Common use of Acceptance Of Late Or Partial Payments Clause in Contracts

Acceptance Of Late Or Partial Payments. We may delay enforcing our rights under this agreement and may accept late payments, partial payments and payments marked as “paid in full” or containing similar wording without losing any rights that we have under this agreement or by law, including the right to recover in full all amounts that you owe to us on your account. We may, at our option, allow you to skip a payment from time to time. You will be notified in advance of when this option is available to you. You may continue to make regular payments as determined in this agreement and/or additional payments if you wish and you will reduce the amount of interest charges that you will have to pay if you do so. If you exercise the skip payment option when it is made available to you, you will not be charged a Late Fee for those payments skipped. However, if you exercise the skip payment option when it is made available to you, interest charges and insurance premiums, if any, will continue to accrue on the entire unpaid balance of your account during that skip payment period in accordance with this agreement. The statement sent to you immediately following the skip payment period will indicate the Minimum Payment due. At that time, your Minimum Payments will return to the amount computed in accordance with the terms of this agreement and be due on the due dates as specified in this agreement.

Acceptance Of Late Or Partial Payments. We may delay enforcing our rights under this agreement and may accept late payments, partial payments and payments marked as “paid in full” or containing similar wording without losing any rights that we have under this agreement or by law, including the right to recover in full all amounts that you owe to us on your the account and cardholder’s account. We may, at our option, allow you and/or the cardholder, as applicable (hereinafter for purposes of this section only “you”), to skip a payment from time to time. You will be notified in advance of when this option is available to you. You may continue to make regular payments as determined in this agreement and/or additional payments if you wish and you will reduce the amount of interest charges Finance Charges that you will have to pay if you do so. If you exercise the skip payment option when it is made available to you, you will not be charged a Late Fee for those payments skipped. However, if you exercise the skip payment option when it is made available to you, interest charges Finance Charges and insurance premiums, if any, will continue to accrue on the entire unpaid balance of your account during that skip payment period in accordance with this agreement. The statement sent to you immediately following the skip payment period will indicate the Minimum Payment due. At that time, your Minimum Payments will return to the amount computed in accordance with the terms of this agreement and be due on the due dates as specified in this agreement.