Consequences of an Event of Default. The Borrower agrees and acknowledges that the decision of the Lender shall be final and binding on any questions or issues on point in respect of happening/non-happening of the Event of Default. Following are the consequences of an Event of Default: a) Notwithstanding anything contrary contained in the Financing Documents, upon happening of any Event of Defaults, Growth Source, by a written notice to the Borrower may declare the Outstanding Obligations and/or any other amounts including Interest and Default Interest which may be payable by the Borrower under or in terms of the Financing Documents and/or any other agreements, documents subsisting between the Borrower and the Growth Source, to be due and upon such declaration the same shall become due and payable forthwith and the Securities and the securities in relation to any other Facility shall become enforceable. Further, the Default Interest to be borne by the Borrower shall be computed from the respective Due Dates and shall be compounded on monthly basis. b) All costs incurred by Growth Source after an Event of Default has occurred in connection with preservation of the Property and or in collection of all amounts due under the Financing Documents may be charged to the Borrower and reimbursed, in the manner as the Lender deem fit. c) On the occurrence of an Event of Default, Growth Source shall be entitled to communicate, in any manner it may deem fit, to or with any Person or Persons with a view to receiving assistance of such Person or Persons in recovering the defaulted amounts including but not limited to visiting the office of the Borrower and/or any place of work of the Borrower. d) Upon happening of any Event of Default, Growth Source shall have the right to modify the Repayment Schedule in the manner as it deems fit. e) Upon happening of any Event of Default, in addition to the rights specified in this Terms, Growth Source shall be entitled to take all or any action with or without intervention of the courts to recover all the dues and payable by the Borrower under this Terms. f) Notwithstanding any other rights available to the Lender under this Terms or the Financing Documents, Growth Source shall be entitled to initiate criminal proceeding or any other appropriate actions against the Obligors if at any time Growth Source at its sole discretion has sufficient grounds to believe that an Obligor has made any misrepresentations and /or submitted any forged documents or fabricated data to the Lender. g) Growth Source shall have a right to review and change the management of the Borrower or an Obligor by appointing independent personnel or its representatives on the senior management of such Obligor. h) Growth Source shall have a right to convert Outstanding Obligations, in part or full, in equity of the Borrower, if applicable. i) Growth Source shall have a right to utilise Required DSR to set-off against the Outstanding Obligations. j) Growth Source shall have the right to encash the post-dated cheques provided by the Borrower, Co- Borrower and the Guarantor to Growth Source. k) Growth Source shall have a right to appoint nominee director(s) on the board of the Borrower or other Obligor, as applicable. l) The Lender shall have a right to exercise its right available under the Applicable Laws including but not limited to IBC, DRT, and, or, SARFAESI.
Appears in 5 contracts
Samples: General Terms and Conditions, General Terms and Conditions, General Terms and Conditions
Consequences of an Event of Default. The Borrower agrees and acknowledges that the decision of the Lender shall be final and binding on any questions or issues on point in respect of happening/non-happening of the Event of Default. Following are the consequences of If an Event of Default:Default specified in Section 7.01 hereof shall occur and be continuing, then in addition to any other rights or remedies available to the Bondholder Representative under any other Related Document or under applicable Law, the Bondholder Representative may exercise any one or more of the following rights and remedies (regardless of whether the actions are taken at the same or different times):
(a) Notwithstanding anything contrary contained in the Financing Documents, upon happening of any Event of Defaults, Growth Source, by a The Bondholder Representative may provide written notice to the Borrower may declare Commonwealth of the Outstanding Obligations and/or any occurrence of such Event of Default (a “Notice of Default”) and, upon the delivery to the Commonwealth of such Notice of Default, the Bonds and all other amounts including Interest and payable hereunder shall bear interest at the Default Interest which may be Rate, payable by upon demand. In the Borrower under or event the Bondholder Representative has provided a Notice of Default and, subsequent thereto, the Commonwealth has cured the applicable Event of Default (in terms the opinion of the Financing Documents and/or any Bondholder Representative based on its absolute discretion) or the Purchaser has waived said Event of Default and no other agreements, documents subsisting between the Borrower and the Growth Source, to be due and upon such declaration the same shall become due and payable forthwith and the Securities and the securities in relation to any other Facility shall become enforceable. Further, the Default Interest to be borne by the Borrower shall be computed from the respective Due Dates and shall be compounded on monthly basis.
b) All costs incurred by Growth Source after an Event of Default has occurred and is continuing, then the Bondholder Representative shall rescind such Notice and the Bonds and all other amounts payable hereunder shall no longer bear interest at the Default Rate; or
(b) Either personally or by attorney or agent without bringing any action or proceeding, or by a receiver to be appointed by a court in connection with preservation any appropriate action or proceeding, the Bondholder Representative may take whatever action at law or in equity may appear necessary or desirable to collect the amounts due and payable under this Agreement, the Bonds and the other Related Documents or to enforce the performance or observance of any obligation, agreement or covenant of the Property Commonwealth under this Agreement, the Bonds and the other Related Documents, whether for specific performance of any agreement or covenant of the Commonwealth or in collection aid of the execution of any power granted to the Bondholder Representative or any Owner in the Related Documents; or
(c) The Bondholder Representative may exercise, or cause to be exercised, any and all amounts due other remedies as it may have under the Financing Related Documents may be charged to the Borrower and reimbursed, in the manner as the Lender deem fitotherwise available at law and at equity.
c) On the occurrence of an Event of Default, Growth Source shall be entitled to communicate, in any manner it may deem fit, to or with any Person or Persons with a view to receiving assistance of such Person or Persons in recovering the defaulted amounts including but not limited to visiting the office of the Borrower and/or any place of work of the Borrower.
d) Upon happening of any Event of Default, Growth Source shall have the right to modify the Repayment Schedule in the manner as it deems fit.
e) Upon happening of any Event of Default, in addition to the rights specified in this Terms, Growth Source shall be entitled to take all or any action with or without intervention of the courts to recover all the dues and payable by the Borrower under this Terms.
f) Notwithstanding any other rights available to the Lender under this Terms or the Financing Documents, Growth Source shall be entitled to initiate criminal proceeding or any other appropriate actions against the Obligors if at any time Growth Source at its sole discretion has sufficient grounds to believe that an Obligor has made any misrepresentations and /or submitted any forged documents or fabricated data to the Lender.
g) Growth Source shall have a right to review and change the management of the Borrower or an Obligor by appointing independent personnel or its representatives on the senior management of such Obligor.
h) Growth Source shall have a right to convert Outstanding Obligations, in part or full, in equity of the Borrower, if applicable.
i) Growth Source shall have a right to utilise Required DSR to set-off against the Outstanding Obligations.
j) Growth Source shall have the right to encash the post-dated cheques provided by the Borrower, Co- Borrower and the Guarantor to Growth Source.
k) Growth Source shall have a right to appoint nominee director(s) on the board of the Borrower or other Obligor, as applicable.
l) The Lender shall have a right to exercise its right available under the Applicable Laws including but not limited to IBC, DRT, and, or, SARFAESI.
