Common use of BANK’S RIGHT TO ASSIGN Clause in Contracts

BANK’S RIGHT TO ASSIGN. 19.1 The Borrower shall not be entitled to assign or transfer any of its rights, duties or obligations under this Agreement except with the prior written permission of the Bank. The Borrower expressly recognizes and accepts that the Bank shall be absolutely entitled and shall have full power and authority to sell, assign or transfer by novation or otherwise, in any manner, in whole or in part this Agreement/Transaction Documents, and in such manner and on such terms as the Bank may decide, (including reserving a right to the Bank to retain its power thereunder to proceed against the Borrower on behalf of the purchaser, assignee or transferee) and any or all outstanding dues of the Borrower to any third party of the Bank’s choice without any further reference or intimation to the Borrower. Any such action and any such sale, assignment or transfer shall bind the Borrower to accept such third party as creditor exclusively or as a joint creditor with the Bank as the case may be. Any cost in this behalf, whether on account of such sale, assignment or transfer or enforcement of rights and recovery of outstanding and dues, shall be to the account of the Borrower. 19.2 The Bank shall have the right to create charge over the Property in favour of any bank, institution or body by way of security for any refinance facility or any loan availed of by the Bank from such bank, institution or body. The Bank shall also have the right to transfer or assign the mortgage over the Property in favour of any bank, institution or body in connection with any sale or transfer of the Facility by the Bank to them. 19.3 The Borrower hereby expressly agrees that nothing herein contained shall operate to prejudice the rights and remedies of the Bank in respect of any other obligations of the Borrower to the Bank or prejudice or effect any general or particular lien to which the Bank is by law or otherwise entitled to or operate to prejudice the Bank’s rights or remedies in respect of any present or future security, guarantee or obligation given to the Bank by any other person for any indebtedness or liability of the Borrower. 19.4 The Borrower agrees that this Agreement and the Security created/to be created shall operate as a continuing security for all the obligations/facilities of the Borrower in respect of the Facility.

BANK’S RIGHT TO ASSIGN. 19.1 18.1. The Borrower shall not be entitled to assign or transfer any of its rights, duties or obligations under this Agreement except with the prior written permission of the Bank. The Borrower expressly recognizes and accepts that the Bank shall be absolutely entitled and shall have full power and authority to sell, assign or transfer by novation or otherwise, in any manner, in whole or in part this Agreement/Transaction Documents, and in such manner and on such terms as the Bank may decide, (including reserving a right to the Bank to retain its power thereunder to proceed against the Borrower on behalf of the purchaser, assignee or transferee) and any or all outstanding dues of the Borrower to any third party of the Bank’s choice without any further reference or intimation to the Borrower. Any such action and any such sale, assignment or transfer shall bind the Borrower to accept such third party as creditor exclusively or as a joint creditor with the Bank as the case may be. Any cost in this behalf, whether on account of such sale, assignment or transfer or enforcement of rights and recovery of outstanding and dues, shall be to the account of the Borrower. 19.2 18.2. The Bank shall have the right to create charge over the Property in favour of any bank, institution or body by way of security for any refinance facility or any loan availed of by the Bank from such bank, institution or body. The Bank shall also have the right to transfer or assign the mortgage over the Property in favour of any bank, institution or body in connection with any sale or transfer of the Facility by the Bank to them. 19.3 18.3. The Borrower hereby expressly agrees that nothing herein contained shall operate to prejudice the rights and remedies of the Bank in respect of any other obligations of the Borrower to the Bank or prejudice or effect any general or particular lien to which the Bank is by law or otherwise entitled to or operate to prejudice the Bank’s rights or remedies in respect of any present or future security, guarantee or obligation given to the Bank by any other person for any indebtedness or liability of the Borrower. 19.4 18.4. The Borrower agrees that this Agreement and the Security created/to be created shall operate as a continuing security for all the obligations/facilities of the Borrower in respect of the Facility, notwithstanding the existence of a credit balance in the said account or any partial payments or fluctuation of accounts.

