Clause 18. In the event that the Hire – Purchaser is in default to make payment for the Hire – Purchase price in timely manner, the Hire – Purchaser agrees to pay late penalty for the default Hire – purchase price from the due date of each installment until the actual payment date. If the Owner has made payment for value added tax, insurance premiums, fees, taxes or any expenses on behalf of the Hire – Purchaser or on its behalf, which the Hire – Purchaser is liable by laws or under the Car Hire – Purchase Agreement, the Hire - Puchrchaser shall reimburse the Owner with a penalty of the amount actually paid by the Owner from the date the Owner has made such payment until the date of payment by the Hire – Purchaser. In addition, if there is any damage incurred to the Owner caused by the non-compliance of the Car Hire – Purchase Agreement by the Hire – Purchaser, the Hire – Puchaser agrees to compensate the Owner for the damages in full with penalties from the date any damage incurred to the Owner until the date the Hire – Purchaser make a compensation.
The Hire –Purchaser agrees to make payment for any penalties prescribed in the Car Hire – Purchase Agreement at the rate of MRR+10 per annum. On the date of the Hire – Purchaser, the MRR rate is specified in the Hire - Purchase price calculation and payment terms and conditions of the Car Hire – Purchase Agreement. The Owner has the rights to demand for such penalties immediately or at the last installment of the Hire – Purchase price. It shall be deemed that the Owner has reserved its right for any damages at the time of the performance.
MRR as mentioned in the above paragraph shall mean Minimum Retail Rate of Krungthai Bank Public Company Limited. The rate is subject to changes according to any announcement and enforcement by Krungthai Bank Public