Consequences of Default. 19.1. Upon the occurrence of an Event of Default, BANGON PINOY may, at its sole discretion, without need of notice or demand, and without limiting BANGON PINOY’s rights under applicable law or under the Loan Agreement: i. take such action and exercise such remedies in order to protect and enforce its rights under the Loan Agreement; ii. declare the Loan Agreement, including all charges, fees, penalties and interest accrued and unpaid thereon, to be immediately due and payable, without need of presentment, demand, protest or further notice of any kind, all of which are herein expressly and specifically waived by the Borrower; iii. impose and collect the Collection Charge and the Penalties as stated in the Loan Agreement. The Collection Charge shall be imposed on each Installment Amount that is not paid by the Borrower within five days after the relevant due date. The relevant Penalty shall be imposed if the Borrower fails to pay an Installment Amount within 30, 60, or 90 days, as applicable, after the relevant due date. The Collection Charge and the Penalties are cumulative and shall be added to the principal obligation; iv. impose and recover from the Borrower the Attorney’s Fees and Agency Xxx as stated in the Loan Agreement and incurred in connection with enforcing the Borrower’s obligations under the Loan Agreement; and v. demand that the Borrower deliver (and Borrower undertakes to so deliver) the Products to BANGON PINOY at such time and place as may be designated by BANGON PINOY; provided, that delivery by the Borrower of the Products pursuant hereto shall not relieve the Borrower from the obligations under the Loan Agreement; provided further that BANGON PINOY may, at its discretion, sell or auction the Products delivered by the Borrower pursuant hereto in any manner that may be deemed appropriate by XXXXXX XXXXX, with the proceeds of such sale or auction to be applied to the repayment of the Borrower’s obligations under the Loan Agreement, after deduction of all the applicable costs. 19.2. The rights available to BANGON PINOY under the Loan Agreement and applicable law, may be exercised by BANGON PINOY alternatively, successively, concurrently, and/or cumulatively, at the option of BANGON PINOY.
Appears in 1 contract
Samples: Client Onboarding Agreement
Consequences of Default. 19.1If a default occurs, Lessor is entitled, at Lessor's sole option, to exercise any one or more of the following remedies:
(i) Lessor may terminate this Agreement and immediately expel Lessee from the Premises. Upon However, such action shall not be deemed to waive Lessor's right to collect all rent due for the occurrence period up to the time Lessor regains possession of an Event the Premises, together with liquidated damages (not as a penalty) in the amount of Defaultthree (3) months rent, BANGON PINOY calculated at the rate payable under this Agreement at the time of default. Lessee hereby assents to the foregoing and expressly waives all legal notice to vacate the Premises, including, without limitation, any notice requirements contained in the Louisiana Code of Civil Procedure.
(ii) Lessor may accelerate the rent and declare all unpaid installments of rent for the Base Term or the then current Renewal Term, as the case may be, at once due and owing, in which event all such unpaid amounts shall be immediately payable. Additionally, all other sums due hereunder become payable as and when Lessor ascertains the amount thereof with reasonable certainty.
(iii) Lessor may, at in the event Lessee abandons the Premises, reenter and retake possession of the Premises without legal proceedings as agent for Lessee, and may relet the Premises on such terms and conditions as Lessor may determine in its sole discretion, all without need incurring any liability to Lessee and without being deemed to have terminated this Agreement, evicted Lessee, or relieved Lessee of notice any of its obligations under this Agreement. Lessor shall in no way be responsible or demandliable for any failure, nor shall Lessor have any obligation, to relet the Premises. Lessor expressly reserves the right to collect and receive all rents arising from such reletting. Lessee will be entitled to credit for such rents actually received by Lessor against the rent payable hereunder, which credit will apply after Lessor has deducted from such rents: 1) all expenses Lessor may incur in reentering the Premises, putting the Premises in proper repair, and without limiting BANGON PINOY’s rights under applicable law or under protecting and preserving the Loan Agreement:
i. take such action Premises; and exercise such remedies in order to protect and enforce its rights under 2) all expenses of reletting the Loan Agreement;
ii. declare the Loan AgreementPremises, including without limitation, attorneys' fees and expenses, brokerage, leasing, and management commissions, and all charges, fees, penalties and interest accrued and unpaid thereon, to be immediately due and payable, without need of presentment, demand, protest or further notice of any kind, all of which are herein expressly and specifically waived by the Borrower;
iii. impose and collect the Collection Charge and the Penalties as stated in the Loan Agreement. The Collection Charge shall be imposed on each Installment Amount other reasonable expenses that is not paid by the Borrower within five days after the relevant due date. The relevant Penalty shall be imposed if the Borrower fails to pay an Installment Amount within 30, 60, or 90 days, as applicable, after the relevant due date. The Collection Charge and the Penalties are cumulative and shall be added to the principal obligation;
iv. impose and recover from the Borrower the Attorney’s Fees and Agency Xxx as stated in the Loan Agreement and incurred Lessor may incur in connection with enforcing the Borrower’s obligations under the Loan Agreement; and
v. demand that the Borrower deliver (and Borrower undertakes such reletting. No such reletting shall be construed as an election by Lessor to so deliver) the Products terminate this Agreement unless a notice of such intention to BANGON PINOY at terminate is given to Lessee by Lessor. No such time and place as may be designated by BANGON PINOY; provided, that delivery by the Borrower reletting without termination shall preclude Lessor from thereafter terminating this Agreement for Lessee's abandonment of the Products pursuant hereto shall not relieve the Borrower from the obligations under the Loan Agreement; provided further that BANGON PINOY may, at its discretion, sell or auction the Products delivered by the Borrower pursuant hereto in any manner that may be deemed appropriate by XXXXXX XXXXX, with the proceeds of such sale or auction to be applied to the repayment of the Borrower’s obligations under the Loan Agreement, after deduction of all the applicable costsPremises.
19.2. The rights available (iv) Lessor may exercise any other remedy or method of redress accorded to BANGON PINOY it under the Loan Agreement and applicable Louisiana law, may be exercised by BANGON PINOY alternatively, successively, concurrently, and/or cumulatively, at the option of BANGON PINOY.
Appears in 1 contract
Consequences of Default. 19.1. Upon the occurrence of an Event of DefaultIf any Default shall have occurred, BANGON PINOY maythen Lessor, at its sole discretion, without need of notice or demand, in addition to all other rights and without limiting BANGON PINOY’s rights under applicable remedies available to it by law or under the Loan Agreementequity or by any other provisions hereof, may at any time thereafter:
i. take such action and exercise such remedies in order to protect and enforce its rights under 1. Declare the Loan Agreement;
ii. declare rent for the Loan Agreemententire unexpired balance of the then current term of this Lease, including as well as all other charges, feespayments, penalties costs and interest accrued expenses herein agreed to be paid by Lessee, 66 or at the option of Lessor any part thereof, in addition to any and all installments of rent already due and payable and in arrears and/or any other charge or payment herein reserved, included or agreed to be treated or collected as rent, and/or any other charge, expense or costs herein agreed to be paid by Lessee which may be due and payable and in arrears, as if by the terms and provisions of this Lease, the whole balance of unpaid thereonrent and other charges, payments, taxes, costs and expenses were on that date payable in advance, to be immediately due and payablepayable to Lessor, without need discounted, however, to present value based on a discount rate (the "Effective Rate") equal to the weighted average of presentmentthe rates charged with respect to the Acquisition Loan and the Addition Permanent Financing (if there is Addition Permanent Financing) (the "Accelerated Rent"). Lessor's charges, demandpayments, protest or further costs and expenses herein agreed to be paid by Lessee up to the end of the term of the Lease which shall not be capable of precise determination shall be determined by Lessor's good faith estimate.
