DEFERRED PAYMENT PERIOD Sample Clauses
The Deferred Payment Period clause establishes a specific timeframe during which payment for goods or services is postponed beyond the standard due date. Typically, this clause outlines the length of the deferral, any conditions that must be met for the deferral to apply, and may specify whether interest or fees accrue during the period. For example, a buyer might be allowed 60 days after delivery to make payment instead of paying immediately. The core function of this clause is to provide flexibility in cash flow management for the paying party while clearly defining expectations and obligations for both parties regarding when payment is ultimately due.
DEFERRED PAYMENT PERIOD. [Not applicable][ months][The term of this Agreement].] During the Deferred Payment Period, you will not be required to make regular payments under this Agreement. However, interest will accrue and be automatically added to the principal amount of the Loan on each Payment Date (or such other date as we may agree). Interest so capitalised will itself bear interest under this Agreement.] There is no interest-free period under this Agreement. Make or Manufacturer Vin Number Model Registration No Year of Manufacture Chassis/Serial No Company Branch/Broker Expiry date C/N or Policy No. Amount $ We have agreed to refinance your previous consumer loan to help ease the financial difficulties you are experiencing, or reasonably expect to experience, due to the effects of COVID-19. This will be done by reducing, or allowing you to elect to reduce at any time, your regular payment amounts by extending the term of this Agreement. If your financial position improves, a longer-term loan may become less suitable for your needs. It is a condition of this Agreement that we have the right to review your Loan annually. We will conduct an annual review of the Loan (at any time, but no more than once in each calendar year) to assess whether the financial difficulties you are experiencing, or reasonably expected to experience, due to the effects of COVID-19 have been eased, whether the Loan is still suitable for your needs and, in particular, whether you still require the Right to Reduced Repayments or, if the Payment Amounts are lower than those under your previous consumer loan, the Payment Amounts can increase up to the amounts payable under your previous consumer loan (and therefore the term of this Agreement shorten). As part of any annual review, we may ask for information from you (including details of your current income and expenses) in accordance with clause 4.4 to assist us in our review. Where we determine, as a result of any Annual Review, that changes to your Loan should be made (in particular, that the financial difficulties have been eased so that you no longer require the Right to Reduced Repayments or, if the Payment Amounts are lower than those under your previous consumer loan, the Payment Amounts can increase up to amounts payable under your previous consumer loan (and therefore the term of this Agreement shorten)), we reserve the right to make those changes without your agreement in such manner as we reasonably determine. We will give you notice of any suc...
DEFERRED PAYMENT PERIOD. From and after the Commencement Date until the Deferred Payment Termination Date (the “Deferred Payment Period”), payment of amounts due from the Company to ▇▇▇▇ or ▇▇▇▇ to the Company under this Agreement shall be deferred or applied to the extent provided in, and subject to the terms and conditions of, this Article 11.