Student Assistance Act 1973
An indexation amount exists in relation to the contract at a particular time (the relevant time) if:
(a) subsection 12X(3) applied for the purpose of working out the amount outstanding under the contract at the relevant time; and
(b) the amount outstanding under the contract at the relevant time exceeds the amount worked out using the formula:
|principal sum - (actual repayments + notional repayments);|
and the amount of the excess constitutes the indexation amount in relation to the contract at the relevant time.
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