Late Repayment definition
Late Repayment. Fee shall mean the one-off fee indicated in the Service Rates and payable by the Borrower to the Operator each time when the Borrower is in delay to perform (non-performance or defective performance) its financial obligation under the Loan Agreement (for the sake of clarity, here is an example: It is specified in the Loan Repayment Schedule that the Borrower shall make payments under the Loan Agreement by the 15th day of each month. If the Borrower does not make an adequate payment by the 15th of March, the Borrower is subject to one-off Late Repayment Fee; subsequently, if the Borrower again fails to make its next payment by the 15th of April, the Borrower is again subject to one-off Late Repayment Fee).
Examples of Late Repayment in a sentence
Each time when the Borrower delays to make a current payment in due time and manner, the one-off Late Repayment Fee shall be payable to the Operator.
In the event that You do not repay the Loan in full within the Roll Over Period, You will be liable to pay a Late Repayment Penalty fee of (UGX 2,500/= for consumer loans and UGX 3,000/= for Airtel Money Agent loans) in respect of the Loan in addition to the outstanding Loan amount.
In the event that you do not repay the Loan in full within the Graduation Period,you will be liable to pay a Late Repayment Penalty fee of 5% per annum on any outstanding principal amount in respect of the Loan in addition to the outstanding Loan amount.