BORROWER(S)’ WARRANTY. Each Borrower warrants to the Lender that it has agreed and received all necessary authorizations in connection with the entry into this Agreement and that it has legal power to execute and perform this Agreement.
BORROWER(S)’ WARRANTY. The Borrower warrants and undertakes to the Lenders that it is duly authorised and empowered to enter into and perform its duties and obligations under this Agreement.
BORROWER(S)’ WARRANTY a. The Borrower(s) understands that the advance shall be governed by the terms and conditions contained herein as well as those embodied in the loan sanction letter, Agreement, South Indian Bank’s Vehicle Loan Scheme and other loan and/or security documents except in so far as the loan/security documents may expressly or by necessary implication be modified by these presents.
b. The Borrower(s) agrees and undertakes that Xxxxxxxx(s) will utilize the whole amount advanced by the Bank for the purchase of the vehicle in the name of the Borrower and forward to the Bank the original Bill, Voucher or receipt of such purchase within 7 days from the date of purchase or such other shorter period stipulated by the Bank.
c. The Borrower(s) agrees that the loan will be disbursed to the Borrower(s) in one or more instalment(s) as may be fixed by the Bank and that the borrower(s) shall give at least three clear days ’prior notice of drawl of any instalment of the loan, which advise may be waived by the Bank at its option.
d. The Borrower(s) agrees to produce the vehicle, its accessories and implements etc. at a place designated by the Bank once a month and/or as and when required by the Bank, for inspection, scrutiny or for any other purpose at the sole discretion of the Bank.
e. The Borrower(s) hereby undertakes to maintain the said vehicle(s) in good repair and condition and shall keep it / them properly serviced periodically. The Borrower(s) also agrees to display a sticker in a conspicuous part of the vehicle stating that ‘the vehicle is hypothecated to The South Indian Bank Ltd.’
f. The Borrower(s) undertakes that the vehicle be used and run according to the rules and regulations of the Licensing authority/Government/Traffic departments and all the formalities under law shall be properly and regularly observed without any default.
g. The licence fee, terminal fees, taxes/insurance and other dues payable to the Government/Municipality or any other authority shall be paid by the Borrower(s). The Borrower(s) shall also pay the inspection fee/cost for the inspection of the vehicle(s).
h. All claims arising out of non-fulfilment of any of the requirements of law in force from time to time and relating to non-observance of terms and conditions of Motor Vehicle Act shall be paid by the Borrower(s).
i. The salaries and allowances of all servants, drivers, conductors, etc. and any payments due to workers shall be paid by the Borrower(s).
j. In the event of sale being arrang...
BORROWER(S)’ WARRANTY. The Borrower hereby :
(a) warrants the correctness of each and every statement and particulars therein contained and undertakes to carry out the Borrower‟s proposals therein set forth.
(b) declares and confirms that the said credit facilities shall be governed by the terms and conditions as set out in the Letters of Sanction issued by the Bank as also by the terms and conditions herein contained, as well as those embodied in the relative security documents.
(c) undertakes to notify in writing to the Bank of any circumstance(s) affecting the correctness of any of the particulars set forth in the Borrower‟s proposals immediately on the happening or occurrence of any such circumstance(s) and also agrees to inform the Bank about dissolution/Reconstitution of Firm on account of death/retirement/resignation etc. of parter(s) and also death of guarantor(s), property owners etc. and in that event Bank may in its absolute discretion suspend operation / stop further withdrawal till fresh approval is obtained by the Borrower from the Bank for continuing the facility.
(d) undertakes that the credit facility advanced by the Bank shall be utilized for the purpose and in the manner set forth in the loan application read with the sanction intimation letter thereto and for no other purpose.
(e) expressly agrees with the Bank that the Bank shall be entitled to refuse to grant the said credit facility or any part thereof which may remain to be advanced in the event of:-
(i) any of the representations, assurances, statements and particulars contained in the proposal being found to be incorrect, in the opinion of the Bank.
(ii) failing to utilize the credit facility for the purpose for which or the manner in which or within the time stipulated in the sanction intimation letter.
(f) specifically agree that happening or occurrence of any of the matters, events or circumstances mentioned hereinabove, the opinion of the Bank shall be final.
BORROWER(S)’ WARRANTY. The Borrower warrants that this Agreement is not subject to any actual or expected legal liability or dispute.
BORROWER(S)’ WARRANTY a) Notwithstanding anything contained in this agreement or in any other agreement executed or to be executed by the Borrower in favour of the Bank, the Borrower agrees to pay to the Bank on demand being made by the Bank the balances then outstanding and owing to the Bank under the aforesaid credit facilities, inclusive of all interest up to the date of payment, together with any service charges, commitment charges, commission, discount, costs, charges and expenses and all other moneys debited or which may be debited to the account(s).
b) The Borrower hereby agrees that each said Loan or the said Credit Facility as the case may be, shall be in general payable on demand and liquidated by crediting the proceeds of negotiation/purchase of relative export bills drawn on the foreign buyers either under the Letters of Credit opened by the purchaser or under the contract by the Borrower within the due date or extended due date as may be granted by the Bank. In case for any reason the goods are not exported then the Borrower agrees to personally repay to the Bank immediately the amount of such loan together with interest at the maximum rates applicable for ordinary demand loan. After obtaining prior written permission of the Bank, the Borrower may sell such unexported goods to any other overseas buyer or in Indian market and such proceeds will be credited to the said Loan Account.
c) The monies advanced by the bank at the request of the Borrower shall be utilized and employed by the Borrower exclusively for the purpose of purchasing, manufacturing/processing, packing and exporting the goods in accordance with the export contracts/letters of credit and shall not be diverted for any other purpose.
d) The Borrower agrees with the Bank that the bills of exchange, shipping documents, dock warrants, delivery orders, warehouse receipts, policies of insurance, and other inland and foreign documents representing or relating to goods in India or abroad, in transit or otherwise, and all goods thereby represented or to which such documents relate, and all marketable securities (collateral or otherwise) in which the Borrower is interested, which may at any time during any indebtedness or liability (contingent or otherwise) of the Borrower to the Bank be in the possession of the Bank shall be a continuing security for all sums in which the Borrower from time-to-time be actually or contingently indebted or liable to the Bank on account in respect of all present and future transac...
