Enforcement of Security Interest. If the Customer defaults in the timely performance of any obligation owed to the Supplier, the Supplier may enforce the Security Interest by exercising all or any of its rights under these conditions of sale, the general law and the PPSA. To the extent that Chapter 4 of the PPSA would otherwise apply to an enforcement by the Supplier of the Security Interest, the Customer and the Supplier agree that the following provisions of the PPSA do not apply: (i) to the extent that s 115(1) of the PPSA allows them to be excluded: ss 95, 118, 121(4), 125, 130, 132(3)(d), 132(4), 135, 138B(4), 142 and 143; and (ii) in addition, to the extent that section 115(7) of the PPSA allows them to be excluded: ss 127, 129(2) and (3), 132, 134(2), 135, 136(5) and 137.
Enforcement of Security Interest. In the event of uncured breach by Recipient, the Trust shall be entitled to exercise any rights or remedies under any Security Agreement or Collateral Assignment it may have to secure Recipient’s performance of this Agreement.
Enforcement of Security Interest. 16.1 In the event of any default in the payment of installments, violation of the terms and conditions of the Agreement, the Lender may take all or any of the legal action herein referred and/ or before all the forums and also invoke its remedies available under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Xxxxxxxx Xxx, 0000 (XXXXXXXX Xxx) applicable in respect of the recovery of non-performing asset. The Lender is entitled to recover and dispose the Secured Asset as per the SARFAESI Act. The lender is further entitled to recover the balance dues if any after disposal of the Secured Asset.
16.2 The Borrower and Guarantor expressly recognize and accept that the Lender shall be absolutely entitled and have full power and authority to sell, assign or transfer in any manner, in whole or in part, and in such manner and on such terms as the Lender may decide, to any third party of the Lender’s choice without reference to or without written intimation to the Borrower and Guarantor. This includes reserving the right to the Lender to retain its power hereunder to proceed against the Borrower and Guarantor on behalf of the purchaser, assignee or transferee, for any or all outstanding dues of the Borrower and Guarantor. Any such action and any such sale, assignment or transfer shall bind the Borrower and Guarantor to accept such third party as creditor exclusively or as a joint creditor with the Lender, or as creditor exclusively with the right to the Lender to continue to exercise all powers hereunder on behalf of such third party and to pay over such outstanding amounts and dues to such third party and/or to the Lender as the Lender may direct. The Borrower and Guarantor acknowledge and undertake to pay to third parties the difference between the total loan amount and the amount received by the Lender, in the event of transfer of the portfolio to a third party. The third party shall have authority of the Lender to collect the due amounts.
Enforcement of Security Interest. (1) The Customer undertakes to:
(a) promptly do all things, sign any further documents and/or provide any information which the Supplier may reasonably require to enable the Supplier to perfect and maintain the perfection of its Security Interest (including by registration of a financial statement); and
(b) give the Supplier (addressed to Credit Services or equivalent) not less than 14 days prior written notice of any proposed change in the Customer’s name and/or any other change in the Customer’s details (including, but not limited to, changes in the Customer’s address, facsimile number, trading name or business practice).
(2) The Customer waives its right to receive a verification statement in respect of any financing statement relating to the Security Interest.
(3) If the Customer defaults in the timely performance of any obligation owed to the Supplier, the Supplier may enforce the Security Interest by exercising all or any of its rights under these conditions of sale, the general law and the PPSA. To the extent that Part 9 of the PPSA would otherwise apply to an enforcement by the Supplier of the Security Interest, and to the extent of law, the Customer and the Supplier agree that 114(1)(a) of the PPSA do not apply, furthermore the Customer waives its rights as referred to sections 107(2)(c), (d) and (h) of the PPSA
Enforcement of Security Interest. The Security Interest shall become and be immediately enforceable at any time that an Event of Default shall have occurred and be continuing.
Enforcement of Security Interest. 3.1 The Subordinating Creditor shall have no right to take any action with respect to the Senior Creditor Collateral, whether by judicial or non-judicial foreclosure, recordation or enforcement of mechanics liens, notification to the Debtor’s Account Debtors, the seeking of the appointment of a receiver for any portion of the Debtor’s assets, setoff, or otherwise, unless and until all Senior Creditor Obligations have been fully and indefeasibly paid.
