Common use of Consequences of Default Clause in Contracts

Consequences of Default. 9.2.1 The Borrower agrees and acknowledges that the following consequences shall forthwith ensue upon the occurrence of an Event of Default: (a) Repayment of the Loan shall be accelerated and all amounts due including the entire amount of the Loan outstanding and all accrued Interest due thereon, irrespective of schedule of repayment shall become forthwith payable by the Borrower to the Lender and the Security created in favour of the Lender shall become forthwith enforceable in accordance with the terms of this Agreement and the Transaction Documents and nothing herein contained shall be deemed to affect or prejudice the rights or powers of the Lender to demand repayment of the Loan and all monies due and payable by the Borrower under this Agreement; (b) In addition to the above, the Lender shall be entitled to adopt criminal and/ or civil proceedings against the Borrower, including but not limited to for dishonour of cheques under Section 138 of the Negotiable Instruments Act with the recent amendment. (c) The Lender shall be entitled, without any prior or further notice to disclose to the Reserve Bank of India, Credit Information Bureau (India)Ltd. or any other authority or any other third person, the name/identity of the Borrower and the fact of the Borrower having committed the act of default with full details thereof. (d) The Lender shall be entitled to sell and dispose of the Security and appropriate the proceeds thereof. The Borrower shall not raise any objection to the regularity of any sale or other disposition made by the Lender. Nothing herein contained shall prejudice any other security, present or future or any right or remedy available to the Bank against the Borrower, their partners or other persons liable to pay or contribute towards the recovery of the moneys due by the Borrower to the Bank hereunder.

Consequences of Default. 9.2.1 13.2.1 The Borrower agrees and acknowledges that the following consequences shall forthwith ensue upon the occurrence of an Event of DefaultDefault and the Bank shall be entitled to exercise the following rights and powers: (a) Repayment of the Loan shall be accelerated and all All amounts due including the entire amount of the Loan outstanding Borrower’s Dues and all accrued Interest due thereon, irrespective of schedule of repayment shall become forthwith payable by the Borrower to the Lender Bank and the Security created in favour of the Lender Guarantee(s) executed (if any) shall forthwith become forthwith enforceable in accordance with the terms of this Agreement and the Transaction Documents and nothing herein contained shall be deemed to affect or prejudice the rights or powers of the Lender Bank to demand repayment of the Loan outstanding amounts under the Facility and all monies due and payable by the Borrower under this Agreement; (b) The Bank shall be entitled to immediately cancel the Facility whereafter the Borrower shall not be entitled to draw any amounts under the Facility; (c) In addition to the above, the Lender Bank shall be entitled to adopt criminal and/ or and/or civil proceedings against the Borrower/Guarantor(s), including but not limited to to, action for dishonour of cheques under Section 138 of the Negotiable Instruments Act with the recent amendment. (c) The Lender shall Act, 1881, as may be entitled, without any prior or further notice amended from time to disclose to the Reserve Bank of India, Credit Information Bureau (India)Ltd. or any other authority or any other third person, the name/identity of the Borrower and the fact of the Borrower having committed the act of default with full details thereof.time; (d) The Lender Bank shall also be entitled to sell communicate in any manner it may deem fit to or with any person(s), with a view to receiving assistance of such person(s) in recovering the defaulted amounts including but not limited to entering upon the Property, taking possession of it and dispose of enforcing the Security and appropriate the proceeds thereof. The Borrower shall not raise any objection to the regularity of any sale or other disposition made by the LenderSecurity. Nothing herein contained shall prejudice any other security, present or future or any right or remedy available to the Bank against the Borrower, their partners partners, Guarantor/s or other persons liable to pay or contribute towards the recovery of the moneys due by the Borrower to the Bank hereunder.