2. As an alternative remedy, give Lessee notice of any kindLessor's intention to terminate this Lease on a date specified in such notice, all of which are herein expressly and specifically waived by the Borrower;
iii. impose and collect the Collection Charge and the Penalties as stated in the Loan Agreement. The Collection Charge date shall not be imposed on each Installment Amount that is not paid by the Borrower within less than five (5) days after the relevant due date. The relevant Penalty date of giving of such notice, and upon the giving of such notice, the Lease term and the estate hereby granted shall be imposed expire on the date so specified in said notice with the same effect as if the Borrower fails date specified in said notice were the date hereinbefore fixed for the expiration of the Lease term. Upon such termination, Lessor shall have the right (in addition to pay an Installment Amount within 30other rights contained herein) to recover from Lessee, 60, or 90 dayson demand, as applicableand for liquidated and agreed final damages for Lessee's default, after an amount equal to the relevant due date. The Collection Charge difference between the rent reserved under this Lease, for the period commencing upon the date of such termination and ending upon the date which the Lease term would have expired if this Lease had remained in effect for the then current term, and the Penalties are cumulative and shall be added then fair rental value of the Demised Premises for a like period, discounted, however, to present value based upon a discount rate equal to the principal obligation;
iv. impose and recover from the Borrower the Attorney’s Fees and Agency Xxx as stated in the Loan Agreement and incurred in connection with enforcing the Borrower’s obligations under the Loan Agreement; and
v. demand that the Borrower deliver (and Borrower undertakes to so deliver) the Products to BANGON PINOY at such time and place as may be designated by BANGON PINOY; provided, that delivery by the Borrower of the Products pursuant hereto shall not relieve the Borrower from the obligations under the Loan Agreement; provided further that BANGON PINOY may, at its discretion, sell or auction the Products delivered by the Borrower pursuant hereto in any manner that may be deemed appropriate by XXXXXX XXXXX, with the proceeds of such sale or auction to be applied to the repayment of the Borrower’s obligations under the Loan Agreement, after deduction of all the applicable costsEffective Rate.
19.2. The rights available to BANGON PINOY under the Loan Agreement and applicable law, may be exercised by BANGON PINOY alternatively, successively, concurrently, and/or cumulatively, at the option of BANGON PINOY.
Appears in 1 contract
Consequences of Default. 19.1. Upon 23.1 If at any time during the occurrence continuance of this Agreement:
(a) an Event of DefaultDefault or cross default under clause 22.3 occurs;
(b) the Dealer commits a breach of or shall fail to observe or perform any of the other conditions herein expressed or implied;
(c) the Vehicles or the Assets is seized or expropriated whether lawfully or not by government or any other authority; or
(d) the principal (or any part thereof) and other monies hereby secured becomes immediately due and payable hereunder, BANGON PINOY may, at its sole discretion, without need of notice or demand, and without limiting BANGON PINOY’s rights under applicable law or under the Loan AgreementMomentum shall:
i. take such action and exercise such remedies in order to protect and enforce its rights under terminate the Loan AgreementFacility;
ii. declare that the Loan Agreement, including Facility (inclusive all Fees and charges, fees, penalties ) and interest accrued and unpaid thereon, to be all other amounts outstanding under these this Agreement is immediately due and payable, without need of presentment, demand, protest or further notice of any kind, all of which are herein expressly and specifically waived by whereupon the BorrowerDealer shall be required to settle the Facility with immediate effect;
iii. impose and collect freeze any of the Collection Charge and the Penalties as stated Dealer’s unutilized funds in the Loan Agreement. The Collection Charge shall be imposed on each Installment Amount that is not paid Dealer’s Facility account, deny the Dealer access to the funds, any decline any Requests, until such Outstanding Repayments are settled in full by the Borrower within five days after the relevant due date. The relevant Penalty shall be imposed if the Borrower fails to pay an Installment Amount within 30, 60, or 90 days, as applicable, after the relevant due date. The Collection Charge and the Penalties are cumulative and shall be added to the principal obligationDealer;
iv. impose submit information concerning the default to Credit Reference Bureaus;
v. take all lawful measures including engaging debt collection agencies, auctioneers and instruct Momentum’s advocates to file a civil suit against the Dealer to recover from the Borrower amount in default;
vi. if a Dealer defaults on any of the Attorney’s Fees facilities and Agency Xxx as stated services granted to him by Momentum alongside the Facility, which facilities may include, invoice factoring facility and/or insurance premium finance facility, Momentum is entitled to exercise its rights to offset and withhold the Vehicles during such default;
vii. where the Dealer has an existing insurance premium finance facility running concurrently with the Facility and fails to remit one of any monthly instalments on their due date for the insurance premium finance facility, on the eighth (8th) day after the due date, a repayment shall be initiated by Momentum in the Loan Agreement insurance premium finance facility and incurred in connection with enforcing the Borrower’s obligations under the Loan Agreement; and
v. demand that the Borrower deliver (and Borrower undertakes to so deliver) the Products to BANGON PINOY at such time and place as may be designated by BANGON PINOY; provided, that delivery by the Borrower of the Products pursuant hereto shall not relieve the Borrower from the obligations under the Loan Agreement; provided further that BANGON PINOY may, at its discretion, sell or auction the Products delivered by the Borrower pursuant hereto in any manner that may be deemed appropriate by XXXXXX XXXXX, with the proceeds of such sale or auction to be applied same amount added to the repayment of the BorrowerDealer’s obligations under the Loan Agreement, after deduction of all the applicable costs.
19.2. The rights available to BANGON PINOY under the Loan Agreement and applicable law, may be exercised by BANGON PINOY alternatively, successively, concurrently, and/or cumulatively, at the option of BANGON PINOY.Facility account;
Appears in 1 contract
Consequences of Default. 19.1Upon Occurrence of any of the events of default, the Borrower and the Guarantor shall be obliged to update the account together with bank charges, cheque bounce charges, overdue interest at the rate specified in Schedule 2 of this Agreement. Upon The Lender may at any time thereafter,
a) Issue a notice to the occurrence Borrower giving him a minimum of an Event seven days time to update the dues pending as on that date.
b) In case of Defaultthe Borrower alienating or secreting or keeping the Asset beyond the reach of the Lender, BANGON PINOY mayor the Borrower using the Asset for unlawful purposes or the Borrower subjecting the Asset to abnormal wear and tear and / or alienating such other Assets of the Borrower which provide additional cover to the Lender for recovery of the amount due under the Agreement, the Lender shall be entitled to take such steps including seizure of the hypothecated Asset and invoking of the Guarantee without any notice to the Borrower.
