Initial Annual Percentage Rate Sample Clauses

Initial Annual Percentage Rate of Charge is the total cost of Overdraft for the Borrower (all of the Borrower’s expenses, including Interest and other fees payable by the Borrower to the Bank within the framework of the Agreement and known to the Bank at the moment of entry into the Agreement), expressed as an annual percentage rate of the Overdraft Limit, based on the assumption that the Bank and the Borrower will fulfil their obligations under the terms and conditions stipulated in the Agreement. When calculating the Initial Annual Percentage Rate of Charge, the Bank shall presume that the Borrower will start using the entire Overdraft Limit as soon as possible and return the Overdraft to the Bank as a lump sum in 1 (one) year, on the Repayment Date. When calculating the Initial Annual Percentage Rate of Charge, the Bank shall not take into account any costs and fees which the Borrower must pay upon infringement of the obligations arising from the Agreement, costs on the extension of the Agreement and other costs that are not known to the Bank at the moment of entry into the Agreement. When calculating the Initial Annual Percentage Rate of Charge, the Bank shall be governed by the formula established by the Minister of Finance of the Republic of Estonia, and round the result off to two digits after the decimal point.
Sample 1
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Related to Initial Annual Percentage Rate

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