Common use of Consequences of Default Clause in Contracts

Consequences of Default. 1. In the event of any default as above the Bank shall have the right:- a) To recall the Loan and recover the entire dues of the Loan, b) To suspend any withdrawal to be effected in the Loan account, c) Take possession of the security so created whether by itself or through any of the Recovery Agents or Attorneys as may be appointed by the Bank. d) Take any other action as it may deem fit for recovery of its dues and enforcement of the securities. 2. Further, the Bank shall be entitled to forthwith take physical possession of the assets hypothecated and/or mortgaged to the Bank and alienate sell, transfer the said properties either by itself or through its agents and sell or otherwise deal with the same to enforce the bank’s security and recover the dues. 3. The Borrower agrees and undertakes not to prevent or obstruct the Bank from taking possession of the properties irrespective of whether the loan has been recalled whenever in the opinion of the Bank, there is an apprehension of any money not being paid or the Bank’s security is being jeopardized and that the Bank’s representatives will be entitled to sell, give on rent, or otherwise deal with the properties by public or private auction or private treaty, without being liable for any loss, and to apply the net proceeds thereof as specified in these presents. The Borrower shall pay any deficiency, forthwith to the Bank. The Bank shall also be entitled to adjust and a right of set-off on all moneys belonging to the Borrower standing to their credit in any account whatsoever with the Bank, towards payment of such deficiency. Nothing contained in this clause shall oblige the bank to sell, hire or deal with the properties and the banks shall be entitled to proceed against the Borrower independently of such of any other security. The Borrower agrees to accept the Bank’s accounts in respect of such sale, hire, dealing or otherwise as conclusive proof of the correctness of any sum claimed to be due from the Borrower .In case of any deficit, the deficit amount shall be recovered by the Bank from the Borrower. 4. The Bank may at the risk and cost of the Borrower engage one or more person(s)/entities to collect the Borrower’s outstanding and /or to enforce any security and may furnish to such person the right and authority to perform and execute all acts, deeds, matters and things connected therewith or incidental thereto as the Bank thinks fit. 5. The Borrower hereby agree as a pre-condition of the said credit facility granted to it by the Bank that in case the Borrower commits default in the repayment of the credit facility or in the repayment of interest thereon or any of the agreed installment of the credit facility on due date/s the Bank and/or Reserve Bank of India will have an unqualified right to disclose or publish the name of the Borrower or the name of the Borrower’s company / firm / unit and its directors / partners / proprietors as defaulter in such manner and through such medium as the Bank or Reserve Bank of India in their absolute discretion may think fit.

Consequences of Default. 17.1 Upon occurrence of any of the Events of Default and at any time thereafter, DMI shall have the right, but not the obligation to declare all sums outstanding in respect of the Facility, whether due or not, immediately repayable and upon the Borrower failing to make the said payments within 15 (fifteen) days thereof, DMI may at its sole discretion exercise any other right or remedy which may be available to DMI under any applicable law, including seeking any injunctive relief or attachment against the Borrower or their assets. In Notwithstanding the aforesaid, in the event of any default as above the Bank shall Borrower failing to make the payment of the Borrower’s Dues within 90 (ninety) days from the Due Date of such payment, DMI shall, inter alia, have the right:-right to classify the same as a non-performing asset (NPA) and report it accordingly to the credit bureaus. a) To recall 7.2 DMI shall also have the Loan and recover the entire dues of the Loan, b) To suspend any withdrawal unconditional right to be effected in the Loan account, c) Take immediately take possession of the security so created whether by itself Product and the Borrower will not obstruct or through any of prevent the Recovery Agents or Attorneys as may be appointed by the Bank. d) Take any other action as it may deem fit for recovery of its dues and enforcement of the securities. 2same. Further, the Bank shall be entitled to forthwith take physical possession of the assets hypothecated and/or mortgaged to the Bank and alienate sell, transfer the said properties either by itself or through its agents and sell or otherwise deal with the same to enforce the bank’s security and recover the dues. 3. The Borrower agrees and undertakes not to prevent or obstruct the Bank from taking possession of the properties irrespective of whether the loan has been recalled whenever in the opinion of the Bank, there is an apprehension of any money not being paid or the Bank’s security is being jeopardized and that the Bank’s representatives DMI will be entitled to sell, give on renthire, or otherwise deal with the properties Product by public or private auction or private treatysale, without being liable for any loss, and to apply the net proceeds thereof as specified there of firstly towards the satisfaction of all costs incurred in these presents. The Borrower shall pay any deficiencyrespect of taking possession