Appears in 3 contracts
Samples: Bondholder's Agreement, Bondholder's Agreement, Bondholder's Agreement
Consequences of an Event of Default. The Borrower agrees and acknowledges that the decision of the Lender shall be final and binding on any questions or issues on point in respect of happening/non-happening of the Event of Default. Following are the consequences of an Event of Default:
a) Notwithstanding anything contrary contained in the Financing Documents, upon happening of any Event of Defaults, Growth Source, by a written notice to the Borrower may declare the Outstanding Obligations and/or any other amounts including Interest and Default Interest which may be payable by the Borrower under or in terms of the Financing Documents and/or any other agreements, documents subsisting between the Borrower and the Growth Source, to be due and upon such declaration the same shall become due and payable forthwith and the Securities and the securities in relation to any other Facility shall become enforceable. Further, the Default Interest to be borne by the Borrower shall be computed from the respective Due Dates and shall be compounded on monthly basis.
b) All costs incurred by Growth Source after If an Event of Default occurs under Clause 6A of this Agreement, your and IBIE’s payment and delivery obligations in respect of each Securities Loan shall be accelerated so as to require performance thereof at the time such Event of Default occurs (the date of which shall be the “Termination Date”) so that performance of such delivery and payment obligations shall be effected only in accordance with this paragraph 8:
a. the Market Value (as defined below) of the Equivalent Securities to be delivered by IBIE and the amount of any cash to be paid by you shall be established by IBIE as of the Termination Date;
b. on the basis of the sums so established, an account shall be taken (as at the Termination Date) of what is due from each party to the other and the sums due from you shall be set off against the sums due from IBIE and only the balance of the account shall be payable (by the party having the claim valued at the lower amount pursuant to paragraph (a) above) and such balance shall be payable on the next following business day after such account has occurred been taken and such sums have been set off in accordance with this paragraph;
c. in addition, you shall be liable to IBIE for the amount of all reasonable legal and other professional expenses incurred by IBIE in connection with preservation of the Property and or in collection of all amounts due under the Financing Documents may be charged to the Borrower and reimbursed, in the manner as the Lender deem fit.
c) On the occurrence a consequence of an Event of Default, Growth Source together with interest thereon at a rate as determined by IBIE acting reasonably and notified to you. Interest will accrue daily on a compound basis; and
d. any amount payable by you pursuant to this paragraph 8 shall be entitled an obligation that is secured by the security interest granted by you pursuant to communicateClause 4B(i) of this Agreement. The “Market Value” of Equivalent Securities shall be the amount which, in the reasonable opinion of IBIE, represents their fair market value, having regard to such pricing sources and methods (which may include, without limitation, available prices for securities with similar maturities, terms and credit characteristics as the relevant Equivalent Securities) as IBIE considers appropriate, less all reasonable costs, commissions (including internal commissions), fees and expenses (including any manner it may deem fit, to mark-up or mark-down or premium paid for guaranteed delivery) incurred or reasonably anticipated in connection with any Person the purchase or Persons with a view to receiving assistance sale of such Person or Persons securities. For the purposes of this calculation, any sum not denominated in recovering the defaulted amounts including but not limited to visiting the office of the Borrower and/or any place of work of the Borrower.
d) Upon happening of any Event of Default, Growth Source shall have the right to modify the Repayment Schedule in the manner as it deems fit.
e) Upon happening of any Event of Default, in addition to the rights specified in this Terms, Growth Source EUR shall be entitled to take all or any action with or without intervention of converted into EUR at the courts to recover all the dues spot rate prevailing at such dates and payable times determined by the Borrower under this TermsIBIE acting reasonably.
f) Notwithstanding any other rights available to the Lender under this Terms or the Financing Documents, Growth Source shall be entitled to initiate criminal proceeding or any other appropriate actions against the Obligors if at any time Growth Source at its sole discretion has sufficient grounds to believe that an Obligor has made any misrepresentations and /or submitted any forged documents or fabricated data to the Lender.
g) Growth Source shall have a right to review and change the management of the Borrower or an Obligor by appointing independent personnel or its representatives on the senior management of such Obligor.
h) Growth Source shall have a right to convert Outstanding Obligations, in part or full, in equity of the Borrower, if applicable.
i) Growth Source shall have a right to utilise Required DSR to set-off against the Outstanding Obligations.
j) Growth Source shall have the right to encash the post-dated cheques provided by the Borrower, Co- Borrower and the Guarantor to Growth Source.
k) Growth Source shall have a right to appoint nominee director(s) on the board of the Borrower or other Obligor, as applicable.
l) The Lender shall have a right to exercise its right available under the Applicable Laws including but not limited to IBC, DRT, and, or, SARFAESI.
Appears in 2 contracts
Samples: Customer Agreement, Customer Agreement
Consequences of an Event of Default. 8.1 The Borrower agrees and acknowledges that the decision of the Lender shall be final and binding on any questions or issues on point in respect of happening/non-happening of the Event of Default. Following are the consequences upon occurrence of an Event of Default:
a: (i) Notwithstanding anything contrary contained in the Financing Documents, upon happening of any Event of DefaultsDefault, Growth SourceLender, by a written notice to the Borrower may declare the Outstanding Obligations and/or any other amounts including Interest Interest, bouncing charges and Default Interest which may be payable by the Borrower under or in terms of the Financing Documents and/or any other agreements, documents subsisting between the Borrower and the Growth SourceLender, to be due and upon such declaration notice the same shall become due and payable forthwith and the Securities and the securities in relation to any other Facility shall become enforceableforthwith. Further, the Default Interest to be borne by the Borrower shall be computed from the respective Due Dates EMI Payment Date and shall be compounded on monthly basis.
b; (ii) All costs incurred by Growth Source after an the Lender upon happening of Event of Default has occurred in connection with preservation of the Property and or in collection of all amounts due under the Financing Documents may be charged to the Borrower and reimbursed, in the manner as the Lender deem fit.
c) On the occurrence of an Event of Default, Growth Source shall be entitled have right but no obligation to communicate, in any manner it may deem fit, to or with any Person or Persons person(s) with a view to receiving assistance of such Person or Persons person(s) in recovering the defaulted amounts including but not limited to visiting the office /residence of the Borrower and/or any place of work of the Borrower.
d; (iii) Upon happening of any Event of Default, Growth Source The Lender shall have the right to modify the Repayment Schedule as mentioned in the Sanction Letter in the manner as it deems fit.
e; (iv) Upon happening of any Event of Default, in In addition to the rights specified in this Terms, Growth Source the Lender or its representatives including assignees shall be entitled to take all or any action with or without intervention of the courts to recover all the dues and payable by the Borrower under this Terms.
f) Notwithstanding any other rights available to the Lender under this Terms or the Financing Documents, Growth Source shall be entitled Documents without limited to initiate civil or criminal proceeding including action under Negotiable Instruments Act, 1881 and/or Payment and Settlement Systems Act 2007 or any other appropriate actions against the Obligors Borrower, if at any time Growth Source Lender at its sole discretion has sufficient grounds to believe that an Obligor the Borrower has made any misrepresentations and /or submitted any forged documents or fabricated data to the Lender.
g) Growth Source shall have a right Lender or ECS mandate/PDC has bounced on its presentation to review and change the management of the Borrower or an Obligor by appointing independent personnel or its representatives on the senior management of such Obligor.
h) Growth Source shall have a right to convert Outstanding Obligations, in part or full, in equity of the Borrower, if applicable.
i) Growth Source shall have a right to utilise Required DSR to set-off against the Outstanding Obligations.
j) Growth Source shall have the right to encash the post-dated cheques provided by the Borrower, Co- Borrower and the Guarantor to Growth Source.
k) Growth Source shall have a right to appoint nominee director(s) on the board of the Borrower or other Obligor, as applicable.
