procedencia de los fondos prestados

Discussion in 'Financial Terms' started by saritas, Nov 24, 2013.

  1. saritas Junior Member

    Portland, Oregon
    English - USA
    Hello,

    I'm having trouble translating the following paragraph/sentence. It comes from a loan agreement, where it talks about different fees that can be added to the regular payment. Specifically, I can't find a smooth way to translate the underlined part:

    Además es expresamente aceptado por el DEUDOR, que conforme a los estipulado en la ficha de crédito correspondiente para este crédito, que EL ACREEDOR cargar del pago citado, toda comisión sobre saldos que deba de ser cancelada en virtud de la procedencia de los fondos prestados o de la comisión generada por el aval otorgado como garantía a la presente operación de crédito.

    Here's my attempt at translation:

    Furthermore, the BORROWER hereby agrees that the LENDER may include in the above referenced payment any fees that should be paid on cancelled balances by virtue of the source costs of the borrowed funds

    OR:

    any fees that should be cancelled on account of the borrowed funds presented/being returned or fees associated with the collateral pledged as security for the present transaction, according to the stipulations in the account agreement pertaining to this loan.

    What I'm not sure of is if it means that there is a fee for early cancellation (prepayment penalty), or if there is a fee for the cost of funds (the fee the Lender pays for the funds they are lending, like a third-party pass-thru cost).

    Thanks in advance for any collaboration!
     
  2. jcwoos Senior Member

    english
    I think it is saying that there are commissions that would normally be charged but should not be charged in this case based on the source of the funds but if the borrower does not comply with the terms of the debt will be charged after all. Whew!

    You might consider, "In addition, the Borrower expressly agrees that in accordance with the credit agreement that applies to this loan, the Lender will add to the referenced payment all of the commission on balances that should have been canceled based on the source of the lent funds."
     
  3. olimpia91 Senior Member

    Castellano - Argentina
    Hay un error en esa parte, quizás debería decir "el acreedor descargará del pago", o "el acreedor cargará al pago".
     
  4. saritas Junior Member

    Portland, Oregon
    English - USA
    Nice! Thank you both for the input!

    @jcwoos, that makes sense and sounds great. What a mouthful!

    @olimpia91, gracias por la clarificación.

    I'm going to try to get confirmation from the client and will let you know what they say.

    Saludos...
     
  5. gringoloko Senior Member

    TN, EUA
    Español - Colombia, Inglés EUA
    I would like to point out that "cancelar un saldo" is not "cancel a balance". The latter is ambiguous and is not used in this sense. "Cancelar un saldo" refers to a payment being made on the balance.

    My attempt:


    "Furthermore, the DEBTOR expressly accepts that according to the stipulations in the corresponding credit document for this (line of??) credit, that the CREDITOR will charge to the aforementioned payment all fees for for balances, which should be payed by reason of the source of the borrowed funds, or the fee generated by the guarantee which backs the present credit transaction."
    I would like to point out that "cancelar un saldo" is not "cancel a balance". The latter is ambiguous and is not used in this sense. "Cancelar un saldo" refers to a payment being made on the balance.
     
  6. saritas Junior Member

    Portland, Oregon
    English - USA
    Hi guys!

    Thanks again for your help on this one. The client said that it means (in a nutshell): that the lender will charge a fee if borrowers paid the loan before the term.

    So I integrated your guys' suggestions with that and with my instructor's feedback to end up with this translation:

    The BORROWER furthermore agrees that in accordance with the stipulations pertaining to this loan in the account agreement, the LENDER may include in the above referenced payment any fees which should be paid on account of the source of the funds loaned in case of early pay off, or fees associated with the collateral pledged as security for this transaction.

     

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