EVENTS OF DEFAULT AND CONSEQUENCES THEREOF. 11.1. The occurrence of any one or more of the following events shall constitute an Event of Default under this Agreement: (i) Failure by the Borrower in payment when due of any principal, interest, commission, fee, costs or any other amounts under the Transaction Documents, to which it is a party, on the respective Due Dates at the place and in the currency expressed to be payable in such Transaction Documents. (ii) Failure by any of the Obligors to comply with any provision of the Transaction Documents or in the performance of any of its obligations as stated therein or breach of any undertakings or covenants under the Transaction Documents. (a) The Obligors or any of its/ their default in the payment of any amounts due (whether by scheduled maturity, required prepayment or acceleration) under any agreement or contract (other than under the Transaction Documents) to any of its/ their creditors; or (b) Any Obligor (i) is unable to pay its debts when due, or (ii) admits in writing its inability to pay its debts as they mature, or (iii) stops, suspends or threatens to stop or suspend payment of all or any part of its debts, or (iv) begins negotiations or takes any proceeding or other step with a view to rescheduling or deferral of any part of its debts (including moratorium of any indebtedness) or (v) proposes or make a general assignment or an arrangement or composition with or for the benefit of its creditors generally or any group or class thereof, or (vi) files a petition for suspension of payments or other relief of debtors in respect of or affecting all or any part of its debt; (iv) Any representation, warranty or statement made or repeated in, or in connection with the Transaction Documents or any of the transactions contemplated thereunder, or in any accounts, certificate, statement, opinion or the information delivered by or on behalf of the Borrower hereunder or thereunder or in connection herewith or therewith is incorrect in any material respect when made or deemed to be repeated. The Borrower shall promptly on becoming aware of any misrepresentation as provided herein above notify the Bank of such misrepresentation and the steps taken to remedy the same; (v) Failure by the Obligors to pay one or more amounts due under any judgments or decrees which shall have been entered against it unless such judgment or decree is appealed against within the time period prescribed by law and stayed by a court of law. (vi) If in the opinion of the Bank (a) any Security required to be created, perfected or maintained is not so created, perfected and maintained within the time period and the manner specified in the Transaction Documents and/or the Borrower does not upon demand by the Bank furnish acceptable additional or alternate security; (b) any Security Document executed or furnished by or on behalf of the Borrower becomes illegal, invalid, unenforceable or otherwise fails or ceases to be in effect or fails or ceases to provide the benefit of the liens, rights, powers, privileges or security interests purported or sought to be created thereby. (c) Any event or circumstance occurs, which is prejudicial to, imperils, or has the effect of depreciating/jeopardising the Security and the security interest created thereby in any manner whatsoever. (vii) Other than the specific Events of Default listed herein, one or more events occurs (including any change in law) or exists which in the sole opinion of the Bank, could have a Material Adverse Effect. (a) Any Obligor has, or there is a reasonable apprehension that any Obligor has, voluntarily or involuntarily become the subject of proceedings under any bankruptcy or winding up or insolvency law, or is voluntarily or involuntarily dissolved, becomes bankrupt or insolvent or if any Obligor has taken or suffered to be taken any action for its reorganization, liquidation or dissolution or insolvency or bankruptcy or if a receiver or liquidator or assignee (or similar official) has been appointed or allowed to be appointed of all or any part of the Security or if an attachment or distraint has been levied on the Obligor’s assets or any part thereof or certificate proceedings have been taken or commenced for recovery of any dues from the Obligor or if one or more judgments or decrees have been rendered or entered against the Obligor and such judgments or decrees are not vacated, discharged or stayed within a period of 30 days, and/or such judgments or decrees involve in the aggregate, a liability which could have a Material Adverse Effect; or (b) Any equivalent or analogous proceedings are commenced under the laws of any jurisdiction against an Obligor in which such Obligor is incorporated or resident or any jurisdiction in which such Obligor carries on business including the seeking of liquidation, winding-up, reconstruction, reorganisation, dissolution, administration,
Appears in 1 contract
Samples: Master Facility Agreement
EVENTS OF DEFAULT AND CONSEQUENCES THEREOF. 11.18.1. The Bank may by a written notice to the Borrower, declare all sums outstanding under the Loan (including the principal, interest, charges, expenses) to become due and payable forthwith and enforce the Security upon the occurrence (in the sole decision of the Bank) of any one or more of the following events shall constitute an Event of Default following:
a. The Borrower fails to pay to the Bank EMI / P-EMI / any amount when due and payable under this Agreement:;
b. If the Borrower fails to submit the requisite number of PDCs or if any of the PDC is dishonoured.
x. Xxxxx in commencement, construction or completion of the construction/purchase/modification of the Property.