or such sale, forthwith to the Bank. The Bank shall also be entitled to adjust and a right of set-off on all moneys belonging to the Borrower standing to their credit in any account whatsoever with the Bank, or deduct secondly towards payment of such deficiency. Nothing contained in this clause shall oblige the bank to sell, hire or deal with balance of the properties interest and the banks shall be entitled to proceed against other sums payable by the Borrower independently of such of any other security. The Borrower agrees to accept DMI and then towards the Bank’s accounts in respect of such sale, hire, dealing or otherwise as conclusive proof outstanding principal amount of the correctness Facility and if there is any surplus, after adjustment and payment of any sum claimed all taxes charges etc on the transaction , DMI shall pay such surplus amount to be due from the Borrower .In case of Borrower(s). However, if there is any deficit, the deficit amount shall same to be recovered made good by the Bank Borrower and the possession or sale of the Product by DMI shall not discharge the Borrower from its obligation to make payment of any amount remaining outstanding. However, DMI will handover the Product to the Borrower in the event all dues are paid to DMI’s satisfaction prior to completion of the sale of the Product. 7.3 The Lender shall also have the unconditional right to immediately take possession of the Product. 7.4 The Borrower shall also be liable for payment of all legal and other costs and expenses resulting from the Borrower. 4. The Bank may at the risk and cost of the Borrower engage one or more person(s)/entities to collect the Borrower’s outstanding and /or to enforce any security and may furnish to such person the right and authority to perform and execute all acts, deeds, matters and things connected therewith or incidental thereto as the Bank thinks fit. 5. The Borrower hereby agree as a pre-condition of the said credit facility granted to it by the Bank that in case the Borrower commits default in the repayment of the credit facility or in the repayment of interest thereon or any of the agreed installment of the credit facility on due date/s the Bank and/or Reserve Bank of India will have an unqualified right to disclose or publish the name of the Borrower foregoing defaults or the name exercise of the Borrower’s company / firm / unit and its directors / partners / proprietors as defaulter in such manner and through such medium as the Bank or Reserve Bank of India in their absolute discretion may think fitDMI remedies.

Consequences of Default. 1. In the Borrower i. If any event of default or any event which, after the notice or lapse of time or both would constitute an event of default as above shall have happened, the Borrower shall forthwith give the Bank shall have the right:- a) To recall the Loan and recover the entire dues notice thereof in writing specifying such event of the Loan, b) To suspend any withdrawal to be effected in the Loan account, c) Take possession of the security so created whether by itself default, or through any of the Recovery Agents or Attorneys as may be appointed by the Bank. d) Take any other action as it may deem fit for recovery of its dues and enforcement of the securities. 2. Further, the Bank shall be entitled to forthwith take physical possession of the assets hypothecated and/or mortgaged to the Bank and alienate sell, transfer the said properties either by itself or through its agents and sell or otherwise deal with the same to enforce the bank’s security and recover the dues. 3such event. The Borrower agrees and undertakes not to prevent or obstruct shall also promptly inform the Bank from taking if and when any statutory notice of winding-up under the provisions of the Companies Act, 1956 or any other law or of any suit or legal process intended to be filed/initiated against the Borrower, is received by the Borrower. ii. If the Borrower makes default in payment of the said Dues or any part thereof, the bank would be at liberty (but not bound to do so) to appoint its nominee as Receiver without having resort to a Court of Law and/or to a proceeding in Court, to take possession of the properties irrespective of whether the loan has been recalled whenever in the opinion of the Bank, there is an apprehension Borrower held /to be held by the Bank as security for the Credit Facility hereunder or under any other security document(s) executed / to be executed by the Borrower and/or the Guarantor(s) in favour of any money not being paid or the Bank’s security is being jeopardized Bank and that the Bank’s representatives will be entitled to sell, give on rent, or otherwise deal with the properties by public or private auction or private treaty, without being liable for any loss, and to apply the net proceeds thereof as specified in these presents. The Borrower shall pay any deficiency, forthwith to the Bank. The Bank shall also be entitled to adjust resort to any or all the legal remedies as provided under the clause relating to governing law, dispute resolution and jurisdiction. Guarantor 9 iii. The Bank shall have a right of lien and/or right of set-off on all moneys belonging to the Borrower monies standing to their credit in any account whatsoever with the Bank, towards payment irrespective of the capacity of the Borrower (s) under the other facility/ies, including the monies realized by proceeding against any properties of the Borrower (s) under this credit facility or any other facility documents and/or relating to title deeds and/or such deficiency. Nothing contained in this clause shall oblige the bank to sell, hire or deal immovable property deposited with the properties and Bank by the banks shall be entitled to proceed against the Borrower independently of such of Borrower, under any other securityfacility, in whatever capacity, . The Borrower agrees to accept If upon demand by the Bank’s accounts , the balance outstanding in respect of the Credit Facility account is not repaid within the prescribed time, such sale, hire, dealing or otherwise as conclusive proof of credit balance in any account may be adjusted towards dues under the correctness of any sum claimed to be due from the Borrower .In Credit Facility account. In case of any deficit, the deficit amount shall may be recovered by the Bank from the Borrower. 