REPAYING EARLY Sample Clauses
The 'Repaying Early' clause defines the borrower's right or obligation to pay back a loan or outstanding balance before the scheduled due date. Typically, this clause outlines the process for making early repayments, including any notice requirements, potential fees, or restrictions that may apply. For example, it may specify whether partial or full early repayment is allowed and if any penalties or interest adjustments are involved. The core function of this clause is to provide flexibility for borrowers to reduce their debt sooner while clarifying any financial implications, thereby preventing misunderstandings and ensuring both parties are aware of their rights and obligations regarding early repayment.
REPAYING EARLY. Variable commercial rate loan or interest capitalised variable commercial rate loan
10.1 If you have a variable commercial rate loan or an interest capitalised variable commercial rate loan, you may repay as much of the facility amount owing as you choose on an interest payment date. If the payment is made on a day other than an interest payment date, break costs may apply in accordance with clause 11 of this Part D.
10.2 You may only redraw any amount repaid early in accordance with clause 11 of this Part D. Interest prepaid commercial rate loan
10.3 If you have an interest prepaid commercial rate loan you may repay as much of the facility amount owing as you choose at any time during an interest period without penalty. However, if you wish to elect to make such a payment, no amount will be rebated to you in respect of interest that you have prepaid.
10.4 While your facility is an interest prepaid commercial rate loan you may not redraw any amount repaid early. Fixed commercial rate loan
10.5 If you have a fixed commercial rate loan and you make a payment of the facility amount owing or any part of the facility amount owing on any day other than the last day of the fixed rate period, break costs may apply in accordance with clause 11 of this Part D.
10.6 While your facility is a fixed commercial rate loan you may not redraw any amount repaid early. All facility types
10.7 You must continue to make any reductions or special reductions on the reduction date or special reduction date (as appropriate), despite any payment made in accordance with this clause 10. Break costs will not apply when you make a reduction or special reduction on a reduction date or special reduction date.
REPAYING EARLY. During a variable rate period During a fixed rate period
REPAYING EARLY. Variable business term loan
10.1 If you have a variable business term loan, you may repay early as much as you choose, at any time, without notifyingus in advance. You can do this by:
a. paying one or more lump sums; or
b. increasing the amount of your repayment.
10.2 Once you make an early repayment, you may only redrawany amount repaid early under the redraw provisions in clause 11 of this Part B. Fixed business term loan
10.3 If you have a fixed business term loan, to avoid incurring break costs you may only repay early:
a. at the end of the fixed rate period; or
b. any amount, provided that the extra repayments which are in addition to your elected repayments areless than the extra payment limit. If you repay early in any other circumstances break costs may apply (see clause 11 of Part A).
10.4 During a fixed rate period you may not redraw any amountrepaid early and clause 11 of this Part B does not apply during a fixed rate period. have allowed the final drawdown or such earlier date as we agree. 10.5 Upon:
9.3 You may only change your facility to a fixed business termloan if:
a. we are offering the fixed rate period you request at the time of your request; and
b. we agree at our absolute discretion to your request to change your facility type.
9.4 If we agree to change your facility type from a variable business 103892277.1
a. you switching your facility to a variable business termloan (in accordance with clause 9.8 of this Part B); or
b. automatic conversion of your facility to a variable business term loan (in accordance with clause 6.8 ofthis Part B), you may, subject to clause 11.11 of this Part B, redraw anyamounts that you have repaid early. Effect of partial early repayment
REPAYING EARLY. Variable market rate loan or interest capitalised variable market rate loan
10.1 If you have a variable market rate loan or an interest capitalised variable market rate loan, you may repay as much of the facility amount owing as you choose on aninterest payment date. If the payment is made on a day other than an interest payment date the payment may be returned to your nominated account, alternatively break costs may apply in accordance with clause 11 of this Part D.
10.2 You may only redraw any amount repaid early inaccordance with clause 11 of this Part D. Interest prepaid market rate loan
10.3 If you have an interest prepaid market rate loanyou may repay as much of the facility amount owing as you choose at any time during an interest period withoutpenalty. However, if you wish to elect to make such a payment, no amount will be rebated to you in respect of interest that you have prepaid.
10.4 While your facility is an interest prepaid market rateloan you may not redraw any amount repaid early. Fixed market rate loan
10.5 If you have a fixed market rate loan and you make a payment of the facility amount owing or any part of the facility amount owing on any day other than the last day ofthe fixed rate period, break costs may apply in accordance with clause 11 of this Part D.
10.6 While your facility is a fixed market rate loan you maynot All facility types
10.7 You must continue to make any reductions or special reductions on the reduction date or special reduction date (as appropriate), despite any payment made in accordancewith this clause 10. Break costs will not apply when you make a reduction or special reduction on a reduction date or special reduction date. Effect of partial early repayment
10.8 The repayments set out in the schedule have been calculated on the basis that you will not make any additional payments including by paying one or more lump sums or increasing the amount of your repayment.
10.9 Payments in addition to those set out in the schedule may only be made in respect of variable market rate loans and unless you specify otherwise in writing will not be paid against the principal outstanding but will be treated as prepayments as if they were applied against the principal outstanding solely for the purposes of calculating interest.
10.10 If you repay part of a facility limit early, your repaymentdoes not change, (unless we specifically agree to your request for a change) but it may mean you repay your variable market rate loan quicker....
REPAYING EARLY. Variable business term loan
10.1 If you have a variable business term loan, you may repay early as much as you choose, at any time, without notifying us in advance. You can do this by:
a. paying one or more lump sums; or
b. increasing the amount of your
10.2 Once you make an early repayment, you may only redraw any amount repaid early under the redraw provisions in clause 11 of this Part B.
10.3 If you have a fixed business term loan, to avoid incurring break costs you may only repay early:
a. at the end of the fixed rate period; or
b. any amount, provided that the extra repayments which are in addition to your elected repayments are less than the extra payment limit. If you repay early in any other circumstances break costs may apply (see clause 11 of Part A)
10.4 During a fixed rate period you may not redraw any amount repaid early and clause 11 of this Part B does not apply during a fixed rate period.
10.5 Upon:
a. you switching your facility to a variable business term loan (in accordance with clause 9.8 of this Part B); or
b. automatic conversion of your facility to a variable business term loan (in accordance with clause 6.8 of this Part B), you may, subject to clause 11.11 of this Part B, redraw any amounts that you have repaid early.