FLEXI CASH AGREEMENT

PARTIES: MEMBER NUMBER:

Name: ("the Member")

Address: .
THE POLICE AND FAMILIES CREDIT UNION, Level 11, 57 Willis Street, Wellington ("the Credit Union")
The Credit Union offers and the Member accepts a Flexi Cash Facility ("the Facility") on the terms and conditions of this Agreement.

1.0 DEFINITIONS AND INTERPRETATION

Agreement: this Flexi Cash Facility Agreement.
Annual Interest Rate: % per annum.
Commencement Date: Upon receipt by the Credit Union of this signed agreement
Daily Interest Rate: the interest rate determined by dividing the Annual Interest Rate by 365.
Facility Account: the Members Flexi Cash Account Formula to be entered for account number
Facility Amount: $.
Facility Term: 10 years from the Commencement Date
Interest: interest at the Annual Interest Rate payable to the Credit Union in respect of the Flexi Cash Facility
agreement as varied from time to time.
Overdrawn Facility Amount: the amount by which the debit balance in the Facility Account exceeds the Facility
Amount.
Payment Date: the 25th day of each month.
Review Date:
Unpaid Balance: the outstanding balance of the Facility Account together with all Interest, unpaid fees and any
other unpaid amount owed by the Member to the Credit Union pursuant to this Agreement.
Upon Demand: demand made in writing.
1.1 Where there is more than one person named as Member:
(a) each of them is jointly and severally liable for the obligations under this Agreement;
(b) each reference in this Agreement to the Member is a reference to each such person individually or to
any combination of two or more such persons (in any legal relationship, whether joint or otherwise) or
to both; and
(c) each reference to an account of the Member includes all accounts of each of the Members.
1.2 In this Agreement:
(a) the singular includes the plural and vice versa; and
(b) references to a document or agreement include all variations, novation or replacements;
(c) references to any person (including the Credit Union and Member) include the person and the
successors in title, transferees or executors of the person;
(d) where a Member is required to fulfil an obligation by a certain time or within a certain timeframe, time
will be of the essence;
(e) a reference to a person includes a natural person and a corporation;
(f) where any word or expression has a special meaning, any other part of speech or other grammatical
form of that word or expression has a corresponding meaning; and
(g) headings are for convenience only and do not affect interpretation.

2.0 THE FACILITY

2.1 The Member may from the Commencement Date and from time to time thereafter draw down an amount or
amounts of the Facility Amount, subject to the prior receipt by the Credit Union of this Agreement duly executed by
the Member.
2.2 The Credit Union may refuse to advance the Facility Amount (or any part of it) if:
(a) there occurs any event/circumstance which in the opinion of the Credit Union may detrimentally alter the
financial status of the Member.
(b) the Credit Union becomes aware:
(i) of any material non-disclosure of information relevant to this Agreement and the approval of the
loan; and

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 (ii) that any material statement or information provided to the Credit Union by or on behalf of the
Member is false or incomplete.
2.3 The Credit Union may at any time increase, reduce or cancel the Facility Amount in accordance with clause 8.0
of this Agreement.

3.0 INTEREST
3.1 The Annual Interest Rate may be varied from time to time in accordance with the terms and conditions of this
Agreement.
3.2 Interest is calculated by multiplying the Unpaid Balance by the Daily Interest Rate, each day at 4.00pm. Interest is
debited on each Payment Date.