4iv. The Bank may at On the risk and cost question whether any of the Borrower engage one or more person(s)/entities to collect above events/circumstances has occurred/happened, the decision of the Bank shall be final, conclusive and binding on the Borrower’s outstanding . v. In case of breach of the terms or in case of any of the events happening as stated hereinbefore, the Bank would have the full rights to sell, dispose off or realise the said securities on such terms and /or to enforce any security and may furnish to for such person the right and authority to perform and execute all acts, deeds, matters and things connected therewith or incidental thereto as price that the Bank thinks fit., and apply the net proceeds towards the satisfaction of the balance outstanding in the Credit Facility account including charges, expenses, etc. or any other facility in whatever capacity. Guarantor 8 5vi. The Borrower hereby agree agrees as a pre-condition of the said credit facility Facility/ies being granted to it by the Bank that in case the Borrower commits commit default in the repayment of the credit facility Credit Facility/ies or in the repayment of interest thereon or any of the agreed installment of the credit facility Credit Facility/ies on due date/s s, apart from the levy of penal charges and such charges, the Bank and/or and /or Reserve Bank of India will have an unqualified right to disclose or publish the its name of the Borrower or the name of the Borrower’s company / firm / unit and its directors / partners / directors/partners/proprietors as defaulter in such manner and through such medium as the Bank or Reserve Bank of India in their absolute discretion may think fit. Guarantor 7 vii. The Borrower confirms unconditionally and irrevocably that it shall have no objection in case the Bank decides to assign/sell a part of the entire Credit Facility/credit Facility along with securities of the said machinery/goods/assets/properties etc. to another Bank/institution/limited company / Government body or department. (assignee/buyer). In such case the Borrower shall become the primary Borrower of such assignee /buyer and shall at no point of time raise any objection, legal or otherwise regarding assignment, transfer and sale of the securities by the Bank in favour of the assignee / buyer.

Consequences of Default. 1. In the a) If any event of default or any event which, after the notice or lapse of time or both would constitute an event of default shall have happened, the Borrower shall forthwith give the Bank notice thereof in writing specifying such event of default, or such event. The Borrower shall also promptly inform the Bank if and when any statutory notice of winding-up under the provisions of the Companies Act, 1956 or any other law or of any suit or legal process intended to be filed/initiated against the Borrower, is received by the Borrower. b) If the Borrower makes default in payment of the said Dues or any part thereof, the bank would be at liberty (but not bound to do so) to appoint its nominee as above Receiver without having resort to a Court of Law and/or to a proceeding in Court, to take possession of the properties of the Borrower held /to be held by the Bank as security for the Credit Facility hereunder or under any other security document(s) executed / to be executed by the Borrower and/or the Guarantor(s) in favour of the Bank, in whatever capacity, and the Bank shall have also be entitled to resort to any or all the right:- a) To recall the Loan and recover the entire dues of the Loan, b) To suspend any withdrawal to be effected in the Loan account,legal remedies as provided under this Agreement. c) Take possession of On the security so created question whether by itself or through any of the Recovery Agents or Attorneys as may above events/circumstances has occurred/happened, the decision of the Bank shall be appointed by final, conclusive and binding on the BankBorrower. d) Take In case of breach of the terms or in case of any of the events happening as stated hereinbefore, the Bank would have the full rights to sell, dispose off or realise the said securities, either by private treaty or public auction, at the sole discretion of the bank, on such terms and for such price that the Bank thinks fit, and apply the net proceeds towards the satisfaction of the balance outstanding in the Credit Facility account including charges, expenses, etc. or any other action facility in whatever capacity. e) The Borrower hereby agrees as a pre-condition of the said credit Facility/ies being granted to it may deem fit for recovery that in case the Borrower commit default in the repayment of the Credit Facility/ies or in the repayment of interest thereon or any of the agreed instalment of