Common use of Definitions Clause in Contracts

Definitions. 2.1. Account – the personal user account created on the Website for each Customer who has concluded a Loan Application with Novum in line with Clause 3.8. here below. 2.2. Annual Percentage Rate - means the total cost of the consumer loan to the consumer expressed as an annual percentage of the net loan amount; the calculation of the annual percentage rate is regulated by law in Section 16 of the Price Indication Ordinance (PAngV) and the Annex to Section 16 PAngV. 2.3. Bullet Loans – a Loan which has to be repaid after fifteen (15) or thirty (30) days and repayment of the Loan Amount and payment of the Loan Interest shall occur in one (1) instalment on the last day of the respective repayment period. 2.4. Business Day – Monday till Friday except public and bank holidays in Malta and/or Germany. 2.5. Consumer Credit – means a net Consumer Loan Agreement in the Amount of EUR 200 or higher. 2.6. Credit Terms – means the Credit Terms of the Loan Agreement applicable to customers in Germany. 2.7. Customer - means each borrower to a Loan Agreement 2.8. Customer Care – all activities to assist our (initial) customer; answering questions on the phone, or another durable medium. 2.9. Force Majeure – is understood to mean an event that is unpredictable, extraordinary and beyond the parties' control, e.g. in the form of strike, legislative restriction imposed by the government or an EU authority, sabotage, uprising, natural disasters or similar circumstances causing temporary impossibility in fulfilling the obligations. 2.10. Instalment Loan – a Loan which has a minimum repayment period of two (2) months and repayment of the Loan Amount and Loan Interest shall occur in two (2) or more equal instalments on the day indicated in the Loan Agreement. 2.11. Invoice – the document which contains, amongst others, the Loan Amount, the start date of the Loan, amount due in respect of each instalment and the instalment repayment dates and any other fees and charges payable in terms of the Loan Agreement and which is considered, until the repayment of all amounts due thereunder, to form an integral part of the Loan Agreement and which is provided to the Customer. 2.12. Law – means any applicable law, statute, constitution, decree, treaty, regulation, directive, by-law, order or any other legislative measure of any government or other statutory body, any administrative provision or decree by a regulatory body as well as court judgments. 2.13. Loan – a loan which has been granted by Novum under the Loan Agreement upon acceptance of a Loan Application by the Customer. 2.14. Loan Agreement – an agreement between a Customer and Novum for a loan. 2.15. Loan Amount – an amount ranging from one hundred Euro (€100) to three thousand Euro (€3,000). 2.16. Loan Application – the Customer's request to enter into a Loan under a Loan Agreement with Novum, such request following the form and procedure set forth by Novum inter alia in clause 3 hereof. 2.17. Loan Interest – the interest payable by the Customer in respect of a Loan as set out in Annex 1 (Loan Interest). 2.18. Micro Loan – means a net Loan Amount of up to EUR 199,99. 2.19. Rescheduling (Zahlungsaufschub) – means the right of the Customer to apply for a rescheduling of the repayment dates and amounts of instalments payable regarding an existing Loan Agreement. 2.20. Website – Domains through which Novum – usually under the “Cashper” brand – grants loans to customers, in particular xxx.xxxxxxx.xx; xxx.xxxxxxxxxx.xx; xxx.xxxxxxxxx.xx