Common use of Borrower’s Covenants Clause in Contracts

Borrower’s Covenants. a. The Borrower/s agree and undertake to utilize the entire amount of the Loan, only for the End Use and shall not use the Loan amount for any speculative or illegal purposes. b. The Borrower/s shall notify, in writing, to the Lender, of any change in the residence, contact numbers, employment, business or profession within 7 (Seven) days from the date of such change. c. In case the Borrower/s commit a default in payment or repayment of the Principal Amount and the Interest thereon, the Lender, the National Housing Bank (“NHB”), the Reserve Bank of India (“RBI”) and / or any agency, statutory body, etc., so appointed by the NHB or RBI, will have an absolute right to disclose or publish the details of the default and the name of the Borrower/s as defaulters, in such manner and through such medium, as the Lender or the NHB or the RBI, in their absolute discretion, may think fit. d. All the necessary Consents and approvals for availing the Loan shall be obtained and maintained by the Borrower/s and they shall at all times be in compliance with such Consents and approvals. e. The Borrower/s shall not violate any covenant, conditions or stipulations under any existing agreement(s) entered into by them, by availing the Loan from the Lender, in a form and manner required by the Lender. f. The Borrower/s shall inform the Lender of the happening of any Event of Default or any event which after the notice or lapse of time or both would become an Event of Default forthwith without any delay and demur. g. The Borrower/s shall execute, forthwith and without any delay, demur or protest, all such documents, including this Agreement and other Transaction Documents, as may be prescribed by the Lender from time to time, for giving effect to the terms of this Agreement, including without limitation bank statements, salary slips, income tax returns, and such other documents.

Borrower’s Covenants. a. The Borrower/s agree Borrower covenants that it shall: (a) from time to time and undertake at all reasonable times allow the Bank, by or through any of its officers, agents, attorneys, or accountants, to utilize examine or inspect the entire amount Collateral, and obtain valuations and audits of the LoanCollateral, only for at the End Use Borrower's expense, wherever located. The Borrower shall do, obtain, make, execute and shall not use deliver all such additional and further acts, things, deeds, assurances and instruments as the Loan amount for any speculative or illegal purposes. b. The Borrower/s shall notify, Bank may require to vest in writing, and assure to the LenderBank its rights hereunder and in or to the Collateral, of any change in the residence, contact numbers, employment, business or profession within 7 (Seven) days from the date of such change. c. In case the Borrower/s commit a default in payment or repayment of the Principal Amount and the Interest thereonproceeds thereof, including waivers from landlords, warehousemen and mortgagees. Upon an Event of Default, the Lender, Borrower agrees that the National Housing Bank (“NHB”), has the Reserve Bank of India (“RBI”) and / or any agency, statutory body, etc., so appointed by the NHB or RBI, will have an absolute right to disclose notify (on invoices or publish otherwise) account debtors and other obligors or payors on any Collateral of its assignment to the details of Bank, and that all payments thereon should be made directly to the default Bank, and that the Bank has full power and authority to collect, compromise, endorse, sell or otherwise deal with the Collateral in its own name or that of the Borrower/s .; (b) keep the Collateral in good order and repair at all times and immediately notify the Bank of any event causing a material loss or decline in value of the Collateral, whether or not covered by insurance, and the amount of such loss or depreciation; (c) only use or permit the Collateral to be used in accordance with all applicable federal, state, county and municipal laws and regulations; and (d) have and maintain insurance at all times with respect to all Collateral against risks of fire (including so-called extended coverage), theft, sprinkler leakage, and other risks (including risk of flood if any Collateral is maintained at a location in a flood hazard zone) as defaultersthe Bank may require, in such manner and through such medium, as the Lender or the NHB or the RBIform, in their absolute discretionsuch amount, may think fit. d. All the necessary Consents for such period and approvals for availing the Loan shall be obtained and maintained written by the Borrower/s and they shall at all times be in compliance with such Consents and approvals. e. The Borrower/s shall not violate any covenant, conditions or stipulations under any existing agreement(s) entered into by them, by availing the Loan from the Lender, in a form and manner required by the Lender. f. The Borrower/s shall inform the Lender of the happening of any Event of Default or any event which after the notice or lapse of time or both would become an Event of Default forthwith without any delay and demur. g. The Borrower/s shall execute, forthwith and without any delay, demur or protest, all such documents, including this Agreement and other Transaction Documents, companies as may be prescribed satisfactory to the Bank in its sole discretion. Each such casualty insurance policy shall contain a standard Lender's Loss Payable Clause issued in favor of the Bank under which all losses thereunder shall be paid to the Bank as the Bank's interest may appear. Such policies shall expressly provide that the requisite insurance cannot be altered or canceled without at least thirty (30) days prior written notice to the Bank and shall insure the Bank notwithstanding the act or neglect of the Borrower. Upon the Bank's demand, the Borrower shall furnish the Bank with duplicate original policies of insurance or such other evidence of insurance as the Bank may require. In the event of failure to provide insurance as herein provided, the Bank may, at its option, obtain such insurance and the Borrower shall pay to the Bank, on demand, the cost thereof. Proceeds of insurance may be applied by the Lender from time Bank to timereduce the Obligations or to repair or replace Collateral, for giving effect to all in the terms of this Agreement, including without limitation bank statements, salary slips, income tax returns, and such other documentsBank's sole discretion.

