Common use of Events of Default and consequences Clause in Contracts

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Institute or if the student is removed from the Educational Institute for cause or the admission of the student is withdrawn with or without cause. 6.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 upon such declaration the same shall become due and payable c. Upon delay or default in payment of EMI by the Borrower, the Lender shall have the right to report the instance(s) of such delays and/ or defaults to CIBIL/EQUIFAX/EXPERIAN/CRIF HIGHMARK (Credit Information Companies) or any other authority and/or agency as deemed fit by the Lender which may negatively impact his/her credit profile affecting their ability to borrow from Banks/NBFCs in the future.

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-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 upon such declaration the same shall become due and payable c. Upon delay or default in payment of EMI by the Borrower, the Lender shall have the right to report the instance(s) of such delays and/ or defaults to CIBIL/EQUIFAX/EXPERIAN/CRIF HIGHMARK (Credit Information Companies) or any other authority and/or agency as deemed fit by the Lender which may negatively impact his/her credit profile affecting their ability to borrow from Banks/NBFCs in the future.

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 affects or may affect 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 upon such declaration the same shall become due and payable c. Upon delay or default in payment of EMI by the Borrower, the Lender shall have the right to report the instance(s) of such delays and/ or defaults to CIBIL/EQUIFAX/EXPERIAN/CRIF HIGHMARK (Credit Information Companies) or any other authority and/or agency as deemed fit by the Lender which may negatively impact his/her credit profile affecting affecting their ability to borrow from Banks/NBFCs in the future.

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 affects or may affect 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 fitfit): 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 upon such declaration the same shall become due and payable c. Upon delay or default in payment of EMI by the Borrower, the Lender shall have the right to report the instance(s) of such delays and/ or defaults to CIBIL/EQUIFAX/EXPERIAN/CRIF HIGHMARK (Credit Information Companies) or any other authority and/or agency as deemed fit fit by the Lender which may negatively impact his/her credit profile affecting profile affecting their ability to borrow from Banks/NBFCs in the future.