Payment Holidays Clause Samples
A payment-holidays clause allows a party to temporarily suspend or defer scheduled payments under a contract without being considered in default. Typically, this clause outlines the conditions under which a payment holiday can be requested, such as financial hardship or specific triggering events, and may specify the maximum duration and any notice requirements. Its core practical function is to provide flexibility for parties facing temporary financial difficulties, helping to prevent defaults and maintain the contractual relationship during challenging periods.
POPULAR SAMPLE Copied 3 times
Payment Holidays. At our option we may permit you from time to time to skip making the Minimum Payment Due for a specified billing cycle (referred to as a "payment holiday"). Even if you accept such a payment holiday, we will continue to assess Interest Charges on the unpaid balance of the Account as disclosed in the Insert. Any payment holiday we permit will not affect the terms of this Agreement. The terms of this Agreement remain in force regardless of whether you accept a payment holiday.
Payment Holidays. We may allow You, from time to time, to skip a monthly payment or make a reduced payment. We will notify You when these options are available. If You choose to avail Yourself of these opportunities, Interest Charges, applicable fees, and other regular trans- actions, if any, will accrue on Your Account in accordance with this Agreement. The reduced payment amount may be less than Your Interest Charges. If We offer the option of a reduced payment, such payment will have to be made on its due date or it will be subject to a late charge. You must resume making Your regular Minimum Payment each month following a payment holiday or reduced payment option.
Payment Holidays. From time to time, we may offer you a payment holiday allowing you to skip a minimum payment. Finance charges, if any, will continue to accrue on your balance at the applicable periodic rate and the period within which you must pay the Total New Balance to avoid paying finance charges on purchases will not be extended. The regular payment terms will resume at the end of the payment holiday.
Payment Holidays. 7.1 If you hold a Monthly Membership with a Fixed Term of at least 6 months, you may request that your obligations to pay Monthly Membership Fees be suspended (“Payment Holiday”), as follows: Fixed Term 12 Months 6 Months Maximum no. of Payment Holidays 1 1 Minimum Length of Payment Holiday 1 month 1 month Maximum Length of Payment Holidays 4 months 2 months
7.2 Payment Holidays may only take effect on the first of a calendar month, provided that a Payment Holiday may only be the whole of 1 or more months (if applicable) (and not part thereof). You may not use any facilities of any Gym during a period in respect of which you have taken a Payment Holiday (“Payment Holiday Period”).
7.3 You may be required to provide independent documentation to support your request for a Payment Holiday (e.g. documentation providing that you have lost your job due to redundancy or are suffering from severe financial hardship). Upon our acceptance of your request for a Payment Holiday, the length of the Payment Holiday will be set-off against the permitted Suspensions referred to in the table at Clause 6.1 and the Fixed Term of your Membership will be extended by a period equal to the Payment Holiday Period.
7.4 If you hold a Monthly Membership, your obligations to pay the Monthly Membership Fees will be suspended in respect of such number of month(s) corresponding to the length of the Payment Holiday. To suspend your obligation to pay the Monthly Membership Fee in respect of a particular month, you must notify us in writing at least 5 working days before the end of the preceding month. If you fail to do so, such Monthly Membership Fee will be payable and the suspension of your payment obligations will commence in the following month.
7.5 The permitted Payment Holidays referred to in the table at Clause 7.1 may not be set off against the Early Termination Fee. In addition, your Payment Holiday entitlement will be cancelled at the end of the Fixed Term and any bonus Units you may be entitled to, and may not be carried forward.
7.6 Any Payment Holidays in addition to those permitted are entirely at our discretion and you may be required to provide independent supporting documentation (e.g. documentation providing that you have lost your job due to redundancy or are suffering from severe financial hardship). A suspension fee may apply for such additional Payment Holidays.
Payment Holidays. We may allow you, from time to time, to omit a monthly payment. We will notify you as to any month in which the option is available. If you omit a payment, FI- ▇▇▇▇▇ CHARGES and insurance charges, if any, will continue to accrue on your balance. A payment holiday does not extend the period within which you must pay the Total New Balance in order to completely avoid a FINANCE CHARGE on purchases. A minimum payment will be due in the month following the month in which you skip your payment.
Payment Holidays. The Parties agree that the District shall not make a payment to the Fund in the