LATE PAYMENT CHARGES i) The Customer hereby agrees and acknowledges that the Bank reserves the right to impose and demand from the Customer late payment charges for the Customer’s failure to make:
a. outstanding Monthly Payments and/or amounts agreed to be paid by the Customer to the Bank; and/or
b. payments after the maturity date or cancellation of the Facility, Applicable Period Late Payment Charge Rate On the Amount
1) Prior to maturity date 1% per annum calculated on a daily balance basis.
i. Outstanding Monthly Payments, will be calculated after the final date until full settlement of the outstanding Monthly Payment and/or;
ii. Outstanding balance, calculated from the date of cancellation until full settlement of the outstanding balance.
2) After the maturity date Current Islamic Interbank Money Market Rate (“IIMM”) per annum calculated on a daily balance basis. Outstanding balance calculated from maturity date until full settlement.
3) After the Bank has obtained court judgment against the Customer At the IIMM Rate per annum calculated on a daily balance basis from the date of court judgment until the date of full settlement. The outstanding balance (not including legal costs, late payment charges as stated in the judgment) calculated from the date of judgment until full settlement of the judgment sum. At the rate specified below:
1. Late payment charges shall not be compounded. 2. The amount of late payment charges shall not be more than outstanding principal amount.
