Common use of Payment Details Clause in Contracts

Payment Details. When payment is favouring a third-party or is a refinance (please add multiple payees as required). Payee Details Amount I/ We understand and acknowledge that in case the loan is disbursed either by a Demand Draft or Pay Order, the interest/ EMI is payable from the date of issuance of the said Demand Draft or Pay Order irrespective of the date of actual receipt of funds by me or on behalf of me/ ourselves by the developer, seller or any other bank and financial institution. I/ We undertake not to dispute or contest this at any point of time. Name and Signature (Affix seal as applicable) Date: IRAC Annexure From: Mr/Ms/ M/s. (Name and address of the borrowers) To: The Manager, Deutsche Bank Dear Xxx, With reference to the Credit facilities sanctioned to me/us vide sanction Letter ref No Dated , and being availed by us today, I/ we confirm having understood the following concepts and illustrative examples related to due dates, classification of our borrowal accounts as SMA / NPA in the course of the conduct of the accounts. Concepts/ clarifications/ Illustrative examples on Due dates and specification of SMA/ NPA classification dates: Dues: mean, the principal /interest/any charges levied on the loan account which are payable within the period stipulated as per the terms of sanction of the credit facility. Overdue: mean, the principal/ interest/ any charges levied on the loan account which are payable, but have not been paid within the period stipulated as per the terms of sanction of the credit facility. In other words, any amount due to the bank under any credit facility is ‘overdue’ if it is not paid on the due date fixed by the bank. Relevance of the Principle of ‘First In First Out’ (FIFO) in appropriation of payments into the borrowal account: The Principle of FIFO i.e., ‘First In, First Out’ accounting method is relevant to arrive at the No. of days of overdue for determining the SMA/ NPA status. The FIFO principle assumes that the oldest outstanding dues in the loan account needs to be cleared first. The FIFO method thus requires that what is due first must be paid by the borrower first. For example: if in any loan account as on 01.02.2021 there are no overdues and an amount of Rs.X is due for payment towards principal instalment/ interest/ charges, any payment being credited on or after 01.02.2021 in the loan account will be used to pay off the dues outstanding on 01.02.2021. Assuming that nothing is paid /or there is partial payment (Rs Y) of dues during the month of February, the overdue as on 01.03.2021 will be Rs. X-Y. Additionally, an amount of Rs. Z becomes due as on 01.03.2021, Now any payment /partial payment into the account on or after 01.03.2021 will be first utilized to pay off the partial due of 01.02.2021 (Rs X - Rs. Y) If there is more recovery than the Rs X - Rs Y. then after recovering dues of 01.02.2021, the remaining amount will be treated as recovery towards due of 01.03.2021.

Payment Details. When payment is favouring favoring a third-third party or is a refinance (please add multiple payees as required). Payee Details Amount I/ We we understand and acknowledge that in case the loan is disbursed either by a Demand Draft or Pay Order, the interest/ theinterest/ EMI is payable from the date of issuance of the said Demand Draft or Pay Order irrespective of the date of dateof actual receipt of funds by me or on behalf of me/ ourselves by the developer, seller or any other bank and financial institution. I/ We we undertake not to dispute or contest this at any point of time. Name and Signature (Affix seal as applicable) Date: IRAC lRAC Annexure From: Mr/Ms/ M/s. (Name and address of the borrowers) To: The Manager, Deutsche Bank Dear Xxx, With reference to the Credit facilities sanctioned to me/me/ us vide sanction Letter ref No Dated , and being availed by us today, I/ we confirm having understood the following concepts and illustrative examples related to due dates, classification of our borrowal accounts as SMA / SMA/ NPA in the course of the conduct of the accounts. Concepts/ clarifications/ Illustrative lllustrative examples on Due dates and specification of SMA/ NPA classification dates: Dues: mean, the principal /interest/principal/ interest/ any charges levied on the loan account which are payable within the period stipulated as per the terms of sanction of the credit facility. Overdue: mean, the principal/ interest/ any charges levied on the loan account which are payable, but have not been paid within the period stipulated as per the terms of sanction of the credit facility. In other words, any amount due to the bank under any credit facility is ‘'overdue’ ' if it is not paid on the due date fixed by the bank. Relevance of the Principle of ‘'First In ln First Out’ ' (FIFOFlFO) in appropriation of payments into the borrowal account: The Principle of FIFO i.e., ‘'First In, First Out’ ' accounting method is relevant to arrive at the No. of days of overdue for determining the SMA/ SMA / NPA status. The FIFO principle assumes that the oldest outstanding dues in the loan account needs to be cleared first. The FIFO method thus requires that what is due first must be paid by the borrower first. For example: if in any loan account as on 01.02.2021 there are no overdues and an amount of Rs.X is due for payment towards principal instalment/ interest/ charges, any payment being credited on or after 01.02.2021 in the loan account will be used to pay off the dues outstanding on 01.02.2021. Assuming that nothing is paid /or paid/ or there is partial payment (Rs Y) of dues during the month of February, the overdue as on 01.03.2021 will be Rs. X-Y. Additionally, an amount of Rs. Z becomes due as on 01.03.2021, Now any payment /partial payment into the account on or after 01.03.2021 will be first utilized utilised to pay off the partial due of 01.02.2021 (Rs X - Rs. Y) If there is more recovery than the Rs X - Rs Y. then after recovering dues of 01.02.2021, the remaining amount will be treated as recovery towards due of 01.03.2021.

