Common use of Additional Finance Charges Clause in Contracts

Additional Finance Charges. 5.1 Should the Borrower fail to pay on due date any amount falling due or payable to the Bank under or arising from this Agreement then, without prejudice to such other rights as may accrue to the Bank consequent upon such failure, the total outstanding amount shall bear additional interest at a rate equivalent to the maximum interest rate applicable from time to time for as long as an amount payable remains unpaid. 5.2 In the event of the repayments as stipulated above being paid in any way other than by regular payments, then additional interest at the maximum interest rate applicable from time to time will be capitalised on the first day of payment which follows after such additional finance charges became payable. If the last day of payment has already elapsed, the additional finance charges will be capitalised at the same frequency it would have been capitalised if the last date of payment had not already elapsed.

Additional Finance Charges. 5.1 7.1 Should the Borrower fail to pay on due date any amount falling due or payable to the Bank under or arising from this Agreement then, without prejudice to such other rights as may accrue to the Bank consequent upon such failure, the total outstanding amount shall bear additional interest at a rate equivalent to the maximum interest rate applicable from time to time for Interest Rate as long as an amount payable remains unpaidagreed in the Pre-Agreement Statement and capitalised in terms of paragraph 2 above. 5.2 7.2 In the event of the repayments as stipulated above being paid in any way other than by regular payments, then additional interest at the maximum interest rate applicable from time to time stipulated in the quotation above, will be capitalised on the first day of payment which follows after such additional finance charges became payable. If the last day of payment has already elapsed, the additional finance charges will be capitalised at the same frequency it would have been capitalised if the last date of payment had not already elapsed.