l) The Lender shall have a right to exercise its right available under the Applicable Laws including but not limited to IBC, DRT, and, or, SARFAESI.Specified Account;
Appears in 2 contracts
Consequences of an Event of Default. The Borrower agrees and acknowledges that the decision of the Lender shall be final and binding on any questions or issues on point in respect of happening/non-happening of the Event of Default. Following are the consequences of an Event of Default:
a) Notwithstanding anything contrary contained in the Financing Documents, upon happening of any Event of Defaults, Growth Source, by a written notice to the Borrower may declare the Outstanding Obligations and/or any other amounts including Interest and Default Interest which may be payable by the Borrower under or in terms of the Financing Documents and/or any other agreements, documents subsisting between the Borrower and the Growth Source, to be due and upon such declaration the same shall become due and payable forthwith and the Securities and the securities in relation to any other Facility shall become enforceable. Further, the Default Interest to be borne by the Borrower shall be computed from the respective Due Dates and shall be compounded on monthly basis.
b) All costs incurred by Growth Source after If an Event of Default shall occur and be continuing, so long as such Event of Default has occurred not been cured or waived, either the Trustee or the Holders of Certificates evidencing not less than 51% of the Voting Interests of the Class A Certificates and the Class B Certificates, voting together as a single class, by notice then given in writing to the Servicer (and to the Trustee if given by Certificateholders) may terminate all of the rights and obligations of the Servicer under the Agreement. On or after the receipt by the Servicer of such written notice, all authority and power of the Servicer under the Agreement, whether with respect to the Certificates, the Receivables or otherwise, shall, without further action, pass to and be vested in the Trustee pursuant to and under this Section or such Successor Servicer as may be appointed under Section 18.03; and, without limitation, the Trustee shall be hereby authorized and empowered to execute and deliver, on behalf of the predecessor Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement of the Receivables and related documents, or otherwise. The predecessor Servicer shall cooperate with the Successor Servicer and the Trustee in effecting the termination of the responsibilities and rights of the predecessor Servicer under the Agreement, including, without limitation, the transfer to the Successor Servicer for administration by it of all cash amounts that shall at the time be held by the predecessor Servicer for deposit, or have been deposited by the predecessor Servicer, in the Accounts or the Reserve Fund or thereafter received with respect to the Receivables and all Payments Ahead that shall at that time be held by the predecessor Servicer. All reasonable costs and expenses (including servicer conversion costs and attorneys' fees) incurred in connection with preservation of transferring the Property and or in collection of all amounts due under the Financing Documents may be charged Receivable Files to the Borrower Successor Servicer and reimbursed, in amending the manner Agreement to reflect such succession as the Lender deem fit.
c) On the occurrence of an Event of Default, Growth Source Servicer pursuant to this Section shall be entitled to communicatepaid by the predecessor Servicer (or, in any manner it may deem fitif the predecessor Servicer is the initial Trustee, to or with any Person or Persons with a view to receiving assistance the initial Servicer) upon presentation of reasonable documentation of such Person or Persons in recovering the defaulted amounts including but not limited to visiting the office of the Borrower and/or any place of work of the Borrowercosts and expenses.
d) Upon happening of any Event of Default, Growth Source shall have the right to modify the Repayment Schedule in the manner as it deems fit.
e) Upon happening of any Event of Default, in addition to the rights specified in this Terms, Growth Source shall be entitled to take all or any action with or without intervention of the courts to recover all the dues and payable by the Borrower under this Terms.
f) Notwithstanding any other rights available to the Lender under this Terms or the Financing Documents, Growth Source shall be entitled to initiate criminal proceeding or any other appropriate actions against the Obligors if at any time Growth Source at its sole discretion has sufficient grounds to believe that an Obligor has made any misrepresentations and /or submitted any forged documents or fabricated data to the Lender.
g) Growth Source shall have a right to review and change the management of the Borrower or an Obligor by appointing independent personnel or its representatives on the senior management of such Obligor.
h) Growth Source shall have a right to convert Outstanding Obligations, in part or full, in equity of the Borrower, if applicable.
i) Growth Source shall have a right to utilise Required DSR to set-off against the Outstanding Obligations.
j) Growth Source shall have the right to encash the post-dated cheques provided by the Borrower, Co- Borrower and the Guarantor to Growth Source.
k) Growth Source shall have a right to appoint nominee director(s) on the board of the Borrower or other Obligor, as applicable.
l) The Lender shall have a right to exercise its right available under the Applicable Laws including but not limited to IBC, DRT, and, or, SARFAESI.
Appears in 2 contracts
Samples: Standard Terms and Conditions Agreement (Honda Auto Receivables 1996-a Grantor Trust), Standard Terms and Conditions Agreement (American Honda Receivables Corp)
Consequences of an Event of Default. The Borrower agrees and acknowledges that the decision of the Lender shall be final and binding on any questions or issues on point in respect of happening/non-happening of the Event of Default. Following are the consequences of an Event of Default:
a) Notwithstanding anything contrary contained in The entire Loan Amount along with Interest for the Financing Documents, upon happening of any Event of Defaults, Growth Source, by a written notice to the Borrower may declare the Outstanding Obligations and/or any other amounts including Interest and Default Interest which may be payable by the Borrower under or in terms of the Financing Documents and/or any other agreements, documents subsisting between the Borrower and the Growth Source, to be due and upon such declaration the same entire period shall immediately become due and payable forthwith payable, and the Securities and the securities in relation to any other Facility shall become enforceable. Further, the Default Interest to be borne by the Borrower shall be computed from the respective Due Dates and shall be compounded on monthly basis.
b) All costs incurred by Growth Source after an Event of Default has occurred in connection with preservation of the Property and or in collection of all amounts due under the Financing Documents may be charged to the Borrower and reimbursed, in the manner as the Lender deem fit.
c) On the occurrence of an Event of Default, Growth Source shall be entitled to communicate, in any manner it may deem fit, to or with any Person or Persons with a view to receiving assistance of such Person or Persons in recovering the defaulted amounts including but not limited to visiting the office of the Borrower and/or any place of work of the Borrower.
d) Upon happening of any Event of Default, Growth Source shall have the right to modify recall the Repayment entire loan together with interest for the entire period, the overdue interest arising on account of default, Bank charges and other Charges, as mentioned in Schedule in 3 hereunder; All charges are payable by the manner as it deems fitBorrower together with applicable taxes.
eb) Upon happening of Lender shall be entitled to enforce the Security, if any Event of Defaultavailable;
c) Xxxxxx shall be entitled to proceed against and take any action against the Borrower and / or the Guarantor(s) in order to realize the Loan Amount along with Interest, in Charges and expenses;
d) In addition to the rights specified in this TermsAgreement, Growth Source the Lender shall be entitled to take all or any action with or without intervention of the courts Courts to recover all the dues monies due and payable by the Borrower and/or the Guarantor(s) under this TermsAgreement.
fe) Notwithstanding any other rights available to the Lender under this Terms or Agreement, the Financing Documents, Growth Source Lender shall be entitled to initiate criminal proceeding or any other appropriate actions against the Obligors Borrower and /or the Guarantor(s) if at any time Growth Source the Lender at its sole discretion has sufficient grounds to believe that an Obligor the Borrower and /or the Guarantor(s) has / have made any misrepresentations and /or / or submitted any forged documents or fabricated data to the Lender.
gf) Growth Source All rights and powers conferred on the Lender under this Agreement shall have be in addition and supplemental to any rights the Lender has as a right to review and change the management of creditor against the Borrower or an Obligor by appointing independent personnel or its representatives on and/or the senior management of such ObligorGuarantor(s) under any law for the time being in force and security documents and shall not be in derogation thereof.
h) Growth Source shall have a right to convert Outstanding Obligations, in part or full, in equity of the Borrower, if applicable.
i) Growth Source shall have a right to utilise Required DSR to set-off against the Outstanding Obligations.
j) Growth Source shall have the right to encash the post-dated cheques provided by the Borrower, Co- Borrower and the Guarantor to Growth Source.
k) Growth Source shall have a right to appoint nominee director(s) on the board of the Borrower or other Obligor, as applicable.
l) The Lender shall have a right to exercise its right available under the Applicable Laws including but not limited to IBC, DRT, and, or, SARFAESI.