Payment Details. When payment is favouring favoring a third-third party or is a refinance (please add multiple payees as required). Payee Details Amount I/ We we understand and acknowledge that in case the loan is disbursed either by a Demand Draft or Pay Order, the interest/ theinterest/ EMI is payable from the date of issuance of the said Demand Draft or Pay Order irrespective of the date of dateof actual receipt of funds by me or on behalf of me/ ourselves by the developer, seller or any other bank and financial institution. I/ We we undertake not to dispute or contest this at any point of time. Name and Signature (Affix seal as applicable) Date: IRAC Annexure From: Mr/Ms/ M/s. (Name and address of the borrowers) To: The Manager, Deutsche Bank Dear XxxSir, With reference to the Credit facilities sanctioned to me/me/ us vide sanction Letter ref No Dated , and being availed by us today, I/ we confirm having understood the following concepts and illustrative examples related to due dates, classification of our borrowal accounts as SMA / SMA/ NPA in the course of the conduct of the accounts. Concepts/ clarifications/ Illustrative examples on Due dates and specification of SMA/ NPA classification dates: Dues: mean, the principal /interest/principal/ interest/ any charges levied on the loan account which are payable within the period stipulated as per the terms of sanction of the credit facility. Overdue: mean, the principal/ interest/ any charges levied on the loan account which are payable, but have not been paid within the period stipulated as per the terms of sanction of the credit facility. In other words, any amount due to the bank under any credit facility is ‘'overdue’ ' if it is not paid on the due date fixed by the bank. Relevance of the Principle of ‘'First In First Out’ ' (FIFO) in appropriation of payments into the borrowal account: The Principle of FIFO i.e., ‘'First In, First Out’ ' accounting method is relevant to arrive at the No. of days of overdue for determining the SMA/ SMA / NPA status. The FIFO principle assumes that the oldest outstanding dues in the loan account needs to be cleared first. The FIFO method thus requires that what is due first must be paid by the borrower first. For example: if in any loan account as on 01.02.2021 there are no overdues and an amount of Rs.X is due for payment towards principal instalment/ interest/ charges, any payment being credited on or after 01.02.2021 in the loan account will be used to pay off the dues outstanding on 01.02.2021. Assuming that nothing is paid /or paid/ or there is partial payment (Rs Y) of dues during the month of February, the overdue as on 01.03.2021 will be Rs. X-Y. Additionally, an amount of Rs. Z becomes due as on 01.03.2021, Now any payment /partial payment into the account on or after 01.03.2021 will be first utilized utilised to pay off the partial due of 01.02.2021 (Rs X - Rs. Y) If there is more recovery than the Rs X - Rs Y. then after recovering dues of 01.02.2021, the remaining amount will be treated as recovery towards due of 01.03.2021.

Payment Details. When payment is favouring favoring a third-third party or is a refinance (please add multiple payees as required). Payee Details Amount I/ We we understand and acknowledge that in case the loan is disbursed either by a Demand Draft or Pay Order, the interest/ EMI is payable from the date of issuance of the said Demand Draft or Pay Order irrespective of the date of actual receipt of funds by me or on behalf of me/ ourselves by the developer, seller or any other bank and financial institution. I/ We we undertake not to dispute or contest this at any point of time. Name and Signature (Affix seal as applicable) ________________________________________ Signature of the Borrower and Guarantor(s) Date: IRAC Annexure From: Mr/Mr/ Ms/ M/M/ s. (Name and address of the borrowers) To: The Manager, Deutsche Bank Dear Xxx, With reference to the Credit facilities sanctioned to me/me/ us vide sanction Letter ref No Dated , and being availed by us today, I/ we confirm having understood the following concepts and illustrative examples related to due dates, classification of our borrowal accounts as SMA / SMA/ NPA in the course of the conduct of the accounts. Concepts/ clarifications/ Illustrative lllustrative examples on Due dates and specification of SMA/ NPA classification dates: Dues: mean, the principal /interest/principal/ interest/ any charges levied on the loan account which are payable within the period stipulated as per the terms of sanction of the credit facility. Overdue: mean, the principal/ interest/ any charges levied on the loan account which are payable, but have not been paid within the period stipulated as per the terms of sanction of the credit facility. In other words, any amount due to the bank under any credit facility is ‘overdue’ if it is not paid on the due date fixed by the bank. Relevance of the Principle of ‘First In ln First Out’ (FIFOFlFO) in appropriation of payments into the borrowal account: The Principle of FIFO i.e., ‘First In, First Out’ accounting method is relevant to arrive at the No. of days of overdue for determining the SMA/ NPA status. The FIFO principle assumes that the oldest outstanding dues in the loan account needs to be cleared first. The FIFO method thus requires that what is due first must be paid by the borrower first. For example: if in any loan account as on 01.02.2021 there are no overdues and an amount of Rs.X is due for payment towards principal instalment/ interest/ charges, any payment being credited on or after 01.02.2021 in the loan account will be used to pay off the dues outstanding on 01.02.2021. Assuming that nothing is paid /or paid/ or there is partial payment (Rs Y) of dues during the month of February, the overdue as on 01.03.2021 will be Rs. X-Y. Additionally, an amount of Rs. Z becomes due as on 01.03.2021, Now any payment /partial payment/ partial payment into the account on or after 01.03.2021 will be first utilized utilised to pay off the partial due of 01.02.2021 (Rs X - Rs. Y) If there is more recovery than the Rs X - Rs Y. then after recovering dues of 01.02.2021, the remaining amount will be treated as recovery towards due of 01.03.2021.