Borrower’s Covenants. a. The Borrower/s agree To induce Lender to enter into the transactions contemplated under the Financing Documents, Borrower hereby covenants and undertake agrees as follows: 8.1. Borrower shall not do, and shall use its commercially reasonable efforts not to utilize cause or permit any other person or entity to do, anything to impede, affect, limit or interfere with the entire amount priority, scope, validity and enforceability of the Loanliens of Lender on or the security interests of Lender in the Collateral. 8.2. In the case of a Default, only Borrower (A) shall not do, and shall use its commercially reasonable efforts not to cause or permit any other person or entity to do, anything to impede or interfere with the collection, transfer, sale, possession, use or operation by Lender of the Collateral and Borrower will further promptly provide or obtain all necessary documentation, assistance, authorizations and information needed for Lender or its transferees or assignees to collect, transfer, sell, possess, use or operate the Collateral, (B) will supply all additional information requested by Lender for the End Use transfer, sale, possession, use or operation of any Collateral by Lender or its transferees or assignees thereof, and (C) will instruct its employees, contractors and agents to cooperate and assist Lender and its applicable transferees or assignees thereof in the use, operation, transfer, collection, possession and/or sale of the Collateral. 8.3. To the best knowledge of Borrower, all material information furnishedby or on behalf of Borrower to Lender in connection with this Agreement or any Financing Document shall be true and complete in all material respects when furnished and shall not use omit to state a material fact necessary to make the Loan amount for any speculative or illegal purposesstatements contained therein not misleading. b. The Borrower/s 8.4. Borrower shall notify, in writing, provide Lender with regular financial statements. All financial statements provided by Borrower after the date hereof shall be materially accurate and not misleading as of the date so provided. Borrower shall promptly provide Lender with updated financial statements if there are any material changes to the Lender, of any change financial condition reflected in the residence, contact numbers, employment, business or profession within 7 (Seven) days from the date of such change. c. In case the Borrower/s commit a default in payment or repayment of the Principal Amount and the Interest thereon, the Lender, the National Housing Bank (“NHB”), the Reserve Bank of India (“RBI”) and / or any agency, statutory body, etc., so appointed by the NHB or RBI, will have an absolute right most recent statements provided to disclose or publish the details of the default and the name of the Borrower/s as defaulters, in such manner and through such medium, as the Lender or the NHB or the RBI, in their absolute discretion, may think fit. d. All the necessary Consents and approvals for availing the Loan shall be obtained and maintained by the Borrower/s and they shall at all times be in compliance with such Consents and approvals. e. The Borrower/s shall not violate any covenant, conditions or stipulations under any existing agreement(s) entered into by them, by availing the Loan from the Lender, in a form and manner required by the Lender. f. The Borrower/s 8.5. Borrower shall inform not materially alter the organizational structure, business, operations, officers or ownership of Borrower without first obtaining the reasonable consent of Lender, which consent shall not be unreasonably withheld or delayed. 8.6. Borrower shall promptly notify Lender in the event that Borrower becomes involved or threatened with any material litigation or any governmental (including judicial) proceedings or investigations of any kind. 8.7. Borrower shall not do, and shall not cause or permit any other person or entity to do, anything to impede or interfere with the priority, enforceability or validity of the happening liens of Lender on or the security interests of Lender in the Collateral. Borrower shall not transfer, encumber or grant any liens on or security interests in the Collateral without the prior written consent of Lender. Borrower shall not incur any material liabilities or obligations other than in the ordinary course of business without obtaining the consent of Lender, not to be unreasonably withheld. 8.8. Borrower shall operate in accordance with all of its material permits, licenses and approvals, and all material laws, rules and regulations of any Event of Default kind applicable to Borrower’s business or any event which after the notice or lapse of time or both would become an Event of Default forthwith without any delay and demuraffairs. g. The 8.9. Borrower shall ensure all material inventions, software, code and intellectual property that is utilized by Borrower/s , incorporated into Borrower’s products or important to Borrower’s business shall execute, forthwith be and without any delay, demur or protest, all such documents, including this Agreement remain the sole and other Transaction Documents, as may be prescribed by the Lender from time to time, for giving effect to the terms exclusive property of this Agreement, including without limitation bank statements, salary slips, income tax returns, and such other documentsBorrower.