Appears in 1 contract
Samples: Loan Agreement
Consequences of an Event of Default. The Borrower agrees and acknowledges that the decision of the Lender shall be final and binding on any questions or issues on point in respect of happening/non-happening of the Event of Default. Following are the consequences of an Event of Default:
a) Notwithstanding anything contrary contained in the Financing Documents, upon happening of any Event of Defaults, Growth Source, by a written notice to the Borrower may declare the Outstanding Obligations and/or any other amounts including Interest and Default Interest Delayed Instalment Payment Charges which may be payable by the Borrower under or in terms of the Financing Documents and/or any other agreements, documents subsisting between the Borrower and the Growth Source, to be due and upon such declaration the same shall become due and payable forthwith and the Securities and the securities in relation to any other Facility shall become enforceable. Further, the Default Interest Delayed Instalment Payment Charges to be borne by the Borrower shall be computed from the respective Due Dates and shall be compounded on monthly basis.
b) All costs incurred by Growth Source after an Event of Default has occurred in connection with preservation of the Property and or in collection of all amounts due under the Financing Documents may be charged to the Borrower and reimbursed, in the manner as the Lender deem fit.
c) On the occurrence of an Event of Default, Growth Source shall be entitled to communicate, in any manner it may deem fit, to or with any Person or Persons with a view to receiving assistance of such Person or Persons in recovering the defaulted amounts including but not limited to visiting the office of the Borrower and/or any place of work of the Borrower.
d) Upon happening of any Event of Default, Growth Source shall have the right to modify the Repayment Schedule in the manner as it deems fit.
e) Upon happening of any Event of Default, in addition to the rights specified in this Terms, Growth Source shall be entitled to take all or any action with or without intervention of the courts to recover all the dues and payable by the Borrower under this Terms.
f) Notwithstanding any other rights available to the Lender under this Terms or the Financing Documents, Growth Source shall be entitled to initiate criminal proceeding or any other appropriate actions against the Obligors if at any time Growth Source at its sole discretion has sufficient grounds to believe that an Obligor has made any misrepresentations and /or submitted any forged documents or fabricated data to the Lender.
g) Growth Source shall have a right to review and change the management of the Borrower or an Obligor by appointing independent personnel or its representatives on the senior management of such Obligor.
h) Growth Source shall have a right to convert Outstanding Obligations, in part or full, in equity of the Borrower, if applicable.
i) Growth Source shall have a right to utilise Required DSR to set-off against the Outstanding Obligations.
j) Growth Source shall have the right to encash the post-dated cheques provided by the Borrower, Co- Borrower and the Guarantor to Growth Source.
k) Growth Source shall have a right to appoint nominee director(s) on the board of the Borrower or other Obligor, as applicable.
l) The Lender shall have a right to exercise its right available under the Applicable Laws including but not limited to IBC, DRT, and, or, SARFAESI.
Appears in 1 contract
Samples: General Terms and Conditions
Consequences of an Event of Default. The Borrower agrees and acknowledges that the decision of the Lender shall be final and binding on any questions or issues on point in respect of happening/non-happening of the Event of Default. Following are the consequences of an Event of Default:
a) Notwithstanding anything contrary contained in The entire Loan Amount along with Interest for the Financing Documents, upon happening of any Event of Defaults, Growth Source, by a written notice to the Borrower may declare the Outstanding Obligations and/or any other amounts including Interest and Default Interest which may be payable by the Borrower under or in terms of the Financing Documents and/or any other agreements, documents subsisting between the Borrower and the Growth Source, to be due and upon such declaration the same entire period shall immediately become due and payable forthwith payable, and the Securities and the securities in relation to any other Facility shall become enforceable. Further, the Default Interest to be borne by the Borrower shall be computed from the respective Due Dates and shall be compounded on monthly basis.
b) All costs incurred by Growth Source after an Event of Default has occurred in connection with preservation of the Property and or in collection of all amounts due under the Financing Documents may be charged to the Borrower and reimbursed, in the manner as the Lender deem fit.
c) On the occurrence of an Event of Default, Growth Source shall be entitled to communicate, in any manner it may deem fit, to or with any Person or Persons with a view to receiving assistance of such Person or Persons in recovering the defaulted amounts including but not limited to visiting the office of the Borrower and/or any place of work of the Borrower.
d) Upon happening of any Event of Default, Growth Source shall have the right to modify recall the Repayment entire loan together with interest for the entire period and overdue charges / late payment charges / Bank charges and other Charges, as mentioned in Schedule 3 hereunder;
b) Lender shall be entitled to enforce the Security, if any available;
c) Lender shall be entitled to proceed against and take any action against the Borrower and / or the Guarantor(s) in order to realize the manner as it deems fitLoan Amount along with Interest, Charges and expenses;
d) The Borrower and the Guarantor(s) hereby agree to pay overdue interest at the rate specified in Schedule 3 on the amount outstanding from time to time till such time the amount is repaid.
e) Upon happening of any Event of Default, in In addition to the rights specified in this TermsAgreement, Growth Source the Lender shall be entitled to take all or any action with or without intervention of the courts Courts to recover all the dues monies due and payable by the Borrower and/or the Guarantor(s) under this TermsAgreement.
f) Notwithstanding any other rights available to the Lender under this Terms or Agreement, the Financing Documents, Growth Source Lender shall be entitled to initiate criminal proceeding or any other appropriate actions against the Obligors Borrower and /or the Guarantor(s) if at any time Growth Source the Lender at its sole discretion has sufficient grounds to believe that an Obligor the Borrower and /or the Guarantor(s) has / have made any misrepresentations and /or / or submitted any forged documents or fabricated data to the Lender.
g) Growth Source All rights and powers conferred on the Lender under this Agreement shall have be in addition and supplemental to any rights the Lender has as a right to review and change the management of creditor against the Borrower or an Obligor by appointing independent personnel or its representatives on and/or the senior management of such ObligorGuarantor(s) under any law for the time being in force and security documents and shall not be in derogation thereof.
h) Growth Source shall have a right to convert Outstanding Obligations, in part or full, in equity of the Borrower, if applicable.
i) Growth Source shall have a right to utilise Required DSR to set-off against the Outstanding Obligations.
j) Growth Source shall have the right to encash the post-dated cheques provided by the Borrower, Co- Borrower and the Guarantor to Growth Source.
k) Growth Source shall have a right to appoint nominee director(s) on the board of the Borrower or other Obligor, as applicable.
l) The Lender shall have a right to exercise its right available under the Applicable Laws including but not limited to IBC, DRT, and, or, SARFAESI.
