Partial Early Repayment Sample Clauses
The Partial Early Repayment clause allows a borrower to pay back a portion of the outstanding loan amount before the scheduled due date. Typically, this clause outlines the conditions under which such payments can be made, such as minimum repayment amounts, notice requirements, and whether any fees or penalties apply. Its core practical function is to provide borrowers with flexibility to reduce their debt burden ahead of schedule, potentially lowering interest costs, while also ensuring the lender is compensated for any administrative or financial impact of early repayment.
Partial Early Repayment. (a) You may at any time repay in part any amount you owe under the Agreement at that time.
(b) In order to make partial early repayment you must notify us that you wish to make a partial early repayment and you must pay us the amount you wish to make as a partial early repayment
(i) before the end of the period of 28 days beginning with the day following that on which we receive notice from you; or
(ii) on or before any later date which you specify in your notice.
(c) Your Balance will be reduced by the amount of the partial early repayment. If you make a partial early repayment before your First Repayment Date, we will reduce the amount of your monthly instalment payments and the Term will remain the same. If you make a partial early repayment, after your first Repayment Date and subject to our agreeing with you otherwise, we will not require you to make further monthly instalment payments (see REPAYMENT BY INSTALMENTS above) until such time as the accumulated total value of the monthly instalment payments that would otherwise be due is equal to the partial early repayment you have made. Thereafter, you will be required to continue to make your contractual monthly instalment payments in accordance with the REPAYMENT BY INSTALMENTS section above. We will confirm your next Repayment Date in your Monthly Statement. Interest will continue to accrue in accordance with the terms of this Agreement during any period during which no instalment payments are due.
(d) Your partial early repayment will be applied as set out under ALLOCATION OF REPAYMENTS in the front section of this Agreement. Your subsequent Monthly Statement shall reflect your part payment. If you make a partial early repayment before your first Repayment Date, we will reduce the amount of your monthly instalment payments.
Partial Early Repayment. If the Obligor makes a partial early repayment, unless the Obligor specifically requests to continue making early repayments thereafter, the Obligor shall repay pursuant to the schedule set forth in the foregoing Article, thereby advancing the last repayment date accordingly.
Partial Early Repayment. You may at any time repay in part any amount you owe under the Agreement at that time to the bank account specified in writing by us as set out in clause 4.2. In order to make partial early repayment you must notify us that you wish to make a partial early repayment and you must pay us the amount you wish to make as a partial early repayment before the end of the period of 28 days beginning with the day following that on which we receive notice from you, or on or before any later date which you specify in your notice. Any partial repayment amount shall be applied to repaying (a) any fees and charges outstanding under this Agreement; (b) interest; and (c) the amount of Outstanding Principal Balance, and your subsequent Monthly Statement shall reflect any such part payment. Where you take the above steps, your indebtedness will be discharged by an amount equal to the sum of the amount paid and any rebate allowable under section 95 of the Consumer Credit Act 1974. A partial early repayment will result in the reduction of the amount of your monthly payments, but not the Term of this Agreement.