Charging interest Clause Samples
The 'Charging interest' clause establishes the right of one party, typically a lender or service provider, to impose interest charges on overdue payments or outstanding balances. In practice, this clause specifies the applicable interest rate, the method of calculation (such as daily or monthly compounding), and the circumstances under which interest will accrue, such as late payment of invoices. Its core function is to incentivize timely payments and compensate the party owed money for the delay, thereby reducing the risk of non-payment and encouraging financial discipline.
Charging interest. Interest shall be applied to each individual transaction on the designated account and shall accrue on a daily basis commencing on the date of the relevant transaction. Interest will cease to accrue if we receive, your payment for the full balance, by the payment due date printed on your statement.
Charging interest. You must pay us interest on the money owing until it is repaid. Interest is payable by you daily but debited to your account on the first repayment date and then monthly on each repayment date. It will also be debited on the last day of the facility. If any of the money is to be used for construction of or improvements to a building, interest is also debited on the date the final instalment of the money is paid to your builder. We calculate interest by applying the daily percentage rate to the unpaid daily balance of your account at the end of each day from (and including) the day the money is first paid to you until (and excluding) the day the money owing is repaid.
Charging interest. We charge interest on your balance at the end of each day.
Charging interest. Prior to the Enrollment Date: You will not pay any interest on the Eligible Purchase for any statement period in which You convert that Eligible Purchase to an Instalment Plan if the Bank receives payment of the full balance owing for the Monthly Instalment Payment during the statement period following the statement on which Your enrollment first appears. As of the Enrollment Date: Once an Eligible Purchase is enrolled in an Instalment Plan, as of the Enrollment Date, the Eligible Purchase (divided into fixed monthly payments) that forms part of the Instalment Plan is charged interest each month from the Enrollment Date at the Instalment Interest Rate that applies to the Instalment Plan until the last day in the applicable Payment Period.
Charging interest. The interest rate is the maximum set by the Department of Health and reflects the cost of Government borrowing. This rate may go up or down on 1 January and 1 July each year. The interest rate at 1 January 2016 was 2.15% per annum. The interest will be compounded on a daily basis. You will receive statements twice a year, confirming the total value of the loan and interest under the DPA. These show how the amount due is calculated and what the outstanding sum on your DPA is.
Charging interest. The loan will have interest charged on it in the same way a normal loan would be charged on money borrowed from a bank. The maximum interest rate that will be charged is fixed by the Government. The maximum rate to be charged is linked to the cost of Government borrowing, and will change on 1st January and 1st July every year. The rate Bristol City Council charges is shown at the end of this leaflet. The interest will be compounded on a calendar monthly basis. The interest will apply from the day you enter into the Deferred Payment Agreement. You will receive regular statements advising you how your charge is being calculated and what the outstanding sum on your account is.