Common use of REVIEW OF INTEREST Clause in Contracts

REVIEW OF INTEREST. 8.1 During the currency of this contract the Creditor may review and vary the Annual Interest Rate, and consequently the Default Interest Rate payable by the Debtor by giving the Debtor not less than one months prior notice, in writing, of the Creditor's intention to vary the Annual Interest Rate. 8.2 The Annual Interest Rate as so varied shall become effective on the date specified in the notice and the Payment shall be recalculated on that date in accordance with the Creditor's amortisation tables on the basis of the new Annual Interest Rate, the Unpaid Balance of the loan and the remaining Term of the Loan. 8.3 Payment, as varied, shall commence on the Payment Date specified in the notice; 8.4 On receipt of the notice the Debtor shall be entitled to make Full Prepayment of the Unpaid Balance of the Loan and all other moneys then owing hereunder together with interest thereon at the Annual Interest Rate, as provided in clause 6.1, on or before the date specified in the notice and interest shall cease to be payable on the moneys so repaid on the date of Full Prepayment.

REVIEW OF INTEREST. 8.1 During the currency of this contract the Creditor may review and vary the Annual Interest Rate, and consequently the Default Interest Rate payable by the Debtor by giving the Debtor not less than one months prior notice, in writing, of the Creditor's intention to vary the Annual Interest Rate. 8.2 The Annual Interest Rate as so varied shall become effective on the date specified in the notice and the Payment shall be recalculated on that date in accordance with the Creditor's amortisation tables on the basis of the new Annual Interest Rate, the Unpaid Balance of the loan and the remaining Term of the Loan.the 8.3 Payment, as varied, shall commence on the Payment Date specified in the notice; 8.4 On receipt of the notice the Debtor shall be entitled to make Full Prepayment of the Unpaid Balance of the Loan and all other moneys then owing hereunder together with interest thereon at the Annual Interest Rate, as provided in clause 6.1, on or before the date specified in the notice and interest shall cease to be payable on the moneys so repaid on the date of Full Prepayment.