Right, although the provision allows for a new agreement to pay. That's one of the concerns, the potential for a semi-indefinite extension of the loan, which is not good, but at least the bank is continuing to try to get its money. At the same time, candidates or associations are going well past the period that they should have repaid, so it's a bit of a problem.
On November 1st, 2012. See this statement in context.