Common use of Dealing with the Commodities Clause in Contracts

Dealing with the Commodities. a) The Borrower shall not, without previous permission in writing of the Bank, sell or otherwise part with the possession/ownership of the commodities. Where with such permission of the Bank the commodities is sold or disposed off by the Borrower, the value of such produce sold shall be paid forthwith to the Bank towards repayment of the Facility. b) It shall be the duty of the Borrower to safeguard and diligently manage the commodities and do everything that is necessary to preserve, protect and maintain the quality of the commodities Whenever required by the Bank, the Borrower shall do everything necessary for transferring to and effectively vesting in the Bank or any of its officers or nominees titled to the commodities. The Borrower shall keep the Bank informed of the true condition of the commodities. c) The Borrower hereby expressly undertakes to hold the commodities in trust for and as agent of the Bank until full repayment of all the balance due to the Bank including interest, cost and expenses of the bank. The Borrower(s) further agrees to deal with and dispose of the Commodities in the manner instructed by and under the supervision and control of the Bank, its agents, officers or nominees. d) The Borrower shall insure/ensure insurance of the commodities as may be required by the Bank against loss or damage by fire and other risks as may be required by the Bank and shall bear all costs, expenses, charges, levies, taxes, fees etc. payable in connection with the commodities, their storage in the warehouse/godown, insurance thereof, provision of security and/or the taking of any action for protection/preservation thereof, protection of the Bank’s interest therein, as also all costs, expenses and charges payable in connection with the enforcement of the commodities and sale thereof. In the event the Bank is required to pay any amounts in this regard the same shall form part of the Balance due to the Bank and the borrower(s) shall promptly reimburse the said amounts to the Bank on receipt of notice in this regard. Any such insurance shall be in the name of the Bank/ assigned to the Bank as required by the Bank. It shall be also lawful for but not obligatory upon the Bank to insure the commodities by debit to the Borrower's account. The proceeds of any such insurance shall, at the discretion of the Bank either applied towards replacement of the commodities or towards the satisfaction of the balance due to the Bank. e) The Borrower hereby declares and confirms that the commodities are free from encumbrances and has not been offered/does not constitute security for any loan /advance availed by the Borrower from any other person or institution. f) The Borrower shall be responsible for the quantity and quality of the commodities as also for the correctness of any statements/documents furnished to the Bank in connection with the commodities, as also for any loss, damage, shortage or deterioration of the commodities owing to any cause whatsoever. The Borrower agrees that the Bank shall not be held liable of any loss, damage or depreciation of the said commodities or any additions substitutions that may be made there to undergo while in possession nor shall the Bank aforesaid be held liable in case of theft, burglary, loss by fire, floods, earthquakes, enemy, warfare civil commotion and riots and the like and authority herein contained in favor of the Bank to enable them to sell and transfer the said property, goods, documents, securities etc., is hereby declared to be irrevocable during the currency thereto, and the Borrower hereby consents that the terms and conditions herein before stipulated shall apply notwithstanding the Borrower accounts with the said Bank at any of their offices any be bought to credit or the credit given fully exhaust and notwithstanding any settlement of account and the Borrower hereby admit that the Bank’s rules of Business have been read by/read over and explained to the Borrower and all the borrower transactions with the said Bank shall be governed by those rules howsoever they may be changed, altered or modified or added to from time to time. g) The Borrower shall punctually pay all outgoing/ charges in respect of the said commodities and of the premises wherein the commodities is stored. h) The Bank and its officers or authorized persons shall be entitled at anytime or from time to time, without notice to the Borrower but at the Borrower’s risks and expenses and if so required as attorneys of Borrower(s) for and in the name of Borrower, to enter and remain at any place or places where the commodities shall be and to inspect and take inventories and or to take possession of, recover