DELAY/DEFAULT IN PAYMENT a) The Borrower shall pay in full the PEMII, EMI and all other amounts without any demur, protest or default and without claiming any set-off or counter claim on the respective Due Dates. No notice, reminder or intimation shall be given to the Borrower regarding his obligation and responsibility to ensure prompt and regular payment of interest, PEMII, EMI and all other amounts payable by the Borrower to the Lender on the respective Due Dates.
b) On the happening of any Events of Default as set out in Article 7 of this Agreement such defaulted amount shall carry Default Interest at the rate of interest as mentioned in the Schedule hereto, computed from the respective due dates and shall be compounded on monthly basis.
c) Without prejudice to the Lender's other rights, the delay in payment of EMI or PEMII by the Borrower, shall render the Borrower liable to pay additional Interest at the rate mentioned in the Schedule attached hereto (“Additional Interest”) or at such higher rate as per the rules of the Lender in that behalf as in force from time to time and communicated to the Borrower by the Lender in writing. Such additional interest shall be charged/debited to the Borrower's Loan account on the respective Due Dates and shall be deemed to form part of the outstanding Loan. Such interest and other amounts shall accordingly attract Interest at the same rate as applicable to the Loan and as stated in Schedule attached hereto. In such event, the Borrower shall also be liable to pay incidental charges and costs to the Lender.
DELAY/DEFAULT IN PAYMENT. A. The Borrower shall pay in full the PEMII, EMI and all other Borrower's Dues without any demur, protest or default and without claiming any set-off or counter claim on the respective Due Dates. No notice, reminder or intimation shall be given to the Borrower regarding the Borrower's obligation and responsibility to ensure prompt and regular payment of PEMII, EMI and all other Borrower's Dues payable by the Borrower to the Lender on the respective Due Dates.
B. In the event of default in payment/ in the event of non-payment of principal or Interest on the Loan or any other monies or any part thereof, on respective Due Dates, such defaulted/unpaid amount shall carry interest/further interest till payment at the rate of interest as mentioned in the Schedule attached hereto (plus applicable interest tax or other statutory levy) ('Additional Interest'), over and above the applicable Rate of Interest, computed from the respective Due Dates and shall become payable upon the footing of compound interest with monthly rests. Such Additional Interest shall be in addition to any other charges, which the Borrower is liable to pay to the Lender in terms of these presents. Payment of Additional Interest or liability of the Borrower there for shall not act as justification for any default and shall be without prejudice to Lender's other rights and remedies in this regard.
C. In the event of any default in due discharge and performance by any of the Obligors of any of the obligations under the Transaction Documents, the Borrower's Dues shall carry, in addition to the normal interest, Additional Interest, from the date of default up to the date on which the default is cured by the Obligors to the satisfaction of the Lender.
D. The Borrower may prepay the amount of the Loan in full or in part. The Borrower shall pay to the Lender such pre-payment charges, if applicable, as per the terms agreed between the parties in accordance with the Applicable Law.
E. In the event of such pre-payment, the Repayment schedule shall be altered by the Lender at the request of the Borrower and the Borrower agrees to adhere to the altered Repayment schedule to be provided to the Borrower by the Lender.
