Common use of INTEREST AND APPORTIONMENT OF PAYMENT Clause in Contracts

INTEREST AND APPORTIONMENT OF PAYMENT. a. Interest shall accrue on the Loan/Facility at the rate prescribed herein mentioned above from Effective Date and shall be payable as provided for herein mentioned above. b. The Borrower agrees to pay Interest on the Facility as mentioned herein above and which shall be fixed at all times and calculated on the daily balance of the outstanding Facility. c. ABFL shall be entitled to debit all other amounts due and payable by the Borrower under this Standard Terms (including but not limited to interest tax, fees, stamp duty, processing fee, login fees, costs, service/Prepayment and other charges, claims and expenses including expenses which may be incurred by the Borrower in recovery proceedings) to the Borrower Loan account, unless separately reimbursed to ABFL by the Borrower. Such amounts shall form part of the Facility. d. It is understood, by the Borrower that for default in repayment of interest/principal as it may fall due as per Facility terms, additional default/penal interest as mentioned hereinabove are applicable on principal outstanding including interest overdue from the day of default for the period the amount is in default. e. Without prejudice to any other term of this Standard Terms, the Parties expressly agree that any payment made by the Borrower to ABFL under this Standard Terms shall be appropriated by ABFL in the following order (i) Interest; (ii) Default Interest and loss of profit on the defaulted amount/s; (iii) Costs, charges and expenses that ABFL may expend to service and recover the Loan, Interest and all sums due and payable by the Borrower to ABFL under this Standard Terms; (iv) Prepayment and other charges and (v) Principal amount of the Loan.