d. The Borrower fails to pay to any person other than the Bank any amount when due and payable or any person other than the Bank demands repayment of the Loan or dues or liability of the Borrower to such person ahead of its repayment terms as previously agreed between such person and the Borrower;
e. The Borrower defaults in performing any of his obligations under this Agreement or breaches any of the terms or conditions of this Agreement or any other security documents, undertakings etc. executed in favour of the Bank;
f. The death, insolvency, failure in business, commission of an act of bankruptcy, order for winding up, dissolution (i) Failure in case of partnership firms), general assignment for the benefit of creditors, if the Borrower suspends payment to any creditors and/ or the Borrower threatening to do so and/or the filing of any petition in bankruptcy/winding up/dissolution of by, or against the Borrower and the same is not withdrawn within 30 days of being admitted;
g. Any Representations, Warranties etc. herein being found to be or becoming incorrect or untrue;
h. If the Borrower fails to create the Security as provided herein or if the Property is destroyed, sold, disposed of, charged, encumbered, alienated, attached or restrained in any manner or if the value of the Property or any Security created or tendered by the Borrower, in the sole discretion and decision of the Bank, depreciates entitling the Bank to call for further security and the Borrower fails to give additional security;
i. If any consent, authorisation, approval or license of or registration with or declaration to governmental or public registration with or declaration to governmental or public bodies or authorities required by the Borrower in payment when due connection with the execution, delivery, validity, enforceability or admissibility in evidence of any principal, interest, commission, fee, costs this Agreement or any other amounts under the Transaction Documents, to which it is a party, on the respective Due Dates at the place and in the currency expressed to be payable in such Transaction Documents.
(ii) Failure by any of the Obligors to comply with any provision of the Transaction Documents or in the performance of any by the Borrower of its obligations as stated therein or breach of any undertakings or covenants under the Transaction Documents.
(a) The Obligors or any of its/ their default hereunder is modified in the payment of any amounts due (whether by scheduled maturity, required prepayment or acceleration) under any agreement or contract (other than under the Transaction Documents) a manner unacceptable to any of its/ their creditors; or (b) Any Obligor (i) is unable to pay its debts when due, or (ii) admits in writing its inability to pay its debts as they mature, or (iii) stops, suspends or threatens to stop or suspend payment of all or any part of its debts, or (iv) begins negotiations or takes any proceeding or other step with a view to rescheduling or deferral of any part of its debts (including moratorium of any indebtedness) or (v) proposes or make a general assignment or an arrangement or composition with or for the benefit of its creditors generally or any group or class thereof, or (vi) files a petition for suspension of payments or other relief of debtors in respect of or affecting all or any part of its debt;
(iv) Any representation, warranty or statement made or repeated in, or in connection with the Transaction Documents or any of the transactions contemplated thereunder, or in any accounts, certificate, statement, opinion or the information delivered by or on behalf of the Borrower hereunder or thereunder or in connection herewith or therewith is incorrect in any material respect when made or deemed to be repeated. The Borrower shall promptly on becoming aware of any misrepresentation as provided herein above notify the Bank of such misrepresentation and the steps taken to remedy the same;
(v) Failure by the Obligors to pay one or more amounts due under any judgments or decrees which shall have been entered against it unless such judgment or decree is appealed against within the time period prescribed by law and stayed by a court of law.
(vi) If in the opinion of the Bank
(a) any Security required to be created, perfected or maintained is not so created, perfected granted or revoked or terminated or expires and maintained within the time period and the manner specified in the Transaction Documents and/or the Borrower does is not upon demand by the Bank furnish acceptable additional or alternate security;
(b) any Security Document executed or furnished by or on behalf of the Borrower becomes illegal, invalid, unenforceable renewed or otherwise fails or ceases to be in effect full force and effect;
j. An event of default howsoever described occurs under any other agreement or fails or ceases document relating to provide the benefit any indebtedness of the liensBorrower with the Bank or other lenders, rights, powers, privileges or security interests purported or sought to be created therebyif any.
(c) k. Any other event or circumstance occurs, which is prejudicial to, imperils, or has likely to have materially adverse effect on the effect of depreciating/jeopardising the Security and the security interest created thereby in any manner whatsoever.
(vii) Other than the specific Events of Default listed herein, one or more events occurs (including any change in law) or exists which in the sole opinion ability of the Bank, could have a Material Adverse EffectBorrower to make payments under this Agreement.
(a) Any Obligor has, or there is a reasonable apprehension that any Obligor has, voluntarily or involuntarily become the subject of proceedings under any bankruptcy or winding up or insolvency law, or is voluntarily or involuntarily dissolved, becomes bankrupt or insolvent or if any Obligor has taken or suffered to be taken any action for its reorganization, liquidation or dissolution or insolvency or bankruptcy or if a receiver or liquidator or assignee (or similar official) has been appointed or allowed to be appointed of all or any part of the Security or if an attachment or distraint has been levied on the Obligor’s assets or any part thereof or certificate proceedings have been taken or commenced for recovery of any dues from the Obligor or if one or more judgments or decrees have been rendered or entered against the Obligor and such judgments or decrees are not vacated, discharged or stayed within a period of 30 days, and/or such judgments or decrees involve in the aggregate, a liability which could have a Material Adverse Effect; or (b) Any equivalent or analogous proceedings are commenced under the laws of any jurisdiction against an Obligor in which such Obligor is incorporated or resident or any jurisdiction in which such Obligor carries on business including the seeking of liquidation, winding-up, reconstruction, reorganisation, dissolution, administration,
Appears in 1 contract
Samples: Home Loan Agreement
EVENTS OF DEFAULT AND CONSEQUENCES THEREOF. 11.1. The occurrence of any one or more of the following events shall constitute an Event of Default under this Agreement:
(i) Failure by the Borrower in payment when due of any principal, interest, commission, fee, costs or any other amounts under the Transaction Documents, to which it is a party, on the respective Due Dates at the place and in the currency expressed to be payable in such Transaction Documents.
(ii) Failure by any of the Obligors to comply with any provision of the Transaction Documents or in the performance of any of its obligations as stated therein or breach of any undertakings or covenants under the Transaction Documents.
(a) The Obligors or any of its/ their default in the payment of any amounts due (whether by scheduled maturity, required prepayment or acceleration) under any agreement or contract (other than under the Transaction Documents) to any of its/ their creditors; or (b) Any Obligor (i) is unable to pay its debts when due, or (ii) admits in writing its inability to pay its debts as they mature, or (iii) stops, suspends or threatens to stop or suspend payment of all or any part of its debts, or (iv) begins negotiations or takes any proceeding or other step with a view to rescheduling or deferral of any part of its debts (including moratorium of any indebtedness) or (v) proposes or make a general assignment or an arrangement or composition with or for the benefit of its creditors generally or any group or class thereof, or (vi) files a petition for suspension of payments or other relief of debtors in respect of or affecting all or any part of its debt;
(iv) Any representation, warranty or statement made or repeated in, or in connection with the Transaction Documents or any of the transactions contemplated thereunder, or in any accounts, certificate, statement, opinion or the information delivered by or on behalf of the Borrower hereunder or thereunder or in connection herewith or therewith is incorrect in any material respect when made or deemed to be repeated. The Borrower shall promptly on becoming aware of any misrepresentation as provided herein above notify the Bank of such misrepresentation and the steps taken to remedy the same;
(v) Failure by the Obligors to pay one or more amounts due under any judgments or decrees which shall have been entered against it unless such judgment or decree is appealed against within the time period prescribed by law and stayed by a court of law.
(vi) If in the opinion of the Bank
(a) any Security required to be created, perfected or maintained is not so created, perfected and maintained within the time period and the manner specified in the Transaction Documents and/or the Borrower does not upon demand by the Bank furnish acceptable additional or alternate security;
(b) any Security Document executed or furnished by or on behalf of the Borrower becomes illegal, invalid, unenforceable or otherwise fails or ceases to be in effect or fails or ceases to provide the benefit of the liens, rights, powers, privileges or security interests purported or sought to be created thereby.
(c) Any event or circumstance occurs, which is prejudicial to, imperils, or has the effect of depreciating/jeopardising the Security and the security interest created thereby in any manner whatsoever.
(vii) Other than the specific Events of Default listed herein, one or more events occurs (including any change in law) or exists which in the sole opinion of the Bank, could have a Material Adverse Effect.
(a) Any Obligor has, or there is a reasonable apprehension that any Obligor has, voluntarily or involuntarily become the subject of proceedings under any bankruptcy or winding up or insolvency law, or is voluntarily or involuntarily dissolved, becomes bankrupt or insolvent or if any Obligor has taken or suffered to be taken any action for its reorganization, liquidation or dissolution or insolvency or bankruptcy or if a receiver or liquidator or assignee (or similar official) has been appointed or allowed to be appointed of all or any part of the Security or if an attachment or distraint has been levied on the Obligor’s assets or any part thereof or certificate proceedings have been taken or commenced for recovery of any dues from the Obligor or if one or more judgments or decrees have been rendered or entered against the Obligor and such judgments or decrees are not vacated, discharged or stayed within a period of 30 days, and/or such judgments or decrees involve in the aggregate, a liability which could have a Material Adverse Effect; or (b) Any equivalent or analogous proceedings are commenced under the laws of any jurisdiction against an Obligor in which such Obligor is incorporated or resident or any jurisdiction in which such Obligor carries on business including the seeking of liquidation, winding-up, reconstruction, reorganisation, dissolution, administration,, arrangement, adjustment, protection or relief of debtors, insolvency and suspension of payments (except where such reconstruction or reorganisation of an Obligor other than the Borrower is on a solvent basis, where the resulting entity/entities assume all the obligations of such Obligor under the Transaction Documents); (c) The Borrower (if an individual) or any of the partners of the Borrower (if a firm) being adjudicated insolvent or taking advantage of any law for the relief of insolvent debtors.
