Common use of Change of interest rate Clause in Contracts

Change of interest rate. 7.3.1 Regardless of the other provisions relating to the rate of interest and/or rests period in this Agreement, the Bank can, at its absolute discretion, change the rate of interest and/or rests period from time to time by notifying the Borrower in writing of such change.‌ 7.3.2 The changed rate of interest and/or rests period will be effective from the date specified in the notice which will not be less than seven (7) days from the date of notice. Such notice will be binding on the Borrower and can be served in the manner provided in Clause 32. 7.3.3 The Borrower hereby agrees to irrevocably waive the requirement of service of the notice if the change of interest rate relates only to the change in the BLR and such change in BLR shall be deemed to have been notified to the Borrower upon the same being published in the Bank’s website or any daily national newspaper as selected by the Bank. 7.3.4 If the rate of interest changes at any time, the amount of interest due will be recalculated such that:- (i) the interest at the former rate will be charged from the date on which the Banking Facility was advanced or paid, or the first day the former rate of interest takes effect, as case may be, up to the day preceding the date when the new rate of interest takes effect; and (ii) interest at the new rate will be calculated from the date the new rate of interest takes effect up to the day prior to a subsequent change in the interest rate. Interest at the new rate will be deemed to be due as at the date when the variation takes effect. 7.3.5 No part of any payments to be made by the Borrower to the Bank will be deemed to be a repayment of principal until all interest due or deemed to be due to the Bank has been paid. 7.3.6 Where repayment is by instalment, if and whenever the rate of interest payable by the Borrower or the mode of computation of interest is changed, the Bank will make the necessary adjustment to the amount of any instalment payments and notify the Borrower of the changed instalments at least seven (7) days prior to the changed instalment comes into effect. The Borrower shall commencing from the effective date pays the changed instalment amount unless the Bank agrees to the Borrower’s written request to retain and pay the amount of the existing instalment amount and the Borrower hereby represent and warrant to the Bank that at the time of their request, the Borrower is fully aware of the implications of their request to maintain the existing instalment amount.

Change of interest rate. 7.3.1 Regardless of the other provisions relating to the rate of interest and/or rests period in this Agreement, the Bank can, at its absolute discretion, change the rate of interest and/or rests period from time to time by notifying the Borrower in writing of such change.‌change. 7.3.2 The changed rate of interest and/or rests period will be effective from the date specified in the notice which will not be less than seven (7) days from the date of notice. Such notice will be binding on the Borrower and can be served in the manner provided in Clause 32. 7.3.3 The Borrower hereby agrees to irrevocably waive the requirement of service of the notice if the change of interest rate relates only to the change in the BLR and such change in BLR shall be deemed to have been notified to the Borrower upon the same being published in the Bank’s website or any daily national newspaper as selected by the Bank. 7.3.4 If the rate of interest changes at any time, the amount of interest due will be recalculated such that:- (i) the interest at the former rate will be charged from the date on which the Banking Facility was advanced or paid, or the first day the former rate of interest takes effect, as case may be, up to the day preceding the date when the new rate of interest takes effect; and (ii) interest at the new rate will be calculated from the date the new rate of interest takes effect up to the day prior to a subsequent change in the interest rate. Interest at the new rate will be deemed to be due as at the date when the variation takes effect. 7.3.5 No part of any payments to be made by the Borrower to the Bank will be deemed to be a repayment of principal until all interest due or deemed to be due to the Bank has been paid. 7.3.6 Where repayment is by instalment, if and whenever the rate of interest payable by the Borrower or the mode of computation of interest is changed, the Bank will make the necessary adjustment to the amount of any instalment payments and notify the Borrower of the changed instalments at least seven (7) days prior to the changed instalment comes into effect. The Borrower shall commencing from the effective date pays the changed instalment amount unless the Bank agrees to the Borrower’s written request to retain and pay the amount of the existing instalment amount and the Borrower hereby represent and warrant to the Bank that at the time of their request, the Borrower is fully aware of the implications of their request to maintain the existing instalment amount.

