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.
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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.
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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.
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Related to Credit Code

  • Illicit Code Except for the functions and features expressly disclosed in Supplier's documentation made available to Accenture, Deliverables will be free of any programs, subroutines, code, instructions, data or functions, (including but not limited to viruses, malware, worms, date bombs, time bombs, shut-down devices, keys, authorization codes, back doors or passwords allowing Supplier access) that may result in any inoperability, damage, interruption, or interference of the Deliverables or any equipment on which the Deliverables reside or with which the Deliverables are capable of communicating.

  • OFFSET CREDIT/COOPERATION This Contract has been entered into in direct support of LOCKHEED ▇▇▇▇▇▇'▇ international offset programs. All offset benefit credits resulting from this Contract are the sole property of LOCKHEED ▇▇▇▇▇▇ to be applied to the offset program of its choice. SELLER shall assist LOCKHEED ▇▇▇▇▇▇ in securing appropriate offset credits from the respective country government authorities.

  • Letter of Credit Compliance Notwithstanding any other provision of this Agreement, the Servicer shall comply with all the requirements of any Letter of Credit so as to assure the full benefit of such Letter of Credit to the Trustee.

  • Letter of Credit Commissions Subject to Section 5.15(a)(iii)(B), the Borrower shall pay to the Administrative Agent, for the account of the applicable Issuing Lender and the L/C Participants, a letter of credit commission with respect to each Letter of Credit in the amount equal to the daily amount available to be drawn under such Letter of Credit times the Applicable Margin with respect to Revolving Credit Loans that are LIBOR Rate Loans (determined on a per annum basis). Such commission shall be payable quarterly in arrears on the last Business Day of each calendar quarter, on the Revolving Credit Maturity Date and thereafter on demand of the Administrative Agent. The Administrative Agent shall, promptly following its receipt thereof, distribute to the applicable Issuing Lender and the L/C Participants all commissions received pursuant to this Section 3.3(a) in accordance with their respective Revolving Credit Commitment Percentages.

  • Credit Reporting; Gramm-Leach-Bliley Act (a) With respect to each Mortgage Loan, each Se▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇ully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and TransUnion Credit Information Company (three of the credit repositories), on a monthly basis. (b) Each Servicer shall comply with Title V of the Gramm-Leach-Bliley Act of 1999 and all applicable regulations promulgat▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇▇ating to the Mortgage Loans required to be serviced by it and the related borrowers and shall provide all required notices thereunder.