Common use of Interest and Right of Set Off Clause in Contracts

Interest and Right of Set Off. Any sum which becomes payable under any of the provisions of this Agreement by one Party to the other Party shall, if the same is not paid within the time allowed for payment thereof, shall be deemed to be a debt owed by the Party responsible for payment thereof to the Party entitled to receive the same. Unless otherwise provided here in such sum shall until payment thereof, unless specifically provided under the relevant heads, carry interest at prevailing lending base rate for medium term loans of State Bank of India per annum plus 5% from the Due Date for payment thereof until the same is paid to or otherwise realized by the Party entitled to the same. Without prejudice to any other right or remedy that may be available under this Agreement or otherwise under law, the Party entitled to receive such amount shall also have the right of set off. Provided the stipulation regarding interest for delayed payments contained in this Article shall neither be deemed nor construed to authorise any delay in payment of any amount due by a Party nor be deemed or construed to be a waiver of the underlying breach of payment obligations. APPENDIX-5: DETAILED PROJECT REPORT APPENDIX-6 TERMS & CONDITIONS OF CONSORTIUM AND SPV

Interest and Right of Set Off. Any sum which becomes payable under any of the provisions of this Agreement by one Party to the other Party shall, if the same is be not paid within the time allowed for payment thereof, shall be deemed to be a debt owed by the Party responsible for payment thereof to the Party entitled to receive the same. Unless otherwise provided here in such Such sum shall until payment thereof, unless specifically provided under the relevant heads, thereof carry interest at the prevailing lending base rate for medium term loans prime lending rate of the State Bank of India plus 2% per annum plus 5% from the Due Date due date for payment thereof until the same is paid to or otherwise realized realised by the Party entitled to the same. Without prejudice to any other right or remedy that may be available under this Agreement or otherwise under law, the Party entitled to receive such amount shall also have the right of set off. Provided the stipulation regarding interest for delayed payments contained in this Article 16.1 shall neither be deemed nor or construed to authorise any delay in payment of any amount due by a Party nor be deemed or construed to be a waiver of the underlying breach of payment obligations. APPENDIX-5: DETAILED PROJECT REPORT APPENDIX-6 TERMS & CONDITIONS OF CONSORTIUM AND SPV.

Interest and Right of Set Off. Any sum which becomes payable under any of the provisions of this Agreement by one Party to the other Party shall, if the same is be not paid within the time allowed for payment thereof, shall be deemed to be a debt owed by the Party responsible for payment thereof to the Party entitled to receive the same. Unless otherwise provided here in such Such sum shall until payment thereof, unless specifically provided under the relevant heads, thereof carry interest at prevailing lending base the rate for medium term loans of State Bank of India 15% per annum plus 5% from the Due Date due date for payment thereof until the same is paid to or otherwise realized by the Party entitled to the same. Without prejudice to any other right or remedy that may be available under this Agreement or otherwise under law, the Party entitled to receive such amount shall also have the right of set off. Provided that the stipulation regarding interest for delayed payments contained in this Article Clause14.1 shall neither be deemed nor construed to authorise authorize any delay in payment of any amount due by a Party nor be deemed or construed to be a waiver of the underlying breach of payment obligations. APPENDIX-5: DETAILED PROJECT REPORT APPENDIX-6 TERMS & CONDITIONS OF CONSORTIUM AND SPVGoverning Law and Jurisdiction This Agreement shall be governed by the laws of India. The Courts at Nagpur shall have exclusive jurisdiction over all matters arising out of or relating to this Agreement. Waiver Waiver by either Party of any default by the other Party in the observance and performance of any provision of or obligations under this Agreement:

Interest and Right of Set Off. The Parties hereto agree that payments due from one Party to the other Party under the provisions of this Agreement shall be made within the period set forth therein, and if no such period is specified, within 15 (fifteen) days of receiving a demand along with the necessary particulars. Any sum which becomes is due and payable under any of the provisions of this Agreement by one Party party to the other Party shall, if the same is not paid within the time allowed for payment thereof, shall be deemed to be a debt owed by the Party responsible for such payment thereof to the Party entitled to receive the same. Unless otherwise provided here in such Such sum shall until payment thereof, unless specifically provided under the relevant heads, thereof carry interest at prevailing lending base the rate for medium term loans specified herein, an if not specified at the rate of State Bank of India 18 % per annum plus 5% annum, from the Due Date for payment thereof due date and until the same is paid to date of payment or otherwise realized realisation thereof by the Party entitled to receive the same. Without prejudice to any other right or remedy that may be available under this Agreement or otherwise under law, the Party entitled to receive such amount shall also have the right of set off. Provided the stipulation regarding this provision for payment of interest for delayed payments contained in this Article payment shall neither not be deemed nor or construed to (i) authorise any delay in payment of any amount due by a Party nor be deemed party or construed to (ii) be a waiver of the underlying breach of the payment obligations. APPENDIX-5: DETAILED PROJECT REPORT APPENDIX-6 TERMS & CONDITIONS OF CONSORTIUM AND SPV.