c) On expiry of the notice period, if the dues are not paid as demanded therein, then the Lender may at its sole discretiondiscretion either by itself or acting through its agent or receiver, enter upon the premises where such Vehicle is located and take possession / seizure of the Vehicle and remove the same, all without need of notice any liability to the Lender or demandits agent, and without limiting BANGON PINOY’s rights under applicable law for such entry or under damage to the Loan Agreement:
i. take such action property or otherwise. For this purpose the Borrower hereby expressly grants irrevocable authority to the Lender to enter upon the premises and exercise such remedies in order to protect and enforce its rights under this clause. The Lender will be well within his rights to use tow-van or any carrier to carry away the Loan Agreement;
iiAsset. declare the Loan Agreement, including all charges, fees, penalties The Borrower shall be liable to pay any towing charges and interest accrued and unpaid thereon, to be immediately due and payable, without need of presentment, demand, protest or further notice of any kind, all of which are herein expressly and specifically waived other expenses incurred by the Borrower;Lender in connection with the seizure of the Asset and for its sale etc.
iiid) On taking possession of the Vehicle, the Lender shall terminate the Agreement and call upon the Borrower to pay the entire amount due under the Agreement including the future dues together with liquidated damages as may be determined by the Lender. impose A minimum notice period of seven days shall be provided to the Borrower to settle the account, on taking possession of the vehicle.
e) If the Borrower and collect / or the Collection Charge and Guarantors do not settle the Penalties account within the time so provided by the Lender, the Lender may proceed to sell the vehicle in “as stated is where is” condition, by Public Auction either on Web sites or through third parties by private sale or by displaying the details of vehicles offered for sale on the notice Board in the Loan Agreement. The Collection Charge shall be imposed on each Installment Amount that is not paid branch office of the Lender or in any manner as deemed appropriate by the Borrower within five days after the relevant due dateLender. The relevant Penalty shall be imposed However, if the Borrower fails to pay an Installment Amount settles the account within 30the notice period, 60, or 90 days, as applicable, after then the relevant due date. The Collection Charge and Lender shall redeliver the Penalties are cumulative and shall be added Vehicle to the principal obligation;
iv. impose and recover from the Borrower the Attorney’s Fees and Agency Xxx as stated in the Loan Agreement and incurred in connection with enforcing the Borrower’s obligations under the Loan Agreement; and
v. demand that the Borrower deliver (and Borrower undertakes to so deliver) the Products to BANGON PINOY at such time and place as may be designated by BANGON PINOY; provided, that delivery by the Borrower of the Products pursuant hereto shall not relieve the Borrower from the obligations under the Loan Agreement; provided further that BANGON PINOY may, at its discretion, sell or auction the Products delivered by the Borrower pursuant hereto in any manner that may be deemed appropriate by XXXXXX XXXXX, with the proceeds of such sale or auction to be applied to the repayment of the Borrower’s obligations under the Loan Agreement, after deduction of all the applicable costs.
19.2. The rights available to BANGON PINOY under the Loan Agreement and applicable law, may be exercised by BANGON PINOY alternatively, successively, concurrently, and/or cumulatively, at the option of BANGON PINOY.
Appears in 1 contract
Samples: Loan Agreement
Consequences of Default. 19.1Upon Occurrence of any of the events of default, the Borrower and the Guarantor shall be obliged to update the account together with bank charges, cheque bounce charges, overdue interest at the rate specified in Schedule 2 of this Agreement. Upon The Lender may at any time thereafter,
a) Issue a notice to the occurrence Borrower giving him a minimum of an Event seven days time to update the dues pending as on that date.
b) In case of Defaultthe Borrower alienating or secreting or keeping the Asset beyond the reach of the Lender, BANGON PINOY mayor the Borrower using the Asset for unlawful purposes or the Borrower subjecting the Asset to abnormal wear and tear and / or alienating such other Assets of the Borrower which provide additional cover to the Lender for recovery of the amount due under the Agreement, the Lender shall be entitled to take such steps including seizure of the hypothecated Asset and invoking of the Guarantee without any notice to the Borrower.
c) On expiry of the notice period, if the dues are not paid as demanded therein, then the Lender may at its sole discretiondiscretion either by itself or acting through its agent or receiver, enter upon the premises where such Vehicle is located and take possession / seizure of the Vehicle and remove the same, all without need of notice any liability to the Lender or demandits agent, and without limiting BANGON PINOY’s rights under applicable law for such entry or under damage to the Loan Agreement:
i. take such action property or otherwise. For this purpose the Borrower hereby expressly grants irrevocable authority to the Lender to enter upon the premises and exercise such remedies in order to protect and enforce its rights under this clause. The Lender will be well within his rights to use tow-van or any carrier to carry away the Loan Agreement;
iiAsset. declare the Loan Agreement, including all charges, fees, penalties The Borrower shall be liable to pay any towing charges and interest accrued and unpaid thereon, to be immediately due and payable, without need of presentment, demand, protest or further notice of any kind, all of which are herein expressly and specifically waived other expenses incurred by the Borrower;Lender in connection with the seizure of the Asset and for its sale etc.
iiid) On taking possession of the Vehicle, the Lender shall terminate the Agreement and call upon the Borrower to pay the entire amount due under the Agreement including the future dues together with liquidated damages as may be determined by the Lender. impose A minimum notice period of seven days shall be provided to the Borrower to settle the account, on taking possession of the vehicle.
e) If the Borrower and collect / or the Collection Charge and Guarantors do not settle the Penalties account within the time so provided by the Lender, the Lender may proceed to sell the vehicle in “as stated is where is” condition, by Public Auction either on Web sites or through third parties by private sale or by displaying the details of vehicles offered for sale on the notice Board in the Loan Agreement. The Collection Charge shall be imposed on each Installment Amount that is not paid branch office of the Lender or in any manner as deemed appropriate by the Borrower within five days after the relevant due dateLender. The relevant Penalty shall be imposed However, if the Borrower fails settles the account within the notice period, then the Lender shall redeliver the Vehicle to the Borrower.
f) On sale of the Vehicle, if there is any shortfall in the account then the Lender shall issue a notice to the Borrower calling on him to pay an Installment Amount within 30the shortfall amount, 60, or 90 days, as applicable, after the relevant due date. The Collection Charge and the Penalties are cumulative and Borrower is liable to pay the same within seven days from the date of notice together with interest (at the rate as specified in schedule 2) till date of payment. On the contrary if there is any surplus on sale of the vehicle then the Lender shall refund such surplus amount to the Borrower.
g) The Lender shall be added entitled to the principal obligation;
iv. impose and recover from the Borrower and the Attorney’s Fees Guarantor/s all expenses (including legal costs on full indemnity basis) incurred by or on behalf of the Lender in ascertaining the whereabouts of the Asset, taking possession, garaging, insuring, transporting and Agency Xxx as stated selling the Asset and of any legal proceedings that may be filed by or on behalf of the Lender to enforce the provisions of the Agreement. It is expressly clarified that the remedies referred to hereinabove shall be in addition to and without prejudice to any other remedy available to the Lender either under this Agreement, or under any other Agreement / undertaking, or in law or equity.
h) Notwithstanding anything to the contrary contained in the Loan Agreement Indian Contract Act, the Lender or its officers, agents or nominees shall not be in any way responsible for any loss, damage, limitation, or depreciation that the hypothecated Asset may suffer or sustain on any account whatsoever whilst the same is in the possession of the Lender or its officers, agents or nominees or because of exercise or non-exercise of the rights, powers, or remedies available to the Lender or its officers, agents or nominees and incurred in connection with enforcing all such loss, damage or depreciation shall be debited to the Borrower’s obligations account of the Borrower and the Guarantor/s, howsoever the same may have been caused.
