Common use of Post-Dated Cheques Clause in Contracts

Post-Dated Cheques. The Borrower(s) or the Guarantor(s) shall deposit with the lender Post dated Cheques for the amount of Installments and shall ensure that adequate balance are available in the bank account from which the Post dated Cheques have been issued. The Borrower(s) and the Guarantor(s) warrant that the Post dated Cheques will be honoured on first persentation. No notice shall be given by the Lender to the Borrower(s) and the Guarantor(s) prior to the persentation of any of the Post dated cheques and Insurance premium cheques issued by the Borrower(s) or the Guarantor(s).It is expressly agreed and understood that the Borrower(s) and the Guarantor(s) Shall at no time close the bank account(s) from which the said cheques have been issued or issue any communication to the Lender for stopping or postponing the presentment of the said cheque and the Lender will not be bound to take notice of any such communication, if issued. ▇▇▇▇▇▇ compliance with the repayment schedule is an essential condition for the grant of the loan. Any non-presentation of the cheques due to any reason will be not affect the liability of the borrower(s) and the Guarantor(s) to pay Installments or any other sum. The Borrower(s) and the Guarantor(s) agree to replace the cheques/issue fresh cheques if required by the Lender. In the event of any cheque, given by the Borrower(s) or the Guarantor(s) for payment of any of the sums payable under this Agreement is returned unpaid for any reason whatsoever the Lender shall be entitled to levy a penal charges as set out in Schedule 1 for each such return. This is without prejudice to any other rights or remendies that the Lender may have against the Borrower(s) and the Gurantor(s) under the statutory provisions and also under this Agreement. The Borrower(s) and the Guarantor(s) agree that if any amounts are outstanding for payment by the Borrower(s) and/or the Gurantor(s) (not being the Installment under the Agreement) either under this Agreement or on account of indebtedness of the Borrower(s) or the Guarantor(s) in respect of any other agreement entered with the lender in any capacity, the Lender shall be entitled to encash the Post dated Cheques deposited with it for the satisfaction of such outstanding amounts notwith standing that the Post dated cheuqes have been deposited with it for the repayment of the Installments under this Agreement and the Borrower(s) and the Guarantor(s) shall continue to be indebted to the Lender for the Installments under this Agreement. In the event the Borrower(s) and the Guarantor(s) request the Lender and the Lender agrees to waive the requirement of Post dated Cheques at the time of inception of this Agreement, the Borrower(s) and the Guarantor(s) shall ensure that the Installments or any dues payable under this Agreement are paid in time at the place so desired by the Lender.The Borrower(s) and the Guarantor(s) further undertake that, if the Lender is made to collect any dues from them, they shall pay to the Lender collection charges as mentioned in Schedule 1.

Post-Dated Cheques. 8.1 The Borrower(s) or Borrower may be required to deliver post-dated cheques to the Guarantor(s) shall deposit with the lender Post dated Cheques Bank for the amount due payment of Installments and the Instalments of the Term Loan, The Borrower shall ensure that maintain adequate balance are available in the bank account from which the Post dated Cheques have been issued. The Borrower(s) and the Guarantor(s) warrant that the Post dated Cheques will be honoured on first persentation. No notice shall be given by the Lender to the Borrower(s) and the Guarantor(s) prior to the persentation of any for realization of the Post dated cheques and Insurance premium cheques issued by the Borrower(son their due dates for payment. 8.2 The Borrower shall not (i) or the Guarantor(s).It is expressly agreed and understood that the Borrower(s) and the Guarantor(s) Shall at no time close the bank account(s) account/s from which the said cheques have been issued or (ii) issue any communication to the Lender for Bank stopping or postponing the presentment of the said cheque and the Lender will not be bound to take notice of any such communication, if issued. ▇▇▇▇▇▇ compliance with the repayment schedule is an essential condition for the grant of the loan. Any non-presentation of the cheques due to any reason will be not affect the liability of the borrower(s) and the Guarantor(s) to pay Installments or any other sum. cheques. 