Credit Code limits Sample Clauses

Credit Code limits. If the Credit Code applies to the Insured Loan then the maximum loss in respect of a Repayment Instalment shall be the amount of the Repayment Instalment calculated in accordance with the provisions of the Credit Code as if that Repayment Instalment was paid on the due date and if after payment by the Insurer of a loss in respect of a Repayment Instalment it is determined that no amount or a lesser amount was payable by the Borrower in respect of that Repayment Instalment then the Insured shall immediately advise the Insurer of that fact and promptly repay to the Insurer the difference between the amount paid by the Insurer in respect of the loss and the amount payable in accordance with the provisions of the Credit Code. Note: the Repayment Instalment must be calculated in accordance with the Credit Code without any default interest.
Sample 1
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