Loss on Early Repayment. Where an Obligor repays all or part of the Loan at any time prior to the end of the Term, the Lender shall be entitled to recover its estimated losses arising from such early payment, which shall be an amount calculated by reference to the statutory procedure set out in the Credit Contracts and Consumer Finance Regulations 2004.
Loss on Early Repayment. Where an Obligor repays all or part of the Loan at any time prior to the end of the Term, the Lender shall be entitled to recover its estimated losses arising from such early payment. Where the Loan is subject to a fixed Interest Rate and is being repaid in part or in full, the Obligor may be requested to pay to the Lender, except when demand is made under Clause 12.2, an Early Repayment Adjustment calculated on the amount of the repayment, at the Interest Rate applicable to the Obligors Loan at the time of repayment and for a period totalling not less than 60 days or exceeding 120 days, with a minimum cost of $500.00. The Early Repayment Adjustment is based on the length of time the Lender determines it will take to re-lend these loan funds, and is not calculated in accordance with the formula prescribed by the Credit Contracts and Consumer Finance Regulations 2004.
Loss on Early Repayment. Where an Obligor repays all or part of the Loan at any time prior to the end of the Term or switches a fixed rate loan to another fixed or variable rate prior to the expiry of the fixed rate term, we shall be entitled to recover our estimated losses arising from such early payment.. This is known as the Early Repayment Recovery Amount. The Early Repayment Recovery amount is calculated using the formula prescribed by the Credit Contracts and Consumer Finance Regulations 2004 (regulation 9 and 11). A description of when and why we charge this fee is set out in the Loan. You may also have to pay a $45.00 administrative fee relating to the Early Repayment.