the Credit Facility/ies on due date/s, apart from the levy of penal charges and such charges, the Bank and/or Reserve Bank of India will have an unqualified right to disclose or publish its name or the name of its dues directors/partners/proprietors as defaulter in such manner and enforcement through such medium as the Bank or Reserve Bank of India in their absolute discretion may think fit. f) The Borrower confirms unconditionally and irrevocably that it shall have no objection in case the Bank decides to assign/sell a part of the securitiesentire Credit Facility/credit Facility along with securities of the said machinery/goods/properties etc. to another Bank/institution/limited company/ Government body or department (“assignee/buyer”). In such case the Borrower shall become the primary Borrower of such assignee /buyer and shall at no point of time raise any objection, legal or otherwise regarding assignment, transfer and sale of the securities by the Bank in favour of the assignee / buyer. 2g) Upon the borrower opting for any scheme or accepting any offer from his employer providing for any benefit for resigning or retiring from the employment prior to superannuation, or upon the employer terminating his employment for any reason or upon the borrower resigning or retiring from the service of the employer for any reason whatsoever then notwithstanding anything to the contrary contained in this agreement or any letter or document, the entire outstanding principal amount of the loan as well as any outstanding interest and other dues thereof shall be payable by the borrower to Bank from the amount or amounts received by him from the employer under such scheme or offer, or any terminal benefit, as the case may be. Provided however, in the event of the said amount or amounts being insufficient to repay the said sums in full, the unpaid amount remaining due to Bank shall be paid by the borrower in such manner as Bank may in its sole discretion and the payment will be made by the borrower accordingly notwithstanding anything stated in the Agreement and the Schedule. The borrower hereby irrevocably authorise, Bank to communicate with and receive the said amounts from his employer directly. h) Further, the Bank shall be entitled to forthwith take physical possession of the assets Properties hypothecated and/or mortgaged to the Bank (“properties”) and alienate sell, transfer the said properties either by itself or through its agents and sell or otherwise deal with the same to enforce the bank’s 's security and recover the dues, under private treaty or public auction, at the sole discretion of the bank. 3. i) The Borrower agrees and undertakes not to prevent or obstruct the Bank from taking possession of the properties irrespective of whether the loan has been recalled whenever in the opinion of the Bank, there is an apprehension of any money not being paid or the Bank’s security is being jeopardized and that the Bank’s 's representatives will be entitled to sell, give on rent, or otherwise deal with the properties by public or private auction or private treaty, without being liable for any loss, and to apply the net proceeds thereof as specified in these presents. . j) The Borrower shall pay any deficiency, forthwith to the Bank. The Bank shall also be entitled to adjust and a right any other amount of set-off on all moneys belonging to the Borrower standing to their credit in any account whatsoever with the BankBorrower, towards payment of such deficiency. Nothing contained in this clause shall oblige the bank to sell, hire or deal with the properties and the banks shall be entitled to proceed against the Borrower independently of such of any other security. The Borrower agrees to accept the Bank’s bank's accounts in respect of such sale, hire, hire or dealing or otherwise as conclusive proof conclusive. k) The Bank shall be entitled to take possession of the correctness properties, irrespective of whether the loan has been recalled whenever in the opinion of the Bank, there is an apprehension of any sum claimed money not being paid or the Bank's security is being jeopardised. l) The Bank shall be entitled to be due from the Borrower .In case of any deficitsell, assign, securitise or transfer, the deficit amount shall be recovered by Bank's rights and obligations hereunder to any person, company, partnership, agency of the Bank's choice in whole or in part and in such manner and on such terms as the Bank from may decide. Any such sale, assignment, securitisation or transfer shall conclusively bind the BorrowerBorrowers. 4. m) The Bank may at the risk and cost of the Borrower engage one or more person(s)/entities person(s) to collect the Borrower’s 's outstanding and /or to enforce any security and may furnish to such person the right and authority to perform and execute all acts, deeds, matters and things connected therewith or incidental thereto as the Bank thinks fit. 5. The Borrower hereby agree as a pre-condition of the said credit facility granted to it by the Bank that in case the Borrower commits default in the repayment of the credit facility or in the repayment of interest thereon or any of the agreed installment of the credit facility on due date/s the Bank and/or Reserve Bank of India will have an unqualified right to disclose or publish the name of the Borrower or the name of the Borrower’s company / firm / unit and its directors / partners / proprietors as defaulter in such manner and through such medium as the Bank or Reserve Bank of India in their absolute discretion may think fit.