4.0 FEES & OTHER COSTS

4.1 The Member must pay all costs and expenses incurred by the Credit Union pursuant to and in connection with this
Agreement including reasonable legal fees (on a solicitor/client basis), incurred in connection with this Agreement
and the Security, the preservation or attempted preservation of any rights under this Agreement or the Security,
any approvals hereunder or variations thereof and all duties, fees and taxes, if any, to which this Agreement or the
Security or any acceptance thereof may be subject or give rise.
4.2 The member acknowledges that by using their Debit Mastercard to access this account they will be subject to
offshore margin fees or foreign currency fees for any card usage outside of New Zealand which also includes
any online purchases from offshore based businesses.
4.3 Loan establishment fee of $15.00 will be capitalised at the establishment of the credit facility.
4.4 Without limiting the generality of clause 4.1, if the Member is in default, the Credit Union is entitled to pass on
to the Member, and the Member must pay on demand, any reasonable costs which the Credit Union incurs in
remedying the default, including any reasonable legal costs it incurs, and if the Credit Union engages a
collection agency to recover from the Member any amount that the Member is in default, the Credit Union is
entitled to pass on to the Member, and the Member must pay any reasonable costs the Credit Union incurs in
recovering the amount in default.

5.0 PAYMENTS
5.1 The Member shall make Payments on the Payment Dates and will ensure that the Unpaid Balance does not
exceed the Facility Amount.
5.2 The Member must make any payment:
(a) by Payroll deduction; or
(b) by direct credit to the Members Facility Account or such account as advised by the Credit Union from time to
time; or
(c) as otherwise specified by the Credit Union.
5.3 The Credit Union is entitled to Upon Demand and without notice, immediate repayment of the Unpaid Balance.
The Credit Union can make demand for full payment at any time and is not required to provide you with any reason
or reasons as to why demand has been made.
5.4 Payments to the Credit Union under this Agreement must be made in same day funds not later than 4.00 pm
on the payment due date, without any set off, deduction, counterclaim or withholding whatsoever.
5.5 Any sum due for payment hereunder on a day which is not a Working Day shall be payable on the next
succeeding Working Day.
5.6 The Credit Union may, by providing to the Member any notice legally required, combine, consolidate or merge all
or any of the Member's accounts with, and liabilities to, the Credit Union and may set-off or transfer any sum
standing to the credit of the Member in any such accounts in or towards the satisfaction of any of the Member's
liabilities to the Credit Union under this Agreement.

6.0 PREPAYMENTS
6.1 The Member may repay the Unpaid Balance in full or in part at any time.

7.0 DEFAULT
7.1 The Credit Union may, by providing written notice to the Member:
(a) cancel any undrawn part of the Facility Amount (any amount cancelled will not be available to the Member); and/or
(b) require the Member to repay the Unpaid Balance if:

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 (i) the Member defaults on any Payment due under this Agreement, or on any of the Member's accounts
with the Credit Union, or breaches any obligation the Member has to the Credit Union; or
(ii) the Member breaches any term or condition of this Agreement, or any term or condition of any Security
held by the Credit Union from the Member; or
(iii) the Member sells or otherwise disposes of any Property subject to any Security held by the Credit Union
from the Member without the Credit Union's prior written consent; or
(iv) the Member does any of the following things, or are the subject or focus (alone or with others) of any of
the following events, actions or things, under the Insolvency Act 2006 (the “Insolvency Act”) or another
law, statutory or otherwise:
(a) is adjudicated bankrupt;
(b) makes a proposal to creditors;
(c) pays creditors in instalments under a summary instalment order;
(d) enters the no asset procedure;
(e) commits, or is charged with, an offence under Part 7 of the Insolvency Act; or
(f) if an order is made or any step is taken toward dissolution or a receiver, liquidator, trustee,
administrator or similar officer is appointed in respect of any of the Member or any Guarantor
or their assets; or
(v) the Member is unable to pay, or does not pay, debts as they become due and payable, or
becomes insolvent, or the financial position of the Member or the value of any Security
held by the Credit Union changes adversely to a material extent, in each case in the Credit
Union's reasonable opinion; or
(vi) in the reasonable opinion of the Credit Union, an unsatisfactory feature develops in the
financial affairs of the Member, or the Member does not conduct its financial affairs to
the Credit Union's satisfaction; or
(vii) any representation, warranty or statement made by or on behalf of the Member in the
Loan Application or in or pursuant to this Agreement proves to be incorrect.
7.2 The Member must immediately comply with any notice given under this clause.

