BANK’s RIGHT ON THE SECURITY a. In the event of failure to observe any of the conditions set out in the Agreement/security documents, the Bank can exercise their right on the security and may or can seize said vehicle(s) with or without notice to the Borrower(s)/ Guarantor(s).
b. The Bank may in exercise of the powers cause the said vehicle(s) to be sold by public auction or otherwise after seizure with or without notice to the Borrower(s)/Guarantor(s). In order to facilitate sale of vehicle the Borrower(s) agrees to execute and deliver to the Bank undated transfer/sale letter.
c. The Borrower(s) shall not, without the written consent of the Bank, create in any manner any charge, lien or other encumbrance on the security given to the Bank in respect of such advance or create any interest in such security in favour of any other party or person.
d. For all purposes the Bank’s interest in the vehicle(s) shall be to the extent to ‘security to the Bank ’and the Borrower(s) shall remain owner for purposes of observing the regulations of the motor vehicles, etc.
BANK’s RIGHT ON THE SECURITY. That the Bank, without being bound to do so or being liable for any loss on account thereof and without prejudice to the rights and remedies of suits or otherwise, shall be entitled to: (a) Without notice to the Borrower(s) and at the Borrower(s)‟ risk and expenses enter any place(s) where the security may be kept/stored/situate and inspect, value, insure, superintend, dispose of and /or take possession thereof.
BANK’s RIGHT ON THE SECURITY a. In the event of failure to observe any of the conditions set out in the loan/security documents, the Bank can exercise their right on the security and may or can seize said vehicle(s) with or
b. The Bank may in exercise of the powers cause the said vehicle(s) to be sold by public auction or otherwise after seizure with or without notice to the Borrowers. In order to facilitate sale of vehicle the Borrower agrees to execute and deliver to the Bank undated transfer/sale letter.
c. The Borrower shall not, without the written consent of the Bank, create in any manner any charge, lien or other encumbrance on the security given to the Bank in respect of such advance or create any interest in such security in favour of any other party or person.
d. For all purposes the Bank‟s interest in the vehicle(s) shall be to the extent to „security to the Bank‟ and the Borrower shall remain owner for purposes of observing the regulations of the motor vehicles, etc.