Consequences of Default. 1. In the event of any default as above the Bank shall have the right:-right: - a) To recall the Loan and recover the entire dues of the Loandues, b) To suspend any withdrawal to be effected in the Loan account, c) Take possession of the security so created whether by itself or through any of the Recovery Agents or Attorneys as may be appointed by the Bank. d) Take any other action as it may deem fit for recovery of its dues and enforcement of the securities. 2. Further, the Bank shall be entitled to forthwith take physical possession of the assets hypothecated and/or mortgaged to the Bank (“properties”) and alienate sell, transfer the said properties either by itself or through though its agents and sell or otherwise deal with the same to enforce the bank’s security and recover the dues. 3. The Borrower agrees and undertakes not to prevent or obstruct the Bank from taking possession of the properties irrespective of whether the loan has been recalled whenever in the opinion of the Bank, there is an apprehension of any money not being paid or the Bank’s security is being jeopardized and that the Bank’s representatives will be entitled to sell, give on rent, or otherwise deal with the properties by public or private auction or private treaty, without being liable for any loss, and to apply the net proceeds thereof as specified in these presents. 4. The Borrower shall pay any deficiency, forthwith to the Bank. The Bank shall also be entitled to adjust and a right any other amount of set-off on all moneys belonging to the Borrower standing to their credit in any account whatsoever with the BankBorrower, towards payment of such deficiency. Nothing contained in this clause shall oblige the bank to sell, hire or deal with the properties and the banks shall be entitled to proceed against the Borrower independently of such of any other security. The Borrower agrees to accept the Bankbank’s accounts in respect of such sale, hire, hire or dealing or otherwise as conclusive proof conclusive. 5. The Bank shall be entitled to take possession of the correctness properties, irrespective of whether the loan has been recalled whenever in the opinion of the Bank, there is an apprehension of any sum claimed money not being paid or the Bank’s security is being jeopardised. 6. The Bank shall be entitled to be due from the Borrower .In case of any deficitsell, assign, securitise or transfer, the deficit amount shall be recovered by Bank’s rights and obligations hereunder to any person, company, partnership, agency of the Bank’s choice in whole or in part and in such manner and on such terms as the Bank from may decide. Any such sale, assignment, securitisation or transfer shall conclusively bind the BorrowerBorrowers. 47. The Borrower shall not be entitled to directly or indirectly assign his rights or obligations under this agreement in part or in whole to any person. The Bank may at the risk and cost of the Borrower engage one or more person(s)/entities person(s) to collect the Borrower’s outstanding and /or to enforce any security and may furnish to such person the right and authority to perform and execute all acts, deeds, matters and things connected therewith or incidental thereto as the Bank thinks fit. 5. The Borrower hereby agree as a pre-condition of the said credit facility granted to it by the Bank that in case the Borrower commits default in the repayment of the credit facility or in the repayment of interest thereon or any of the agreed installment of the credit facility on due date/s the Bank and/or Reserve Bank of India will have an unqualified right to disclose or publish the name of the Borrower or the name of the Borrower’s company / firm / unit and its directors / partners / proprietors as defaulter in such manner and through such medium as the Bank or Reserve Bank of India in their absolute discretion may think fit.