and receive the commodities or appoint any receiver/s of the commodities and or to sell by public auction or private contract or otherwise dispose off or deal with all or any part of commodities and to enforce, realize settle, compromise and deal with any of the rights aforesaid without being bound to exercise any of these powers or being liable for any loss in the exercise thereof and without the Bank’s rights and remedies of suit against the Borrower and to apply the net proceeds of such sale/s in or towards the liquidation of the balance due to the Bank and the Borrower hereby agrees to accept the Bank’s account regarding sale/s and or realizations as final and to pay any shortfall or deficiency therein shown. i) The Bank shall at all times have a paramount charge, lien and right of set off on all monies, securities, deposits and other assets and properties belonging to the Borrower with the Bank. Without prejudice to any other rights available to the Bank, the Bank shall be entitled to set off, adjust or otherwise appropriate any of the aforesaid monies, securities deposits or any other assets and properties towards payment or liquidation of any other monies which are due or may become due from the Borrower whether solely or jointly with any other person(s) as Principal Borrower or as Guarantor. j) The Borrower has paid and undertakes to pay in future all rents, insurance and all other charges regularly to the warehousing corporation without allowing the charges to fall in arrears. In the event of the failure of the Borrower to pay the same, the Borrower authorizes the Bank to pay the same along with interest on the Borrower's behalf by debiting the current/ savings/ cc/ loan account as the case may be. k) The Borrower shall adhere to the rules and regulations stipulated in the WDRA/MCX and shall ensure compliance with the provisions of WDR Act/Security Contract Act including amendments thereof from time to time l) The Borrower has paid and undertakes to pay in future all rents, insurance and all other charges regularly to the warehousing corporation/private warehouses/godowns without allowing the charges to fall in arrears. In the event of the failure of the Borrower to pay the same, the Borrower authorizes the Bank to pay the same along with interest on the Borrower's behalf by debiting the current/ savings/ cc/ loan account as the case may be.

Dealing with the Commodities. a) The Borrower shall not, without previous permission in writing of the Bank, sell or otherwise part with the possession/ownership of the commodities. Where with such permission of the Bank the commodities is sold or disposed off by the Borrower, the value of such produce sold shall be paid forthwith to the Bank towards repayment of the Facility. b) It shall be the duty of the Borrower to safeguard and diligently manage the commodities and do everything that is necessary to preserve, protect and maintain the quality of the commodities Whenever required by the Bank, the Borrower shall do everything necessary for transferring to and effectively vesting in the Bank or any of its officers or nominees titled to the commodities. The Borrower shall keep the Bank informed of the true condition of the commodities. c) The Borrower hereby expressly undertakes to hold the commodities in trust for and as agent of the Bank until full repayment of all the balance due to the Bank including interest, cost and expenses of the bank. The Borrower(s) further agrees to deal with and dispose of the Commodities in the manner instructed by and under the supervision and supervisionand control of the Bank, its agents, officers or nominees. d) The Borrower shall insure/ensure insurance of the commodities as may be required by the Bank against loss or damage by fire and other risks as may be required by the Bank and shall bear all costs, expenses, charges, levies, taxes, fees etc. payable in connection with the commodities, their storage in the warehouse/godown, insurance thereof, provision of security and/or the taking of any action for protection/preservation thereof, protection of the Bank’s interest therein, as also all costs, expenses and charges payable in connection with the enforcement of the commodities and sale thereof. In the event the Bank is required to pay any amounts in this regard the same shall form part of the Balance due to the Bank and the borrower(s) shall promptly reimburse the said amounts to the Bank on receipt of notice in this regard. Any such insurance shall be in the name of the Bank/ assigned to the Bank as required by the Bank. It shall be also lawful for but not obligatory upon the Bank to insure the commodities by debit to the Borrower's account. The proceeds of any such insurance shall, at the discretion of the Bank either