Campus Pack Overdraft Facility
Terms and conditions.
These terms and conditions are to be read in conjunction with, and form part of, any Campus Pack Overdraft Agreement that you enter into with the Bank (together the "Agreement"). Capitalised terms shall have the meaning ascribed to them in the Campus Pack Overdraft Agreement, unless otherwise set out herein.
1. Review
Without limiting any other provision in the Agreement the Bank may review (and may reduce or cancel) the Overdraft (or the Credit Limit) from time to time in a manner that the Bank, in its discretion, considers appropriate.
2. Overdraft Repayable On Demand
Notwithstanding any other provisions of the Agreement you will pay to the Bank on demand at the address of the Bank specified above all moneys as may now or hereafter be owing or unpaid under the terms and conditions of the Overdraft including but not limited to:
2.1 principal;
2.1 overdraft facility fees and other fees and premiums payable under the terms and conditions of the Overdraft;
2.1 all legal and other costs, charges and expenses which the Bank shall pay or incur in connection with the Agreement or the recovery of any moneys owing under the Agreement;
2.1 a fee to compensate the Bank for a reasonable estimate of any loss incurred by the Bank as a result of
your default; and
2.1 interest in accordance with the provisions of the Agreement on all such moneys until actual payment.
3. Assignment
You may not assign or transfer all or any of your rights, benefits or obligations under the Agreement. The Bank may at any time assign or transfer all or any of its rights, benefits and obligations under the Agreement to any person. In the event of any assignment or transfer references to the Bank in the Agreement and all or any securities provided in respect of it shall be deemed to be references to the relevant assignee or transferee provided that references to the Bank's prevailing interest rates in clauses relating to the calculation of interest payable by you shall continue to be references to the Bank's prevailing rates and not those of the relevant assignee or transferee and provided further that if the Bank does not assign or transfer all of its rights, benefits and obligations under the Agreement references to the Bank in relation to any rights, benefits and obligations not so assigned or transferred shall continue to be references to the Bank and not to the relevant assignee or transferee.
4. Use of Information
4.1 Bank May Use Information: You authorise the Bank to use information about you at any time held by the Bank and any of its related companies for the purpose of establishing and maintaining the relationship between you and the Bank and any of its related companies.
4.2 Bank May Disclose Information: Without limitation the Bank is authorised to disclose information about you:
4.2.1 to any holder of a security over any of your property which is also secured to the Bank;
4.2.2 to any insurer of such property;
4.2.3 to any person performing services in connection with such property;
4.2.4 to National Australia Bank Limited and any of the Bank's other related companies for
the purpose of credit, risk and prudential assessment;
4.2.5 to any assign or prospective assign of the Bank; and
4.2.6 in the event of default in payment of any amount due under the Agreement, to any credit agency, provided that any such disclosure is confined to that reasonably required by such person.
4.3 Bank May Obtain Information: You authorise the Bank to make credit and other inquiries about you within its normal procedures and to obtain information about you from:
4.2.1 any holder of a security over any of your property which is also secured to the Bank;
4.2.2 any insurer of such property;
4.2.3 any government, local or other authority having jurisdiction in respect of such property; and
4.2.4 any person performing services in connection with such property, provided that the information obtained is confined to that reasonably required by the Bank.
4.4 Bank May Obtain and Disclose Information: Should the Bank be unable to contact you in the event that you have not complied with the terms of the Agreement, you authorise the Bank to contact any New Zealand tertiary institution attended by you, the student association of any such institution and/or your parents or guardian and to divulge to and/or obtain from them details to enable the Bank to contact you in order to seek rectification of any breach of the Agreement and/or repayment of any outstanding amounts.
4.5 Assignee: If the Bank assigns or transfers the Agreement, any securities in respect of it and/or all or any of its rights title and interest under the Agreement or any securities to any person then:
4.5.1 you authorise such assignee or transferee to use information about you, disclose information about you and make credit and other enquiries about you to the same extent provided above as if such assignee or transferee was itself the Bank; and
4.5.2 you authorise the Bank (in addition to any assignee or transferee) to continue to use information about you at any time held by it for the purpose of continuing to maintain the relationship between you and the Bank notwithstanding the assignment or transfer.
4.6 Authority: Execution of the Agreement by you shall be sufficient authority to the persons stipulated to provide the relevant information to the Bank
5. General
5.1 No Waiver: No failure to exercise or delay in exercising any right or remedy available to the Bank under the Agreement or at law will waive that right or remedy nor will a partial exercise of any right or remedy preclude any further exercise of that right or remedy or any other right or remedy. The rights and remedies hereby conferred are additional to any of the rights and remedies available to the Bank at law or under any other agreement with you.
5.2 The Bank's Right To Debit Other Accounts: The Bank is entitled at any time to set-off against amounts it owes to you (regardless of the terms on which such amounts are owing or the nature of any instrument evidencing the debt) any moneys at any time owing under the Agreement and may debit any account you have with it in order to effect such set-off.
5.3 Joint And Several: Where more than one person signs the Agreement as a borrower references in the Agreement to you are to each such person and the liability of each such person under the Agreement is joint and several with each other such person.
5.4 Notices: Demand or notice will be validly served on you if left at or sent to your address last advised and known to the Bank.
5.5 Determination of Interest: If the amount of interest payable by you on any amount made available pursuant to the Agreement is not able to be determined because a rate which is used to fix that amount ceases to exist or is otherwise not able to be determined for whatever reason, the Bank (or any attorney of the Bank appointed for this purpose) may then determine an appropriate replacement rate which will then be used for the purpose of calculating the amount of interest payable.
5.6 Notify Change in Circumstances: You acknowledge that the financial accommodation is made available to you under the Agreement on the condition that you are a full time student enrolled in a course for a minimum duration of 1 year. You must immediately inform the Bank of any change in circumstances.
5.7 Guarantor/Third Party: You have consented to each guarantor/third party referred to in in clause 5 of the Campus Pack Overdraft Agreement receiving a copy of the Agreement and any information about your financial position that is in the Bank's possession.
5.8 Law: The provisions of the Agreement will be governed by and construed in accordance with New Zealand law.
5.9 Further Information: Bank of New Zealand's current Reserve Bank disclosure statement may be obtained from any branch or agency of Bank of New Zealand.
5.10 Payments: The Bank will credit payments to the Nominated Account as soon as practicable after the Bank receives them. This is not necessarily the same day as you pay. The Bank may subsequently adjust debits and credits so as to accurately reflect the legal obligations of the Bank and you (for example, because of an error, or because a cheque is dishonoured). If the Bank does this, the Bank may make consequential changes (including to interest charges).
5.11 Interpretation
a) "Business Day" means any day other than a Saturday or Sunday on which banks are open for normal banking business in Auckland or Wellington.
b) Under the terms and conditions of the Overdraft a day ends at:
i) for transaction purposes, 11.00pm on any day; and
ii) otherwise, 4.30pm on any Business Day.
c) "Security" means each security interest described in clause 5 of the Campus Pack Overdraft Agreement and, any substitute or additional security interest given in connection with the Agreement and any personal guarantee given by any third party in connection with the Agreement and any security interest given in respect of such guarantee.
6. Disclosure
6.1 Where you have consented to the Bank satisfying the Bank's disclosure requirements or the Bank providing you with continuing disclosure information under the Credit Contracts and Consumer Finance Act 2003 in electronic form you acknowledge that this may include communication via the Bank's website, email or electronic communication to an email address specified by you for that purpose. Please note that emails are transmitted over the Internet which is an insecure public domain, and subject to risks including unlawful interception, corruption, non-delivery and mis-delivery.