3.2 If the Subordinating Creditor, in contravention of the terms of this Agreement, shall commence, prosecute, or participate in any suit, action, or proceeding against the Debtor or initiate any foreclosure sale or proceeding or any other action to enforce its lien on any of the Senior Creditor Collateral, then the Debtor may interpose as a defense or plead the making of this Agreement, and the Senior Creditor may intervene and interpose such defense or plea in its name or in the name of the Debtor. If the Subordinating Creditor, in contravention of the terms of this Agreement, shall attempt to enforce any remedies prohibited by this Agreement, then the Senior Creditor or the Debtor may, by virtue of this Agreement, restrain the enforcement thereof in the name of the Senior Creditor or in the name of the Debtor.
3.3 If Senior Creditor, pursuant to the rights granted to the Senior Creditor under the terms of this Agreement or applicable law, shall dispose of any or all of the Senior Creditor Collateral such disposition shall be deemed commercially reasonable if, in the written opinion of three (3) commercial loan officers with three (3) or more years of workout experience each, the manner of the disposition is not inconsistent with the manner in which such commercial loan officers would have handled the disposition.
Enforcement of Security Interest. (a) In the event of any default in the payment of Instalments, violation of the terms and conditions of this Agreement, the Bank shall be at liberty to take all or any of the legal action before all the forums and also enforce the security interest created by the Borrower(s) by invoking the provisions including but not limited to the provisions under the SARFAESI Act applicable in respect of the Non-Performing Asset.
(b) The Borrower(s) and Co-Borrower(s) expressly recognize and agree that the Bank shall be absolutely entitled and have full power and authority to sell, assign or transfer in any manner, in whole or in part, and in such manner and on such terms as the Bank may decide, to any third party of the Bank’s choice without reference to or without written intimation to the Borrower(s) and Co-Borrower(s). This includes reserving the right of the Bank to retain its power hereunder to proceed against the Borrower(s) and Co – Borrower(s) on behalf of the purchaser, assignee or transferee, for any or all outstanding dues payable by the Borrower(s). Any such action and any such sale, assignment or transfer shall bind the Borrower(s) and Co-Borrower(s) to accept such third party as creditor exclusively or as a joint creditor with the Bank, or as creditor exclusively with the right to the Bank to continue and exercise all powers hereunder on behalf of such third party and to pay over such outstanding amounts and dues to such third party and/or to the Bank as the Bank may direct. The Borrower(s) and Co-Borrower(s) acknowledge and undertake to pay to third parties the difference between the total loan amount and the amount received by the Bank. In the event of such transfer of the portfolio to a third party, the third party shall have authority of the Bank to collect the due amounts.
Enforcement of Security Interest. (a) To the extent the law permits, Arrow VD need not comply with, and the Customer may not exercise rights under, any provisions of Chapter 4 of the PPSA that may be contracted out of.
(b) If Arrow VD exercises a right, power or remedy in connection with this Agreement or a security interest that it provides for, that exercise is taken not to be an exercise of a right, power or remedy under the PPSA unless Arrow VD states otherwise at the time of exercise. However, this clause does not apply to a right, power or remedy which can only be exercised under the PPSA.
Enforcement of Security Interest. (i) Upon the occurrence of Event of Default and during its continuance, the Lender or its nominees may, without further authority and without prejudice to its other rights under any Law(s) and under or pursuant to this Agreement and after providing notice, enforce any or all of the Security, at the cost of the Borrower, and may apply the net proceeds of such enforcement towards the payment of the Outstanding Amounts in accordance with the Agreement. The enforcement of Security shall not discharge or relieve the Borrower of its obligations to the Lender under this Agreement, and shall be without prejudice to any other right and/or remedy that the Lender may have at equity or in Law including right under SARFAESI Xxx 0000 or any other corresponding Law.
(ii) The Borrower confirms that the Lender is authorized to give a good discharge for any moneys received by it pursuant to the exercise of its power of enforcement and any third party shall not be bound to enquire whether the power of enforcement has arisen as herein provided.
Enforcement of Security Interest. Upon the occurrence of Event of Default and during its continuance, the Lender or its nominees may, without further authority and without prejudice to its other rights under any Applicable Law and under or pursuant to this Facility Agreement and after providing notice, enforce any or all of the Security, at the cost of the Borrower, and may apply the net proceeds of such enforcement towards the payment of the outstanding amounts in accordance with the Facility Agreement. The Lender may also enforce the Security provided by the Borrower, for any other facility availed by the Borrower from the Lender. However, if the enforcement of Security does not cover the full amount of the Financial Indebtedness of the Borrower, the Borrower agrees to pay to the Lender forthwith at the Lender’s demand such amount as will make up the shortfall.
