DEFAULT AND ITS EFFECTS. 16.4.1. In the event that due debts are not paid, the Customer will go into default without needing to issue any notice or warning letter or other transactions, and all the provisions relating to the effects of default as set forth in the laws and the Agreement will be able to apply. In addition, repayment of the debt has been determined under mutual agreement of the parties, and the amounts and dates indicated in the schedule of repayment for each project have been mutually agreed; for any of the Customer’s debts which is not paid in due time according to the schedule of repayment, the case of default will occur without needing to issue any notice or warning letter or other transactions.
16.4.2. Provided that the aforementioned provision is reserved, for any debts resulting from non-cash credits, the default occur at the time when such non-cash credit is compensated and/or paid. In such a case, the Bank has the right to accrue a Contractual profit share and/or delay penalty at the rates which it applies to any cash credits as of the date of default and to add the same to the said debts.
16.4.3. In accordance with the exact and irrevocable agreement of the parties, in the case of default, the Bank has the right to add the amount to be found with xxx xxxx computation to be made by taking account of the rates of delay penalty mutually agreed in writing by and between the parties to the delayed debt as a delay penalty for a period of time passing between the day when the delay starts and the day when the debt is actually paid. If there is not any written agreement concerning such a rate between the parties, a rate being up to more than 50% of the rates of the highest current Contractual profit share (profitability), which the Bank applies to the credits
