Common use of OVERDUE DEBT Clause in Contracts

OVERDUE DEBT. 6.9.1. If any payment hereunder or in connection with performance of this Agreement is not received by the Lender within the terms provided for herein, all such payments non-performed and/or untimely performed by the Borrower hereunder shall be considered as occurrence of the Borrower’s overdue debt to the Lender. 6.9.2. From the date following the date of occurrence of the overdue Principal debt under the Credit Facility and till the Final debt repayment date under the Credit Facility, the Bank shall be entitled to demand payment of penalty in the amount of 0.05 (Zero point five hundredths) per cent accrued to the overdue Principal debt amount under the Credit Facility for each day of delay. 6.9.3. From the date following the date of occurrence of the overdue interest debt under the Credit Facility and till its final repayment date, the Bank shall be entitled to demand payment of penalty in the amount of 0.05 (Zero point five hundredths) per cent accrued to the overdue interest debt amount under the Credit Facility for each day of delay. 6.9.4. In case of non-performance or undue performance by the Borrower of the conditions provided for in subclause 6.7.2.2 hereof, the Bank shall be entitled to request payment of the forfeit for the Borrower’s failure to pay the interest, repay the principal debt or any other obligations of the Borrower according to the conditions hereof valid from the Effective Date. 6.9.5. If the Lender decides to file the claim against the Borrower for payment of the forfeit in accordance with subclause 6.9.4 hereof, the Lender shall send the written notification to the Borrower with specification of the claim performance term.