Common use of Penal Interest and Charges Clause in Contracts

Penal Interest and Charges.  All amounts in default for payment, due to delay or non-payment of EMI/Installment or interest thereon including any costs, charges and expenses or due to occurrence of any other Event of Default as specified in the sanction letter & loan agreement shall be debited to the loan/drawal account and in such case Bank shall also levy the penal interest and other charges as applicable and prescribed in the sanction letter and loan agreement in the said loan/drawal account for the period of default without there being any need to assign a reason for the same, which shall be paid by the Borrower.  However, if Xxxxxxxx fails to make the payment of above said amounts in default for payment or the penal interest and other charges levied by the Bank within 90 days from the due date of such payments, in that case said loan/drawal account shall be classified as Non Performing Asset (“NPA”).  In order to regularise the said loan/drawal account, the Borrower shall be liable to pay all the above mentioned amounts in default and/or penal interest and other charges, as the case may be, [on immediate basis].

Penal Interest and Charges.  All amounts in default for payment, due to delay or non-payment of EMI/Installment or interest thereon including any costs, charges and expenses or due to occurrence of any other Event of Default as specified in the sanction letter & loan agreement per Sec.[5] shall be debited to the loan/drawal account and in such case Bank shall also levy the penal interest and other charges as applicable and prescribed in the sanction letter and loan agreement in the said loan/drawal account for the period of default without there being any need to assign a reason for the same, which shall be paid by the Borrower.  • However, if Xxxxxxxx fails to make the payment of above said amounts in default for payment or the penal interest and other charges levied by the Bank within 90 days from the due date of such payments, in that case said loan/drawal account shall be classified as Non Performing Asset (“NPA”).  • In order to regularise the said loan/drawal account, the Borrower shall be liable to pay all the above mentioned amounts in default and/or penal interest and other charges, as the case may be, [on immediate basis].

Penal Interest and Charges.  All amounts in default for payment, due to delay or non-payment of EMI/Installment or interest thereon including any costs, charges and expenses or due to occurrence of any other Event of Default as specified in the sanction letter & loan agreement shall be debited to the loan/drawal account and in such case Bank shall also levy the penal interest and other charges as applicable and prescribed in the sanction letter and loan agreement in the said loan/drawal account for the period of default without there being any need to assign a reason for the same, which shall be paid by the Borrower.  However, if Xxxxxxxx fails to make the payment of above said amounts in default for payment or the penal interest and other charges levied by the Bank within 90 days from the due date of such payments, in that case said loan/drawal account shall be classified as Non Performing Asset (“NPA”).  In order to regularise the said loan/drawal account, the Borrower shall be liable to pay all the above mentioned amounts in default and/or penal interest and other charges, as the case may be, [on immediate basis].

Penal Interest and Charges.  All amounts in default for payment, due to delay or non-payment of EMI/Installment or interest thereon including any costs, charges and expenses or due to occurrence of any other Event of Default as specified in the sanction letter & loan agreement shall be debited to the loan/drawal account and in such case Bank shall also levy the penal interest and other charges as applicable and prescribed in the sanction letter and loan agreement in the said loan/drawal account for the period of default without there being any need to assign a reason for the same, which shall be paid by the Borrower.  • However, if Xxxxxxxx fails to make the payment of above said amounts in default for payment or the penal interest and other charges levied by the Bank within 90 days from the due date of such payments, in that case said loan/drawal account shall be classified as Non Performing Asset (“NPA”).  • In order to regularise the said loan/drawal account, the Borrower shall be liable to pay all the above mentioned amounts in default and/or penal interest and other charges, as the case may be, [on immediate basis].

Penal Interest and Charges.  All amounts in default for payment, due to delay or non-payment of EMI/Installment or interest thereon including any costs, charges and expenses or due to occurrence of any other Event of Default as specified in the sanction letter & loan agreement per Sec.[19] shall be debited to the loan/drawal account and in such case Bank shall also levy the penal interest and other charges as applicable and prescribed in the sanction letter and loan agreement in the said loan/drawal account for the period of default without there being any need to assign a reason for the same, which shall be paid by the Borrower.  • However, if Xxxxxxxx fails to make the payment of above said amounts in default for payment or the penal interest and other charges levied by the Bank within 90 days from the due date of such payments, in that case said loan/drawal account shall be classified as Non Performing Asset (“NPA”).  • In order to regularise the said loan/drawal account, the Borrower shall be liable to pay all the above mentioned amounts in default and/or penal interest and other charges, as the case may be, [on immediate basis].

Penal Interest and Charges.  All amounts in default for paymentforpayment, due to delay or nonornon-payment of EMI/Installment or interest orinterest thereon including any costs, charges and expenses or due ordue to occurrence of any other Event of Default as specified in the sanction letter & loan agreement per Sec.[19] shall be debited to the loan/drawal account and in such case Bank shall also levy the penal interest and other charges as applicable and prescribed in the sanction letter and loan agreement in the said loan/drawal account for the forthe period of default without there being any need to assign a reason for the same, which shall be paid by the Borrower.  However, if Xxxxxxxx Borrower fails to make the payment of above said amounts in default for payment forpayment or the penal interest and other charges levied by the Bank within 90 days from the due date of such payments, in that case said loan/drawal account shall be classified as Non Performing Asset (“NPA”).  In order to regularise the said loan/drawal account, the Borrower shall be liable to pay all the above mentioned amounts in default and/or penal interest and other charges, as the case may be, [on immediate basis].

Penal Interest and Charges.  All amounts in default for payment, due to delay or non-payment of EMI/Installment or interest thereon including any costs, charges and expenses or due to occurrence of any other Event of Default as specified in the sanction letter & loan agreement shall be debited to the loan/drawal account and in such case Bank shall also levy the penal interest and other charges as applicable and prescribed in the sanction letter and loan agreement in the said loan/drawal account for the period of default without there being any need to assign a reason for the same, which shall be paid by the Borrower.  However, if Xxxxxxxx Borrower fails to make the payment of above said amounts in default for payment or the penal interest and other charges levied by the Bank within 90 days from the due date of such payments, in that case said loan/drawal account shall be classified as Non Performing Performi ng Asset (“NPA”).  In order to regularise the said loan/drawal account, the Borrower shall be liable to pay all the above mentioned amounts in default and/or penal interest and other charges, as the case may be, [on immediate basis].

Penal Interest and Charges.  All amounts in default for payment, due to delay or non-payment of EMI/Installment or interest thereon including any costs, charges and expenses or due to occurrence of any other Event of Default as specified in the sanction letter & loan agreement per Sec.[5] shall be debited to the loan/drawal account and in such case Bank shall also levy the penal interest and other charges as applicable and prescribed in the sanction letter and loan agreement in the said loan/drawal account for the period of default without there being any need to assign a reason for the same, which shall be paid by the Borrower.  However, if Xxxxxxxx Borrower fails to make the payment of above said amounts in default for payment or the penal interest and other charges levied by the Bank within 90 days from the due date of such payments, in that case said loan/drawal account shall be classified as Non Performing Asset (“NPA”).  In order to regularise the said loan/drawal account, the Borrower shall be liable to pay all the above mentioned amounts in default and/or penal interest and other charges, as the case may be, [on immediate basis].