Common use of DEFERRED PAYMENT PERIOD Clause in Contracts

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.] INTEREST FREE PERIOD There is no interest-free period under this Agreement. GOODS Make or Manufacturer Vin Number Model Registration No Year of Manufacture Chassis/Serial No PARTICULARS OF INSUR ANCE Company Branch/Broker Expiry date C/N or Policy No. Amount $ ANNUAL REVIEW 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 such changes (including notice of the effective date of the changes) in accordance with clause 12.2 and we won’t charge you a variation fee if we make changes to your agreement in this manner. Note that any change to your Loan to increase the Payment Amounts will reduce your total interest costs under this Loan. If we change your Loan pursuant to this section then you may pay the Loan back in full in accordance with clause 3.4 and if you do so, we won’t charge you an early settlement fee. We want to continue to work with you to discuss and adjust your position over time as your situation develops. You should contact us if your situation (including, your income or expenses) materially changes.