Insurance and Maintenance. 11.1 The Borrower(s) shall at its own expense during the continuance of the security herein keep the Hypothecated Vehicle cov ered under comprehensive risk, including riot, civil commotion risk, fire, theft, unlimited third party risk and other hazards as stipulated from time to time with such insurance company as may be required by the Bank by timely payment of all premia in respect of such insurance and produc e and deliver (if so required by the Bank) any insurance policy, cover note or receipt on demand by the Bank for its inspection and verification. 11.2 The insurance policy to be taken out hereunder shall be in the name of the Borrower(s) and the Bank shall be described as los s payee/beneficiary under such insurance. 11.3 If the Borrower(s) fails to keep the Vehicle in a good and marketable condition, the Bank may without prejudice to its rights and remedies under this agreement and in law take such steps as it may deem fit to keep and maintain the Vehicle or insure or xxxx w such insurance at the Borrower's costs, charges and expenses, which shall be reimbursed by the Borrower(s) on demand by the Bank. 11.4 In order to safeguard the security for the Loan and to ensure that the Bank's lien is marked on the insurance, the Bank may get the insurance done on behalf of the Borrower(s), by being a facilitator and making the premium payment of the approved insurance company through the Borrower's post dated cheque/pay orders/any other payment instructions. However any non-payment on the part of the Bank due to any reason whatsoever shall not effect the liability of the Borrower(s) to pay the necessary insurance premium and to keep the Vehicle(s) insured. The first claim on any insurance proceeds shall be that of the Bank with respect to insurance policy and its renewal as stipulated from time to time and the Borrower(s) shall pay such other amount as may be specified by the Bank form time to time as nominal compensation for the service rendere d by the Bank for facilitation the above mentioned arrangement with the insurance company and ensuring that the Bank's name is marked under insurance. The transaction fee is subject to change at the discretion of the Bank. 11.5 The Bank at its option shall be entitled to adjust, settle or compromise in any manner whatsoever at the Borrower's cost any dispute arising under or in connection with any such policy or insurance and such adjustment, settlement and compromises shall be valid and binding on the Borrower(s) 11.6 The Bank at its option will have the right to appropriate any monies received from the insurance company towards the Borrower 's obligation to the Bank. 11.7 The Borrower(s) accepts that the Bank shall not liable for any loss on account of Non-Renewal of insurance of the Vehicle and/or delay/non- payment by the insurance company/or any settlement claim by the Borrower(s).
Appears in 4 contracts
Samples: Loan Cum Hypothecation Agreement, Loan Agreement, Loan Agreement
Insurance and Maintenance. 11.1 10.1 The Borrower(s) Borrower shall at its own expense during the continuance of the security herein keep the Hypothecated Vehicle cov ered Asset covered under comprehensive riskrisks, including riot, civil commotion riskrisks, fire, theft, unlimited third party risk and other hazards as stipulated from time to time and live stock will be also insured for its life and health with such any insurance company as may be required by the Bank by timely payment of all premia in respect of such insurance and produc e produce and deliver (if its so required by the Bank) any insurance policy, cover note or receipt on demand by the Bank for its inspection and verification.
11.2 10.2 The Borrower hereby expressly agrees to pay advance premium against insurance policy along with his/her loan EMI's and the Bank shall be entitled to credit the amount of advance premium for insurance policy, so received with the amount of loan EMI, to the account of the Borrower which shall be debited at the time of renewal of the insurance policy.
10.3 Borrower hereby agrees that it shall avail an insurance policy to secure the Hypothecated Asset(s) provided by the Borrower with any insurance company and shall deposit the insurance policies and all cover notes premia receipts etc., with the Lender against the Facility so given to him/her/it by the Lender.
10.4 The Bank shall collect advance premium from the Borrower based upon prevailing market insurance premium rates, which may vary at the time of renewal as per the norms and guidelines issued by the insurance Bank(ies).
