Common use of Brief procedure for Recovery of overdue Clause in Contracts

Brief procedure for Recovery of overdue. In the event of default in terms of the Loan Agreement (i.e. if the due amount for the loan account of the Borrower is not paid by the due date or in case of breach of any clause of the agreement), the Borrower would be informed from time to time for payment of his dues outstanding on his loan account, by post/ fax/ telephone/ e-mail/ SMS messaging and/or through third parties appointed for collection purposes to remind, follow-up and collect dues, if the need so arises follow up with a notice to such effect and/ or restructuring/ re-phasing of the loan wherever possible as per regulatory guidelines and/ or enforcement of Securities as per the provisions of SARFAESI Act and/ or recovery through legal methods. The collection methodology includes the following:

Brief procedure for Recovery of overdue. In the event of default in terms of the Loan Agreement (i.e. if the due amount for the loan account of the Borrower is not paid by the due date or in case of breach of any clause of the agreement), the Borrower would be informed from time to time for payment of his dues outstanding on his loan account, by post/ fax/ telephone/ e-mail/ SMS messaging and/or through third parties appointed for collection purposes to remind, follow-up and collect dues, if the need so arises follow up with a notice to such effect and/ or restructuring/ re-re- phasing of the loan wherever possible as per regulatory guidelines and/ or enforcement of Securities as per the provisions of SARFAESI Act and/ or recovery through legal methods. The collection methodology includes the following: