Events of Default and consequences. 1. The Borrower shall be deemed to have committed an act of default if the Borrower commits breach of any of the terms of this Agreement and also on the happening of any one or more of the following events, (each an "Event of Default" and collectively ‘Events of Default’):
a. It is found that the Borrower commits a default of any of the terms and conditions in respect of any other loan or facility provided by the Lender and/or any member of the group of which the Lender is a part of and/or a default by the Borrower of any of the terms and conditions of loan sanctioned by any other lender.
b. There exists any circumstance in which the opinion of the Lender prejudicially affects or may affect the Lender’s interest or the Borrower's ability to repay the Loan.
c. The Repayment Instruments are not honored or if the borrower puts a stop payment on any cheques/NACH mandate given by him to the lender at time of loan signing.
d. If the Borrower is declared insolvent or bankrupt or if a liquidator is appointed in respect of any property or estate of the Borrower or if the Borrower makes any application for insolvency or if an application for insolvency is made against the Borrower.
e. Demise of the Borrower or the student or if the Borrower compounds with his/her creditors or permits any attachment or sequestrations or other process against any of his/her assets or properties.
f. The Borrower fails to furnish any information or documents required by the Lender.
g. If any proceedings are pending or threatened against the Borrower or the student (if any) for any non-compliance with Applicable Law or any rules, regulations or code of conduct, etc. of the Educational Institute or if the student is removed from the Educational Institute for cause or the admission of the student is withdrawn with or without cause.
6. The Lender shall have the following remedies without prejudice to the other rights and remedies under this Agreement, in law or in equity, on the occurrence of an Event of Default (all of which may be exercised by the Lender in the manner it deems fit):
a. The Lender shall be entitled to recover the Bank charges of the Repayment Instrument(s), Default Interest and any other penal charges from the Borrower as mentioned in the Second Schedule.
b. The Lender by a notice in writing to the Borrower, may declare the principal of and all interest accrued on the Loan under or in terms of this Agreement, as well as other charges and dues due for immediate payment and ...
Events of Default and consequences. 9.1 Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events:
(i) Promoter fails to provide ready to move in possession of the Unit to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects;
(ii) Discontinuance of the Promoter’s business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
9.2 In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following:
(i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot].
9.3 The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) In case the Allottee fails to make payments for consecutive demandmade by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules.
(ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. Provided that the Promoter shall intim...
Events of Default and consequences. Each of the following events shall be considered as an event of default (“Events of Default”):
Events of Default and consequences. In event of:
(i) the Company failing to redeem the Non Convertible Debentures on being called upon to do so, pursuant to the terms and conditions under which the Non Convertible Debentures are issued or otherwise and/or failing to pay interest, costs, charges, expenses or other sum whatsoever in accordance with the terms and conditions of this Agreement and/or
(ii) the Company committing breach of the covenants and conditions of this Agreement and/or any of the provisions of this Agreement and/or
(iii) any statement, representation, warranty or confirmation on the part of any of the Company being found to be incorrect or untrue and/or
(iv) there exists circumstances which in the opinion of the Investor prejudicially affects or may affect the Investor's interest or the Company's ability to redeem the Non Convertible Debentures or pay any amount to the Investor and/or
(v) the Company is in breach of the terms and conditions of issue of the Non Convertible Debentures, including without limitation failure to pay the interest on the Non Convertible Debentures on the date(s) that it is due and/or
(vi) there is a change in ownership, management and/or control of the Company including without limitation any change in the chief executive officer or the managing director, by whatever name called and/or
(vii) the Company receives a notice from any person threatening winding up action against the Company and/or
(viii) a meeting is called by the creditors/members of the Company for the purpose of passing any resolution for winding up of the company and/or
(ix) any proceedings are filed in a Court of law, where the relief that is asked is, inter alia the winding up of the Company and/or
(x) any other event / material change which prejudicially alters the Investor's interest Securities and/or
(xi) any information provided to the Investor by the Company is found to be false, untrue or incorrect and/or
(xii) the Subscription Amount is utilized for any purpose other than the purpose(s) enumerated in this Agreement and/or
(xiii) if the Company receives notice of any application for winding up having been made or of any statutory notice of winding up under the provisions of the Companies Act, 1956, or any other notice under or in respect of any other legal process filed or intended to be filed or initiated against the Company or if a custodian, liquidator or receiver is appointed of any of its properties, business or undertaking and/or
(xiv) any labour strikes, lockouts, shut...
Events of Default and consequences a. Subject to the other terms and conditions herein, the Promoter shall be considered under a condition of Default, only in the following events (save and except any of them arising owing to Force Majeure):
(i) The Promoter fails to provide the possession of the Unit to the Allottee on or before the Date of Possession or the Revised Date of Possession (as the case may be) or fails to complete the Project on or before the Time Schedule of Completion or the Revised Time Schedule of Completion.
(ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder.
b. In case of default by the Promoter under the conditions listed above, the Allottee shall be entitled to the following:
(i) Stop making further payments to Promoter as demanded by the Promoter for the construction milestone that is not achieved by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any interest; or
(ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee towards the purchase of the apartment, along with interest at the rate prescribed in the Rules within forty-five days of receiving the termination notice, subject to registration of cancellation agreement and subject to deduction as agreed herein. Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be entitled to Compensation as agreed herein.
c. In case the Promoter is forced to discontinue the construction of the said Unit and/ or Project (entire or part) due to force majeure reasons and/ or due to operation of any law or statutory order or otherwise, then the Promoter shall be liable to refund the amounts paid by the Allottee(s) without any liability towards interest or compensation or loss of profit or costs or damages, subject to deduction of applicable taxes and other outgoings, within 6 (six) months from the happening of such eventuality.
d. The Allottee shall be considered under a condition of Default, on the occurrence of the following events:
(i) The Allottee(s) fails to make timely payments of the outstanding, amounts due and payable (including the Allottee(s)’s proportionat...
Events of Default and consequences. 9.1 Subject to the provisions of Clause 8.1 (Force Majeure), the Developer shall be considered to be in default, in the following events:
9.1.1 The Developer fails to provide ready to move in possession of the Unit And Appurtenances to the Purchaser within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the Unit shall be in a habitable condition which is complete in all respects;
Events of Default and consequences. (a) Each of the following events or occurrences shall constitute an "Event of Default" hereunder:
(i) Any representation or warranty made or deemed made by the Company under or in connection with this Financing Agreement, the Purchase Agreement or any certification or document delivered hereunder or thereunder, shall prove to have been incorrect in any material respect when made;
(ii) The Company (i) fails to make any payment when due hereunder, which failure continues for thirty (30) days after notice thereof, or (ii) fails to perform or observe any other material term, covenant or agreement contained in the Purchase Agreement or this Financing Agreement, which failure, in the case of (ii), continues for ten (10) days after notice, or (iii) fails to pay under any loans (other than under this Financing Agreement) in an amount in excess of $500,000 in the aggregate, such amount remaining unpaid for a continuous period of thirty (30) days from the respective due date thereof;
(iii) The Company admits in writing its inability to pay its debts as they become due or makes a general assignment for the benefit of creditors; or any proceeding is instituted by or against the Company seeking to adjudicate it as bankrupt or insolvent or seeking reorganization, arrangement, adjustment, or composition of it or its debt under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking appointment of a receiver, trustee or other similar official for it or for any substantial part of its property, other than an action instituted by a party other than the Company which is dismissed within 60 days of it inception, or, based upon an opinion provided by Pakistani counsel, acceptable to MCC, is shown in good faith to be a frivolous action, unlikely to succeed, or the Company takes any corporate action to authorize any of the actions set forth above in this subsection (iii);
(iv) Any governmental authority or any Person acting or proposing to act under governmental authority takes any action to condemn, seize or appropriate, or to assume custody or control of all or any substantial part of the properties of the Company, takes any action against the Company or otherwise to suspend, seize or assume control of the License, or takes any action to displace the management of the Company or to curtail its authority in the conduct of its business;
(v) The License is for any reason, (i) revoked or suspended for a period of more than thirty (30) days or ...
Events of Default and consequences. 12.1 Each of the following events constitutes an “Event of Default” where they may give rise to a legal, reputational or security risk. In this Clause, where you act on behalf of an Underlying Principal, the term "you" shall mean you acting as agent on behalf of your Underlying Principal and on your own behalf.
(a) you fail to perform or meet any of your material obligations under the Terms of Business or any Transaction Document with us, including without limitation, your failure to pay or deliver property or to comply with any covenant or undertaking;
(b) the occurrence of an event of default, termination event or other similar event under any Transaction Document including without limitation any structured product agreements, swap agreements or stock lending and borrowing agreements;
(c) any representation, warranty or statement made by or treated as made or given by you to CLSA or any member of the CLSA Group was incorrect or misleading in any material respect at the time it was made or given or treated as made or given;
(d) you or your holding companies (collectively referred to as “Your Group”) becomes insolvent or take any action or proceedings, or has action or proceedings taken against it for its winding-up, bankruptcy, dissolution, administration or re-organisation (whether by voluntary arrangement, scheme of arrangement or otherwise) or
(e) Your Group seeks or becomes subject to the appointment of a liquidator, receiver, administrator, administrative receiver, custodian, trustee or similar officer for it or for all or any of your revenues and assets;
(f) in the case of individual clients or the partners in a partnership client, a petition for bankruptcy is filed by or against you or in the event of your death or judicial declaration of incompetence;
(g) any attachment is levied against any of your assets, monies including without limitation the account(s) you hold with us, or any product subject to a transaction relating to an account;
(h) you have a secured party take possession of all or substantially all your assets and has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all your assets; we consider it reasonably necessary or desirable for our own protection or an event occurs which we reasonably believe might have a material adverse effect on your ability to perform or comply with your material obligations hereunder; there is a transfer of all or substantiall...
Events of Default and consequences. 9.1 Subject to any Force Majeure event, the Promoter shall be considered to be in default, in the following events:
9.1.1 The Promoter fails to provide possession of the usable Plot to the Allottee within the time period mentioned in Clause 7.1 or fails to complete the Project within the stipulated time disclosed at the time of registration of the Project with the Authority. For the purpose of this clause, ‘usable’ shall mean that the Plot shall be in a usable condition which is developed in all respects including the provision of all amenities and facilities, as agreed to among the Parties;
Events of Default and consequences i) The parties agree and acknowledge that in place and stead of the Booking Amount as provided in Clause 9.3 (ii) hereinabove the Promoter shall be liable to forfeit the Cancellation Charges and in addition to the Cancellation Charges the Promoter shall forfeit GST payable on such cancellation charges and the balance amount of money paid by the Allottees shall, subject to proviso below, be returned by the Promoter to the Allottees within 12 (twelve) months of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution and registration of the Deed of Cancellation. Provided further that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottees shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.
