Common use of Your right to elect Reduced Payment Amounts Clause in Contracts

Your right to elect Reduced Payment Amounts. (a) You may elect (that is, choose), by giving us not less than 5 business days’ prior written notice at any time during the term of this Agreement, to vary this Agreement to reduce each Payment Amount to an amount not less than the Reduced Payment Amount (if applicable). Any reduction will result in an extension of the term of this Agreement and, if elected, we will give notice of the changes to your Loan (including notice of the effective date of the change and an updated payment schedule) in accordance with clause 12.2.