applied towards replacement of the commodities or towards the satisfaction of the balance due to the Bank. e) The Borrower hereby declares and confirms that the commodities are free from encumbrances and has not been offered/does not constitute security for any loan /advance availed by the Borrower from any other person or institution. f) The Borrower shall be responsible for the quantity and quality of the commodities as also for the correctness of any statements/documents furnished to the Bank in connection with the commodities, as also for any loss, damage, shortage or deterioration of the commodities owing to any cause whatsoever. The Borrower agrees that the Bank shall not be held liable of any loss, damage or depreciation of the said commodities or any additions substitutions that may be made there to undergo while in possession nor shall the Bank aforesaid be held liable in case of theft, burglary, loss by fire, floods, earthquakes, enemy, warfare civil commotion and riots and the like and authority herein contained in favor of the Bank to enable them to sell and transfer the said property, goods, documents, securities etc., is hereby declared to be irrevocable during the currency thereto, and the Borrower hereby consents that the terms and conditions herein before stipulated shall apply notwithstanding the Borrower accounts with the said Bank at any of their offices any be bought to credit or the credit given fully exhaust and notwithstanding any settlement of account and the Borrower hereby admit that the Bank’s rules of Business have been read by/read over and explained to the Borrower and all the borrower transactions with the said Bank shall be governed by those rules howsoever they may be changed, altered or modified or added to from time to time. g) The Borrower shall punctually pay punctuallypay all outgoing/ charges in respect of the said commodities and of the premises wherein the commodities is stored. h) The Bank and its officers or authorized persons shall be entitled at anytime or from time to time, without notice to the Borrower but at the Borrower’s risks and expenses and if so required as attorneys of Borrower(s) for and in the name of Borrower, to enter and remain at any place or places where the commodities shall be and to inspect and take inventories and or to take possession of, recover and receive the commodities or commoditiesor appoint any receiver/s of the commodities and or to sell by public auction or auctionor private contract or otherwise dispose off or deal with all or any part of commodities and to enforce, realize settle, compromise and deal with any of the rights aforesaid without being bound to exercise any of these powers or being liable for any loss in the exercise thereof and without the Bank’s rights and remedies of suit against the Borrower and to apply the net proceeds of such sale/s in or towards the liquidation of the balance due to the Bank and the Borrower hereby agrees to accept the Bank’s account regarding sale/s and sand or realizations as final and to pay any shortfall or deficiency therein shown. i) The Bank shall at all times have a paramount charge, lien and right of set off on all monies, securities, deposits and other assets and properties belonging to the Borrower with the Bank. Without prejudice to any other rights available to the Bank, the Bank shall be entitled to set off, adjust or otherwise appropriate any of the aforesaid monies, securities deposits or any other assets and properties towards payment or liquidation of any other monies which are due or may become due from the Borrower whether solely or jointly with any other person(s) as Principal Pri ncipal Borrower or as Guarantor. j) The Borrower has paid and undertakes to pay in future all rents, insurance and all other charges regularly to the warehousing corporation without allowing the charges to fall in arrears. In the event of the failure of the Borrower to pay the same, the Borrower authorizes the Bank to pay the same along with interest on the Borrower's behalf by debiting the current/ savings/ cc/ loan account as the case may be. k) The Borrower shall adhere to the rules and regulations stipulated in the WDRA/MCX WDRA and shall ensure compliance with the provisions of WDR Act/Security Contract Act including amendments thereof from time to time l) The Borrower has paid and undertakes to pay in future all rents, insurance and all other charges regularly to the warehousing corporation/private warehouses/godowns without allowing the charges to fall in arrears. In the event of the failure of the Borrower to pay the same, the Borrower authorizes the Bank to pay the same along with interest on the Borrower's behalf by debiting the current/ savings/ cc/ loan account as the case may be.