I) Notwithstanding any other rights available to the Lender under this Agreement, the Loan Agreement; and
v. demand Lender shall be entitled to initiate any other appropriate actions against the Borrower and /or the Guarantor(s) if at any time the Lender at its sole discretion has sufficient grounds to believe that the Borrower deliver (and Borrower undertakes to so deliver/or the Guarantor(s) the Products to BANGON PINOY at such time has / have made any misrepresentations and place as may be designated by BANGON PINOY; provided, that delivery by the Borrower of the Products pursuant hereto shall not relieve the Borrower from the obligations under the Loan Agreement; provided further that BANGON PINOY may, at its discretion, sell / or auction the Products delivered by the Borrower pursuant hereto in submitted any manner that may be deemed appropriate by XXXXXX XXXXX, with the proceeds of such sale forged documents or auction to be applied fabricated data to the repayment of the Borrower’s obligations under the Loan Agreement, after deduction of all the applicable costsLender.
19.2. The rights available to BANGON PINOY under the Loan Agreement and applicable law, may be exercised by BANGON PINOY alternatively, successively, concurrently, and/or cumulatively, at the option of BANGON PINOY.
Appears in 1 contract
Samples: Loan Agreement
Consequences of Default. 19.1Upon Occurrence of any of the events of default, the Borrower and the Guarantor shall be obliged to update the account together with bank charges, cheque bounce charges, overdue interest at the rate specified in Schedule 2 of this Agreement. Upon The Lender may at any time thereafter,
a) Issue a notice to the occurrence Borrower giving him a minimum of an Event seven days time to update the dues pending as on that date.
b) In case of Defaultthe Borrower alienating or secreting or keeping the Asset beyond the reach of the Lender, BANGON PINOY mayor the Borrower using the Asset for unlawful purposes or the Borrower subjecting the Asset to abnormal wear and tear and / or alienating such other Assets of the Borrower which provide additional cover to the Lender for recovery of the amount due under the Agreement, the Lender shall be entitled to take such steps including seizure of the hypothecated Asset and invoking of the Guarantee without any notice to the Borrower.
c) On expiry of the notice period, if the dues are not paid as demanded therein, then the Lender may at its sole discretiondiscretion either by itself or acting through its agent or receiver, enter upon the premises where such Vehicle is located and take possession / seizure of the Vehicle and remove the same, all without need of notice any liability to the Lender or demandits agent, and without limiting BANGON PINOY’s rights under applicable law for such entry or under damage to the Loan Agreement:
i. take such action property or otherwise. For this purpose the Borrower hereby expressly grants irrevocable authority to the Lender to enter upon the premises and exercise such remedies in order to protect and enforce its rights under this clause. The Lender will be well within his rights to use tow-van or any carrier to carry away the Loan Agreement;
iiAsset. declare the Loan Agreement, including all charges, fees, penalties The Borrower shall be liable to pay any towing charges and interest accrued and unpaid thereon, to be immediately due and payable, without need of presentment, demand, protest or further notice of any kind, all of which are herein expressly and specifically waived other expenses incurred by the Borrower;Lender in connection with the seizure of the Asset and for its sale etc.
iiid) On taking possession of the Vehicle, the Lender shall terminate the Agreement and call upon the Borrower to pay the entire amount due under the Agreement including the future dues together with liquidated damages as may be determined by the Lender. impose A minimum notice period of seven days shall be provided to the Borrower to settle the account, on taking possession of the vehicle.
e) If the Borrower and collect / or the Collection Charge and Guarantors do not settle the Penalties account within the time so provided by the Lender, the Lender may proceed to sell the vehicle in “as stated is where is” condition, by Public Auction either on Web sites or through third parties by private sale or by displaying the details of vehicles offered for sale on the notice Board in the Loan Agreement. The Collection Charge shall be imposed on each Installment Amount that is not paid branch office of the Lender or in any manner as deemed appropriate by the Borrower within five days after the relevant due dateLender. The relevant Penalty shall be imposed However, if the Borrower fails settles the account within the notice period, then the Lender shall redeliver the Vehicle to the Borrower.
f) On sale of the Vehicle, if there is any shortfall in the account then the Lender shall issue a notice to the Borrower calling on him to pay an Installment Amount within 30the shortfall amount, 60, or 90 days, as applicable, after the relevant due date. The Collection Charge and the Penalties are cumulative and Borrower is liable to pay the same within seven days from the date of notice together with interest (at the rate as specified in schedule 2) till date of payment. On the contrary if there is any surplus on sale of the vehicle then the Lender shall refund such surplus amount to the Borrower.
g) The Lender shall be added entitled to the principal obligation;
iv. impose and recover from the Borrower and the Attorney’s Fees Guarantor/s all expenses (including legal costs on full indemnity basis) incurred by or on behalf of the Lender in ascertaining the whereabouts of the Asset, taking possession, garaging, insuring, transporting and Agency Xxx as stated selling the Asset and of any legal proceedings that may be filed by or on behalf of the Lender to enforce the provisions of the Agreement. It is expressly clarified that the remedies referred to hereinabove shall be in addition to and without prejudice to any other remedy available to the Lender either under this Agreement, or under any other Agreement / undertaking, or in law or equity.
h) Notwithstanding anything to the contrary contained in the Loan Agreement Indian Contract Act, the Lender or its officers, agents or nominees shall not be in any way responsible for any loss, damage, limitation, or depreciation that the hypothecated Asset may suffer or sustain on any account whatsoever whilst the same is in the possession of the Lender or its officers, agents or nominees or because of exercise or non-exercise of the rights, powers, or remedies available to the Lender or its officers, agents or nominees and incurred in connection with enforcing all such loss, damage or depreciation shall be debited to the Borrower’s obligations account of the Borrower and the Guarantor/s, howsoever the same may have been caused.
i) Notwithstanding any other rights available to the Lender under this Agreement, the Loan Agreement; and
v. demand Lender shall be entitled to initiate any other appropriate actions against the Borrower and /or the Guarantor(s) if at any time the Lender at its sole discretion has sufficient grounds to believe that the Borrower deliver (and Borrower undertakes to so deliver/or the Guarantor(s) the Products to BANGON PINOY at such time has / have made any misrepresentations and place as may be designated by BANGON PINOY; provided, that delivery by the Borrower of the Products pursuant hereto shall not relieve the Borrower from the obligations under the Loan Agreement; provided further that BANGON PINOY may, at its discretion, sell / or auction the Products delivered by the Borrower pursuant hereto in submitted any manner that may be deemed appropriate by XXXXXX XXXXX, with the proceeds of such sale forged documents or auction to be applied fabricated data to the repayment of the Borrower’s obligations under the Loan Agreement, after deduction of all the applicable costsLender.