Consequences of Default. 1. In the event of any default as above above, without prejudice to the other rights and remedies available to the Bank, the Bank shall have the right:-right to do any or all of the following as may be permissible under applicable laws:- a) To recall the Loan facility and recover the entire dues of the Loandues,, b) To suspend any withdrawal to be effected in the Loan overdraft account, c) Take possession of the security so created whether by itself or through any of the Recovery Agents or Attorneys as may be appointed by the Bank., d) Take any other action as it may deem fit for recovery of its dues and enforcement of the securities., 2. Further, the Bank shall be entitled to forthwith take physical possession of the assets hypothecated and/or mortgaged to the Bank ("properties") and alienate alienate, sell, transfer the said properties either by itself or through its agents and sell or otherwise deal with the same to enforce the bank’s 's security and recover the dues. 3. The Borrower Borrower(s) agrees and undertakes not to prevent or obstruct the Bank from taking possession of the properties irrespective of whether the loan Limit has been recalled whenever in the opinion of the Bank, there is an apprehension of any money not being paid or the Bank’s 's security is being jeopardized and that the Bank’s 's representatives will be entitled to sell, give on rent, or otherwise deal with the properties by public or private auction or private treaty, without being liable for any loss, loss and to apply the net proceeds thereof as specified in these presents. The Borrower Borrower(s) shall pay any deficiency, forthwith to the Bank. The Bank shall also be entitled to adjust and a right of set-off on all moneys belonging to the Borrower Borrower(s) standing to their credit in any account whatsoever with the Bank, towards payment of such deficiency. Nothing contained in this clause shall oblige the bank to sell, hire or deal with the properties and the banks shall be entitled to proceed against the Borrower Borrower(s) independently of such of any other security. The Borrower Borrower(s) agrees to accept the Bank’s 's accounts in respect of such sale, hire, dealing or otherwise as conclusive proof of the correctness of any sum claimed to be due from the Borrower .In Borrower(s) In case of any deficit, the deficit amount shall be recovered by the Bank from the BorrowerBorrower(s). 4. The Bank may at the risk and cost of the Borrower Borrower(s) engage one or more person(s)/entities person(s) to collect the Borrower’s Borrower(s)' outstanding and /or to enforce any security and may furnish to such person the right and authority to perform and execute all acts, deeds, matters and things connected therewith or incidental thereto as the Bank thinks fit. 5. The Borrower Borrower(s) hereby agree as a pre-condition of the said credit facility granted to it by the Bank that in case the Borrower Borrower(s) commits default in the repayment of the credit facility or in the repayment of interest thereon or any of the agreed installment of the credit facility on due date/s the Bank and/or Reserve Bank of India will have an unqualified right to disclose or publish the name of the Borrower Borrower(s) or the name of the Borrower’s Borrower(s)' company / firm / unit and its directors / partners / proprietors as defaulter in such manner and through such medium as the Bank or Reserve Bank of India in their absolute discretion may think fit.

Consequences of Default. 1. In the event of any default as above the Bank shall have the right:- a) To recall the Loan and to recover the entire dues of the Loan, b) To to suspend any withdrawal to be effected in the Loan account, c) Take take possession of the security so created whether by itself or through any of the Recovery Agents or Attorneys RecoveryAgents orAttorneys as may be appointed by the Bank. d) Take take any other action as it may deem fit for recovery of its dues and enforcement of the securities. 2. Further, the Bank shall be entitled to forthwith take physical possession of the assets hypothecated and/or mortgaged to the Bank and alienate sell, transfer the said properties either by itself or through though its agents and sell or otherwise deal with the same to enforce the bank’s Bank's security and recover the dues. 3. The Borrower agrees and undertakes not to prevent or obstruct the Bank from taking possession of the properties irrespective of whether the loan has been recalled whenever in the opinion of the Bank, there is an apprehension of any money not being paid or the Bank’s 's security is being jeopardized and that the Bank’s 's representatives will be entitled to sell, give on rent, or otherwise deal with the properties by public or private auction or private treaty, without being liable for any loss, and to apply the net proceeds thereof as specified in these presents. Business Power May.19 Version 8 4. The Borrower shall pay any deficiency, forthwith to the Bank. The Bank shall also be entitled to adjust and a right of set-off on all moneys monies belonging to the Borrower standing to their his credit in any account whatsoever with the Bank, towards payment of such deficiency. Nothing contained in this clause shall oblige the bank Bank to sell, hire or deal with the properties and the banks Bank shall be entitled to proceed against the Borrower independently independent of such of any other security. The Borrower agrees to accept the Bank’s 's accounts in respect of such sale, hire, dealing or otherwise as conclusive proof of the correctness of any sum claimed to be due from the Borrower .In Borrower. .1n case of any deficit, the deficit amount shall be recovered by the Bank from the Borrower.X 45. The Bank may at the risk and cost of the Borrower engage one or more person(s)/entities person(s) to collect the Borrower’s Borrowers