Dealing with the Commodities. a) The Borrower shall not, without previous permission in writing of the Bank, sell or otherwise part with the possession/ownership of the commodities. Where with such permission of the Bank the commodities is sold or disposed off by the Borrower, the value of such produce sold shall be paid forthwith to the Bank towards repayment of the Facility. b) It shall be the duty of the Borrower to safeguard and diligently manage the commodities and do everything that is necessary to preserve, protect and maintain the quality of the commodities commodities. Whenever required by the Bank, the Borrower shall do everything necessary for transferring to and effectively vesting in the Bank or any of its officers or nominees titled to the commodities. The Borrower shall keep the Bank informed of the true condition of the commodities. c) The Borrower hereby expressly undertakes to hold the commodities in trust for and as agent of the Bank until full repayment of all the balance due to the Bank including interest, cost and expenses of the bankBank. The Borrower(s) further agrees to deal with and dispose of the Commodities in the manner instructed by and under the supervision and control of the Bank, its agents, officers or nominees. d) The Borrower shall insure/ensure insurance of the pledged commodities as may be required by the Bank against loss or damage by fire and other risks as may be required by the Bank and shall bear all costs, expenses, charges, levies, taxes, fees etc. payable in connection with the pledged commodities, their storage in the warehouse/godown, insurance thereof, provision of security and/or the taking of any action for protection/preservation thereof, protection of the Bank’s interest therein, as also all costs, expenses and charges payable in connection with the enforcement of the commodities pledge and sale thereof. In the event the Bank is required to pay any amounts in this regard the same shall form part of the Balance due to the Bank and the borrower(sBorrower(s) shall promptly reimburse the said amounts to the Bank on receipt of notice in this regard. Any such insurance shall be in the name of the Bank/ assigned to the Bank as required by the Bank. It shall be also lawful for but not obligatory upon the Bank to insure the commodities by debit to the Borrower's account. The proceeds of any such insurance shall, at the discretion of the Bank either applied towards replacement of the commodities or towards the satisfaction of the balance due to the Bank. e) The Borrower hereby declares and confirms that the commodities are free from encumbrances and has not been offered/does not constitute security for any loan /advance availed by the Borrower from any other person or institution. f) The Borrower shall be responsible for the quantity and quality of the pledged commodities as also for the correctness of any statements/documents furnished to the Bank in connection with the pledged commodities, as also for any loss, damage, shortage or deterioration of the pledged commodities owing to any cause whatsoever. The Borrower agrees that the Bank shall not be held liable of any loss, damage or depreciation of the said commodities or any additions substitutions that may be made there to undergo while in possession nor shall the Bank aforesaid be held liable in case of theft, burglary, loss by fire, floods, earthquakes, enemy, warfare civil commotion and riots and the like and authority herein contained in favor of the Bank to enable them to sell and transfer the said property, goods, documents, securities etc., is hereby declared to be irrevocable during the currency thereto, and the Borrower hereby consents that the terms and conditions herein before stipulated shall apply notwithstanding the Borrower accounts with the said Bank at any of their offices any be bought to credit or the credit given fully exhaust and notwithstanding any settlement of account and the Borrower hereby admit that the Bank’s rules of Business have been read by/read over and explained to the Borrower and all the borrower transactions with the said Bank shall be governed by those rules howsoever they may be changed, altered or modified or added to from time to time. g) The Borrower shall punctually pay all outgoing/ charges in respect of the said commodities and of the premises wherein the commodities is stored. h) The Bank and its officers or authorized persons shall be entitled at anytime or from time to time, without notice to the Borrower but at the Borrower’s risks and expenses and if so required as attorneys of Borrower(s) for and in the name of Borrower, to enter and remain at any place or places where the commodities shall be and to inspect and take inventories and or to take possession of, recover and receive the commodities or appoint any receiver/s of the commodities and or to sell by public auction or private contract or otherwise dispose off or deal with all or any part of commodities and to enforce, realize realize, settle, compromise and deal with any of the rights aforesaid without being bound to exercise any of these powers or being liable for any loss in the exercise thereof and without the Bank’s rights and remedies of suit against the Borrower and to apply the net proceeds of such sale/s in or towards the liquidation of the balance due to the Bank and the Borrower hereby agrees to accept the Bank’s account regarding sale/s and or realizations as final and to pay any shortfall or deficiency therein shown. i) The Borrower shall adhere to the rules and regulations stipulated in the WDRA/MCX and shall ensure compliance with the provisions of WDR Act/Security Contract Act including amendments thereof from time to time j) The Bank shall at all times have a paramount charge, lien and right of set off on all monies, securities, deposits and other assets and properties belonging to the Borrower with the Bank. Without prejudice to any other rights available to the Bank, the Bank shall be entitled to set off, adjust or otherwise appropriate any of the aforesaid monies, securities deposits or any other assets and properties towards payment or liquidation of any other monies which are due or may become due from the Borrower whether solely or jointly with any other person(s) as Principal Borrower or as Guarantor. j) The Borrower has paid and undertakes to pay in future all rents, insurance and all other charges regularly to the warehousing corporation without allowing the charges to fall in arrears. In the event of the failure of the Borrower to pay the same, the Borrower authorizes the Bank to pay the same along with interest on the Borrower's behalf by debiting the current/ savings/ cc/ loan account as the case may be. k) The Borrower shall adhere to the rules and regulations stipulated in the WDRA/MCX and shall ensure compliance with the provisions of WDR Act/Security Contract Act including amendments thereof from time to time l) The Borrower has paid and undertakes to pay in future all rents, insurance and all other charges regularly to the warehousing corporation/private warehouses/godowns without allowing the charges to fall in arrears. In the event of the failure of the Borrower to pay the same, the Borrower authorizes the Bank to pay the same along with interest on the Borrower's behalf by debiting the current/ savings/ cc/ loan account as the case may be.