Borrower’s Covenants. a. The Borrower/s agree and undertake to utilize Borrower hereby covenants with the entire amount Lender that during the term of this Assignment (a) the Borrower shall not transfer the responsibility for the management of the Loan, only for Property from the End Use and shall not use Agent to any other Person without the Loan amount for any speculative or illegal purposes. b. The Borrower/s shall notify, in writing, to prior written consent of the Lender, of which consent shall not be unreasonably withheld, conditioned or delayed; (b) the Borrower shall not terminate or amend any change in the residence, contact numbers, employment, business or profession within 7 (Seven) days from the date of such change. c. In case the Borrower/s commit a default in payment or repayment of the Principal Amount and material terms or provisions of the Interest thereon, Management Agreement without the prior written consent of the Lender, which consent shall not be unreasonably withheld, conditioned or delayed; and (c) the National Housing Bank (“NHB”), the Reserve Bank of India (“RBI”) and / or any agency, statutory body, etc., so appointed by the NHB or RBI, will have an absolute right to disclose or publish the details of the default and the name of the Borrower/s as defaultersBorrower shall, in such the manner and through such mediumprovided for in this Assignment, as the Lender or the NHB or the RBI, in their absolute discretion, may think fit. d. All the necessary Consents and approvals for availing the Loan shall be obtained and maintained by the Borrower/s and they shall at all times be in compliance with such Consents and approvals. e. The Borrower/s shall not violate any covenant, conditions or stipulations under any existing agreement(s) entered into by them, by availing the Loan from the Lender, in a form and manner required by the Lender. f. The Borrower/s shall inform give notice to the Lender of the happening of any Event of Default or any event which after the notice or lapse information that the Borrower receives which indicates that the Agent is terminating the Management Agreement or that the Agent is otherwise discontinuing its management of time or both would become an Event the Property. Notwithstanding the provisions of Default forthwith this Section 4, Borrower may, without any delay and demur. g. The Borrower/s shall executeobtaining Lender’s prior consent, forthwith and without any delay, demur or protest, all such documents, including this terminate the Management Agreement and other Transaction Documents, as may be prescribed by the Lender from time to time, for giving effect to in accordance with the terms of this the Management Agreement, including without limitation bank statements(A) in the event such termination is a result of (i) Agent’s negligence in the management, salary slipsoperation, income tax returnsmaintenance or servicing of the Property or other default by Agent in the performance of its obligations under the Management Agreement and Agent shall have failed to cure such breach to the satisfaction of Borrower after thirty (30) days prior written notice; (ii) Agent having caused or allowed to exist a breach of any Basic Document (as defined in the Management Agreement) and, only to the extent that such breach is curable, shall have failed to cure such breach to the satisfaction of Borrower by the earlier of any required date or after thirty (30) days prior written notice from Borrower; (iii) a receiver, liquidator or trustee of Agent having been appointed by court order or a petition to liquidate or reorganize Agent under any bankruptcy, reorganization or insolvency law, and such order or petition is not vacated or dismissed within sixty (60) days or Agent shall have filed a petition in bankruptcy, for reorganization or under any insolvency laws, or if Agent shall have made an assignment for the benefit of its creditors, or if Agent is adjudicated a bankrupt; (iv) the present management of Agent having materially changed by reason of the acquisition or merger of Agent by or with any other documentsentity; or (v) damage or destruction to the Property and Borrower decides not to rebuild or restore the Property or there is a taking by condemnation, or similar proceeding, of a substantial portion of the Property, and (B) provided that, within 30 days of such termination, Borrower enters into a replacement management agreement on then market terms and conditions, and otherwise reasonably acceptable to Lender with a replacement manager reasonably acceptable to Lender.