8.0 VARIATIONS TO THE FACILITY AGREEMENT

8.1 The Credit Union may at any time:
(a) review and vary the Annual Interest Rate and /or Fees;
(b) alter the timing or frequency of Payment Dates;
(c) Increase, reduce or cancel the Facility Amount;
(d) require any Unpaid Balance to be paid by regular instalments.
8.2 If the Credit Union exercises its power in accordance with clause 8.1, the Credit Union will provide the Member
with a disclosure statement which sets out the change to the Agreement, within five working days of the
change becoming effective.
8.3 The cancellation by the Credit Union of the Facility will not affect any of the Credit Union’s rights that may have
arisen before cancellation.

9.0 NOTICE, DEMANDS AND ENFORCEMENT

9.1 Any notice to be given to the Member under this Agreement and for the purposes of all disclosure required by the
CCCFA may be, at the Credit Union’s discretion:
(a) given to the Member personally; or
(b) sent by post to the Member at the address shown on the first page of this Agreement or any other
address notified in writing to the Credit Union by the Member; or
(c) sent as an electronic communication to the e-mail address on the first page of this Agreement or any
other e-mail address notified in writing to the Credit Union by the Member.
9.2 Notice by:
(a) post shall be deemed to have been received by the Member on the fourth Working Day after the date of
posting; and
(b) e-mail shall be deemed to have been received by the Member on the second Working Day after the date
of sending.
9.3 The Credit Union will provide the Member with disclosure statements at least every 45 working days.

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9.4 If disclosure or notice is sent to the Member by an electronic communication, the Member and any Guarantor
acknowledge that, in respect of such disclosure, neither the Member nor the Guarantor has imposed any conditions
regarding the form of the information or the means by which the information is produced, sent, received, processed, stored
or displayed. The Member and any Guarantor must specify their respective information systems from time to time for any
such electronic communication. The Member and any Guarantor agree that the Credit Union may make disclosure by
sending the relevant person an electronic communication that allows a disclosure statement to be accessed from a website
or by means of the Internet.
9.5 The Member must immediately give notice to the Credit Union of any change of address or e-mail address.
9.6 The Member will not have any right of action, claim or demand against the Credit Union for any error or
omission in a notice or because of the exercise or enforcement by the Credit Union of its rights (express or
implied) under this Agreement.
9.7 In any proceedings relating to this Agreement a statement as to any amount due to the Credit Union, which is
certified as being correct by one of the Credit Union's officers, shall be prima facie evidence that such amount is in
fact due and payable.
9.8 Any one Member that is party to the joint Agreement can operate and instruct the Credit Union to act in
respect of the joint Agreement.
9.9 This Agreement will be treated as having been “delivered” by the Credit Union immediately on physical or
electronic delivery of an original or copy of the Agreement.

10.0 CANCELLATION
10.1 The Member may cancel this Agreement at any time by written notice to the Credit Union.
10.2 If the Member cancels this Agreement in accordance with this clause, the Member shall immediately make
payment to the Credit Union of the Unpaid Balance.
10.3 If the Member cancels this Agreement in accordance with this clause, the Credit Union can charge the
Member:
(a) the amount of any reasonable expenses the Credit Union had to pay in connection with the
contract and its cancellation (including legal fees and fees for credit reports, etc.); and
(b) interest for the period from the day the Member received the Facility Amount until the day that Facility
Amount is repaid in full.
11.0 UNFORESEEN HARDSHIP
11.1 If the Member is unable to reasonably keep up with the payments or other obligations because of illness, injury,
loss of employment, the end of a relationship, or other reasonable cause, the Member can apply to the Credit
Union for a hardship variation.
11.2 To apply for a hardship variation, the Member must send to the Credit Union a written request which explains
the Member’s reasons for the application.
11.3 The Member should make this application as soon as the Member becomes aware of any unforeseen hardship.
11.4 The Credit Union will acknowledge receipt of hardship applications within 5 working days and make a decision on
the hardship application within 20 working days.