Dealing with the Commodities. a) The Borrower shall not, without previous permission in writing of the Bank, sell or otherwise part with the possession/ownership of the commodities. Where with such permission of the Bank the commodities is sold or disposed off by the Borrower, the value of such produce sold shall be paid forthwith to the Bank towards repayment of the Facility. b) It shall be the duty of the Borrower to safeguard and diligently manage the commodities and do everything that is necessary to preserve, protect and maintain the quality of the commodities commodities. Whenever required by the Bank, the Borrower shall do everything necessary for transferring to and effectively vesting in the Bank or any of its officers or nominees titled to the commodities. The Borrower shall keep the Bank informed of the true condition of the commodities. c) The Borrower hereby expressly undertakes to hold the commodities in trust for and as agent of the Bank until full repayment of all the balance due to the Bank including interest, cost and expenses of the bankBank. The Borrower(s) further agrees to deal with and dispose of the Commodities in the manner instructed by and under the supervision and control of the Bank, its agents, officers or nominees. d) The Borrower shall insure/ensure insurance of the pledged commodities as may be required by the Bank against loss or damage by fire and other risks as may be required by the Bank and shall bear all costs, expenses, charges, levies, taxes, fees etc. payable in connection with the pledged commodities, their storage in the warehouse/godown, insurance thereof, provision of security and/or the taking of any action for protection/preservation thereof, protection of the Bank’s interest therein, as also all costs, expenses and charges payable in connection with the enforcement of the commodities pledge and sale thereof. In the event the Bank is required to pay any amounts in this regard the same shall form part of the Balance due to the Bank and the borrower(s) shall promptly reimburse the said amounts to the Bank on receipt of notice in this regard. Any such insurance shall be in the name of the Bank/ assigned to the Bank as required by the Bank. It shall be also lawful for but not obligatory upon the Bank to insure the commodities by debit to the Borrower's account. The proceeds of any such insurance shall, at the discretion of the Bank either applied towards replacement of the commodities or towards the satisfaction of the balance due to the Bank. e) The Borrower hereby declares and confirms that the commodities are free from encumbrances and has not been offered/does not constitute security for any loan /advance availed by the Borrower from any other person or institution. f) The Borrower shall be responsible for the quantity and quality of the pledged commodities as also for the correctness of any statements/documents furnished to the Bank in connection with the pledged commodities, as also for any loss, damage, shortage or deterioration of the pledged commodities owing to any cause whatsoever. The Borrower agrees that the Bank shall not be held liable of any loss, damage or depreciation of the said commodities or any additions substitutions that may be made there to undergo while in possession nor shall the Bank aforesaid be held liable in case of theft, burglary, loss by fire, floods, earthquakes, enemy, warfare civil commotion and riots and the like and authority herein contained in favor of the Bank to enable them to sell and transfer the said property, goods, documents, securities etc., is hereby declared to be irrevocable during the currency thereto, and the Borrower hereby consents that the terms and conditions herein before stipulated shall apply notwithstanding the Borrower accounts with the said Bank at any of their offices any be bought to credit or the credit given fully exhaust and notwithstanding any settlement of account and the Borrower hereby admit that the Bank’s rules of Business have been read by/read over and explained to the Borrower and all the borrower transactions with the said Bank shall be governed by those rules howsoever they may be changed, altered or modified or added to from time to time. g) The Borrower shall punctually pay all outgoing/ charges in respect of the said commodities and of the premises wherein the commodities is stored. h) The Bank and its officers or authorized persons shall be entitled at anytime or from time to time, without notice to the Borrower but at the Borrower’s risks and expenses and if so required as attorneys of Borrower(s) for and in the name of Borrower, to enter and remain at any place or places where the commodities shall be and to inspect and take inventories and or to take possession of, recover and receive the commodities or appoint any receiver/s of the commodities and or to sell by public auction or private contract or otherwise dispose off or deal with all or any part of