Banks Covenants. So long as any amount is owing to any Noteholder or the Trustee hereunder, the Bank shall send to the Trustee:
(i) as soon as available, and in any event within 180 days after the end of each fiscal year of the Bank, a copy of the annual audited financial statements of the Bank, including the balance sheet of the Bank as of the end of such fiscal year and the related statement of income of the Bank for the fiscal year then ended, accompanied by an opinion of its auditors;
(ii) as soon as available, and in any event within 30 days after the end of each semi-annual period of each fiscal year of the Bank the semi-annual unaudited financial statements of the Bank, including the balance sheet of the Bank for such semi-annual period, and the related statement of income of the Bank for such semi-annual period, setting out in each case in comparative form the corresponding figures for the corresponding date or period of the preceding fiscal year together with a certificate of its chief financial officer or a director that no Event of Default has occurred and is continuing or, if an Event of Default has occurred and is continuing, a statement as to the nature thereof and the action that the Bank has taken or proposes to take in respect thereto;
(iii) as soon as available, and in any event within seven (7) Business Days after the Bank becoming aware thereof, notice of any material litigation, investigation or proceeding affecting the Bank;
(iv) promptly after request, such other relevant business or financial information that the Trustee may from time to time reasonably request for purposes of determining whether a Material Adverse Change has occurred.
Banks Covenants a. Data would be given in the prescribed format and any errors / misprints arising out of such erroneous in file data would be chargeable to IDBI Bank to the extent of the value (as may be agreed between the parties) of stationery printed and delivered, however the Service Provider shall do a double check and take all precautions before processing the data. The scope of the work would initially be for the branches On All India Basis as may be advised by IDBI Bank from time to time.
Banks Covenants. (A) Until the Buyer is substituted as the record holder of the Assigned Rights, the Bank shall deliver to the Buyer all information or materials received by the Bank after the Assignment Closing Date relating to the Assigned Rights unless the Bank is bound to keep the same confidential by applicable law or by an agreement executed prior to the date hereof except where the Buyer agrees in writing to be bound by the terms and conditions of such agreement which govern the confidential nature of the information furnished thereunder as if it were a signatory thereto.
(B) In the event that the Bank receives any Assigned Proceeds after the Assignment Closing Date, (i) the Bank shall accept the same as agent on behalf of and for the sole benefit of the Buyer, and pay or deliver the same forthwith to the Buyer (free of any withholding, set-off or deduction of any kind) in the same form received, with the endorsement of the Bank, when necessary and appropriate; and (ii) the Bank shall have no legal, beneficial or equitable interest in such Assigned Proceeds.
Banks Covenants. 16.1 The Bank acknowledges and declares that this Deed has been entered into by the Owner with its consent and that the Site shall be bound by the obligations contained in this Deed PROVIDED THAT the Bank shall otherwise have no liability under this Deed unless it takes possession of all or any of the Site in which case it too will be bound by the obligations as if it were a person deriving title from the Owner. For the avoidance of doubt, the Bank shall only be liable for any continuing breaches or breach of this Deed if it has itself caused the breach whilst being mortgagee in possession and shall in no circumstances be liable for any pre-existing breach and it shall have no liability in relation to the Site (save for any breaches it has caused itself whilst a mortgagee in possession) after it has discharged its charge or has disposed of its interest in the relevant Site whether by sale or otherwise.
Banks Covenants
