, then this Agreement is to be read as if that provision were varied to the extent necessary to comply with the Fair Trading Act 1986 or, if necessary, omitted.
46. Relief for unforeseen hardship
46.1. If You are unable reasonably, because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause, to meet Your obligations under this Agreement and You reasonably expect to be able to discharge Your obligations if the terms of the contract were changed by postponing, during a specified period, the dates on which payments are due under this Agreement (without a consequential change being made to the Interest Rate), You may apply to JustFund to agree to that change.
46.2. An application under clause 46 must:
a. be in writing; and
b. be given to JustFund. Our contact details are set out in the Important Details of the Line of Credit Details; and
c. specify the reasonable cause (for example, illness, injury, loss of employment) for Your inability to meet Your obligations under this Agreement.
46.3. If You make an application under clause 46.1, You are not entitled to make another application in relation to this Agreement unless:
a. the application is made not less than 4 months after the previous application is made; or
b. in the case of an application that is made less than 4 months after the previous application is made:
i. JustFund agrees to consider the application; or
ii. the reasons for You seeking the change under clause 46.1 are materially different from the reasons given in the previous application.
47. General
47.1. This Agreement contains the entire agreement between the parties about its subject matter. Any previous understanding, agreement, representation or warranty relating to that subject matter is replaced by this Agreement and has no further effect.
47.2. JustFund’s rights under this Agreement are unaffected by any delay in exercising those rights or by giving You any time or other indulgence, except to the extent those rights are waived by any applicable provisions of any applicable legislation.
47.3. Any provision of this Agreement which is unlawful, unenforceable or partly unenforceable is to be severed to the extent necessary to make this Agreement enforceable.
47.4. JustFund’s maximum liability in relation to this Agreement is limited to the Credit Limit.
47.5. JustFund may assign or transfer any of its rights under this Agreement, or delegate any of its obligations under this Agreement, to any third party without Your consent or notice to You.
47.6. You will not assign, attempt to assign or otherwise transfer or sub-contract any of Your rights or obligations under this Agreement without obtaining JustFund’s prior written consent.
47.7. JustFund is registered on the register of financial service providers as JustFund Finance NZ Limited (registration number FSP1009757). JustFund is a member of the Financial Dispute Resolution Service, which you can contact at:
Freepost 231075
PO Box 2272
Wellington 6140
Website: https://fdrs.org.nz/
Freephone: 0508 337 337
Email: enquiries@fdrs.org.nz
47.8. This Agreement may be executed in counterparts and all such counterparts shall make up and
be a part of this Agreement.
47.9. This document and any dispute arising out of or in connection with the subject matter of this document is governed by the laws of New Zealand.
47.10. Each party irrevocably and unconditionally submits to the exclusive jurisdiction of the courts of New Zealand.
Schedule 1 - Irrevocable Letter of Instruction
To:
(“You”)
Dear
Irrevocable Letter of Instruction – Family law matter of
This letter provides formal notice that I have entered into an Agreement (“Agreement”) with JustFund Finance NZ Limited (“JustFund”) in relation to the family law legal matters on which you are advising me (“Legal Matter”). A copy of the Agreement is enclosed with this letter.
You are irrevocably instructed to act in accordance with the terms of this letter. The instructions contained in this letter may only be rescinded or varied with the prior written consent of JustFund.
Any reference to a person in this letter includes a successor in title, permitted substitute or a permitted assign of that person. Capitalised terms used in this letter that are not otherwise defined have the meanings given in the Agreement.
Invoices
- You are instructed to send any invoices for fees in relation to my case to me by email, copied to JustFund by email to invoices@justfund.co.nz.
- You are instructed that JustFund may, from time to time, make payment on my behalf in respect of invoices associated with the Legal Matter defined in the Agreement.
Information
3. You are instructed to notify JustFund immediately if:
a. any settlement agreement, including any non-binding settlement or heads of agreement, is reached in the Legal Matter;
b. I terminate my retainer with You or advise You that I intend to engage another law firm, lawyer or solicitor in relation to the Legal Matter; or
c. I attempt to rescind or vary the terms of this letter.
4. You are instructed to provide any information, including documents, and to answer any questions that JustFund may request.
5. You are instructed to provide a monthly written report to JustFund in a format prescribed by JustFund from time to time such that JustFund is regularly informed of all material developments in the Legal Matter as soon as reasonably practicable, including but not limited to:
a. any development that may have an impact on the outcome or budget of the Legal Matter;
b. the progress of any Settlement discussions or any Settlement offer with the other parties to the Legal Matter;
c. any pre-action or interlocutory (or equivalent) application You intend to make in respect of the Legal Matter;
d. any court or tribunal hearing in the Legal Matter due to take place;
e. any Interim Distribution, Settlement offer, Settlement, Unsuccessful Outcome or Successful Outcome; and/or
f. any change in Your Law Firm’s assessment of the prospects of success in the Legal Matter, as a whole or in respect of any part or stage of the Legal Matter.
Distribution of Proceeds
- You are instructed to take any and all steps necessary to ensure that all Proceeds, including funds from the sale or monetisation of Non-Cash Proceeds, are deposited to my client trust account.
- You are instructed to distribute any Proceeds, including any Proceeds in my client trust account, in priority to any other party, to JustFund in accordance with the Agreement.
- In the event that funds are not deposited to my client trust account, You are required to ensure that the terms of any Settlement of the Legal Matter provide that JustFund is repaid in accordance with the Agreement either prior to, or simultaneously with, the distribution of any Proceeds in priority to any other party. This may include providing for JustFund to be paid directly pursuant to any court orders or settlement agreement.
Acknowledgement
- I acknowledge and agree that I give the instructions contained within this letter for the benefit of JustFund and in consideration of, among other things, JustFund entering into the Agreement and providing or continuing to provide funding from time to time or agreeing to do so.
- You are requested to sign and return the Law Firm Acknowledgement at the bottom of this letter to me and JustFund.
Kind regards
Name: Date:
Law Firm Acknowledgement
We acknowledge and agree to this irrevocable letter of instruction.
Name: Date:
JustFund Acknowledgement
We acknowledge and agree to this irrevocable letter of instruction.
Name: Date:
Schedule 2 – Budget Estimate
Schedule 3 – Special Conditions
Schedule 4
To Whom It May Concern (“You”)
1. This letter provides formal notice to you that I have entered into a Client Funding Agreement (Agreement) with JustFund Finance NZ Limited (JustFund). A copy of the Agreement is enclosed with this letter. Capitalised terms in this letter have the meaning given to them in the Agreement.
2. I am writing in relation to the Proceeds to be received by me pursuant to any agreement made in relation to my family law matter, including from the sale of and subsequent distribution of proceeds from any real property.
3. Pursuant to the Agreement, I have granted JustFund various rights and interests in respect of the Proceeds. You are irrevocably instructed and authorised to pay any amount of the Proceeds that I am entitled to receive to the trust account of the law firm nominated from time to time by JustFund Finance NZ Limited.
Signed by
Signature Name
Date