19.2. The rights available to BANGON PINOY under the Loan Agreement and applicable law, may be exercised by BANGON PINOY alternatively, successively, concurrently, and/or cumulatively, at the option of BANGON PINOY.
Appears in 1 contract
Samples: Loan Agreement
Consequences of Default. 19.1. Upon the occurrence of If an Event of Default, BANGON PINOY may, Default shall occur:
(a) All of the indebtedness secured hereby shall become and be immediately due and payable at its sole discretionthe option of the Mortgagee, without need of notice or demand, which are hereby expressly waived, and without limiting BANGON PINOY’s rights under applicable the Mortgagee may proceed to foreclose this Mortgage and sell the Mortgaged Property or otherwise pursue any right or remedy herein or by law provided. At the foreclosure, Mortgagee shall be entitled to bid and purchase the Mortgaged Property and shall be entitled to apply the debt secured hereby, or under any portion thereof, in payment for the Loan Agreement:Mortgaged Property.
i. (b) Irrespective of whether Mortgagee accelerates the maturity of all indebtedness secured hereby, or institutes foreclosure proceedings, Mortgagee shall be entitled to the appointment of a receiver to enter upon and take such action and exercise such remedies maintain full control of the Mortgaged Property in order to perform all acts necessary and appropriate for the operation and maintenance thereof including, but not limited to, the execution, cancellation or modification of leases, the making of repairs to the Mortgaged Property and the execution or termination of contracts providing for the management or maintenance of the Mortgaged Property, all on such terms as are deemed appropriate to protect the security of this Mortgage. The receiver shall be entitled to a reasonable fee for so managing the Mortgaged Property. All rents collected pursuant to this paragraph shall be applied first to the costs of taking control and enforce its rights under managing the Loan Agreement;
ii. declare Mortgaged Property and collecting the Loan Agreementrents, including all charges, but not limited to reasonable attorneys’ fees, penalties receiver’s fees, premiums on receiver’s bonds, costs of repair to the Mortgaged Property, premiums on insurance policies, taxes, assessments and interest accrued and unpaid thereonother charges on the Mortgaged Property, to be immediately due and payable, without need of presentment, demand, protest or further notice of any kind, all of which are herein expressly and specifically waived by the Borrower;
iii. impose and collect the Collection Charge and the Penalties costs of discharging any liability or obligation of Mortgagor as stated lessor or Landlord of the Mortgaged Property and then to the sums secured by this Mortgage. Mortgagee and the receiver shall have access to the books and records used in the Loan Agreement. The Collection Charge shall be imposed on each Installment Amount that is not paid by operation and maintenance of the Borrower within five days after the relevant due date. The relevant Penalty shall be imposed if the Borrower fails to pay an Installment Amount within 30, 60, or 90 days, as applicable, after the relevant due date. The Collection Charge and the Penalties are cumulative Mortgaged Property and shall be added liable to account only for those rents actually received. Mortgagee shall not be liable to Mortgagor, anyone claiming under or through Mortgagor, or anyone having an interest in the Mortgaged Property by reason of anything done or left undone by Mortgagee under this paragraph. If the rents of the Mortgaged Property are not sufficient to meet the costs of taking control of and managing the Mortgaged Property and collecting the rents, Mortgagee may at its sole option advance funds to meet the costs. Any funds expended by Mortgagee for such purposes shall become indebtedness of Mortgagor to Mortgagee secured by this Mortgage. Such funds shall be payable on demand by Mortgagee and shall bear interest at the rate provided in the Note. The entering upon and taking and maintaining of control of the Mortgaged Property by the Mortgagee or the receiver and the application of the rents as provided herein shall not cure or waive any default hereunder or invalidate any other right or remedy of Mortgagee hereunder.
(c) The Mortgagee shall, in addition to all other rights and remedies, have the rights and remedies of a secured party under the Uniform Commercial Code, including without limitation, the right to take possession of the Additional Property, and for that purpose the Mortgagee may: (i) so far as the Mortgagor can give authority therefor, enter upon any premises on which the Additional Property may be situated and remove the same therefrom; (ii) take possession or control of the Additional Property and the premises on which it is located; (iii) require the Mortgagor to assemble all or any part of the Additional Property or records concerning the Additional Property and make such available to the principal obligation;
Mortgagee at a place to be designated by the Mortgagee which is reasonably convenient to both parties; (iv. impose ) sell or otherwise dispose of all or any part of the inventory on any premises where then located without being liable to the Mortgagor on account of any loss, damage or depreciation that may occur as a result thereof so long as the Mortgagee shall act in a commercially reasonable manner; (v) use all trademarks, service marks, trade names, trade styles, logos, goodwill, trade secrets, franchises, licenses and recover from patents which the Borrower Mortgagor now has or may hereafter acquire, including the Attorney’s Fees right to use or license the use of said marks, names, styles, logos and Agency Xxx as stated in the Loan Agreement and incurred goodwill in connection with enforcing the Borrower’s obligations under sale of goods or the Loan Agreementrendering of services, in the conduct of service, advertising, promotion and the like; and
v. demand that and (vi) lease or license third persons or entities for such purpose. Unless the Borrower deliver Additional Property is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, the Mortgagee shall give to the Mortgagor at least thirty (and Borrower undertakes to so deliver30) days’ prior written notice (which Mortgagor agree is “reasonable notification” within the Products to BANGON PINOY at such meaning of Section 9-504 of the Uniform Commercial Code of the State of South Carolina) of the time and place as may be designated by BANGON PINOY; provided, that delivery by the Borrower of any public sale or any other intended disposition of the Products pursuant hereto shall not relieve the Borrower from the obligations under the Loan Agreement; provided further that BANGON PINOY may, at its discretion, sell or auction the Products delivered by the Borrower pursuant hereto in any manner that may be deemed appropriate by XXXXXX XXXXX, with the proceeds of such sale or auction Additional Property is to be applied to the repayment of the Borrower’s obligations under the Loan Agreement, after deduction of all the applicable costsmade.
19.2. The rights available to BANGON PINOY under the Loan Agreement and applicable law, may be exercised by BANGON PINOY alternatively, successively, concurrently, and/or cumulatively, at the option of BANGON PINOY.
Appears in 1 contract
Samples: Mortgage of Real Estate, Security Agreement and Financing Statement (Adcare Health Systems, Inc)
Consequences of Default. 19.1In the event of the Allottee’s(s’) failure to effect the cure of the default as aforesaid within the specified period and pay simple interest under this Agreement on the delayed/defaulted instalment, the Promoter shall be entitled to terminate this Agreement. Upon termination of this Agreement by the Promoter in event of default by the Allottee(s), the Promoter shall process the refund to the Allottee(s) of the moneys which may till the date of termination have been paid by the Allottee(s), subject to adjustments and recovery of the amounts specified hereunder and in the manner stated herein:
2.7.1 The refund shall be made as soon as the Promoter receives the booking amount from a new allottee of the Apt. or within 60 days of the termination, whichever is earlier, without any interest, compensation or claim for any damage or costs, charges and expenses whatsoever and after the execution and registration by the Allottee(s), at his/her/their costs, of a deed of cancellation in favour of the Promoter, if so required.