Appears in 1 contract
Samples: Loan Agreement
Consequences of an Event of Default. The Borrower agrees and acknowledges that the decision of the Lender shall be final and binding on any questions or issues on point in respect of happening/non-happening of the Event of Default. Following are the consequences of an Event of Default:
a) Notwithstanding anything contrary contained in The entire Loan Amount along with Interest for the Financing Documents, upon happening of any Event of Defaults, Growth Source, by a written notice to the Borrower may declare the Outstanding Obligations and/or any other amounts including Interest and Default Interest which may be payable by the Borrower under or in terms of the Financing Documents and/or any other agreements, documents subsisting between the Borrower and the Growth Source, to be due and upon such declaration the same entire period shall immediately become due and payable forthwith payable, and the Securities and the securities in relation to any other Facility shall become enforceable. Further, the Default Interest to be borne by the Borrower shall be computed from the respective Due Dates and shall be compounded on monthly basis.
b) All costs incurred by Growth Source after an Event of Default has occurred in connection with preservation of the Property and or in collection of all amounts due under the Financing Documents may be charged to the Borrower and reimbursed, in the manner as the Lender deem fit.
c) On the occurrence of an Event of Default, Growth Source shall be entitled to communicate, in any manner it may deem fit, to or with any Person or Persons with a view to receiving assistance of such Person or Persons in recovering the defaulted amounts including but not limited to visiting the office of the Borrower and/or any place of work of the Borrower.
d) Upon happening of any Event of Default, Growth Source shall have the right to modify recall the Repayment entire loan together with interest for the entire period and overdue charges / late payment charges / Bank charges and other Charges, as mentioned in Schedule 3 hereunder;
b) Lender shall be entitled to enforce the Security, if any available;
c) Xxxxxx shall be entitled to proceed against and take any action against the Borrower and / or the Guarantor(s) in order to realize the manner as it deems fitLoan Amount along with Interest, Charges and expenses;
d) The Borrower and the Guarantor(s) hereby agree to pay overdue interest at the rate specified in Schedule 3 on the amount outstanding from time to time till such time the amount is repaid.
e) Upon happening of any Event of Default, in In addition to the rights specified in this TermsAgreement, Growth Source the Lender shall be entitled to take all or any action with or without intervention of the courts Courts to recover all the dues monies due and payable by the Borrower and/or the Guarantor(s) under this TermsAgreement.
f) Notwithstanding any other rights available to the Lender under this Terms or Agreement, the Financing Documents, Growth Source Lender shall be entitled to initiate criminal proceeding or any other appropriate actions against the Obligors Borrower and /or the Guarantor(s) if at any time Growth Source the Lender at its sole discretion has sufficient grounds to believe that an Obligor the Borrower and /or the Guarantor(s) has / have made any misrepresentations and /or / or submitted any forged documents or fabricated data to the Lender.
g) Growth Source All rights and powers conferred on the Lender under this Agreement shall have be in addition and supplemental to any rights the Lender has as a right to review and change the management of creditor against the Borrower or an Obligor by appointing independent personnel or its representatives on and/or the senior management of such ObligorGuarantor(s) under any law for the time being in force and security documents and shall not be in derogation thereof.
h) Growth Source shall have a right to convert Outstanding Obligations, in part or full, in equity of the Borrower, if applicable.
i) Growth Source shall have a right to utilise Required DSR to set-off against the Outstanding Obligations.
j) Growth Source shall have the right to encash the post-dated cheques provided by the Borrower, Co- Borrower and the Guarantor to Growth Source.
k) Growth Source shall have a right to appoint nominee director(s) on the board of the Borrower or other Obligor, as applicable.
l) The Lender shall have a right to exercise its right available under the Applicable Laws including but not limited to IBC, DRT, and, or, SARFAESI.
Appears in 1 contract
Samples: Loan Agreement
Consequences of an Event of Default. The Borrower agrees and acknowledges that In the decision of the Lender shall be final and binding on any questions or issues on point in respect of happening/non-happening of the Event of Default. Following are the consequences of an Event of Default:
a) Notwithstanding anything contrary contained in the Financing Documents, upon happening case of any Event of DefaultsDefault hereunder or under the Sublease, Growth Sourceincluding any Event of Default specified in Section 6.01(c) of the Sublease, by that has occurred and is continuing, the Bank may, in its sole discretion, but shall not be obligated to, exercise all, or any of, the following rights and remedies in addition to any other rights or remedies available to the Bank under any other Lease Documents or under applicable law:
(a) deliver a written notice to the Borrower may declare the Outstanding Obligations and/or any other amounts including Interest and Default Interest which may be payable by the Borrower under or in terms of the Financing Documents and/or any other agreements, documents subsisting between the Borrower and the Growth Source, to be due and upon such declaration the same shall become due and payable forthwith and the Securities and the securities in relation to any other Facility shall become enforceable. Further, the Default Interest to be borne by the Borrower shall be computed from the respective Due Dates and shall be compounded on monthly basis.
b) All costs incurred by Growth Source after City that an Event of Default has occurred in connection with preservation of the Property and or in collection of all amounts due under the Financing Documents may be charged to the Borrower is continuing and reimbursedthat, in the manner as the Lender deem fit.
c) On upon the occurrence of an such Event of Default, Growth Source shall be entitled to communicate, in any manner it may deem fit, to or with any Person or Persons with a view to receiving assistance of such Person or Persons in recovering the defaulted amounts including but not limited to visiting the office interest components of the Borrower and/or any place of work of Base Rental Payments began to accrue at the Borrower.Default Rate; and/or
d(b) Upon happening of any Event of Default, Growth Source shall have the right to modify the Repayment Schedule in the manner as it deems fit.
e) Upon happening of any Event of Default, in addition by notice to the rights specified in this TermsCity, Growth Source shall be entitled require the City to take all or any action with or without intervention of amend the courts Sublease to recover all increase the dues and Base Rental Payments payable by the Borrower City thereunder to an amount equal to the fair rental value of the Property for each period for which said rental is to be paid to the extent such fair rental value is greater than the Base Rental Payments which would otherwise be due under this Terms.the Sublease and amend Exhibit B to the Sublease to increase the principal component of the Base Rental Payments in corresponding amounts, so as to cause the principal component of the Base Rental Payments remaining unpaid to be amortized over the shortest possible term supported by such fair rental value, such amendment of the Sublease to be in form and substance satisfactory to the Bank; and/or
f(c) Notwithstanding cure any Default, Event of Default or event of nonperformance hereunder or under any other rights Lease Document; provided, however, that the Bank shall have no obligation to effect such a cure; and/or
(d) exercise, or cause to be exercised, any and all remedies as it may have under the other Lease Documents and as otherwise available at law and at equity. Except as expressly provided in this Section 6.02, procurement, demand, protest and all other notices of every kind are hereby expressly waived. Notwithstanding anything to the Lender under contrary contained in this Terms or Supplemental Agreement, the Financing Documents, Growth Source shall be entitled to initiate criminal proceeding or any other appropriate actions against the Obligors if at any time Growth Source at its sole discretion has sufficient grounds to believe that an Obligor has made any misrepresentations and /or submitted any forged documents or fabricated data to the Lender.
g) Growth Source shall Bank will have no right upon a right to review and change the management of the Borrower or an Obligor by appointing independent personnel or its representatives on the senior management of such Obligor.
h) Growth Source shall have a right to convert Outstanding Obligations, in part or full, in equity of the Borrower, if applicable.
i) Growth Source shall have a right to utilise Required DSR to set-off against the Outstanding Obligations.
j) Growth Source shall have the right to encash the post-dated cheques provided Default by the Borrower, Co- Borrower and the Guarantor to Growth Source.
k) Growth Source shall have a right to appoint nominee director(s) on the board of the Borrower City hereunder or other Obligor, as applicable.
l) The Lender shall have a right to exercise its right available under the Applicable Laws including but not limited Sublease, an Event of Default hereunder or under the Sublease or otherwise to IBC, DRT, and, or, SARFAESIaccelerate Rental Payments.