commodities and to enforce, realize realize, settle, compromise and deal with any of the rights aforesaid without being bound to exercise any of these powers or being liable for any loss in the exercise thereof and without the Bank’s rights and remedies of suit against the Borrower and to apply the net proceeds of such sale/s in or towards the liquidation of the balance due to the Bank and the Borrower hereby agrees to accept the Bank’s account regarding sale/s and or realizations as final and to pay any shortfall or deficiency therein shown. i) The Borrower shall adhere to the rules and regulations stipulated in the WDRA and shall ensure compliance with the provisions of WDR Act including amendments thereof from time to time j) The Bank shall at all times have a paramount charge, lien and right of set off on all monies, securities, deposits and other assets and properties belonging to the Borrower with the Bank. Without prejudice to any other rights available to the Bank, the Bank shall be entitled to set off, adjust or otherwise appropriate any of the aforesaid monies, securities deposits or any other assets and properties towards payment or liquidation of any other monies which are due or may become due from the Borrower whether solely or jointly with any other person(s) as Principal Borrower or as Guarantor. j) The Borrower has paid and undertakes to pay in future all rents, insurance and all other charges regularly to the warehousing corporation without allowing the charges to fall in arrears. In the event of the failure of the Borrower to pay the same, the Borrower authorizes the Bank to pay the same along with interest on the Borrower's behalf by debiting the current/ savings/ cc/ loan account as the case may be. k) The Borrower shall adhere to the rules and regulations stipulated in the WDRA/MCX and shall ensure compliance with the provisions of WDR Act/Security Contract Act including amendments thereof from time to time l) The Borrower has paid and undertakes to pay in future all rents, insurance and all other charges regularly to the warehousing corporation/private warehouses/godowns without allowing the charges to fall in arrears. In the event of the failure of the Borrower to pay the same, the Borrower authorizes the Bank to pay the same along with interest on the Borrower's behalf by debiting the current/ savings/ cc/ loan account as the case may be.

Dealing with the Commodities. a) The Borrower shall not, without previous permission in writing inwriting of the Bank, sell or otherwise part with the possession/ownership of the commodities. Where with such permission of the Bank the commodities is sold or disposed off by the Borrower, the value of such produce sold shall be paid forthwith to the Bank towards repayment of the Facility. b) It shall be the duty of the Borrower to safeguard and diligently manage the commodities and do everything that is necessary to preserve, protect and maintain the quality of the commodities commodities. Whenever required by the Bank, the Borrower shall do everything necessary for transferring to and effectively vesting in the Bank or any of its officers or nominees titled to the commodities. The Borrower shall keep the Bank informed of the true condition of the commodities. c) The Borrower hereby expressly undertakes to hold the commodities in trust for and as agent of the Bank until full repayment of all the balance due to the Bank including interest, cost and expenses of expensesof the bankBank. The Borrower(s) further agrees to deal with and dispose of the Commodities in the manner instructed by and under the supervision and control of the Bank, its agents, officers or nominees. d) The Borrower shall insure/ensure insurance of the pledged commodities as may be required by the Bank against loss or damage by fire and other risks as may be required by the Bank and shall bear all costs, expenses, charges, levies, taxes, fees etcfeesetc. payable in connection with the withthe pledged commodities, their storage in the warehouse/godown, insurance thereof, provision of security and/or the taking of any action for protection/preservation thereof, protection of the Bank’s interest therein, as also all costs, expenses and charges payable in connection with the enforcement of the commodities pledge and sale thereof. In the event the Bank is required to pay any amounts in this regard the same shall form part of the Balance due to the Bank and the borrower(s) shall promptly reimburse promptlyreimburse the said amounts to the Bank on receipt of notice in this regardthisregard. Any such insurance shall be in the name of the Bank/ assigned to the Bank as required by the Bank. It shall be also lawful for but not obligatory upon the Bank to insure the commodities by commoditiesby debit to the Borrower's account. The proceeds of any such insurance shall, at the discretion of the Bank either applied towards replacement of the commodities or towards the satisfaction