outstanding and /or and/or to enforce any security and may furnish to such person the right and authority to perform and execute all acts, deeds, matters and things connected therewith or incidental thereto as the Bank thinks fit. 5. The Borrower hereby agree as a pre-condition of the said credit facility granted to it by the Bank that in case the Borrower commits default in the repayment of the credit facility or in the repayment of interest thereon or any of the agreed installment of the credit facility on due date/s the Bank and/or Reserve Bank of India will have an unqualified right to disclose or publish the name of the Borrower or the name (Signature of the Borrower’s company / firm / unit and its directors / partners / proprietors as defaulter in such manner and through such medium as ) (Signature of the Bank or Reserve Bank Co-borrower) (Signature of India in their absolute discretion may think fit.the Co-borrower)

Consequences of Default. 1. In the event of any default as above the Bank shall shal have the right:- a) To recall the Loan and to recover the entire dues of the Loan, b) To to suspend any withdrawal to be effected in the Loan account, c) Take take possession of the security so created whether by itself or through any of the Recovery Agents or Attorneys as may be appointed by the Bank. d) Take take any other action as it may deem fit for recovery of its dues and enforcement of the securities. 2. Further, the Bank shall shal be entitled to forthwith take physical possession of the assets hypothecated and/or mortgaged to the Bank and alienate sellsel , transfer the said properties either by itself or through though its agents and sell sel or otherwise deal with the same to enforce the bankBank’s security and recover the dues. 3. The Borrower agrees and undertakes not to prevent or obstruct the Bank from taking possession of the properties irrespective of whether the loan has been recalled recal ed whenever in the opinion of the Bank, there is an apprehension of any money not being paid or the Bank’s security is being jeopardized and that the Bank’s representatives will be entitled to sell, give on rent, or otherwise deal with the properties by public or private auction or private treaty, without being liable for any loss, and to apply the net proceeds thereof as specified in these presentspresent s. 4. The Borrower shall shal pay any deficiency, forthwith to the Bank. The Bank shall shal also be entitled to adjust and a right of set-off on all moneys al monies belonging to the Borrower standing to their his credit in any account whatsoever with the Bank, towards payment of such deficiency. Nothing contained in this clause shall shal oblige the bank Bank to sellsel , hire or deal with the properties and the banks shall Bank shal be entitled to proceed against the Borrower independently independent of such of any other security. The Borrower agrees to accept the Bank’s accounts in respect of such sale, hire, dealing or otherwise as conclusive proof of the correctness of any sum claimed to be due from the Borrower Borrower. .In case of any deficit, the deficit amount shall shal be recovered by the Bank from the Borrower. 45. The Bank may at the risk and cost of the Borrower engage one or more person(s)/entities person(s) to collect the Borrower’s outstanding and /or and/or to enforce any security and may furnish to such person the right and authority to perform and execute all al acts, deeds, matters and things connected therewith or incidental thereto as the Bank thinks fit. 5. The Borrower hereby agree as a pre-condition of the said credit facility granted to it by the Bank that in case the Borrower commits default in the repayment of the credit facility or in the repayment of interest thereon or any of the agreed installment of the credit facility on due date/s the Bank and/or Reserve Bank of India will have an unqualified right to disclose or publish the name of the Borrower or the name of the Borrower’s company / firm / unit and its directors / partners / proprietors as defaulter in such manner and through such medium as the Bank or Reserve Bank of India in their absolute discretion may think fit.

Consequences of Default. 1. In the event of any default as above the Bank shall have the right:- a) To recall the Loan and to recover the entire dues of the Loan, b) To to suspend any withdrawal to be effected in the Loan account, c) Take take possession of the security so created whether by itself or through any of the Recovery Agents or Attorneys RecoveryAgents orAttorneys as may be appointed by the Bank. d) Take take any other action as it may deem fit fit for recovery of its dues and enforcement of the securities. 2. Further, the Bank shall be entitled to forthwith take physical possession of the assets hypothecated and/or mortgaged to the Bank and alienate sell, transfer the said properties either by itself or through though its agents and sell or otherwise deal with the same to enforce the bank’s Bank's security and recover the dues. 3. The Borrower agrees and undertakes not to prevent or obstruct obstruct the Bank from taking possession of the properties irrespective of whether the loan has been recalled whenever in the opinion of the Bank, there is an apprehension of any money not being paid or the Bank’s 's security is being jeopardized and that the Bank’s 's representatives will be entitled to sell, give on rent, or otherwise deal with the properties by public or private auction or private treaty, without being liable for any loss, and to apply the net proceeds thereof as specified specified in these presents. 