12.0 INFORMATION
12.1 The Member authorises the Credit Union to make such enquiries and obtain such information as to the
Member's credit worthiness from any person or company as the Credit Union thinks fit.
12.2 The Member, if required, will promptly provide the Credit Union with such information as to the Member's
financial position, as the Credit Union may from time to time request.
12.3 The Member authorises the Credit Union to disclose any information provided, on a confidential basis, for the
purposes of approval or enforcement of the Facility.
12.4 The Credit Union may disclose, on a confidential basis, to a potential assignee, transferee or other person with
whom contractual relations in connection with the contract are contemplated, any information about the Member
whether or not that information was obtained in confidence and whether or not that information is publicly
available.

13.0 CONSUMER GUARANTEES ACT 1993

13.1 The Member acknowledges that:
(a) no representation or warranties in relation to the Facility have been made by or on behalf of the
Credit Union except those in this Agreement;
(b) the Member has not relied on any advice given by or on behalf of the Credit Union when deciding

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 to enter into this Agreement; and
(c)
the guarantee provisions of the Consumer Guarantees Act 1993 do not apply to this Agreement if
the Facility is used for business purposes.
13.2 The Member warrants that:
(a) all statements and representations made by or on behalf of the Member to the Credit Union in
relation to the granting of the Facility are correct in every material respect; and
(b) the Member will repay on demand the Unpaid Balance then owing by the Member to the Credit
Union if the Member is in breach of this warranty.

14.0 MISCELLANEOUS
14.1 No failure to exercise, or delay in exercising, any of the Credit Union's rights, powers or privileges hereunder will
operate as a waiver thereof nor will any single or partial exercise of any right, power or privilege preclude the
further exercise of such one or any other right, power or privilege.
14.2 The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by
law.
14.3 Each Member who is a party to the Agreement is jointly and severally liable, including in respect of any amount
owing to the Credit Union for that Agreement.
14.4 The Credit Union may assign any of its rights under this Agreement. An Assignee may exercise the Credit Union's
rights under this Agreement.
14.5 The Member shall have no right of assignment.
14.6 Except as otherwise provided by the terms of the Agreement, this Agreement may only be varied in writing
between the Credit Union and the Member.
14.7 If any provision of this Agreement is invalid or unenforceable in whole or in part, the remaining provisions of this
Agreement shall remain valid and enforceable.
14.8 The Member acknowledges that the Facility is acquired solely for the Member's personal use and not for any
business purpose.

15.0 ANTI-MONEY LAUNDERING AND COUNTERING FINANCING OF TERRORISM ACT 2009 (AML/CFT)
15.1 The Member agrees to provide all information to the Credit Union which the Credit Union requires in order to
manage its AML/CFT obligations, and to comply with any laws, rules or regulations in New Zealand.

16.0 GOVERNING LAW

16.1 This Agreement is to be governed by and construed in accordance with New Zealand law

17.0 ACKNOWLEDGEMENT
17.1 Each of the Member, the Guarantor and the Credit Union agrees that they will be bound by the Agreement.
17.2 The Member’s obligations under the Agreement have been explained to them and the member understands those
obligations.
17.3 A copy of the Agreement was disclosed to the Member, and the Guarantor before the Member entered into the
Agreement.

18.0 POWER OF ATTORNEY

18.1 The Member agrees to irrevocably appoint the Credit Union, and each of the Credit Union’s directors or managers,
at the relevant time, as the Member’s attorney with the power to act on the Member’s behalf to do anything which
the Member agrees to do under this Agreement, or which in the Credit Union’s opinion is reasonably necessary to
protect the Credit Union’s interest under this Agreement or give effect to any right, power or remedy conferred on
the Credit Union by this contact, by law or otherwise. The Member agrees to indemnify the Credit Union when
acting as the Member’s attorney against any loss, cost or expense reasonably incurred or suffered as a result of any
acts or omissions while acting as the Member’s attorney.

