Repayment of the installments in this agreement shall be due and payable without claiming a refund and the first installment must be made on the next month and thereafter every subsequent month until the end.
Breach of the agreement
IF default is made during the repayment period, whether in respect of principal or interest then the LENDER is entitled to charge light interest on the unpaid installment amount which shall be calculated at the rate of eighteen per cent per annum from day to day from the date of default. refund the amount of the installment until the amount of the installment is paid, and any interest charged shall not be counted for the purposes of this agreement as part of the interest charged on the loan.
Right of Action
IF the BORROWER fails to repay any amount of the installment due or any amount of the installment and any interest payable for any period exceeding twenty -eight days after the due date; OR
commits an act of bankruptcy or enters into any composition or an arrangement with its creditors or, as the company enters into a liquidation settlement, whether forcibly or voluntarily , then the LENDER can terminate the agreement.
Stamp duty fee and attestation fees incurred in connection with this agreement shall be borne by the BORROWER.
- 1. the agreement shall be a document which are legally binding and shall be read, taken and interpreted.
- 2. time is of the essence of the agreement
IN THE EVENT of any conflict in the interpretation of these Terms and Conditions, the final confirmation will subject to LENDER's discretion.