Document ID: chunk:federal_register_of_legislation:C2012A00130:clause:5_25
Version: federal_register_of_legislation:C2012A00130
Segment Type: clause
Provision Reference: sch 5 cl 25
Character Range: 150497–151881

25  Subsection 204(1) of the National Credit Code (definition of acceleration clause)
Repeal the definition, substitute:
acceleration clause means:
 (a) in relation to a credit contract or mortgage—a term of a credit contract or mortgage providing that:
 (i) on the occurrence or non‑occurrence of a particular event, the credit provider becomes entitled to immediate payment of all, or a part, of an amount under the contract that would not otherwise have been immediately payable; or
 (ii) whether or not on the occurrence or non‑occurrence of a particular event, the credit provider has a discretion to require repayment of the amount of credit otherwise than by repayments fixed, or determined on a basis stated, in the contract;
  but does not include any such term in a credit contract or mortgage that is an on demand facility; or
 (b) in relation to a consumer lease—a term of a consumer lease providing that:
 (i) on the occurrence or non‑occurrence of a particular event, the lessor becomes entitled to immediate payment of all, or a part, of an amount under the lease that would not otherwise have been immediately payable; or
 (ii) whether or not on the occurrence or non‑occurrence of a particular event, the lessor has a discretion to require payment of an amount payable under a lease otherwise than by repayments fixed, or determined on a basis stated, in the lease.