8.3 The Borrower(s) and the Guarantor(s) agree to replace the cheques/issue fresh cheques if required by the Lender. In the event of any cheque, given by the Borrower(s) or the Guarantor(s) for payment of any of the sums payable under this Agreement is returned unpaid for any reason whatsoever the Lender shall be entitled to levy a penal charges as set out in Schedule 1 for each such return. This is without prejudice to any other rights or remendies that the Lender may have against the Borrower(s) and the Gurantor(s) under the statutory provisions and also under this Agreement. The Borrower(s) and the Guarantor(s) agree Borrower agrees that if any other amounts are outstanding for payment by the Borrower(s) and/or the Gurantor(s) Borrower (not being the Installment under the AgreementInstalment) either under this Agreement or including on account of indebtedness the Indebtedness of the Borrower(s) or the Guarantor(s) in respect of any other agreement entered with the lender in any capacityBorrower, the Lender Bank shall be entitled to encash the Post post-dated Cheques cheques deposited with it for the satisfaction of such outstanding amounts notwith standing of the Term Loan notwithstanding that the Post post-dated cheuqes cheques have been deposited by the Borrower with it the Bank for the repayment of the Installments under this Agreement Instalment and the Borrower(s) and the Guarantor(s) Borrower shall continue to be indebted to the Lender Bank for the Installments Instalments, as the case may be. 8.4 The Borrower may be required to deliver to the Bank a cheque for the Term Loan with the words "not over Rs. " (the loan amount) stated on the cheque. The said cheque(s) shall be from the account as may be prescribed by the Bank. 8.5 The Bank shall not bank the said cheque unless it requires to adjust any dues of the Borrower under this Agreement. , and the same shall be returned to the Borrower on receipt of all amount payable by the Borrower under this Agreement. 8.6 If the Bank has to arrange to collect the amounts payable of the Term Loan by the Borrower under Agreement every month from the Borrower then Collection Charges of an amount specified in Agreement Schedule 1 Part B for every such instalment collected shall be levied to the Borrower by the Bank. 8.7 In the event of any cheque being dishonoured, the Borrower(s) and Borrower shall be required to pay the Guarantor(s) request Bank a cheque dishonor charge of an amount specified in Agreement Schedule 3 for every such dishonor. 8.8 If the Lender and Borrower wishes to replace a post-dated cheque with another then the Lender Borrower will be required to pay Swap Charges of an amount specified in Agreement Schedule 1 Part B for every such replacement. 8.9 In the event of any Cheque(s)/Draft(s), issued by the Borrower to the Bank for repayment of EMI/Instalment and/or any other charges/dues, being lost/stolen/misplaced/damaged, the Borrower agrees to waive replace the requirement said ▇▇▇▇▇▇(s)/Draft(s) with fresh Cheque(s)/Draft(s) of Post dated Cheques at even amount within seven days of being informed of the time of inception of this Agreement, the Borrower(s) and the Guarantor(s) shall ensure that the Installments or any dues payable under this Agreement are paid in time at the place so desired same by the LenderBank.The Borrower(s) and the Guarantor(s) further undertake that, if the Lender is made to collect any dues from them, they shall pay to the Lender collection charges as mentioned in Schedule 1.

Post-Dated Cheques. The Borrower(sa) All the payments, if the Bank so decides, may be collected through post-dated cheques (irrespective of any scheme or the Guarantor(sdifference in rate on interest) shall deposit with the lender Post dated Cheques for the amount of Installments and shall ensure that adequate balance are available in the bank account from which the Post dated Cheques have been issued. The Borrower(s) and the Guarantor(s) warrant that the Post dated Cheques will be honoured on first persentation. No notice shall be handed over at the office of the Bank towards any payment due to the Bank and submission of such Post-Dated Cheques shall be deemed to be an unconditional and irrevocable authority given by the Lender Borrower to the Borrower(sBank to present the cheques on their respective dates. The Bank may also obtain from the Borrower cheques which would amount as inchoate instruments under the provisions of Section 20 of the Negotiable Instruments Act, 1881. The Bank shall have the authority to fill and finalize all such instruments. b) and The Borrower shall keep records of the Guarantor(s) prior Post-Dated Cheques given to the persentation Bank from time to time towards the Loan and shall submit to the Bank further minimum number of Post Dated Cheques as may be prescribed by the Bank in any document, at least 3 months in advance from the date of the last Post dated Dated Cheque, already submitted to the Bank. Such cheques and Insurance premium cheques issued shall be deemed to have been given for adequate consideration already received by the Borrower(sBorrower and shall not absolve the Borrower from its liability to pay the said sums hereunder until the