Credit Code Clause Samples
The Credit Code clause defines the specific set of rules or standards that govern the extension and management of credit within a contract or agreement. Typically, this clause identifies which national or industry credit code applies, outlining the obligations of the parties regarding credit terms, interest rates, and repayment schedules. By referencing a recognized Credit Code, the clause ensures that all credit-related transactions are conducted in compliance with established legal and regulatory frameworks, thereby reducing ambiguity and protecting both parties from unfair lending practices.
Credit Code other than in the case of a SMART Receivable which is a Consumer Receivable, the SMART Receivable is not regulated by or subject or the Consumer Credit Code or the National Credit Code Data Tape to be provided from Infolease system
i) Review the Data Tape and confirm that the asset is a Consumer Receivable. If the asset is not a Consumer Receivable, it will not be regulated by or subject to the Consumer Credit Code or the National Credit Code.
ii) If step (i) is confirmed, this will be a Test Pass.
Credit Code. This clause applies to the extent that the National Credit Code applies to this loan agreement. If:
(a) that Code would otherwise make a provision of this loan agreement illegal, void or unenforceable; or
(b) a provision of this loan agreement would otherwise contravene a requirement of that Code or impose an obligation or liability which is prohibited by that Code. This loan agreement is to be read as if that provision were varied to the extent necessary to comply with that Code or, if necessary, omitted.
Credit Code. If the Credit Code applies to the Insured Loan then:
(a) the amount outstanding calculated under clause 3.2 shall not exceed the amount required to pay out the Insured Loan as calculated in accordance with the provisions of the Credit Code at the last date prior to the Loss Date on which such payment could be made less any interest whether capitalised or not that exceeds the Standard Rate, and if after payment of a claim by the Insurer it is determined that no amount or a lesser amount was payable immediately preceding the Loss Date then the Insured shall immediately advise the Insurer and promptly pay to the Insurer any overpayment by the Insurer; and Note: the maximum amount will normally be the amount calculated under section 75 of the Credit Code.
(b) if any application is made to a court under the Credit Code in respect of the Insured Loan after a Default or any application has been made prior to a Default that has not been finally disposed of prior to that Default then no claim shall be payable until the application has been finally disposed of. Note: in this provision a court includes a Court as defined under the Credit Code. The type of application to which this provision may apply is an application under section 68, 69, 70, 72, 77, 88, 101, 102, 107, or 114 of the Credit Code as well as other proceedings under the Code.