Common use of Penal Charges Clause in Contracts

Penal Charges. The Bank will be entitled to recover the Penal Charges together with taxes as applicable. The Bank shall not charge any interest on the Penal Charges payable, however the Bank shall be entitled to recover from the Borrower/ Guarantor, Penal Charges whenever due either as part of the repayment or separately. No notice, reminder or intimation shall be given to the Borrower/ Guarantor in this regard.

Penal Charges. The Bank will be entitled to recover the Penal Charges together with taxes as applicable. The Bank shall not charge any interest on the Penal Charges payable, however the Bank shall be entitled to recover from the Borrower/ GuarantorBorrower, Penal Charges whenever due either as part of the repayment or separately. No notice, reminder or intimation shall be given to the Borrower/ Guarantor Borrower in this regard.