Payments- mode, place, manner Sample Clauses

Payments- mode, place, manner. (a) The mode of payment of all the monies by the Borrower including EMIs/ Installmentsshall be made on or before the respective Due Date(s), at such place as the Bank may require, without any demur, protest or default and without claiming any set-off or counterclaim or withholding or deduction (save as required by law in which case the amount payable by the Borrower to the Bank shall be increased to the amount which after making such deduction or withholding equals the original due amount as if no withholding or deduction were required), will be eitherby (i) Standing Instructions which are written instructions issued by the Borrower to the Bank to debit the account of the Borrower(s) maintained with the Bank for facilitating payment of the EMIs/ Installments to the Bank (“SI”); or (ii) Electronic Clearing System which is a debit clearing service notified by the RBI, participation in which has been consented to in writing by the Borrower for facilitating payment of the EMIs/ Installments to the Bank (“ECS”) to debit the account of the Borrower; or , (iii) the Bank may accept Post Dated Cheques (“PDCs”)/cheques drawn by the Borrower with the Bank named as payee therein for the payment of Interest Payments and the EMIs/ Installments by the Borrower to the Bank, in compliance with the guidelines issued by RBI from time to time; as may be required by the Bank or (iv) any other mode as may be required by the Bank.
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