Interest and Right of Set Off. Any sum which becomes payable under any of the provisions of this Agreement by one Party to the other Party shall, if the same is be not paid within the time allowed for payment thereof, shall be deemed to be a debt owed by the Party responsible for payment thereof to the Party entitled to receive the same. Unless otherwise provided here in such Such sum shall until payment thereof, unless specifically provided under the relevant heads, thereof carry interest at prevailing prime lending base rate for medium term loans of State Bank of India per annum plus 5% BNNum from the Due Date due date for payment thereof until the same is paid to or otherwise realized realised by the Party entitled to the same, however, subject to other payment clauses in this contract. Without prejudice to any other right or remedy that may be available under this Agreement or otherwise under law, the Party entitled to receive such amount shall also have the right of set off. Provided the stipulation regarding interest for delayed payments contained in this Article agreement shall neither be deemed nor or construed to authorise any delay in payment of any amount due by a Party nor be deemed or construed to be a waiver of the underlying breach of payment obligations. APPENDIX-5: DETAILED PROJECT REPORT APPENDIX-6 TERMS & CONDITIONS OF CONSORTIUM AND SPV.

Interest and Right of Set Off. Any sum which becomes payable under any of the provisions of this Agreement by one Party to the other Party shall, if the same is be not paid within the time allowed for payment thereof, shall be deemed to be a debt owed by the Party responsible for payment thereof to the Party entitled to receive the same. Unless otherwise provided here in such Such sum shall until payment thereof, unless specifically provided under the relevant heads, thereof carry interest at prevailing prime lending base rate for medium term loans of State Reserve Bank of India per annum plus 5% from the Due Date due date for payment thereof until the same is paid to or otherwise realized realised by the Party entitled to the same. Without prejudice Prejudice to any other right or remedy that may be available under this Agreement or and otherwise under law, the Party entitled to receive such amount shall also have the right of to set offoff the entire amount(s) against any payment due from it to the other Party. Provided the stipulation regarding interest for delayed payments contained in this Article 13.2 shall neither be deemed nor construed to authorise authorize any delay in payment of any amount due by a Party nor be deemed or construed to be a waiver of the underlying breach of payment obligations. APPENDIX-5: DETAILED PROJECT REPORT APPENDIX-6 TERMS & CONDITIONS OF CONSORTIUM AND SPV.

Interest and Right of Set Off. ­‐ Any sum which becomes payable under any of the provisions of this Concession Agreement by one Party to the other Party shall, if the same is be not paid within the time allowed for payment thereof, shall be deemed to be a debt owed by the Party responsible for payment thereof to the Party entitled to receive the same. Unless otherwise provided here in such Such sum shall until payment thereof, unless specifically provided under the relevant heads, thereof carry interest at prevailing prime lending base rate for medium term loans of State Bank of India plus 2% per annum plus 5% from the Due Date due date for payment thereof until the same is paid to or otherwise realized by the Party entitled to the same. Without prejudice to any other right or remedy that may be available under this Concession Agreement or otherwise under law, the Party entitled to receive such amount shall also have the right of set off. Provided the stipulation regarding interest for delayed payments contained in this Article 14.3 shall neither be deemed nor construed to authorise authorize any delay in payment of any amount due by a Party nor be deemed or construed to be a waiver of the underlying breach of payment obligations. APPENDIX-5: DETAILED PROJECT REPORT APPENDIX-6 TERMS & CONDITIONS OF CONSORTIUM AND SPV.

Interest and Right of Set Off. Any sum which becomes payable under any of the provisions of this Agreement by one Party to the other Party shall, if the same is not paid within the time allowed for payment thereof, shall be deemed to be a debt owed by the Party responsible for payment thereof to the Party entitled to receive the same. Unless otherwise provided here in such sum shall until payment thereof, unless specifically provided under the relevant heads, carry interest at prevailing lending base rate for medium term loans of State Bank of India per annum plus 5% from the Due Date for payment thereof until the same is paid to or otherwise realized by the Party entitled to the same. Without prejudice to any other right or remedy that may be available under this Agreement or otherwise under law, the Party entitled to receive such amount shall also have the right of set off. Provided the stipulation regarding interest for delayed payments contained in this Article shall neither be deemed nor construed to authorise authorize any delay in payment of any amount due by a Party nor be deemed or construed to be a waiver of the underlying breach of payment obligations. APPENDIX-5: DETAILED PROJECT REPORT APPENDIX-6 TERMS & CONDITIONS OF CONSORTIUM AND SPV.

Interest and Right of Set Off. Any sum which becomes payable under any of the provisions of this Agreement by one Party to the other Party shall, if the same is be not paid within the time allowed for payment thereof, shall be deemed to be a debt owed by the Party responsible for payment thereof to the Party entitled to receive the same. Unless otherwise provided here in such Such sum shall until payment thereof, unless specifically provided under the relevant heads, carry interest at prevailing lending base rate for medium term loans of State Bank of India – Prime Lending Rate plus 2% per annum plus 5% (a rate at which the bank ordinarily lends money to its best corporate customers) from the Due Date due date for payment thereof until the same is paid to or otherwise realized realised by the Party entitled to the same. Without prejudice to any other right or remedy that may be available under this Agreement or otherwise under law, the Party entitled to receive such amount shall also have the right of set off. Provided the stipulation regarding interest for delayed payments contained in this Article clause shall neither be deemed nor construed to authorise any delay in payment of any amount due by a Party nor be deemed or construed to be a waiver of the underlying breach of payment obligations. APPENDIX-5: DETAILED PROJECT REPORT APPENDIX-6 TERMS & CONDITIONS OF CONSORTIUM AND SPV.