Post Dated Cheques definition
Examples of Post Dated Cheques in a sentence
Repayment Instruments: (A) 2 Number of Signed Post Dated Cheques in favor of ““GRAYQUEST FINTREE ESCROW Account”” being taken from the Borrower 1 security PDC required for the balance loan amount in favor of “GRAYQUEST FINTREE ESCROW Account ” If requested by the customer, we will return back a scanned copy of cancellation of this PDC once the loan amount is successfully repaid.
The Lender shall have the right and sole discretion to revise the EMIs or to revise repayment period or both consequent upon change/revision in interest rate and/or in CHFRR and accordingly fresh set of Post Dated Cheques (“PDCs”) shall be deposited and/or irrevocable NACH/ECS mandate shall be given by the Borrower suo motu for revised EMIs.
If in case, the Borrower intends to close the Bank account for any reason whatsoever, then in such event, the Borrower shall replace the mandate / Post Dated Cheques issued in favour of the Lender, together with payment of swap charges as per schedule 2 hereto.
If the Borrower fails to deliver Post Dated Cheques in accordance with the terms of this Agreement.
The Borrower shall if required by the Bank shall provide and execute Guarantee/s, Security, necessary documents, writings and hand over Post Dated Cheques, if required by the Bank.
CFIL may consider a request of the Borrowers not to take full Post Dated Cheques as stated above for all the installments instead but take only few cheques which can be used in case of any outstanding payment of dues under this agreement by the Borrowers .
The Parties agree that for the sake of convenience, the Initial Rent shall be paid by the Lessee to the Lessor through Post Dated Cheques (“PDCs”) on monthly rest basis after deduction of tax at source applicable on the date of its issuance.
PEMIs and EMIs may be repaid through Electronic Clearing Service (ECS) method or National Automated Clearing House (NACH) or Post Dated Cheques (PDC for PEMI cases only).
Notwithstanding anything contained in the Agreement or the Transaction Documents, and irrespective of the mode of payment selected by the Borrower(s), upon any default by the Borrower(s) in payment or non- realisation of any Instalment(s) on the Due Date by VWFPL, VWFPL shall be entitled to present and / or re-present the Post- Dated Cheques or NACH issued by the Borrower(s) in favour of VWFPL.
For your convenience, you are advised to pay your monthly payments through any of the following modes:- Standing Instruction (SI), Recurring Payment Facility through maybank2u (m2U), Cash Deposit Machine (CDM), or Post Dated Cheques (PDC).