Borrower’s Covenants. a. The Borrower/s agree Borrower covenants and undertake to utilize the entire amount of the Loan, only for the End Use and shall not use the Loan amount for any speculative or illegal purposes.agrees as follows: b. (a) The Borrower/s shall notify, in writing, Borrower will promptly give written notice to the Lender, Bank of (i) the occurrence of any change in Default or Event of Default of which it has knowledge, (ii) the residenceoccurrence of any loss respecting the Notes of which it has knowledge, contact numbers(iii) the commencement, employmentthreat of which the Borrower has knowledge of, any material litigation or other proceedings affecting the Borrower or the Collateral or that might materially interfere with the normal business or profession within 7 (Seven) days from the date of such change. c. In case the Borrower/s commit a default in payment or repayment of the Principal Amount and the Interest thereon, the Lender, the National Housing Bank (“NHB”), the Reserve Bank of India (“RBI”) and / or any agency, statutory body, etc., so appointed by the NHB or RBI, will have an absolute right to disclose or publish the details of the default and the name operations of the Borrower/s as defaulters, in such manner and through such medium, as the Lender or the NHB or the RBI, in their absolute discretion, may think fit. d. All (b) The Borrower will (i) duly observe and conform to all valid requirements of governmental authorities necessary to the performance of its obligations under this Loan Agreement, including the payment of all sales, use, property or other tax, license, toll, inspection or other fee, and obtaining any bond, permit or certificate, (ii) maintain its corporate existence and obtain and keep in full force and effect all rights, franchises, licenses and permits which are necessary Consents to the proper conduct of its business and approvals for availing the Loan (iii) obtain or cause to be obtained as promptly as possible any governmental, administrative or agency approval and make any filing or registration therewith which shall be obtained required with respect to the performance of its obligations under this Loan Agreement and maintained by all of the Borrower/s and they shall at all times be in compliance with such Consents and approvalsDocuments. e. (c) The Borrower/s shall not violate any covenant, conditions or stipulations Borrower will duly observe and perform all covenants and obligations to be performed by it under any existing agreement(s) entered into by them, by availing the Loan from the Lender, in a form and manner required by the LenderDocuments. f. (d) The Borrower/s shall inform the Lender of the happening of Borrower will promptly, at any Event of Default or any event which after the notice or lapse of time or both would become an Event of Default forthwith without any delay and demur. g. The Borrower/s shall execute, forthwith and without any delay, demur or protest, all such documents, including this Agreement and other Transaction Documents, as may be prescribed by the Lender from time to time, for giving effect at its sole expense, execute and deliver to the terms Bank such further instruments and documents, and take such further action, as the Bank may from time to time reasonably request in order to carry out the intent and purpose of this Agreement, including without limitation bank statements, salary slips, income tax returnsLoan Agreement and all of the Documents, and to establish and protect the rights, interests and remedies created, or intended to be created, in favor of the Bank hereby and thereby, including, without limitation, the execution, delivery, recordation and filing of financing statements continuation statements or mortgage assignments with respect to the Collateral. With respect to the Collateral, the Borrower hereby authorizes the Bank, in such jurisdictions, where such action is authorized or permitted by law, to effect any such recordation or filing without the signature of the Borrower thereto and the Bank's expenses with respect thereto shall be payable by the Borrower on demand and Bank shall provide copies of such filings to the Borrower. The Borrower will pay, or reimburse the Bank for, any and all fees, costs and expenses of whatever kind or nature incurred in connection with the creation, preservation and protection of the Bank's security interests in the Collateral, including, without limitation, all fees and taxes in connection with the recording or filing of instruments and documents in public offices, payment or discharge of any taxes or liens, charges or encumbrances of any nature upon or in respect of the Collateral, premiums for insurance with respect to the Collateral and all other documentsfees, costs and expenses in connection with protecting, maintaining or preserving the Collateral and the Bank's interests therein, whether through judicial proceedings or otherwise, or in defending or prosecuting any actions, suits or proceedings arising out of or relating to the Collateral; and all such amounts that are paid by the Bank shall, until reimbursed by the Borrower, constitute further obligation of the Borrower secured by the Collateral. (e) The Borrower will not create, assume or suffer to exist any lien, claim, charge or encumbrance of any kind upon any of the Collateral, of or by any individual (or association of individuals), entity or governmental instrumentality, claimed or asserted against, through or under the Borrower. (f) The Borrower will not change its chief executive office or remove its books and records concerning the Collateral from the address herein, unless it shall have given at least 30 days' prior written notice of such change or removal to the Bank, specifying the new address or addresses. (g) Without limiting the generality of any other provision hereof, the Borrower shall indemnify, protect, save and keep harmless the Bank from and against any reduction in the amount payable out of the Collateral to the Bank, or any other loss, cost or expense (including legal fees) incurred by the Bank, as the result of the Borrower's breach of clause (e) of this paragraph.