BANK’S RIGHT TO ASSIGN. 19.1 17.1. The Borrower shall not be entitled to assign or transfer any of its rights, duties or obligations under this Agreement except with the prior written permission of the Bank. The Borrower expressly recognizes and accepts that the Bank shall be absolutely entitled and shall have full power and authority to sell, assign or transfer by novation or otherwise, in any manner, in whole or in part this Agreement/Transaction Documents, and in such manner and on such terms as the Bank may decide, (including reserving a right to the Bank to retain its power thereunder to proceed against the Borrower on behalf of the purchaser, assignee or transferee) and any or all outstanding dues of the Borrower to any third party of the Bank’s choice without any further reference or intimation to the Borrower. Any such action and any such sale, assignment or transfer shall bind the Borrower to accept such third party as creditor exclusively or as a joint creditor with the Bank as the case may be. Any cost in this behalf, whether on account of such sale, assignment or transfer or enforcement of rights and recovery of outstanding and dues, shall be to the account of the Borrower. 19.2 17.2. The Bank shall have the right to create charge over the Property in favour of any bank, institution or body by way of security for any refinance facility or any loan availed of by the Bank from such bank, institution or body. The Bank shall also have the right to transfer or assign the mortgage over the Property in favour of any bank, institution or body in connection with any sale or transfer of the Facility by the Bank to them. 19.3 17.3. The Borrower hereby expressly agrees that nothing herein contained shall operate to prejudice the rights and remedies of the Bank in respect of any other obligations of the Borrower to the Bank or prejudice or effect any general or particular lien to which the Bank is by law or otherwise entitled to or operate to prejudice the Bank’s rights or remedies in respect of any present or future security, guarantee or obligation given to the Bank by any other person for any indebtedness or liability of the Borrower. 19.4 17.4. The Borrower agrees that this Agreement and the Security created/to be created shall operate as a continuing security for all the obligations/facilities of the Borrower in respect of the Facility, notwithstanding the existence of a credit balance in the said account or any partial payments or fluctuation of accounts.

BANK’S RIGHT TO ASSIGN. 19.1 18.1. The Borrower shall not be entitled to assign or transfer any of its rights, duties or obligations under this Agreement except with the prior written permission of the Bank. The Borrower expressly recognizes and accepts that the Bank shall be absolutely entitled and shall have full power and authority to sell, assign or transfer by novation or otherwise, in any manner, in whole or in part this Agreement/Transaction Documents, and in such manner and on such terms as the Bank may decide, (including reserving a right to the Bank to retain its power thereunder to proceed against the Borrower on behalf of the purchaser, assignee or transferee) and any or all outstanding dues of the Borrower to any third party of the Bank’s choice without any further reference or intimation to the Borrower. Any such action and any such sale, assignment or transfer shall bind the Borrower to accept such third party as creditor exclusively or as a joint creditor with the Bank as the case may be. Any cost in this behalf, whether on account of such sale, assignment or transfer or enforcement of rights and recovery of outstanding and dues, shall be to the account of the Borrower. 19.2 18.2. The Bank shall have the right to create charge over the Property in favour of any bank, institution or body by way of security for any refinance facility or any loan availed of by the Bank from such bank, institution or body. The Bank shall also have the right to transfer or assign the mortgage over the Property in favour of any bank, institution or body in connection with any sale or transfer of the Facility by the Bank to them. 19.3 18.3. The Borrower hereby expressly agrees that nothing herein contained shall operate to prejudice the rights and remedies of the Bank in respect of any other obligations of the Borrower to the Bank or prejudice or effect any general or particular lien to which the Bank is by law or otherwise entitled to or operate to prejudice the Bank’s rights or remedies in respect of any present or future security, guarantee or obligation given to the Bank by any other person for any indebtedness or liability of the Borrower.. ility, said 19.4 18.4. The Borrower agrees that this Agreement and the Security created/to be created shall operate as a continuing security for all the obligations/facilities of the Borrower in respect of the FacilityFac notwithstanding the existence of a credit balance in the account or any partial payments or fluctuation of accounts.

BANK’S RIGHT TO ASSIGN. 19.1 18.1 The Borrower shall not be entitled to assign or transfer any of its rights, duties or obligations under this Agreement except with the prior written permission of the Bank. The Borrower expressly recognizes and accepts that the Bank shall be absolutely entitled and shall have full power and authority to sell, assign or transfer by novation or otherwise, in any manner, in whole or in part this Agreement/Transaction Documents, and in such manner and on such terms as the Bank may decide, (including reserving a right to the Bank to retain its power thereunder to proceed against the Borrower on behalf of the purchaser, assignee or transferee) and any or all outstanding dues of the Borrower to any third party of the Bank’s choice without any further reference or intimation to the Borrower. Any such action and any such sale, assignment or transfer shall bind the Borrower to accept such third party as creditor exclusively or as a joint creditor with the Bank as the case may be. Any cost in this behalf, whether on account of such sale, assignment or transfer or enforcement of rights and recovery of outstanding and dues, shall be to the account of the Borrower. 19.2 18.2 The Bank shall have the right to create charge over the Property in favour of any bank, institution or body by way of security for any refinance facility or any loan availed of by the Bank from such bank, institution or body. The Bank shall also have the right to transfer or assign the mortgage over the Property in favour of any bank, institution or body in connection with any sale or transfer of the Facility by the Bank to them. 19.3 18.3 The Borrower hereby expressly agrees that nothing herein contained shall operate to prejudice the rights and remedies of the Bank in respect of any other obligations of the Borrower to the Bank or prejudice or effect any general or particular lien to which the Bank is by law or otherwise entitled to or operate to prejudice the Bank’s rights or remedies in respect of any present or future security, guarantee or obligation given to the Bank by any other person for any indebtedness or liability of the Borrower. 19.4 18.4 The Borrower agrees that this Agreement and the Security created/to be created shall operate as a continuing security for all the obligations/facilities of the Borrower in respect of the Facility.