Common use of Consequences of being overdue Clause in Contracts

Consequences of being overdue. 8.1 I If you do not pay the Minimum Payment Amount in full by the Due Date, you shall be considered in default without any other formality being necessary, and shall pay default interest at the rate indicated in clause 2 on the overdue amount from the day that payment falls due until full repayment of the amount overdue. Ferratum shall have the right to take all legal measures necessary to recover amounts due by you. 8.2 If you do not pay the Minimum Payment Amount together with the default interest in full within five (5) days from the Due Date, Ferratum shall send you a reminder notification.