Common use of Amortisation Clause in Contracts

Amortisation. (Applicable in case of Loan with Variable rate of Interest) (a) Subject to Article 3, and the provision for variation in interest rates, etc. contained in this Agreement, the Borrower will amortise the Loan as stipulated in the Schedule subject however that in the event of delay or advancement of disbursement for any reason whatsoever, the date of commencement of EMI shall be the first day of the month succeeding the month in which the disbursement of the Loan will have been completed and consequently, the first such EMI shall fall due for payment in the 5th day of the month following the month in which the EMI has commenced and subsequent EMls shall be payable by the 5th day of each subsequent month. (b) In addition to (a) above, the Borrower shall pay to BANDHAN BANK, PEMII, every month if applicable. PEMII shall fall due for payment by 5th day of the month for the preceding month on the amount disbursed till the commencement of EMI. The Borrower shall also make balloon payments towards principal/ interest as applicable. (c) Notwithstanding what is stated in Article 5.3(a) above and the Schedule, BANDHAN BANK shall have the right at any time or from time to time to review and reschedule the repayment terms of the Loan or of the outstanding amount thereof in such manner and to such extent as BANDHAN BANK may in its sole discretion decide. In such event/s the Borrower shall repay the Loan or the outstanding amount thereof as per the revised Schedule as may be determined by BANDHAN BANK in its sole discretion and communicated to the Borrower by BANDHAN BANK in writing. (d) Save and except as provided under sub-article