2.7.2 Notwithstanding anything contained above and subject to clause 2.7.1 above, the Promoter is entitled and hereby authorized to deduct the following amounts from the sum to be refunded, viz.
(a) termination fee, if any, that the Promoter may levy at its discretion to recover the direct costs of the termination including the documentation charges, costs of remarketing of the Apt. and other expenses; (b) commission/ brokerage paid by the Promoter to the real estate agent, if any, who introduced the Allottee(s) to the Promoter or served as broker/ intermediary of or on behalf of the Allottee(s) and who fails to refund the commission/brokerage that was paid to them by the Promoter; and (c) all taxes and statutory impositions that may have been paid by then to the concerned authorities by the Promoter in respect of each of the amounts/ instalments paid by the Allottee(s) under this Agreement and that are not refundable or adjustable to the Allottee(s) for breach of the terms of this Agreement and refund the remaining amounts to the Allottee(s).
2.7.3 The Allottee(s) agree(s) that upon termination of this Agreement as aforesaid, the Promoter shall be released and discharged of any and all liabilities and obligations under this Agreement and the Allottee(s) hereby irrevocably authorizes the Promoter to dispose off and sell the Apt. and all rights incidental thereto to such person or persons at such price and on such terms and conditions as the Promoter may deem and think fit in its absolute discretion and the Allottee(s) shall not be entitled to question or raise any objection to the same or challenge such subsequent agreement/transaction or claim from the Promoter any amount other than the refund of the amount actually paid by the Allottee(s) to the Promoter and this Agreement (and related documents, if any) shall be deemed to stand cancelled and the Allottee(s) shall cease to have any right, title, interest, claim or demand of any nature whatsoever under this Agreement and/or against the Promoter.
2.7.4 If the Allottee(s) cancel(s) this Agreement through no default of the Promoter or the cancellation is consequent to a default of the Allottee(s), the Promoter shall not be liable to pay to the Allottee(s) any interest, compensation, damages, costs or otherwise. In any event the Promoter shall not be liable to reimburse to the Allottee(s) any government charges, stamp duty, registration fees, taxes etc. The amount specified above shall be accepted by the Allottee(s) in full satisfaction of all his/her/their claim under this Agreement and/or in or to the Apt.
2.7.5 In the event of termination of this Agreement by the Promoter, the notice of termination itself would be treated as cancellation of this Agreement. However, this does not absolve the obligation of the Allottee(s) to execute and register the deed of cancellation as stated hereinabove, if so required and the Allottee’s(s’) refund, if any, shall be subject to the deed of cancellation being executed and registered. The stamp duty and registration charges for such deed of cancellation shall be borne by the Allottee(s).
2.7.6 No interest shall be payable if the termination is due to any breach or default by the Allottee(s) that is not cured despite issue by the Promoter of a notice to him/her/them.
2.7.7 Without prejudice to whatever stated in this clause, none of the other rights, remedies, contentions, compensation and claims available to the Promoter against the Allottee(s) on facts and in law and/or as a result of such termination, shall however, be adversely affected or prejudiced.
2.7.8 The refund shall not include any amount paid towards stamp duty, registration charges, electricity charges, deposits paid to anybody / or authority, GST, or any other tax whatsoever, or any amount not received by the Promoter towards the consideration of the Apt.
2.7.9 The Allottee(s) confirm(s) that he/she/they will not be entitled to terminate this Agreement for any reason whatsoever, other than on account of Promoter's failure to handover possession of Apt. within the stipulated period in this Agreement. Upon the occurrence execution and registration of an Event the aforesaid deed of Defaultcancellation, BANGON PINOY may, at its sole discretion, without need the Promoter shall provide the Allottee(s) with a letter of notice or demand, and without limiting BANGON PINOY’s rights under applicable law or under authority to enable the Loan Agreement:
i. take such action and exercise such remedies in order Allottee(s) to protect and enforce its rights under the Loan Agreement;
ii. declare the Loan Agreement, including all charges, fees, penalties and interest accrued and unpaid thereon, to be immediately due and payable, without need of presentment, demand, protest or further notice of any kind, all of which are herein expressly and specifically waived by the Borrower;
iii. impose claim and collect the Collection Charge refund of stamp duty or any other government taxes paid under this Agreement (as applicable). In the event the Allottee(s) delays in coming forth for the registration of the aforesaid deed of cancellation, no interest shall be payable for such delayed period.
2.7.10 In case refund for the amounts paid such as government charges, stamp duty, GST, registration fees etc. shall have to be claimed directly by the Allottee(s) from the concerned authority.
2.7.11 In the event of the Allottee(s) committing default of the payment of the instalments of the consideration amount and the Penalties as stated in the Loan event of the Promoter exercising their right to terminate this Agreement, the Allottee(s) hereby undertake(s) to clear the mortgage/ debt outstanding to the HFI at the time of the said termination. The Collection Charge Allottee(s) shall obtain the necessary letter from the HFI stating that the Allottee(s) has cleared the mortgage debt. On receipt of such letter from the HFI the Allottee(s) shall be imposed on each Installment Amount that is not entitled to the refund of the amount so paid by the Borrower within five days after the relevant due date. The relevant Penalty shall be imposed if the Borrower fails to pay an Installment Amount within 30, 60, or 90 days, as applicable, after the relevant due date. The Collection Charge and the Penalties are cumulative and shall be added him/her/them to the principal obligation;
ivPromoter towards the Apt. impose and recover However, the Promoter shall directly pay the amount payable to the HFI or other such by the Allottee(s) from the Borrower amount standing to his/her/their credit with the Attorney’s Fees Promoter towards the Apt. and Agency Xxx (paid by him/her/them to the Promoter towards the consideration amount) to the extent so as stated in to clear the Loan Agreement mortgage debt and incurred in connection with enforcing only on receipt of such letter of clearance of mortgage debt from the Borrower’s obligations under HFI shall the Loan Agreement; and
v. demand that Allottee(s) be entitled to the Borrower deliver (and Borrower undertakes to so deliver) the Products to BANGON PINOY at such time and place as may be designated by BANGON PINOY; provided, that delivery by the Borrower refund of the Products pursuant hereto shall not relieve remainder amount standing credited to the Borrower from account of the obligations under the Loan Agreement; provided further that BANGON PINOY may, at its discretion, sell or auction the Products delivered by the Borrower pursuant hereto in any manner that may be deemed appropriate by XXXXXX XXXXX, Allottee(s) with the proceeds of such sale or auction to be applied to the repayment of the Borrower’s obligations under the Loan Agreement, after deduction of all the applicable costsPromoter.
19.2. The rights available to BANGON PINOY under the Loan Agreement and applicable law, may be exercised by BANGON PINOY alternatively, successively, concurrently, and/or cumulatively, at the option of BANGON PINOY.
