Common use of Consequences of an Event of Default Clause in Contracts

Consequences of an Event of Default. Notwithstanding anything to the contrary in this Agreement or any other agreement/s or documents, upon the occurrence of an Event of Default, unless such Event of Default at the request of the Borrower/s is expressly waived by the Lender, upon declaration of an Event of Default by the Lender, the Lender may, by a written notice to the Borrower/s: a. declare the Outstanding Amounts, to be due forthwith and immediately, and upon such declaration the same shall become due and payable forthwith and immediately. b. be entitled to communicate, in any manner as it may deem fit, to or with any Person(s) with a view to receive assistance of such Person(s) in recovering the defaulted amounts, including but not limited to visiting the place of work of the Borrower/s. c. cancel all undrawn portions of the Loan, charge higher Interest Rate and / or demand payment of higher Monthly Installments than the original Monthly Installments or all Outstanding Amounts. Upon the receipt of such notice by the Borrower/s, such higher Monthly Installments or all Outstanding Amounts shall become due and payable by the Borrower/s on the relevant Due Dates. d. take all such measures, in accordance with the provisions of the applicable Laws, as the Lender may in its sole discretion deem fit and proper to recover the dues from the Borrower/s.

Consequences of an Event of Default. Notwithstanding anything to the contrary in this Agreement or any other agreement/s or documents, upon the occurrence of an Event of Default, unless such Event of Default at the request of the Borrower/s is expressly waived by the Lender, upon declaration of an Event of Default by the Lender, the Lender may, by a written notice to the Borrower/s: a. declare the Outstanding Amounts, to be due forthwith and immediately, and upon such declaration the same shall become due and payable forthwith and immediately. b. be entitled to communicate, in any manner as it may deem fit, to or with any Person(s) with a view to receive assistance of such Person(s) in recovering the defaulted amounts, including but not limited to visiting the place of work of the Borrower/s. c. cancel all undrawn portions of the Loan, charge higher Interest Rate and / or demand payment of higher Monthly Installments InstallmentEMIs than the original Monthly Installments InstallmentEMIs or all Outstanding Amounts. Upon the receipt of such notice by the Borrower/s, such higher Monthly Installments InstallmentEMIs or all Outstanding Amounts shall become due and payable by the Borrower/s on the relevant Due Dates. d. take all such measures, in accordance with the provisions of the applicable Laws, as the Lender may in its sole discretion deem fit and proper to recover the dues from the Borrower/s.