of the balance due to the Bank. e) The Borrower hereby declares and confirms that the commodities are free from encumbrances and has not been offered/does not constitute security for any loan /advance availed by the Borrower from any other person or institution. f) The Borrower shall be responsible for the quantity and quality of quantityand qualityof the commodities as pledged commoditiesas also for the correctness of any statements/documents furnished to the Bank in connection with the pledged commodities, as also for any loss, damage, shortage or deterioration of the pledged commodities owing to any cause whatsoever. The Borrower agrees that agreesthat the Bank shall not be held liable heldliable of any loss, damage or depreciation of the said commodities or any additions substitutions that may be made there to undergo while in possession nor shall the Bank aforesaid be held liable in case of theft, burglary, loss by fire, floods, earthquakes, enemy, warfare civil commotion and riots and the like and authority herein contained in favor of the Bank to enable them to sell and transfer the said property, goods, documents, securities etc., is hereby declared to be irrevocable during the currency thereto, and the Borrower hereby consents that the terms and conditions herein before stipulated shall apply notwithstanding the Borrower accounts with the said Bank at any of their offices any be bought to credit or the credit given fully exhaust and notwithstanding any settlement of account and the Borrower hereby admit that the Bank’s rules of Business have been read by/read over and explained to the Borrower and all the borrower transactions with the said Bank shall be governed by governedby those rules howsoever they may be changed, altered or modified or added to from time to time. g) The Borrower shall punctually pay all outgoing/ charges in respect of the said commodities and of the premises wherein the commodities is stored. h) The Bank and its officers or authorized persons shall be entitled at anytime or from time to time, without notice to the Borrower but at the Borrower’s risks and expenses and if so required as attorneys of Borrower(s) for and in the name of Borrower, to enter and remain at any place or places where the commodities shall be and to inspect and take inventories and or to take possession of, recover and receive the commodities or appoint any receiver/s of the commodities and or to sell by public auction or private contract or otherwise dispose off or deal with all or any part of commodities and to enforce, realize realize, settle, compromise and deal with any of the rights aforesaid without being bound to exercise any of these powers or being liable for any loss in the exercise thereof and without the Bank’s rights and remedies of suit against the Borrower and to apply the net proceeds of such sale/s in or towards the liquidation of the balance due to the Bank and the Borrower hereby agrees to accept the Bank’s account regarding sale/s and or realizations as final and to pay any shortfall or deficiency therein shown. i) The Borrower shall adhere to the rules and regulations stipulated in the WDRA and shall ensure compliance with the provisions of WDR Act including amendments thereof from time to time j) The Bank shall at all times have a paramount charge, lien and right of set off on all monies, securities, deposits and other assets and properties belonging to the Borrower with the Bank. Without prejudice Withoutprejudice to any other rights available to the Bank, the Bank shall be entitled to set off, adjust or otherwise appropriate any of the aforesaid monies, securities deposits or any other assets and properties towards payment or liquidation of any other monies which are due or may become be come due from the Borrower whether solely or jointly with any other person(s) as Principal Borrower or as Guarantor. j) The Borrower has paid and undertakes to pay in future all rents, insurance and all other charges regularly to the warehousing corporation without allowing the charges to fall in arrears. In the event of the failure of the Borrower to pay the same, the Borrower authorizes the Bank to pay the same along with interest on the Borrower's behalf by debiting the current/ savings/ cc/ loan account as the case may be. k) The Borrower shall adhere to the rules and regulations stipulated in the WDRA/MCX and shall ensure compliance with the provisions of WDR Act/Security Contract Act including amendments thereof from time to time l) The Borrower has paid and undertakes to pay in future all rents, insurance and all other charges regularly to the warehousing corporation/private warehouses/godowns without allowing the charges to fall in arrears. In the event of the failure of the Borrower to pay the same, the Borrower authorizes the Bank to pay the same along with interest on the Borrower's behalf by debiting the current/ savings/ cc/ loan account as the case may be.