Appears in 1 contract
Samples: Sale Agreement
Consequences of Default. 19.1. Upon If an Event of Default occurs:
(a) in relation to REACH, the Borrower or a Material Subsidiary; or
(b) in relation to a member of the REACH Group that is not a Material Subsidiary and the occurrence of an the Event of DefaultDefault has or will have a Material Adverse Effect, BANGON PINOY may, then the Financiers may declare at its sole discretion, without need of any time by notice or demand, and without limiting BANGON PINOY’s rights under applicable law or under to the Loan AgreementBorrower that:
i. take such action (c) an amount equal to the Total Amount Owing is either:
(i) payable on demand; or
(ii) immediately due for payment (whereupon the same shall be due and exercise such remedies payable together with accrued interest thereon); and
(d) the Financiers' obligations specified in order the notice are terminated. The Financiers agree that they may only make a declaration under this clause 13.2 if they are unanimous in their agreement to protect do so. The making of either declaration gives immediate effect to its provisions. -------------------------------------------------------------------------------- 14 Costs and enforce its rights under indemnities
14.1 What the Loan Agreement;Borrower agrees to pay The Borrower agrees to pay or reimburse (subject to any agreed cap):
(a) the reasonable Costs of each Financier in connection with:
(i) [intentionally left blank]
(ii. declare the Loan Agreement) [intentionally left blank]
(iii) giving and considering consents, waivers, variations, amendments, discharges and releases and producing title documents; and
(iv) [intentionally left blank]
(v) reasonable legal expenses incurred in connection with opinions issued in respect of any Security Document, including all chargesthe reasonable legal expenses of each Financier incurred in instructing or obtaining advice from their counsel; and
(b) the Costs of each Financier in otherwise acting in connection with the Transaction Documents, such as exercising, enforcing or preserving rights (or considering doing so), or doing anything in connection with any enquiry by an authority involving a member of the REACH Group; and
(c) Taxes and fees (including registration fees) and fines and penalties in respect of fees paid, penalties and interest accrued and unpaid thereonor that a Financier reasonably believes are payable, in connection with any Transaction Document or a payment or receipt or any other transaction contemplated by any Transaction Document. However, the Borrower need not pay a fine or penalty in connection with Taxes or fees to the extent that it has placed the Financier in sufficient cleared funds for the Financier to be immediately due and payable, without need of presentment, demand, protest able to pay the Taxes or further notice of any kind, all of which are herein expressly and specifically waived fees by the Borrower;
iii. impose and collect the Collection Charge and the Penalties as stated in the Loan Agreement. The Collection Charge shall be imposed on each Installment Amount that is not paid by the Borrower within five days after the relevant due date. The Borrower agrees to pay amounts due under this clause on demand from the relevant Penalty shall be imposed if Financier. The Financiers may debit any of these amounts to the Borrower's account before asking the Borrower fails to pay an Installment Amount within 30, 60, or 90 days, as applicable, after the relevant due datepay. The Collection Charge and the Penalties These amounts are cumulative and shall be added not payable to the principal obligation;
iv. impose and recover from extent that they are due to the Borrower the Attorney’s Fees and Agency Xxx as stated in the Loan Agreement and incurred in connection with enforcing the Borrower’s obligations under the Loan Agreement; and
v. demand that the Borrower deliver (and Borrower undertakes to so deliver) the Products to BANGON PINOY at such time and place as may be designated by BANGON PINOY; provided, that delivery by the Borrower wilful misconduct or gross negligence of the Products pursuant hereto shall not relieve the Borrower from the obligations under the Loan Agreement; provided further that BANGON PINOY may, at its discretion, sell or auction the Products delivered by the Borrower pursuant hereto in any manner that may be deemed appropriate by XXXXXX XXXXX, with the proceeds of such sale or auction to be applied to the repayment of the Borrower’s obligations under the Loan Agreement, after deduction of all the applicable costsFinancier.
19.2. The rights available to BANGON PINOY under the Loan Agreement and applicable law, may be exercised by BANGON PINOY alternatively, successively, concurrently, and/or cumulatively, at the option of BANGON PINOY.
Appears in 1 contract
Samples: Shareholder Term Loan Facility Agreement (PCCW LTD)
Consequences of Default. 19.1. Upon a) If any event of default or any event which, after the occurrence of an Event of Default, BANGON PINOY may, at its sole discretion, without need of notice or demandlapse 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 without limiting BANGON PINOY’s rights when any statutory notice of winding-up under applicable the provisions of the Companies Act, 1956 or any other law or under the Loan Agreement:
i. take such action and exercise such remedies in order to protect and enforce its rights under the Loan Agreement;
ii. declare the Loan Agreement, including all charges, fees, penalties and interest accrued and unpaid thereon, of any suit or legal process intended to be immediately due and payablefiled/initiated against the Borrower, without need of presentment, demand, protest or further notice of any kind, all of which are herein expressly and specifically waived is received by the Borrower;.
iii. impose and collect b) If the Collection Charge and Borrower makes default in payment of the Penalties said Dues or any part thereof, the bank would be at liberty (but not bound to do so) to appoint its nominee as stated Receiver without having resort to a Court of Law and/or to a proceeding in Court, to take possession of the Loan Agreement. The Collection Charge shall properties of the Borrower held /to be imposed on each Installment Amount that is not paid 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 within five days after and/or the relevant due date. The relevant Penalty Guarantor/s in favour of the Bank, in whatever capacity, and the Bank shall also be entitled to resort to any or all the legal remedies as provided under this Agreement.
c) On the question whether any of the above events/circumstances has occurred/happened, the decision of the Bank shall be imposed if final, conclusive and binding on the Borrower.
d) 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 facility in whatever capacity.
e) The Borrower hereby agrees as a pre-condition of the said credit Facility/ies being granted to it that in case the Borrower fails to pay an Installment Amount within 30, 60, or 90 days, as applicable, after the relevant due date. The Collection Charge and the Penalties are cumulative and shall be added to the principal obligation;
iv. impose and recover from the Borrower the Attorney’s Fees and Agency Xxx as stated commit default in the Loan Agreement and incurred in connection with enforcing the Borrower’s obligations under the Loan Agreement; and
v. demand that the Borrower deliver (and Borrower undertakes to so deliver) the Products to BANGON PINOY at such time and place as may be designated by BANGON PINOY; provided, that delivery by the Borrower of the Products pursuant hereto shall not relieve the Borrower from the obligations under the Loan Agreement; provided further that BANGON PINOY may, at its discretion, sell or auction the Products delivered by the Borrower pursuant hereto in any manner that may be deemed appropriate by XXXXXX XXXXX, with the proceeds of such sale or auction to be applied to the repayment of the Borrower’s obligations under Credit Facility/ies or in the Loan Agreementrepayment of interest thereon or any of the agreed instalment of the Credit Facility/ies on due date/s, after deduction apart from the levy of all penal charges and such charges, the applicable costsBank and/or Reserve Bank of India will have an unqualified right to disclose or publish its name or the name of 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.