Appears in 1 contract
Samples: Supplemental Agreement
Consequences of an Event of Default. The Borrower agrees and acknowledges that OR TERMINATION
14.1 Unless we specify otherwise, termination pursuant to Article 13 will automatically constitute a termination date (the decision of the Lender shall be final and binding on any questions or issues on point in respect of happening/non-happening of the Event of Default. Following are the consequences of an Event of Default:
a) Notwithstanding anything contrary contained in the Financing Documents, upon happening of any Event of Defaults, Growth Source, by a written notice to the Borrower may declare the Outstanding Obligations and/or any other amounts including Interest and Default Interest which may be payable by the Borrower under or in terms of the Financing Documents and/or any other agreements, documents subsisting between the Borrower and the Growth Source, to be due and upon such declaration the same shall become due and payable forthwith and the Securities and the securities in relation to any other Facility shall become enforceable. Further, the Default Interest to be borne by the Borrower shall be computed from the respective Due Dates and shall be compounded on monthly basis“Termination Date”).
b) All costs incurred by Growth Source after 14.2 Upon an Event of Default has occurred in connection with preservation or on and from the Termination Date:
(a) we may decline to accept further instructions from you;
(b) we may treat any or all Orders and/or outstanding Transactions between as having been cancelled or terminated;
(c) we will not be obligated to make any further payments or deliveries under any Transactions which would otherwise have fallen due for performance and such obligations will be satisfied by settlement (whether by payment, set-off or otherwise) of the Property amount calculated in accordance with Article14.2(d) and (e) below;
(d) we will determine in respect of each Transaction set out in Article 14.2(c) above the total cost, loss or gain in collection such currency as specified by us (including any loss of all amounts due bargain, costs of funding, stock borrowing, penalties or fines or other consequential costs) as a result of the termination of each payment or delivery which would otherwise have been required to be made under the Financing Documents may be charged to the Borrower and reimbursed, each particular transaction;
(e) we will apply any balances in the manner your and/or your Underlying Principal Account(s) (as the Lender deem fitcase may be) towards discharging your and/or your Underlying Principal‘s liabilities;
(f) we will have the right, without notice to you, to combine or consolidate all your Accounts and those of your Affiliates, and to convert any sums of money into such currencies as we consider appropriate; and;
(g) we may close all or any of your and/or your Underlying Principal Account(s) with us.
c) On the occurrence 14.3 Without prejudice and in addition to any general lien, right of an Event of Default, Growth Source shall set-off or other similar right which we or our Affiliates may be entitled to communicateexercise whether by law or otherwise over your Financial Instruments, monies or other property, your Financial Instruments, monies or other property shall be subject to a general lien in our or our Affiliates’ favor, insofar as there remain any manner it may deem fit, outstanding amounts due or liabilities (whether actual or contingent) outstanding from you to us or with our Affiliates or otherwise regarding your Transactions.
14.4 Provisions of these General Terms which by their nature should survive any Person or Persons with a view to receiving assistance of such Person or Persons in recovering the defaulted amounts including but not limited to visiting the office termination of the Borrower and/or any place provision of work of the BorrowerServices shall survive, including Articles 8, 9, 11, 12 through 23.
d) Upon happening of any Event of Default, Growth Source shall have the right to modify the Repayment Schedule in the manner as it deems fit.
e) Upon happening of any Event of Default, in addition to the rights specified in this Terms, Growth Source shall be entitled to take all or any action with or without intervention of the courts to recover all the dues and payable by the Borrower under this Terms.
f) Notwithstanding any other rights available to the Lender under this Terms or the Financing Documents, Growth Source shall be entitled to initiate criminal proceeding or any other appropriate actions against the Obligors if at any time Growth Source at its sole discretion has sufficient grounds to believe that an Obligor has made any misrepresentations and /or submitted any forged documents or fabricated data to the Lender.
g) Growth Source shall have a right to review and change the management of the Borrower or an Obligor by appointing independent personnel or its representatives on the senior management of such Obligor.
h) Growth Source shall have a right to convert Outstanding Obligations, in part or full, in equity of the Borrower, if applicable.
i) Growth Source shall have a right to utilise Required DSR to set-off against the Outstanding Obligations.
j) Growth Source shall have the right to encash the post-dated cheques provided by the Borrower, Co- Borrower and the Guarantor to Growth Source.
k) Growth Source shall have a right to appoint nominee director(s) on the board of the Borrower or other Obligor, as applicable.
l) The Lender shall have a right to exercise its right available under the Applicable Laws including but not limited to IBC, DRT, and, or, SARFAESI.
Appears in 1 contract
Consequences of an Event of Default. The Borrower agrees and acknowledges that the decision of the Lender shall be final and binding on any questions or issues on point in respect of happening/non-happening of the Event of Default. Following are the consequences of an Event of Default:
a) Notwithstanding anything contrary contained in The entire Loan Amount along with Interest for the Financing Documents, upon happening of any Event of Defaults, Growth Source, by a written notice to the Borrower may declare the Outstanding Obligations and/or any other amounts including Interest and Default Interest which may be payable by the Borrower under or in terms of the Financing Documents and/or any other agreements, documents subsisting between the Borrower and the Growth Source, to be due and upon such declaration the same entire period shall immediately become due and payable forthwith payable, and the Securities and the securities in relation to any other Facility shall become enforceable. Further, the Default Interest to be borne by the Borrower shall be computed from the respective Due Dates and shall be compounded on monthly basis.
b) All costs incurred by Growth Source after an Event of Default has occurred in connection with preservation of the Property and or in collection of all amounts due under the Financing Documents may be charged to the Borrower and reimbursed, in the manner as the Lender deem fit.
c) On the occurrence of an Event of Default, Growth Source shall be entitled to communicate, in any manner it may deem fit, to or with any Person or Persons with a view to receiving assistance of such Person or Persons in recovering the defaulted amounts including but not limited to visiting the office of the Borrower and/or any place of work of the Borrower.
d) Upon happening of any Event of Default, Growth Source shall have the right to modify recall the Repayment entire loan together with interest for the entire period, the overdue interest arising on account of default, Bank charges and other Charges, as mentioned in Schedule in 3 hereunder; All charges are payable by the manner as it deems fitBorrower together with applicable taxes.
eb) Upon happening of Lender shall be entitled to enforce the Security, if any Event of Defaultavailable;
c) Lender shall be entitled to proceed against and take any action against the Borrower and / or the Guarantor(s) in order to realize the Loan Amount along with Interest, in Charges and expenses;
d) In addition to the rights specified in this TermsAgreement, Growth Source the Lender shall be entitled to take all or any action with or without intervention of the courts Courts to recover all the dues monies due and payable by the Borrower and/or the Guarantor(s) under this TermsAgreement.
fe) Notwithstanding any other rights available to the Lender under this Terms or Agreement, the Financing Documents, Growth Source Lender shall be entitled to initiate criminal proceeding or any other appropriate actions against the Obligors Borrower and /or the Guarantor(s) if at any time Growth Source the Lender at its sole discretion has sufficient grounds to believe that an Obligor the Borrower and /or the Guarantor(s) has / have made any misrepresentations and /or / or submitted any forged documents or fabricated data to the Lender.
gf) Growth Source All rights and powers conferred on the Lender under this Agreement shall have be in addition and supplemental to any rights the Lender has as a right to review and change the management of creditor against the Borrower or an Obligor by appointing independent personnel or its representatives on and/or the senior management of such ObligorGuarantor(s) under any law for the time being in force and security documents and shall not be in derogation thereof.
h) Growth Source shall have a right to convert Outstanding Obligations, in part or full, in equity of the Borrower, if applicable.
i) Growth Source shall have a right to utilise Required DSR to set-off against the Outstanding Obligations.
j) Growth Source shall have the right to encash the post-dated cheques provided by the Borrower, Co- Borrower and the Guarantor to Growth Source.
k) Growth Source shall have a right to appoint nominee director(s) on the board of the Borrower or other Obligor, as applicable.
l) The Lender shall have a right to exercise its right available under the Applicable Laws including but not limited to IBC, DRT, and, or, SARFAESI.
