Payment Holidays definition

Payment Holidays means in respect of any Loan a period of one or more Monthly Payment Dates for a maximum of six months (and limited to six months per annum) or a longer period agreed to by the relevant Legal Title Holder when the Borrower under such Loan is permitted by the Legal Title Holder not to make its regular Contractual Monthly Payment in full or partially. A Borrower may apply for a payment holiday even if that Borrower has not made prior Overpayments or is currently in Arrears. Payment holiday requests will include an affordability assessment. The Loan will continue to accrue interest and other charges during any payment holiday and accrued interest will be added to the Current Balance of the Loan which will increase the amount of interest payable by the Borrower.
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Examples of Payment Holidays in a sentence

  • Once this Facility is granted the term/tenure of the Facility will be extended by proportionate number of additional months in accordance with the number of Payment Holidays granted and/or otherwise.

  • Further, the Borrower also understands that the Due Date of each of the Interest mentioned in the MITC/KFS/Repayment Schedule shall be automatically extended by proportionate number of additional months in accordance with the number of Payment Holidays granted and/or otherwise.

  • For the avoidance of doubt, the foregoing applies in the case of Suspensions, Payment Holidays and the termination of your Membership prior to the end of the Fixed Term by you or by Ritual.

  • Further, the Borrower also understands that the Due Date of each of the EMI mentioned in the Loan Summary Schedule/Repayment Schedule shall be automatically extended by proportionate number of additional months in accordance with the number of Payment Holidays granted and/or otherwise.

  • Once this facility is granted the term/tenure of the loan will be extended by proportionate number of additional months in accordance with the number of Payment Holidays granted and/or otherwise.