19.2f) 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/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.
g) 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 rights available borrower hereby irrevocably authorise, Bank to BANGON PINOY 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 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 security and recover the dues, under the Loan Agreement and applicable law, may be exercised by BANGON PINOY alternatively, successively, concurrently, and/or cumulativelyprivate treaty or public auction, at the option sole discretion of BANGON PINOYthe bank.
i) The Borrower agrees and undertakes not to prevent or obstruct the Bank from taking possession of the properties 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.
j) The Borrower shall pay any deficiency, forthwith to the Bank. The Bank shall also be entitled to adjust any other amount of the Borrower, 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 or dealing as conclusive.
k) The Bank shall be entitled 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 of any money not being paid or the Bank's security is being jeopardised.
l) The Bank shall be entitled to sell, assign, securitise or transfer, the 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 may decide. Any such sale, assignment, securitisation or transfer shall conclusively bind the Borrowers.
m) The Bank may at the risk and cost of the Borrower engage one or more 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.
Appears in 1 contract
Samples: Loan Agreement
Consequences of Default. 19.1Upon Occurrence of any of the events of default, the Borrower and the Guarantor shall be obliged to update the account together with bank charges, cheque bounce charges, overdue interest at the rate specified in Schedule 2 of this Agreement. Upon The Lender may at any time thereafter,
a) Issue a notice to the occurrence Borrower giving him a minimum of an Event seven days time to update the dues pending as on that date.
b) In case of Defaultthe Borrower alienating or secreting or keeping the Asset beyond the reach of the Lender, BANGON PINOY mayor the Borrower using the Asset for unlawful purposes or the Borrower subjecting the Asset to abnormal wear and tear and / or alienating such other Assets of the Borrower which provide additional cover to the Lender for recovery of the amount due under the Agreement, the Lender shall be entitled to take such steps including seizure of the hypothecated Asset and invoking of the Guarantee without any notice to the Borrower.
c) On expiry of the notice period, if the dues are not paid as demanded therein, then the Lender may at its sole discretiondiscretion either by itself or acting through its agent or receiver, enter upon the premises where such Vehicle is located and take possession / seizure of the Vehicle and remove the same, all without need of notice any liability to the Lender or demandits agent, and without limiting BANGON PINOY’s rights under applicable law for such entry or under damage to the Loan Agreement:
i. take such action property or otherwise. For this purpose the Borrower hereby expressly grants irrevocable authority to the Lender to enter upon the premises and exercise such remedies in order to protect and enforce its rights under this clause. The Lender will be well within his rights to use tow-van or any carrier to carry away the Loan Agreement;
iiAsset. declare the Loan Agreement, including all charges, fees, penalties The Borrower shall be liable to pay any towing charges and interest accrued and unpaid thereon, to be immediately due and payable, without need of presentment, demand, protest or further notice of any kind, all of which are herein expressly and specifically waived other expenses incurred by the Borrower;Lender in connection with the seizure of the Asset and for its sale etc.
iiid) On taking possession of the Vehicle, the Lender shall terminate the Agreement and call upon the Borrower to pay the entire amount due under the Agreement including the future dues together with liquidated damages as may be determined by the Lender. impose A minimum notice period of seven days shall be provided to the Borrower to settle the account, on taking possession of the vehicle.
e) If the Borrower and collect / or the Collection Charge and Guarantors do not settle the Penalties account within the time so provided by the Lender, the Lender may proceed to sell the vehicle in “as stated is where is” condition, by Public Auction either on Web sites or through third parties by private sale or by displaying the details of vehicles offered for sale on the notice Board in the Loan Agreement. The Collection Charge shall be imposed on each Installment Amount that is not paid branch office of the Lender or in any manner as deemed appropriate by the Borrower within five days after the relevant due dateLender. The relevant Penalty shall be imposed However, if the Borrower fails settles the account within the notice period, then the Lender shall redeliver the Vehicle to the Borrower.
f) On sale of the Vehicle, if there is any shortfall in the account then the Lender shall issue a notice to the Borrower calling on him to pay an Installment Amount within 30the shortfall amount, 60, or 90 days, as applicable, after the relevant due date. The Collection Charge and the Penalties are cumulative and Borrower is liable to pay the same within seven days from the date of notice together with interest (at the rate as specified in schedule 2) till date of payment. On the contrary if there is any surplus on sale of the vehicle then the Lender shall refund such surplus amount to the Borrower.
g) The Lender shall be added entitled to the principal obligation;
iv. impose and recover from the Borrower and the Attorney’s Fees Guarantor/s all expenses (including legal costs on full indemnity basis) incurred by or on behalf of the Lender in ascertaining the whereabouts of the Asset, taking possession, garaging, insuring, transporting and Agency Xxx as stated selling the Asset and of any legal proceedings that may be filed by or on behalf of the Lender to enforce the provisions of the Agreement. It is expressly clarified that the remedies referred to hereinabove shall be in addition to and without prejudice to any other remedy available to the Lender either under this Agreement, or under any other Agreement / undertaking, or in law or equity.
h) Notwithstanding anything to the contrary contained in the Loan Agreement Indian Contract Act, the Lender or its officers, agents or nominees shall not be in any way responsible for any loss, damage, limitation, or depreciation that the hypothecated Asset may suffer or sustain on any account whatsoever whilst the same is in the possession of the Lender or its officers, agents or nominees or because of exercise or non-exercise of the rights, powers, or remedies available to the Lender or its officers, agents or nominees and incurred in connection with enforcing all such loss, damage or depreciation shall be debited to the Borrower’s obligations account of the Borrower and the Guarantor/s, howsoever the same may have been caused.
i) Notwithstanding any other rights available to the Lender under this Agreement, the Loan Agreement; and
v. demand Lender shall be entitled to initiate any other appropriate actions against the Borrower and /or the Guarantor(s) if at any time the Lender at its sole discretion has sufficient grounds to believe that the Borrower deliver (and Borrower undertakes /or the Guarantor(s) has / have made any misrepresentations and / or submitted any forged documents or fabricated data to so deliverthe Lender.
j) Declare the Products accounts as a SMA or NPA, as the case may be. An illustration as to BANGON PINOY at such time and place when a loan will be treated as may a SMA or NPA is given below. Illustration - SMA/NPA Clasification SMA sub categories for loans Basisforclasificationwheretheamount iswhollyorpartlyoverdue SMA - 0 Upto 30 days SMA - 1 More than 30 days upto 60 days SMA - 2 More than 60 days upto 90 days In the above context, it is clarified that the borrower account will be designated by BANGON PINOY; provided, that delivery by the Borrower classified as overdue as part of the Products pursuant hereto shall not relieve day-end process for the Borrower from due date, irrespective of the obligations under the Loan Agreement; provided further that BANGON PINOY may, at its discretion, sell or auction the Products delivered by the Borrower pursuant hereto in any manner that may be deemed appropriate by XXXXXX XXXXX, with the proceeds time of running of such sale or auction to process. Similarly the classification of NPA shall be applied to done where the repayment amount is due for more than 90 days as the end of the Borrower’s obligations under day end process for the Loan Agreement, after deduction of all the applicable costs.
19.2relevant date. The rights available to BANGON PINOY under the Loan Agreement and applicable law, may be exercised by BANGON PINOY alternatively, successively, concurrently, and/or cumulatively, at the option of BANGON PINOY.For SHRIRAM CITY UNION FINANCE LIMITED
Appears in 1 contract
Samples: Loan Agreement
