Additional Terms of the WCDL Facility Clause Samples

Additional Terms of the WCDL Facility i. The principal amount outstanding under the WCDL Facility shall carry interest at the rate with such rates as described in Sr. No. 8 of Schedule I or as decided by the Bank from time to time and advised to the Borrower, until the WCDL Facility is repaid in full to the satisfaction of the Bank. ii. The entire principal amount of the WCDL Facility shall be repaid by the Borrower to the Bank by way of a one time payment, on or before the date specified in Sr. No. 12 of Schedule I, unless demanded earlier by the Bank. iii. Notwithstanding the above, the Bank may, in its own discretion, without assigning reasons and upon written notice to the Borrower, cancel the WCDL Facility granted and demand immediate repayment thereof. The Borrower acknowledges that delivery of such notice by the Bank shall constitute sufficient notice of such cancellation to the Borrower, and thereupon all outstandings under the WCDL Facility including the principal amount, all interest thereon and any other monies due and payable to the Bank in connection with the WCDL Facility shall become due and payable by the Borrower immediately to the Bank. iv. If any interest remains unpaid on the date it is due and payable as per Agreement, then the unpaid interest will carry Penal Interest. v. Notwithstanding the provisions of Clause (iv) above, the Bank will be entitled to demand immediate repayment of all the outstandings under the WCDL Facility if any interest remains unpaid on the Due Date for payment. vi. Provided however, the levy of 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. vii. The Borrower agrees and undertakes to execute a demand promissory note and such further documents, as the Bank may in its discretion from time to time require in respect of the WCDL Facility, in a form and manner to the satisfaction of the Bank.
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