Borrower’s Covenants. a. The Borrower/s agree Borrower agrees and undertake covenants that: -------------------- (a) In no event shall it do or permit to utilize be done, or omit to do or permit the entire amount omission of, any act or thing, the doing or omission of which would impair the Loansecurity created by this Agreement; (b) It shall, only except for the End Use lien and security interest created hereby and the assignment to the Bank as collateral security provided for herein and as permitted under the Loan Agreement, keep the Collateral free and clear from any and all liens, claims, encumbrances, obligations, indebtedness or other similar interests and that it will not assign any accounts or other Collateral to any person other than the Bank; (c) It shall not use (i) create, incur, assume, or permit to exist any security agreements, security interests or any legal or beneficial ownership, or other rights in the Collateral, or (ii) sell, transfer or assign the Collateral or the Custodian Account or any collateral or deposits therein, except pursuant to this Agreement or as permitted under the Loan amount for Agreement; (d) It shall not take or permit to be taken any speculative other action which would adversely affect the lien created hereby on the Collateral or illegal purposes.the rights, benefits and remedies available to the Bank hereunder or under the Collateral Bailment Agreement; b. The Borrower/s (e) It shall notifypay and discharge, before they become delinquent, all taxes, levies and other charges upon it and upon the Collateral and the Accounts and the investments and deposits therein subject to its right to contest, by appropriate legal proceedings diligently conducted and in writinggood faith, any such tax, levy or other charges and provided that such contest shall not impair the security interest granted to the Bank hereunder; and (f) It shall at its own expense, execute, and/or deliver, or cause to be executed and delivered, to the LenderBank such notices, instruments, agreements, financing statements, continuation statements, security agreements, assignments, affidavits, opinions of any change in Borrower's counsel and other documents, and take such further actions relating to the residence, contact numbers, employment, business or profession within 7 (Seven) days from the date of such change. c. In case the Borrower/s commit a default in payment or repayment of the Principal Amount and the Interest thereon, the Lender, the National Housing Bank (“NHB”), the Reserve Bank of India (“RBI”) and / or any agency, statutory body, etc., so appointed by the NHB or RBI, will have an absolute right to disclose or publish the details of the default and the name of the Borrower/s as defaulters, in such manner and through such mediumCollateral, as the Lender Bank in its sole and absolute discretion deems necessary or reasonably appropriate or advisable to perfect, preserve or protect the NHB Bank's perfected first priority lien and security interest granted hereby or to enable the RBI, in their absolute discretion, Bank to exercise and enforce its rights and remedies hereunder with respect to any Collateral; and it shall execute and deliver such additional documents as the Bank may think fitreasonably require or deem advisable to carry into effect the purpose of this Agreement or to maintain the Bank's interest hereunder. d. All (g) It shall not change, modify, terminate or amend its irrevocable instructions delivered to Account Holder (the necessary Consents and approvals for availing "Irrevocable Instructions") pursuant to Section 2.6 of the Loan shall be obtained and maintained by the Borrower/s and they shall at all times be in compliance with such Consents and approvals. e. The Borrower/s shall not violate any covenant, conditions or stipulations under any existing agreement(s) entered into by them, by availing the Loan from the Lender, in a form and manner required by the Lender. f. The Borrower/s shall inform the Lender Agreement without written consent of the happening of any Event of Default or any event which after the notice or lapse of time or both would become an Event of Default forthwith without any delay and demurBank. g. The Borrower/s shall execute, forthwith and without any delay, demur or protest, all such documents, including this Agreement and other Transaction Documents, as may be prescribed by the Lender from time to time, for giving effect to the terms of this Agreement, including without limitation bank statements, salary slips, income tax returns, and such other documents.