Change of interest rate. 7.3.1 (a) Regardless of the other provisions relating to the rate of interest and/or rests period in this Agreement, the Bank can, from time to time at its absolute discretion, change the rate of interest and/or rests period from time to time by notifying the Borrower in writing of such change.‌intention. 7.3.2 (b) The changed amended rate of interest and/or rests period will be effective from the date specified in the notice which will not be less than seven (7) days from the date of notice. Such notice will be binding on the Borrower Borrower, and can be served in the manner provided in Clause 3261. 7.3.3 (c) The Borrower hereby agrees to irrevocably waive the requirement of the service of the notice if the change of interest rate relates only to the change in the BLR and such change in BLR shall be deemed to have been notified to the Borrower upon the same being published in the Bank’s website or any daily national newspaper as selected by the BankBank‟s Base Lending Rate. 7.3.4 (d) If the rate of interest changes at any time, the amount of interest due will be recalculated such that:- (i) the interest at the former rate will be charged from the date on which the Banking Facility was advanced or paid, or the first day the former rate of interest takes effect, as case may be, up to the day preceding the date when the new rate of interest takes effect; and (ii) interest at the new rate will be calculated from the date the new rate of interest takes effect up to the day prior to a subsequent change in the interest rate. Interest at the new rate will be deemed to be due as at the date when the variation takes effect. 7.3.5 (e) No part of any payments to be made by the Borrower to the Bank will be deemed to be a repayment of principal until all interest due or deemed to be due to the Bank has been paid. 7.3.6 (f) Where repayment is by instalment, if and whenever the rate of interest payable by the Borrower or the mode of computation of interest is changed, the Bank will may at its absolute discretion make the necessary adjustment to adjustment, consequent upon any change required by the Bank. (g) The Bank also may (without affecting the above):- (i) change the amount of any instalment payments and notify payments; and/or (ii) change the Borrower number of the changed instalments at least seven (7) days prior to the changed any instalment comes into effect. The Borrower shall commencing from the effective date pays the changed instalment amount unless the Bank agrees to the Borrower’s written request to retain and pay the amount of the existing instalment amount and the Borrower hereby represent and warrant to the Bank that at the time of their request, the Borrower is fully aware of the implications of their request to maintain the existing instalment amountpayments.

Change of interest rate. 7.3.1 (a) Regardless of the other provisions relating to the rate of interest and/or rests period in this AgreementAssignment, the Bank can, from time to time at its absolute discretion, change the rate of interest and/or rests period from time to time by notifying the Borrower in writing of such change.‌intention. 7.3.2 (b) The changed amended rate of interest and/or rests period will be effective from the date specified in the notice which will not be less than seven (7) days from the date of notice. Such notice will be binding on the Borrower and/or the Assignor, and can be served in the manner provided in Clause 32Section 15. 7.3.3 (c) The Borrower and the Assignor hereby agrees agree to irrevocably waive the requirement of the service of the notice if the change of interest rate relates only to the change in the BLR and such change in BLR shall be deemed to have been notified to the Borrower upon the same being published in the Bank’s website or any daily national newspaper as selected by the BankBank‟s Base Lending Rate. 7.3.4 (d) If the rate of interest changes at any time, the amount of interest due will be recalculated such that:-that – (i) the interest at the former rate will be charged from the date on which the Banking Facility was advanced or paid, or the first day the former rate of interest takes effect, as case may be, up to the day preceding the date when the new rate of interest takes effect; and (ii) interest at the new rate will be calculated from the date the new rate of interest takes effect up to the day prior to a subsequent change in the interest rate. Interest at the new rate will be deemed to be due as at the date when the variation takes effect. 7.3.5 (e) No part of any payments to be made by the Borrower and/or the Assignor to the Bank will be deemed to be a repayment of principal until all interest due or deemed to be due to the Bank has been paid. 7.3.6 (f) Where repayment is by instalment, if and whenever the rate of interest payable by the Borrower and/or the Assignor or the mode of computation of interest is changed, the Bank will may at its absolute discretion make the necessary adjustment to adjustment, consequent upon any change required by the Bank. (g) The Bank also may (without affecting the above) – (i) change the amount of any instalment payments and notify payments; and/or (ii) change the Borrower number of the changed instalments at least seven (7) days prior to the changed any instalment comes into effect. The Borrower shall commencing from the effective date pays the changed instalment amount unless the Bank agrees to the Borrower’s written request to retain and pay the amount of the existing instalment amount and the Borrower hereby represent and warrant to the Bank that at the time of their request, the Borrower is fully aware of the implications of their request to maintain the existing instalment amountpayments.

