Penal Interest. Any delay or default in the payment of the Monthly Installments or any other amount on the respective Due Date(s) to the Lender, shall render the Borrower/s, liable to pay the Penal Interest along with other charges, on all such overdue / unpaid amounts from the relevant Due Date, till the date of actual payment of such unpaid amount. The Penal Interest shall be in addition to the applicable Interest and any other charges which the Borrower/s are liable to pay to the Lender, in terms of this Agreement and the Transaction Documents. The Borrower/s agree, acknowledge and confirm that the rate of the Penal Interest is reasonable and represents a genuine pre-estimate of the loss expected to be incurred by the Lender in the event of non-payment of any monies by the Borrower/s.
Penal Interest. (a) Without prejudice to the obligations of the Borrower under this Agreement and the other Financing Documents, the Borrower shall pay Penal Interest at such rate as specified in Sr. No. 14 of the Schedule I or any other rate as may be communicated by the Bank to the Borrower (“Penal Rate”) over and above the rate of interest as specified in Sr. No. 11 of the Schedule I on all amounts outstanding under the Facilities upon the failure by the Borrower to pay any Loan Obligations or to comply with any terms and conditions specified in this Agreement. Such Penal Interest will be computed from the respective due date of payment or from the date of non compliance of the terms of this Agreement, as the case may be until the date on which the Borrower has repaid /reimbursed such amounts or complied with such terms of this Agreement for which the default had occurred, and shall become payable upon the footing of compound interest with monthly rests as provided in this Agreement and shall be payable by the Borrower immediately on demand by the Bank.
(b) Provided however, such Penal Interest under this Agreement shall not prevent the Bank from declaring an Event of Default for delay/default by the Borrower and shall not prejudice the exercise of any rights and remedies available to Bank upon the occurrence of an Event of Default.
(c) The Borrower acknowledges that the rate of Penal Interest is reasonable and that it represents genuine pre-estimates of the loss expected to be incurred by the Bank in the event of non payment of any monies by the Borrower.
Penal Interest. Without prejudice to the obligations of the Borrower under this Agreement and the other Financing Documents, the Borrower shall pay Penal Interest at such rate as specified in Sr. No. 14 of the Schedule I or any other rate as may be communicated by the Bank to the Borrower (“Penal Rate”) over and above the rate of interest as specified in Sr. No. 11 of the Schedule I on all amounts outstanding under the Facilities upon the failure by the Borrower to pay any Loan Obligations or to comply with any terms and conditions specified in this Agreement. Such Penal Interest will be computed from the respective due date of payment or from the date of non compliance of the terms of this Agreement, as the case may be until the date on which the Borrower has repaid /reimbursed such amounts or complied with such terms of this Agreement for which the default had occurred, and shall become payable upon the footing of compound interest with monthly rests as provided in this Agreement and shall be payable by the Borrower immediately on demand by the Bank.
Penal Interest. (i) The Borrower shall operate and monitor the Cash Credit Facility in a manner so that the outstanding in the account does not exceed the sanctioned Limit or the Drawing Power, whichever is less. In the event of any exceeding or overdrawing, the Borrower shall bring down the drawal to the sanctioned Limit or Drawing Power, whichever is lower, as the case may be, immediately and shall also be liable to pay Penal Interest on the overdue amount or on the entire outstanding, at the discretion of the Bank, prevailing on from the date of exceeding upto the date of bringing down.
(ii) In addition to Clause (i) above and in the event of default in repayment of the Cash Credit Facility availed and / or payment of interest, the Borrower shall also be liable to pay Penal Interest.
(iii) The Borrower will furnish the Bank with all such information as the Bank may reasonably require for satisfaction as to due compliance with terms of the Cash Credit Facility and all such periodical reports and information, at such intervals, in such form and containing such particulars as the Bank may require for the purpose of ascertaining the results of the utilisation of the Cash Credit Facility.
(a) Working Capital Demand Loan Facility At the request of the Borrower, the Bank may, at its absolute discretion, agree to extend / grant to the Borrower sums to the maximum extent specified in the Agreement constituting a sub-Limit to the maximum extent of Cash Credit Limit available for utilisation (“Working Capital Demand Loan Facility / WCDL”). The Borrower shall make drawals of the WCDL Facility only through the Facilities Account or any other designated account intimated by the Bank.
Penal Interest. In default of regular payment of Interest / EMI / Repayment Amounts / Outstanding Amounts on the due dates as per the Repayment Schedule, Penal Interest at the rate as specified in Schedule I over and above the Applicable Rate of Interest shall become payable on monies due from the date of default up to the date of actual payment. Such obligation to pay the Penal Interest shall arise without the need for any notice thereof or demand therefore.
Penal Interest. (a) Upon occurrence of any of the events mentioned in Article 8 below, the Borrower shall be liable to pay Penal Interest which shall be in addition to the interest payable by the Borrower under Article 2.
(b) The Borrower expressly agrees that the rate of Penal Interest is a fair estimate of the loss likely to be suffered by the Lender by reason of such delay/default on the part of the Borrower.
(c) Penal Interest shall accrue from day to day and shall be computed on the basis of 365 days a year (irrespective of leap year).
(d) Penal Interest shall be computed for (i) in case the Penal Interest is payable due to default/delay in any payment, then the period commencing from the Due Date of payment of the amount in default/delay up to the payment of amount in default/delay along-with Penal Interest and (ii) in case of occurrence of any other Event of Default, for the period during which the Event of Default or breach, as the case maybe, persists.
Penal Interest a. A penal interest of 2.00% p.a. would be charged on the amount of overdue installment/ interest over limit.
x. Xxxxx/ non submission of book debt statement on quarterly basis will attract penal interest @ 2.00% p.a. from the date of default on the outstanding amount.
Penal Interest. Without prejudice to the obligations of the Borrower under this Agreement and the other Financing Documents, the Borrower shall pay Penal Interest at such rate as specified in Sr. No. 14 of the Schedule or
Penal Interest. If a duly agreed and invoiced fee or expense remains unpaid by Customer after a written reminder from Supplier, Supplier reserves the right to suspend further performance of Services until payment is received and to charge penal interest on arrears of 0.5% per delayed week.
Penal Interest. If you commits defaults or delay in payment/repayment of full repayable amount, the unpaid amounts shall carry interest @ 8%("Penal Interest") (to be charged for actual no. of days) and shall be computed from the respective due dates for payment and shall become payable upon the footing of compound interest with monthly rests.