Appears in 1 contract
Samples: Loan Agreement
Consequences of an Event of Default. The Borrower agrees and acknowledges that the decision of the Lender shall be final and binding on any questions or issues on point in respect of happening/non-happening of the Event of Default. Following are the consequences upon occurrence of an Event of Default:
a: (i) Notwithstanding anything contrary contained in the Financing Documents, upon happening of any Event of Defaults, Growth SourceLender, by a written notice to the Borrower may declare the Outstanding Obligations and/or any other amounts including Interest and Default Interest which may be payable by the Borrower under or in terms of the Financing Documents and/or any other agreements, documents subsisting between the Borrower and the Growth SourceLender, to be due and upon such declaration the same shall become due and payable forthwith and the Securities and the securities in relation to any other Facility shall become enforceableforthwith. Further, the Default Interest to be borne by the Borrower shall be computed from the respective Due Dates and shall be compounded on monthly basis.
b; (ii) All costs incurred by Growth Source after an Event of Default has occurred in connection with preservation of the Property and or in collection of all amounts due under the Financing Documents may be charged to the Borrower and reimbursed, in the manner as the Lender deem fit.
c) On the occurrence of an Event of Default, Growth Source shall be entitled to communicate, in any manner it may deem fit, to or with any Person or Persons with a view to receiving assistance of such Person or Persons in recovering the defaulted amounts including but not limited to visiting the office /residence of the Borrower and/or any place of work of the Borrower.
d; (iii) Upon happening of any Event of Default, Growth Source Lender shall have the right to modify the Repayment Schedule in the manner as it deems fit.
e; (iv) Upon happening of any Event of Default, in In addition to the rights specified in this Termsterms of the Agreement, Growth Source Lender or its representatives including Assignees shall be entitled to take all or any action with or without intervention of the courts to recover all the dues and payable by the Borrower under this Terms.
f) Notwithstanding any other rights available to the Lender under this Terms or the Financing Documents, Growth Source shall be entitled Agreement without limited to initiate criminal proceeding or any other appropriate actions against the Obligors Borrower, if at any time Growth Source Lender at its sole discretion has sufficient grounds to believe that an Obligor the Borrower has made any misrepresentations and /or submitted any forged documents or fabricated data to the Lender.
g) Growth Source shall have a right to review and change the management of the Borrower or an Obligor by appointing independent personnel or its representatives on the senior management of such Obligor.
h) Growth Source shall have a right to convert Outstanding Obligations, in part or full, in equity of the Borrower, if applicable.
i) Growth Source shall have a right to utilise Required DSR to set-off against the Outstanding Obligations.
j) Growth Source shall have the right to encash the post-dated cheques provided by the Borrower, Co- Borrower and the Guarantor to Growth Source.
k) Growth Source shall have a right to appoint nominee director(s) on the board of the Borrower or other Obligor, as applicable.
l; (v) The Lender shall have a right to exercise its right available under the Applicable Laws including but not limited to IBC, DRT, and, or, SARFAESI.
Appears in 1 contract
Samples: Facility Agreement
Consequences of an Event of Default. The Borrower agrees and acknowledges that the decision of the Lender shall be final and binding on any questions or issues on point in respect of happening/non-happening of the Event of Default. Following are the consequences upon occurrence of an Event of Default:
a: (i) Notwithstanding anything contrary contained in the Financing Documents, upon happening of any Event of Defaults, Growth SourceLender, by a written notice to the Borrower may declare the Outstanding Obligations and/or any other amounts including Interest and Default Interest which may be payable by the Borrower under or in terms of the Financing Documents and/or any other agreements, documents subsisting between the Borrower and the Growth SourceLender, to be due and upon such declaration the same shall become due and payable forthwith and the Securities and the securities in relation to any other Facility shall become enforceableforthwith. Further, the Default Interest to be borne by the Borrower shall be computed from the respective Due Dates and shall be compounded on monthly basis.
b; (ii) All costs incurred by Growth Source after an Event of Default has occurred in connection with preservation of the Property and or in collection of all amounts due under the Financing Documents may be charged to the Borrower and reimbursed, in the manner as the Lender deem fit.
c) On the occurrence of an Event of Default, Growth Source shall be entitled to communicate, in any manner it may deem fit, to or with any Person or Persons with a view to receiving assistance of such Person or Persons in recovering the defaulted amounts including but not limited to visiting the office /residence of the Borrower and/or any place of work of the Borrower.
d; (iii) Upon happening of any Event of Default, Growth Source Lender shall have the right to modify the Repayment Schedule in the manner as it deems fit.
e; (iv) Upon happening of any Event of Default, in In addition to the rights specified in this Termsterms of the Agreement, Growth Source Lender or its representatives including Assignees shall be entitled to take all or any action with or without intervention of the courts to recover all the dues and payable by the Borrower under this Terms.
f) Notwithstanding any other rights available to the Lender under this Terms or the Financing Documents, Growth Source shall be entitled Agreement without limited to initiate criminal proceeding or any other appropriate actions against the Obligors Borrower, if at any time Growth Source Lender at its sole discretion has sufficient grounds to believe that an Obligor the Borrower has made any misrepresentations and /or submitted any forged documents or fabricated data to the Lender.
g; (v) Growth Source shall have a right to review and change the management of the Borrower or an Obligor by appointing independent personnel or its representatives on the senior management of such Obligor.
h) Growth Source shall have a right to convert Outstanding Obligations, in part or full, in equity of the Borrower, if applicable.
i) Growth Source shall have a right to utilise Required DSR to set-off against the Outstanding Obligations.
j) Growth Source shall have the right to encash the post-dated cheques provided by the Borrower, Co- Borrower and the Guarantor to Growth Source.
k) Growth Source Lender shall have a right to appoint nominee director(s) on the board of the Borrower or other ObligorBorrower, as applicable.
l) The Lender shall have a right to exercise its right available under the Applicable Laws including but not limited to IBC, DRT, and, or, SARFAESI.;
Appears in 1 contract
Samples: Facility Agreement
Consequences of an Event of Default. The Borrower agrees and acknowledges that the decision of the Lender shall be final and binding on any questions or issues on point in respect of happening/non-happening of the Event of Default. Following are the consequences of an Event of Default:
a) Notwithstanding anything contrary contained in the Financing Documents, upon happening of any Event of Defaults, Growth Source, by a written notice to the Borrower may declare the Outstanding Obligations and/or any other amounts including Interest and Default Interest which may be payable by the Borrower under or in terms of the Financing Documents and/or any other agreements, documents subsisting between the Borrower and the Growth Source, to be due and upon such declaration the same shall become due and payable forthwith and the Securities and the securities in relation to any other Facility shall become enforceable. Further, the Default Interest to be borne by the Borrower shall be computed from the respective Due Dates and shall be compounded on monthly basis.