cheque is duly realized. The Bank shall not be responsible to intimate the Borrower about the utilization/amortization of the Cheque and need for submission of further Post-Dated Cheques. c) or The Borrower shall maintain adequate balance for realization of the Guarantor(s).It cheques on their due dates for payment. It is expressly agreed and understood that the Borrower(s) and the Guarantor(s) Shall Borrower shall at no time close the bank account(s) from which the said cheques have been issued or issue any communication to the Lender Bank for stopping or postponing the presentment of the said cheque cheques and the Lender will Bank is not be bound to take notice of any such communicationcommunication and which, if issued. ▇▇▇▇▇▇ compliance with the repayment schedule is an essential condition for the grant of the loan. Any non-presentation of the cheques due to any reason , will be not affect the liability regarded as a breach of the borrower(s) and the Guarantor(s) to pay Installments or any other sum. The Borrower(s) and the Guarantor(s) agree to replace the cheques/issue fresh cheques if required by the Lender. In the event of any cheque, given by the Borrower(s) or the Guarantor(s) for payment of any of the sums payable under this Agreement is returned unpaid for any reason whatsoever the Lender shall be entitled to levy a penal charges as set out in Schedule 1 for each such return. This is without prejudice to any other rights or remendies that the Lender may have against the Borrower(s) and the Gurantor(s) under the statutory provisions and also under this Agreement. The Borrower(s) and the Guarantor(s) agree Borrower agrees that if any other amounts are outstanding for payment by the Borrower(s) and/or the Gurantor(s) Borrower (not being the Installment under the AgreementPMII (if applicable) either under this Agreement or Monthly Installment) including on account of indebtedness the Indebtedness of the Borrower(s) or the Guarantor(s) in respect of any other agreement entered with the lender in any capacityBorrower, the Lender Bank shall be entitled to encash the Post post dated Cheques cheques deposited with it for the satisfaction of such outstanding amounts notwith standing notwithstanding that the Post dated cheuqes postdated cheques have been deposited by the Borrower with it the Bank for the repayment payment of the Installments under this Agreement PMII (if applicable)/ Monthly Installment and the Borrower(s) and the Guarantor(s) Borrower shall continue to be indebted to the Lender Bank for the Installments under this Agreementpayment of PMII (if applicable)/ Monthly Installment as the case may be. d) In the event of any cheque, being dishonored, then without prejudice to the other rights and remedies of the Bank, the Borrower shall be required to pay to the Bank Cheque Dishonor Charges as may be determined by the Bank from time to time for every such dishonor. e) If the Borrower at any time during the tenure of the Loan, wishes to replace any postdated cheque with another then the Borrower will be required to pay swap charges as may be determined by the Bank for every cheque replaced. It is clarified that it shall be at the sole discretion of the Bank to either replace the Post-Dated Cheques or to refuse the same. f) In the event the Borrower(s) Borrower requests the Bank and the Guarantor(s) request the Lender and the Lender Bank agrees to waive the requirement of Post dated Cheques at Dated Cheques, the time of inception of Borrower shall pay the PMII (if applicable)/ Monthly Installment or any other amount payable under this Agreement, on the Borrower(s) and the Guarantor(s) shall ensure that the Installments or any dues payable under this Agreement are paid in time Due Dates at the place so as desired by the Lender.Bank either at the registered office of the Bank or any of the servicing branch of the Bank. The Borrower(s) and the Guarantor(s) Borrower further undertake undertakes that, if the Lender is made Bank has to collect any dues such amounts from themthe Borrower, they the Borrower shall pay to the Lender collection charges Bank Collection Charges as mentioned specified in Item No. XI of Schedule 1A hereto for every such installment collected by the Bank. g) In case of the repayment of the Loan is to be made through Standing Instruction or Electronic Clearance System, and if the Standing Instruction or ECS is not honored by the concerned bank for whatever reason the Borrower shall without prejudice to the other rights and remedies of the Bank, pay Dishonor Charges as may be decided by the Bank from time to time. h) The Borrower hereby undertakes that the Borrower shall not close the account on which the Post Dated Cheques are issued and also shall not change the authorized signatory/ies to the said account (where the Borrower is a company/ partnership) without the prior consent of the Bank.