BORROWER’S AUTHORISATION. Each Revolving Credit Facility Borrower hereby:
(a) irrevocably authorises the Fronting Bank (subject to its compliance with its obligations as an issuing bank under the Uniform Customs and Practice for Documentary Credits, other than where the Letter of Credit is issued in the form of a guarantee) to make any payment and comply with any demand made by a third party in respect of a Letter of Credit which is valid on its face, appears to comply with the terms of such Letter of Credit and which may be claimed from or made upon it without any reference to or further authority from the relevant Revolving Credit Facility Borrower unless it has actual knowledge that any such demand is fraudulent; Back to Contents
(b) agrees that its authorisation under clause 4.9(a) shall remain in full force and effect and shall not be discharged until such date as the Agent (acting on the instructions of all the Banks) shall notify the relevant Revolving Credit Facility Borrower that it is fully satisfied that the Fronting Bank remains under no liability (actual or contingent) in respect of any Letter of Credit;
(c) agrees that each Letter of Credit is issued subject to and with the benefit of the provisions of schedule 10; and
(d) agrees that it will at all times indemnify the Banks on demand of the Agent and keep the Banks indemnified on demand of the Agent from and against all actions, suits, proceedings, claims, demands, liabilities, damages, costs, expenses, losses and charges whatsoever (the “Indemnified Claims”) in relation to or arising out of clause 4.10 except to the extent that the Indemnified Claims arise or result from such Bank’s gross negligence or wilful default or pursuant to clause 4.14 and Provided that such Revolving Credit Facility Borrower shall be entitled to finance a payment under such indemnity by utilising the Revolving Credit Facility if it is then entitled to draw under the Revolving Credit Facility in accordance with the terms of this Agreement.
BORROWER’S AUTHORISATION. Xxxxxxxx agrees to irrevocably nominate / constitute upon the Bank acting through any of its officers as Xxxxxxxx’s true and lawful attorney for Xxxxxxxx and at Borrower’s cost and risk to do, execute and perform all or any of the following acts, deeds, matters and things that is to say:
1. To execute and complete in favour of the Bank or its nominee any documents which the Bank may require for perfecting its title to or for vesting the said Asset in the Bank or its nominee or any purchaser thereof.
2. To disburse the loan amount for purchase of the said Asset directly to the dealer / seller and obtain a receipt for such payment from the dealer/seller.
3. To take inspection directly or to engage any Advocate, Chartered Accountant or registered trade practitioner for taking inspection of my/our Income tax return/s and assessment proceedings, Appeal proceedings etc. relating to the current and previous Assessment years. This authority is being given to the Bank to enable the Bank to verify the veracity of various representations made by me/us the undersigned, for seeking loan from the Bank.
4. To appear before the office of registration authority, Regional transport officer, Sales tax officer, Registrar of companies and other authorities through advocates or any such authorised person deemed necessary by the bank to effect end or sement of hypothecation in the registration certificate and transfer the Asset when necessary.
5. To obtain, receive, demand or collect any forms, certificates, registration books, booking order, insurance policies or other documents from any Registering Authority, manufacturers of the said Asset and/or its dealers.
6. To take possession of the said Asset in case of default and for that purpose enter the premises where the said Asset is parked, as per terms of the Agreement.
7. To transfer, sell or dispose of the said Asset and to sign and execute all or any forms, declarations or instruments as may be necessary or expedient for giving effect to the delivery of the said Asset to the purchaser thereof.
8. To appointor engage any broker, dealer or auctioneer for effecting any such transfer, sale or disposition of the said Asset.
9. To sign, execute necessary forms, documents or to give notice to the appropriate Registering Authority for effecting transfer of the said Asset in favour of the purchaser.
10. To receive the consideration of the sale, transfer, disposition or dealing of the said Asset and issue proper receipt or receipts to...