b) All costs incurred by Growth Source after If an Event of Default shall occur and be continuing, so long as such Event of Default has occurred not been cured or waived, either the Trustee or the Holders of Certificates evidencing not less than 51% of the Voting Interests of the Class A Certificates and the Class B Certificates, voting together as a single class, by notice then given in writing to the Servicer (and to the Trustee if given by Certificateholders) may terminate all of the rights and obligations of the Servicer under the Agreement. On or after the receipt by the Servicer of such written notice, all authority and power of the Servicer under the Agreement, whether with respect to the Certificates, the Receivables or otherwise, shall, without further action, pass to and be vested in the Trustee pursuant to and under this Section or such Successor Servicer as may be appointed under Section 18.03; and, without limitation, the Trustee shall be hereby authorized and empowered to execute and deliver, on behalf of the predecessor Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement of the Receivables and related documents, or otherwise. The predecessor Servicer shall cooperate with the Successor Servicer and the Trustee in effecting the termination of the responsibilities and rights of the predecessor Servicer under the Agreement, including, without limitation, the transfer to the Successor Servicer for administration by it of all cash amounts that shall at the time be held by the predecessor Servicer for deposit, or have been deposited by the predecessor Servicer, in the Accounts or the Reserve Fund or thereafter received with respect to the Receivables and all Payments Ahead that shall at that time be held by the predecessor Servicer. All reasonable costs and expenses (including servicer conversion costs and attorneys' fees) incurred in connection with preservation of transferring the Property and or in collection of all amounts due under the Financing Documents may be charged Receivable Files to the Borrower Successor Servicer and reimbursedamending the Agreement to reflect such succession as Servicer pursuant to this Section shall be paid by the predecessor Servicer (or, in if the manner as predecessor Servicer is the Lender deem fit.
cinitial Trustee, the initial Servicer) On upon presentation of reasonable documentation of such costs and expenses. Upon receipt of notice of the occurrence of an Event of Default, Growth Source the Trustee shall be entitled to communicate, in any manner it may deem fit, to or with any Person or Persons with a view to receiving assistance of such Person or Persons in recovering the defaulted amounts including but not limited to visiting the office of the Borrower and/or any place of work of the Borrower.
d) Upon happening of any Event of Default, Growth Source shall have the right to modify the Repayment Schedule in the manner as it deems fit.
e) Upon happening of any Event of Default, in addition give notice thereof to the rights specified in this Terms, Growth Source shall be entitled to take all or any action with or without intervention of the courts to recover all the dues and payable by the Borrower under this TermsRating Agencies.
f) Notwithstanding any other rights available to the Lender under this Terms or the Financing Documents, Growth Source shall be entitled to initiate criminal proceeding or any other appropriate actions against the Obligors if at any time Growth Source at its sole discretion has sufficient grounds to believe that an Obligor has made any misrepresentations and /or submitted any forged documents or fabricated data to the Lender.
g) Growth Source shall have a right to review and change the management of the Borrower or an Obligor by appointing independent personnel or its representatives on the senior management of such Obligor.
h) Growth Source shall have a right to convert Outstanding Obligations, in part or full, in equity of the Borrower, if applicable.
i) Growth Source shall have a right to utilise Required DSR to set-off against the Outstanding Obligations.
j) Growth Source shall have the right to encash the post-dated cheques provided by the Borrower, Co- Borrower and the Guarantor to Growth Source.
k) Growth Source shall have a right to appoint nominee director(s) on the board of the Borrower or other Obligor, as applicable.
l) The Lender shall have a right to exercise its right available under the Applicable Laws including but not limited to IBC, DRT, and, or, SARFAESI.
Appears in 1 contract
Samples: Standard Terms and Conditions Agreement (Pooled Auto Securities Shelf LLC)
Consequences of an Event of Default. The Borrower agrees and acknowledges that OR TERMINATION
14.1 Unless we specify otherwise, termination pursuant to Article 13 will automatically constitute a termination date (the decision of the Lender shall be final and binding on any questions or issues on point in respect of happening/non-happening of the Event of Default. Following are the consequences of an Event of Default:
a) Notwithstanding anything contrary contained in the Financing Documents, upon happening of any Event of Defaults, Growth Source, by a written notice to the Borrower may declare the Outstanding Obligations and/or any other amounts including Interest and Default Interest which may be payable by the Borrower under or in terms of the Financing Documents and/or any other agreements, documents subsisting between the Borrower and the Growth Source, to be due and upon such declaration the same shall become due and payable forthwith and the Securities and the securities in relation to any other Facility shall become enforceable. Further, the Default Interest to be borne by the Borrower shall be computed from the respective Due Dates and shall be compounded on monthly basis“Termination Date”).
b) All costs incurred by Growth Source after 14.2 Upon an Event of Default has occurred in connection with preservation or on and from the Termination Date:
(a) we may decline to accept further instructions from you;
(b) we may treat any or all Orders and/or outstanding Transactions between as having been cancelled or terminated;
(c) we will not be obligated to make any further payments or deliveries under any Transactions which would otherwise have fallen due for performance and such obligations will be satisfied by settlement (whether by payment, set-off or otherwise) of the Property amount calculated in accordance with Article14.2(d) and (e) below;
(d) we will determine in respect of each Transaction set out in Article 14.2(c) above the total cost, loss or gain in collection such currency as specified by us (including any loss of all amounts due bargain, costs of funding, stock borrowing, penalties or fines or other consequential costs) as a result of the termination of each payment or delivery which would otherwise have been required to be made under the Financing Documents may be charged to the Borrower and reimbursed, each particular transaction;
(e) we will apply any balances in the manner your and/or your Underlying Principal Account(s) (as the Lender deem fitcase may be) towards discharging your and/or your Underlying Principal‘s liabilities;
(f) we will have the right, without notice to you, to combine or consolidate all your Accounts and those of your Affiliates, and to convert any sums of money into such currencies as we consider appropriate; and;
(g) we may close all or any of your and/or your Underlying Principal Account(s) with us.
c) On the occurrence 14.3 Without prejudice and in addition to any general lien, right of an Event of Default, Growth Source shall set-off or other similar right which we or our Affiliates may be entitled to communicateexercise whether by law or otherwise over your Financial Instruments, monies or other property, your Financial Instruments, monies or other property shall be subject to a general lien in our or our Affiliates’ favor, insofar as there remain any manner it may deem fit, outstanding amounts due or liabilities (whether actual or contingent) outstanding from you to us or with our Affiliates or otherwise regarding your Transactions.
14.4 Provisions of these General Terms which by their nature should survive any Person or Persons with a view to receiving assistance of such Person or Persons in recovering the defaulted amounts including but not limited to visiting the office termination of the Borrower and/or any place provision of work of the BorrowerServices shall survive, including Articles 8, 9, 11, 12 through 24.
d) Upon happening of any Event of Default, Growth Source shall have the right to modify the Repayment Schedule in the manner as it deems fit.
e) Upon happening of any Event of Default, in addition to the rights specified in this Terms, Growth Source shall be entitled to take all or any action with or without intervention of the courts to recover all the dues and payable by the Borrower under this Terms.
f) Notwithstanding any other rights available to the Lender under this Terms or the Financing Documents, Growth Source shall be entitled to initiate criminal proceeding or any other appropriate actions against the Obligors if at any time Growth Source at its sole discretion has sufficient grounds to believe that an Obligor has made any misrepresentations and /or submitted any forged documents or fabricated data to the Lender.
g) Growth Source shall have a right to review and change the management of the Borrower or an Obligor by appointing independent personnel or its representatives on the senior management of such Obligor.
h) Growth Source shall have a right to convert Outstanding Obligations, in part or full, in equity of the Borrower, if applicable.
i) Growth Source shall have a right to utilise Required DSR to set-off against the Outstanding Obligations.
j) Growth Source shall have the right to encash the post-dated cheques provided by the Borrower, Co- Borrower and the Guarantor to Growth Source.
k) Growth Source shall have a right to appoint nominee director(s) on the board of the Borrower or other Obligor, as applicable.
l) The Lender shall have a right to exercise its right available under the Applicable Laws including but not limited to IBC, DRT, and, or, SARFAESI.
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