Change of interest rate. 7.3.1 (a) Regardless of the other provisions relating to the rate of interest and/or rests period in this AgreementAssignment, the Bank can, from time to time at its absolute discretion, change the rate of interest and/or rests period from time to time by notifying the Borrower in writing of such change.‌intention. 7.3.2 (b) The changed amended rate of interest and/or rests period will be effective from the date specified in the notice which will not be less than seven (7) days from the date of notice. Such notice will be binding on the Borrower Assignor, and can be served in the manner provided in Clause 32Section 14. 7.3.3 (c) The Borrower hereby Assignor ▇▇▇▇▇▇ agrees to irrevocably waive the requirement of the service of the notice if the change of interest rate relates only to the change in the BLR and such change in BLR shall be deemed to have been notified to the Borrower upon the same being published in the Bank’s website or any daily national newspaper as selected by the BankBank‟s Base Lending Rate. 7.3.4 (d) If the rate of interest changes at any time, the amount of interest due will be recalculated such that:-that – (i) the interest at the former rate will be charged from the date on which the Banking Facility was advanced or paid, or the first day the former rate of interest takes effect, as case may be, up to the day preceding the date when the new rate of interest takes effect; and (ii) interest at the new rate will be calculated from the date the new rate of interest takes effect up to the day prior to a subsequent change in the interest rate. Interest at the new rate will be deemed to be due as at the date when the variation takes effect. 7.3.5 (e) No part of any payments to be made by the Borrower and/or the Assignor to the Bank will be deemed to be a repayment of principal until all interest due or deemed to be due to the Bank has been paid. 7.3.6 (f) Where repayment is by instalment, if and whenever the rate of interest payable by the Borrower and/or the Assignor or the mode of computation of interest is changed, the Bank will may at its absolute discretion make the necessary adjustment to adjustment, consequent upon any change required by the Bank. (g) The Bank also may (without affecting the above) – (i) change the amount of any instalment payments and notify payments; and/or (ii) change the Borrower number of the changed instalments at least seven (7) days prior to the changed any instalment comes into effect. The Borrower shall commencing from the effective date pays the changed instalment amount unless the Bank agrees to the Borrower’s written request to retain and pay the amount of the existing instalment amount and the Borrower hereby represent and warrant to the Bank that at the time of their request, the Borrower is fully aware of the implications of their request to maintain the existing instalment amountpayments.

Change of interest rate. 7.3.1 (a) Regardless of the other provisions relating to the rate of interest and/or rests period in this AgreementAssignment, the Bank can, from time to time at its absolute discretion, change the rate of interest and/or rests period from time to time by notifying the Borrower in writing of such change.‌intention. 7.3.2 (b) The changed amended rate of interest and/or rests period will be effective from the date specified in the notice which will not be less than seven (7) days from the date of notice. Such notice will be binding on the Borrower Assignor, and can be served in the manner provided in Clause 3214. 7.3.3 (c) The Borrower Assignor hereby agrees to irrevocably waive the requirement of the service of the notice if the change of interest rate relates only to the change in the BLR and such change in BLR shall be deemed to have been notified to the Borrower upon the same being published in the Bank’s website or any daily national newspaper as selected by the BankBase Lending Rate. 7.3.4 (d) If the rate of interest changes at any time, the amount of interest due will be recalculated such that:- (i) the interest at the former rate will be charged from the date on which the Banking Facility was advanced or paid, or the first day the former rate of interest takes effect, as case may be, up to the day preceding the date when the new rate of interest takes effect; and (ii) interest at the new rate will be calculated from the date the new rate of interest takes effect up to the day prior to a subsequent change in the interest rate. Interest at the new rate will be deemed to be due as at the date when the variation takes effect. 7.3.5 (e) No part of any payments to be made by the Borrower and/or the Assignor to the Bank will be deemed to be a repayment of principal until all interest due or deemed to be due to the Bank has been paid. 7.3.6 (f) Where repayment is by instalment, if and whenever the rate of interest payable by the Borrower and/or the Assignor or the mode of computation of interest is changed, the Bank will may at its absolute discretion make the necessary adjustment to adjustment, consequent upon any change required by the Bank. (g) The Bank also may (without affecting the above):- (i) change the amount of any instalment payments and notify payments; and/or (ii) change the Borrower number of the changed instalments at least seven (7) days prior to the changed any instalment comes into effect. The Borrower shall commencing from the effective date pays the changed instalment amount unless the Bank agrees to the Borrower’s written request to retain and pay the amount of the existing instalment amount and the Borrower hereby represent and warrant to the Bank that at the time of their request, the Borrower is fully aware of the implications of their request to maintain the existing instalment amountpayments.