Consequences of Default. 9.2.1 8.2.1 The Borrower agrees and acknowledges that the following consequences shall forthwith ensue upon the occurrence of an Event of Default: (a) Repayment of the Loan shall be accelerated and all amounts due including the entire amount of the Loan outstanding and all accrued Interest due thereon, irrespective of schedule of repayment shall become forthwith payable by the Borrower to the Lender and the Security created in favour of the Lender shall become forthwith enforceable in accordance with the terms of this Agreement and the Transaction Documents and nothing herein contained shall be deemed to affect or prejudice the rights or powers of the Lender to demand repayment of the Loan and all monies due and payable by the Borrower under this Agreement; (b) In addition to the above, the Lender shall be entitled to adopt criminal and/ or civil proceedings against the Borrower, including but not limited to for dishonour of cheques under Section 138 of the Negotiable Instruments Act with the recent amendmentAct. (c) The Lender shall be entitled, without any prior or further notice to disclose to the Reserve Bank of India, Credit Information Bureau (India)Ltd. or any other authority or any other third person, the name/identity of the Borrower and the fact of the Borrower having committed the act of default with full details thereof. (d) The Lender shall be entitled to sell and dispose of the Security and appropriate the proceeds thereof. The Borrower shall not raise any objection to the regularity of any sale or other disposition made by the Lender. Nothing herein contained shall prejudice any other security, present or future or any right or remedy available to the Bank against the Borrower, their partners or other persons liable to pay or contribute towards the recovery of the moneys due by the Borrower to the Bank hereunder.

Consequences of Default. 9.2.1 The Borrower agrees and acknowledges that the following consequences shall forthwith ensue upon Upon the occurrence of an Event of Default, and at any time thereafter, if such event shall be continuing, without prejudice to any other rights and remedies available under law or in equity or under this Agreement, Lender may: (a) Repayment of the Loan shall be accelerated and all amounts due including Recall the entire amount of the Loan outstanding and all accrued Interest due thereon, irrespective of schedule of repayment shall become forthwith payable by the Borrower to the Lender and the Security created in favour of the Lender shall become forthwith enforceable in accordance with the terms of this Agreement and the Transaction Documents and nothing herein contained shall be deemed to affect or prejudice the rights or powers of the Lender to demand repayment of the Loan and all monies due and payable by the Borrower under this Agreement; (b) In addition to the above, the Lender shall be entitled to adopt criminal and/ or civil proceedings against the Borrowerloan, including but not limited to for dishonour the Borrower’s Dues, and the same shall forthwith be payable by the Borrower(s) to the Lender, without any further notice to pay to the Borrower(s). In the event of cheques under Section 138 failure of such payment, the Borrower shall surrender to the Lender and/or its representatives, the Vehicle(s) financed by the Lender or any other product of value equal to the amount payable and as approved by the Lender. Lender shall be entitled to dispose of the Negotiable Instruments Act with Vehicle(s) and any other product and adjust the recent amendmentproceeds against Borrower’s Dues. In case of any deficit (loss on sale), the same shall be made paid by the Borrower(s) and/or Guarantor(s). (b) Present and encash any PM/PDC issued by the Borrower(s). (c) The Lender shall be entitled, without any prior or further notice to disclose to Initiate legal proceedings as per the Reserve Bank of India, Credit Information Bureau (India)Ltd. or any other authority or any other third person, the name/identity prevailing laws of the Borrower land including Sec 138 of Negotiable Instrument Act and the fact Sec 25 of the Borrower having committed the act of default with full details thereofPayment and Settlement Systems Act, 2007 etc. (d) The Lender shall be entitled to sell Take physical possession of the Vehicle(s) within 3 days of occurrence of Event of Default and dispose off the same to recover Xxxxxxxx’s Dues. (e) Appropriate the proceeds of sale of the Security Vehicle(s) firstly towards satisfaction of all costs, charges, Penal and appropriate Default charges incurred in respect of the proceeds thereof. The Borrower shall not raise any objection loan, secondly towards payment of the balance of the interest and other sums payable by the Borrower(s) to the regularity Lender and then towards the outstanding principal amount of the sanctioned loan or in any other sequence at its sole discretion. (f) Take possession of the Vehicle(s) without prejudice to any other remedy available with the Lender at any time, irrespective of whether the loan has been recalled if in the opinion of the Lender there is an apprehension of the Borrower(s) not paying any money due under this Agreement or Xxxxxx's security being jeopardized. Disclose the information of any sale default by the Borrower(s) to CIBIL or such other disposition made credit agency, as deemed fit by the Lender. Nothing herein contained . (g) Disclose, publish or give such particulars of the Borrower’s name or the name of its company/unit/ firm and or its directors/shareholders/ partners/ proprietors as defaulters in such manner, as the Lender or RBI in their absolute discretion, deems fit. (h) Xxxxxxxx(s) shall prejudice indemnify the Lender against any other security, present or future claim by any third party with respect to the Vehicle(s) or any right articles or remedy available to the Bank against the Borrower, their partners property so disposed of as aforesaid in which such third party has or other persons liable to pay or contribute towards the recovery of the moneys due by the Borrower to the Bank hereunderclaims an interest.