Bank’s Right of General Lien and Set Off. The Bank shall have general lien and right of set off on all the deposit accounts maintained by the Obligors with any branch of the Bank and/or on all articles or assets (whether movable or immovable) of the Obligors in the custody of the Bank either as securities for any other loan/advance availed by the Obligors from the Bank or kept in safe custody/safe deposit vault. In the event of any default being committed by the Obligors in payment of the instalments or any amount as and when the same is due, the Bank shall be entitled to exercise its rights of set off without notice to the Obligor and appropriate towards the dues the proceeds of any deposits maintained by the Obligors with any branch of the Bank. The Bank will be within its rights to sell/dispose of all such articles/assets held by the Bank, at its discretion, if the Bank observes any breach of terms of the Facility Documents or the terms and conditions, and appropriate the proceeds in satisfaction of the dues owed by the Obligors to the Bank. In addition to the above mentioned rights or any other right which the Bank may at any time be entitled whether by operation of law, contract or otherwise, the Bank will have absolute rights to: (a) combine or consolidate at any time all or any of the accounts and liabilities of the Obligors with or to any branch of the Bank and (b) sell or dispose of any of the assets of the Obligors held by the Bank, by way of public or private sale or assignment or in any other manner whatsoever without having to institute any judicial proceeding whatsoever and retain/appropriate from the proceeds derived there from the total amounts outstanding to the Bank from the Obligors, including costs and expenses in connection with such sale/disposal/transfer/assignment.
Bank’s Right of General Lien and Set Off a. The Bank shall have the right of set-off/net off on the deposits of any kind and nature (including fixed deposits) held/balances lying in any accounts of the Borrower and on any monies, securities, bonds and all other assets, documents, deeds and properties held by/under the control of the Bank / their trustees or agents (whether by way of security or otherwise pursuant to any contract entered/to be entered into by the Borrower in any capacity) to the extent of all outstanding dues, whatsoever, arising as a result of any of the Bank‟ services extended to and/or used by the Borrower and/or as a result of any other facilities that may be granted by the Bank to the Borrower. The Borrower also notes the banker‟s lien available to the Bank on the aforesaid assets. b. In addition to the above mentioned right or any other right which the Bank may at any time be entitled whether by operation of law, contract or otherwise, the Borrower authorises the Bank: (A) to combine or consolidate at any time all or any of the accounts and liabilities of the Borrower with or to any branch of the Bank; (B) to sell or dispose off any of the Borrower‟s securities or properties held by the Bank by way of public or private sale or assignment or in any other manner whatsoever without having to institute any judicial proceeding whatsoever and retain/appropriate from the proceeds derived there from the total amounts outstanding to the Bank from the Borrower, including costs and expenses in connection with such sale / disposal / transfer / assignment.
Bank’s Right of General Lien and Set Off a) In the event of the Borrower/Co-Borrower(s) ceasing to be in business/service of her/his employer whether by retirement, resignation, death or by operation of law or for any other reason or cause whatsoever and howsoever Bank shall be entitled at its discretion, to write to her/his employers to appropriate and set off (i) any amount which may then be payable by the employers to the Borrower/Co-Borrower(s) whether by way of salary, allowances, bonus, other remuneration or any payment (whether ex-gratia or otherwise) whatsoever and (ii) any amount that may be standing to the credit of any account which the Borrower/Co-Borrower(s) may have with her/his employers or with the Bank, either singly or jointly towards repayment of the balance that may be then remaining due and payable by the Borrower/Co-Borrower(s) in the said Loan account of the Borrower/Co-Borrower(s) together with interest thereon at the applicable rates upto the date of such repayment. Any such appropriation made by the Bank or by her/his employers shall be conclusive and binding on the Borrower/Co-Borrower(s) and her/his estate both in and out of court. In the event of Borrower’s/Co-Borrower(s) liability to make repayment of the entire dues immediately shall remain valid till the entire amount with applicable interest as up to the date of payment has been realised by the Bank whether by way of recovery from Borrower’s/Co-Borrower(s) employer or otherwise.
Bank’s Right of General Lien and Set Off. The Bank shall have general lien and right of set off on all the deposit accounts maintained by the Borrower with any branch of the Bank and/or on all articles or assets (whether movable or immovable) of the Borrower in the custody of the Bank either as securities for any other loan/advance availed by the Borrower from the Bank or kept in safe custody/safe deposit vault. In the event of any default being committed by the Borrower in payment of the instalments, the Bank shall be entitled to exercise its rights of set off and appropriate the proceeds of any deposits maintained by the Borrower with any branch of the Bank. The Bank will be within its rights to sell/dispose of all such articles/assets held by the Bank, at its discretion, if the Bank observes any breach of terms of the Facility Documents or the terms and conditions, and appropriate the proceeds in satisfaction of the dues owed by the Borrower to the Bank. In addition to the above mentioned rights or any other right which the Bank may at any time be entitled whether by operation of law, contract or otherwise, the Bank will have absolute rights to: (a) combine or consolidate at any time all or any of the accounts and liabilities of the Borrower with or to any branch of the Bank and (b) sell or dispose of any of the assets of the Borrower held by the Bank, by way of public or private sale or assignment or in any other manner whatsoever without having to institute any judicial proceeding whatsoever and retain/appropriate from the proceeds derived there from the total amounts outstanding to the Bank from the Borrower, including costs and expenses in connection with such sale/disposal/transfer/assignment.
Bank’s Right of General Lien and Set Off. (j) In the event of the Borrower/Co-Borrower(s) ceasing to be in business/service of her/his employer whether by retirement, resignation, death or by operation of law or for any other reason or cause whatsoever and howsoever Bank shall be entitled at its discretion, to write to her/his employers to appropriate and set off
