Common use of Rescheduling Clause in Contracts

Rescheduling. 9.1. If the Bank has provided for rescheduling, Customers are entitled to request a payment deferral in the form of new installment dates and installment amounts in case of short-term loans or the payable installment amount in case of an installment loan. The request for deferral can be submitted in writing (including via email) or via Customer Care and shall be subject to approval of Novum, which is entitled to reject such application without giving reasons. 9.2. For a Rescheduling-application submitted by the Customer and approved by Novum (prolongation) a Rescheduling Fee is charged. The amount of the Rescheduling Fee varies depending on the amount of the Loan granted to the Customer (Please refer to Annex 2 – Fee List hereto). 9.3. Novum shall inform the Customer on a durable medium whether the Rescheduling-application is approved. If approved by Novum, the Rescheduling will then become effective when confirmed by the Customer via a durable medium. 9.4. Once an approved Rescheduling has come into force, the Customer is notified accordingly via a durable medium and Novum provides the Customer with an Invoice. 9.5. In the event that the Customer does not comply with the agreed Rescheduling terms, Clause 11 (Delay of Payment) and Clause 14 (Termination) apply mutatis mutandis, but with the provision that the due date of the instalment(s) is determined by s the agreed Rescheduling.

Rescheduling. 9.1. If the Bank Novum has provided for rescheduling, Customers are entitled to request a payment deferral in the form of new installment dates and installment amounts in case of short-term loans or the payable installment amount in case of an installment loan. The request for deferral can be submitted in writing (including via email) or via Customer Care and shall be subject to approval of Novum, which is entitled to reject such application without giving reasons. 9.2. For a Rescheduling-application submitted by the Customer and approved by Novum (prolongation) a Rescheduling Fee is charged. The amount of the Rescheduling Fee varies depending on the amount of the Loan granted to the Customer (Please refer to Annex 2 – Fee List hereto). 9.3. Novum shall inform the Customer on a durable medium whether the Rescheduling-application is approved. If approved by Novum, the Rescheduling will then become effective when confirmed by the Customer via a durable medium. 9.4. Once an approved Rescheduling has come into force, the Customer is notified accordingly via a durable medium and Novum provides the Customer with an Invoice. 9.5. In the event that the Customer does not comply with the agreed Rescheduling terms, Clause 11 (Delay of Payment) and Clause 14 (Termination) apply mutatis mutandis, but with the provision that the due date of the instalment(s) is determined by s the agreed Rescheduling.