Common use of PENALIZING INTEREST Clause in Contracts

PENALIZING INTEREST. 44.1. In case the Client does not meet any payment obligation to BCR at the term provided in the Contractual Documentation (or upon BCR request in case of payment obligations which have to be met on request), or for the amounts drawn but not contractually agreed, including for exceeding the overdraft Ceiling (if the case), BCR can charge the Client penalizing interests related to the unpaid amounts, at the value set up in the applicable Convention. The unpaid amount will bear a penalizing interest as of the first day of payment default (inclusively) and until the day the full payment is made (exclusively).