Appears in 1 contract
Samples: Master Facility Agreement
EVENTS OF DEFAULT AND CONSEQUENCES THEREOF. 11.1. The occurrence of any one or more of the following events shall constitute an Event of Default under this Agreement:
(i) Failure by the Borrower in payment when due of any principal, interest, commission, fee, costs or any other amounts under the Transaction Documents, to which it is a party, on the respective Due Dates at the place and in the currency expressed to be payable in such Transaction Documents.
(ii) Failure by any of the Obligors to comply with any provision of the Transaction Documents or in the performance of any of its obligations as stated therein or breach of any undertakings or covenants under the Transaction Documents.
(a) The Obligors or any of its/ their default in the payment of any amounts due (whether by scheduled maturity, required prepayment or acceleration) under any agreement or contract (other than under the Transaction Documents) to any of its/ their creditors; or (b) Any Obligor (i) is unable to pay its debts when due, or (ii) admits in writing its inability to pay its debts as they mature, or (iii) stops, suspends or threatens to stop or suspend payment of all or any part of its debts, or (iv) begins negotiations or takes any proceeding or other step with a view to rescheduling or deferral of any part of its debts (including moratorium of any indebtedness) or (v) proposes or make a general assignment or an arrangement or composition with or for the benefit of its creditors generally or any group or class thereof, or (vi) files a petition for suspension of payments or other relief of debtors in respect of or affecting all or any part of its debt;
(iv) Any representation, warranty or statement made or repeated in, or in connection with the Transaction Documents or any of the transactions contemplated thereunder, or in any accounts, certificate, statement, opinion or the information delivered by or on behalf of the Borrower hereunder or thereunder or in connection herewith or therewith is incorrect in any material respect when made or deemed to be repeated. The Borrower shall promptly on becoming aware of any misrepresentation as provided herein above notify the Bank of such misrepresentation and the steps taken to remedy the same;
(v) Failure by the Obligors to pay one or more amounts due under any judgments or decrees which shall have been entered against it unless such judgment or decree is appealed against within the time period prescribed by law and stayed by a court of law.
(vi) If in the opinion of the Bank
(a) any Security required to be created, perfected or maintained is not so created, perfected and maintained within the time period and the manner specified in the Transaction Documents and/or the Borrower does not upon demand by the Bank furnish acceptable additional or alternate security;
(b) any Security Document executed or furnished by or on behalf of the Borrower becomes illegal, invalid, unenforceable or otherwise fails or ceases to be in effect or fails or ceases to provide the benefit of the liens, rights, powers, privileges or security interests purported or sought to be created thereby.
(c) Any event or circumstance occurs, which is prejudicial to, imperils, or has the effect of depreciating/jeopardising the Security and the security interest created thereby in any manner whatsoever.
(vii) Other than the specific Events of Default listed herein, one or more events occurs (including any change in law) or exists which in the sole opinion of the Bank, could have a Material Adverse Effect.
(a) Any Obligor has, or there is a reasonable apprehension that any Obligor has, voluntarily or involuntarily become the subject of proceedings under any bankruptcy or winding up or insolvency law, or is voluntarily or involuntarily dissolved, becomes bankrupt or insolvent or if any Obligor has taken or suffered to be taken any action for its reorganization, liquidation or dissolution or insolvency or bankruptcy or if a receiver or liquidator or assignee (or similar official) has been appointed or allowed to be appointed of all or any part of the Security or if an attachment or distraint has been levied on the Obligor’s assets or any part thereof or certificate proceedings have been taken or commenced for recovery of any dues from the Obligor or if one or more judgments or decrees have been rendered or entered against the Obligor and such judgments or decrees are not vacated, discharged or stayed within a period of 30 days, and/or such judgments or decrees involve in the aggregate, a liability which could have a Material Adverse Effect; or (b) Any equivalent or analogous proceedings are commenced under the laws of any jurisdiction against an Obligor in which such Obligor is incorporated or resident or any jurisdiction in which such Obligor carries on business including the seeking of liquidation, winding-up, reconstruction, reorganisation, dissolution, administration,, arrangement, adjustment, protection or relief of debtors, insolvency and suspension of payments (except where such reconstruction or reorganisation of an Obligor other than the Borrower is on a solvent basis, where the resulting entity/entities assume all the obligations of such Obligor under the Transaction Documents);
Appears in 1 contract
Samples: Master Facility Agreement