SIGNED by:
Police and Families Credit Union
FOR THE POLICE AND FAMILIES CREDIT UNION

SIGNED by: Date

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DISCLOSURE STATEMENT FOR FLEXI CASH FACILITY
SCHEDULE OF FACILITY TERMS
1.0 MEMBER: ("the Member")

2.0 CREDIT UNION: The Police and Families Credit Union, Level 11, 57 Willis Street, Wellington.
Telephone: 0800 429 000, Fax 04 499 2006, Email: [email protected].

3.0 FACILITY AMOUNT: 6.0 PAYMENT DUE DATE:

4.0 ESTABLISHMENT FEE: 7.0 TERM OF THE FACILITY:
5.0 INITIAL UNPAID BALANCE: 8.0 ANNUAL INTEREST RATE:

9.0 PAYMENTS
9.1 The Member shall repay 5% of the Unpaid Balance and interest monthly by the 25th of each month
9.2 The Member may choose to pay more than the minimum payment when payments are due.
Payments must be made monthly or can be made fortnightly via salary deduction from Police payroll. The minimum payment and
the date that the payment is due will be specified in your continuing disclosure statements.

DISCLOSURE STATEMENTS
10.0 STATEMENT OF RIGHT TO CANCEL
10.1 The CCCFA gives the Member a right for a short time after the terms of this Agreement have been disclosed to cancel
the contract.
10.2 The Member must give written notice to the Credit Union, of the intention to cancel the Agreement:
(a) within 5 working days of the date of signing this Agreement, if this document was provided in person and on the date
of this Agreement; or
(b) within 7 working days of receiving this Agreement, if this document was sent via electronic communication; or
(c) within 9 working days of receiving this Agreement, if this document was mailed.
10.3 To cancel, the Member must give the Credit Union written notice of intention to cancel by:
• giving notice to the Credit Union at the Credit Union’s specified premises; or
• posting the notice to the Credit Union; or
• emailing the notice to the Credit Union’s email address; or
• sending the notice to the Credit Union’s fax number.
10.4 The Member must also return to the Credit Union any Advance or Advances made under the Agreement, within the
same timeframes.
10.5 Upon cancellation, the Credit Union can charge the Member:
(a) the amount of any reasonable expenses the Credit Union had to pay in connection with the contract and its
cancellation (including legal fees and fees for credit reports, etc.); and
(b) interest for the period from the day the Member received the Advance until the day that Advance is repaid.
10.6 This statement only contains a summary of the Member’s rights and obligations in connection with the right to cancel. If
there is anything about the Member’s rights or obligations under the CCCFA that the Member does not understand, if there is
a dispute about the Member’s rights, or if the Member thinks that the Credit Union is being unreasonable in any way, the
Member should seek legal advice immediately.
11.0 COMPLAINT RESOLUTION
11.1 If the Member is not satisfied with the services from the Credit Union, or if the Member has a complaint about the
Agreement or the Credit Union, the Member should contact the Credit Union at the address given above or by phone on 0800
429 000. Complaints can be made by telephone, email, or in writing. If after discussing the complaint with the Credit Union,
the Member is still not satisfied, the Member may contact the Independent Dispute Resolution Scheme. The Credit Union is a
member of the Independent Dispute Resolution Scheme operated by the Financial Services Complaints Limited (FSCL) which is
approved by the Ministry of Consumer Affairs. This service is free.
The Member can refer the matter to FSCL on 0800 347 257, email [email protected], PO Box 4567, Wellington 6145 or their
physical address 4th Floor, 101 Lambton Quay, Wellington. For more details see their website www.fscl.org.nz.

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12.0 SCHEDULE OF FACILITY TERMS
This Schedule forms part of the Agreement.
13.0 REGISTRATION ON FINANCIAL SERVICE PROVIDERS REGISTER
Credit Union registration name: Police and Families Credit Union
Registration number: FSP28032
("the Member") acknowledges having received a copy of this Agreement and the Schedule of Loan Terms referred to in the
Agreement (being initial disclosure as at the date of the Contract under Credit Contracts and Consumer Finance Act 2003).

/ /
Signature Date

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