4. The Borrower shall pay any deficiencydeficiency, forthwith to the Bank. The Bank shall also be entitled to adjust adjust and a right of set-off on all moneys monies belonging to the Borrower standing standing to their his credit in any account whatsoever with the Bank, towards payment of such deficiencydeficiency. Nothing contained in this clause shall oblige the bank Bank to sell, hire or deal with the properties and the banks Bank shall be entitled to proceed against against the Borrower independently independent of such of any other security. The Borrower agrees to accept the Bank’s 's accounts in respect of such sale, hire, dealing or otherwise as conclusive proof of the correctness of any sum claimed to be due from the Borrower .In Borrower. .1n case of any deficitdeficit, the deficit deficit amount shall be recovered by the Bank from the Borrower.X 45. The Bank may at the risk and cost cost of the Borrower engage one or more person(s)/entities person(s) to collect the Borrower’s outstanding and /or Borrowers outstanding and/or to enforce any security and may furnish to such person the right and authority to perform and execute all acts, deeds, matters and things connected therewith or incidental thereto as the Bank thinks fitfit. Business Power Dec.20 Version 9 a) All amounts in default for payment, due to delay or non-payment of EMI/Installment or interest thereon including any costs, charges and expenses or due to occurrence of any other Event of Default [as per (Sec.9.A)] shall be debited to the loan/drawal account and in such case Bank shall also levy the penal interest and other charges as applicable and prescribed in the [as per (Sec. 5 - Clause 5.5)] in the said loan/drawal account for the period of default without there being any need to assign a reason for the same, which shall be paid by the Borrower. 5. The b) However, if Borrower hereby agree as a pre-condition fails to make the payment of above said amounts in default for payment or the said credit facility granted to it penal interest and other charges levied by the Bank within 90 days from the due date of such payments, in that in case said loan/drawal account shall be classified as Non Performing Asset ("NPA"). c) In order to regularize the said loan/drawal account, the Borrower commits shall be liable to pay all the above mentioned amounts in default in and/or penal interest and other charges, as the repayment of the credit facility or in the repayment of interest thereon or any of the agreed installment of the credit facility case may be, [on due date/s the Bank and/or Reserve Bank of India will have an unqualified right to disclose or publish the name of the Borrower or the name immediate basis]. (Signature of the Borrower’s company / firm / unit and its directors / partners / proprietors as defaulter in such manner and through such medium as ) (Signature of the Bank or Reserve Bank Co-borrower) (Signature of India in their absolute discretion may think fit.the Co-borrower)

Consequences of Default. 1. In the event of any default as above the Bank shall have the right:- a) To recall the Loan and to recover the entire dues of the Loan, b) To to suspend any withdrawal to be effected in the Loan account, c) Take take possession of the security so created whether by itself or through any of the Recovery Agents or Attorneys as may be appointed by the Bank. d) Take take any other action as it may deem fit for recovery of its dues and enforcement of the securities. 2. Further, the Bank shall be entitled to forthwith take physical possession of the assets hypothecated and/or mortgaged to the Bank and alienate sell, transfer the said properties either by itself or through though its agents and sell or otherwise deal with the same to enforce the bankBank’s security and recover the dues. 3. The Borrower agrees and undertakes not to prevent or obstruct the Bank from taking possession of the properties irrespective of whether the loan has been recalled whenever in the opinion of the Bank, there is an apprehension of any money not being paid or the Bank’s security is being jeopardized and that the Bank’s representatives will be entitled to sell, give on rent, or otherwise deal with the properties by public or private auction or private treaty, without being liable for any loss, and to apply the net proceeds thereof as specified in these presents. 4. The Borrower shall pay any deficiency, forthwith to the Bank. The Bank shall also be entitled to adjust and a right of set-off on all moneys monies belonging to the Borrower standing to their his credit in any account whatsoever with the Bank, towards payment of such deficiency. Nothing contained in this clause shall oblige the bank Bank to sell, hire or deal with the properties and the banks Bank shall be entitled to proceed against the Borrower independently independent of such of any other security. The Borrower agrees to accept the Bank’s accounts in respect of such sale, hire, dealing or otherwise as conclusive proof of the correctness of any sum claimed to be due from the Borrower Borrower. .In case of any deficit, the deficit amount shall be recovered by the Bank from the Borrower. 45. The Bank may at the risk and cost of the Borrower engage one or more person(s)/entities person(s) to collect the Borrower’s outstanding and /or and/or to enforce any security and may furnish to such person the right and authority to perform and execute all acts, deeds, matters and things connected therewith or incidental thereto as the Bank thinks fit. 5. The Borrower hereby agree as a pre-condition of the said credit facility granted to it by the Bank that in case the Borrower commits default in the repayment of the credit facility or in the repayment of interest thereon or any of the agreed installment of the credit facility on due date/s the Bank and/or Reserve Bank of India will have an unqualified right to disclose or publish the name of the Borrower or the name of the Borrower’s company / firm / unit and its directors / partners / proprietors as defaulter in such manner and through such medium as the Bank or Reserve Bank of India in their absolute discretion may think fit.