10.5 The Borrower hereby agrees that he/she will pay the difference amount, if any, at the time of renewal, failing which the Bank shall be entitle to charge late payment charges as per the schedule of this agreement.
10.6 The Borrower also, expressly agrees that, in the event of default, when the Borrower fails to pay his/her EMI's for more than 90 days, the Bank shall be under no obligation to renew the insurance policy so taken up by the Borrower and the amount of advance premium so deposited by the borrower with the Bank shall be forfeited at the sole discretion of the Bank.
10.7 The insurance policy to be taken out hereunder shall be in the name of the Borrower(s) Borrower and the Bank shall be described as los s payee/beneficiary loss payee under such insurance.
11.3 If the Borrower(s) fails 10.8 The Borrower agrees and undertakes to keep the Vehicle and maintain in a good and marketable conditioncondition the said Asset at its own expenses and replace all such parts whether broken or damaged, as is the normal practice adopted for the maintenance of any Asset. The Borrower expressly agrees to engage mechanics, dealer service facilities expressly authorized by the manufacturer of the Asset to effect repairs and to service the Asset.
10.9 If the Borrower fails to comply with any of the terms mentioned above in this Clause, the Bank may without prejudice to its rights and remedies under this agreement Agreements and in law take such steps as it may deem fit to keep and maintain the Vehicle Asset or insure insurance or xxxx w renew such insurance at the Borrower's costs, charges and expenses, which shall be reimbursed by . Which the Borrower(s) Borrower on demand shall reimburse by the Bank.
11.4 10.10 In order to safeguard the security for the Loan and to ensure that the Bank's Bank lien is marked on the insurance, the Bank may get the insurance done on behalf of the Borrower(s)Borrower, by being a facilitator and making the premium payment of to the approved insurance company Bank through the Borrower's post dated cheque/cheque/ pay ordersorder/any other payment payments instructions. However the Bank shall not be obliged to do the same and any non-payment on the part of the Bank due to any reason whatsoever shall not effect affect the liability of the Borrower(s) Borrower to pay the necessary insurance premium and to keep the Vehicle(sAsset(s) insured. The first claim on any insurance proceeds shall be that of the Bank with respect to insurance policy and its renewal as stipulated from time to time and the Borrower(s) shall pay Rs. 250/- or such other amount as may be specified by the Bank form time to time as nominal compensation for the service rendere d services rendered by the Bank for facilitation the facilitating the above mentioned arrangement with the insurance company Bank and ensuring that the Bank's Companies name is marked under insurance. The transaction fee is subject to change at the discretion of the Bank. The Bank shall be entitled to recover any payments made pursuant to this clause as part of the dues under this Agreement.
11.5 10.11 The Bank at its option shall be entitled to adjust, settle or compromise in any manner whatsoever at the Borrower's cost any dispute arising under or in connection with any such policy or of insurance and such adjustment, settlement and compromises shall be valid and binding on the Borrower(s)Borrower.
11.6 10.12 The Bank at its option will have the right to appropriate any monies received receive from the insurance company Bank towards the Borrower Borrower's obligation obligations to the Bank.
11.7 10.13 The Borrower(s) Borrower accepts that the Bank shall not be liable for any loss on account of Nonnon-Renewal renewal of insurance of the Vehicle Asset and/or delay/non- non payment by the insurance company/Bank/ or any settlement claim by the Borrower(s)Borrower.
10.14 The Borrower shall at its own expenses take every step to keep good health of the livestock including vaccination, maintaining hygiene etc. good and healthy feed to the livestock and maintain proper and clean dwelling structure for the livestock and routine medical check up as per the terms and conditions of policy.
10.15 The Borrower shall inform to the Bank and the insurance Bank about the death if any of the animal within the time prescribed by the insurance Bank and make arrangement for post mortem as per the terms and condition of policy and agreement.
Appears in 1 contract
Samples: Loan Agreement
Insurance and Maintenance. 11.1 The Borrower(s) shall at its own expense during the continuance of the security herein keep the Hypothecated Vehicle cov ered covered under comprehensive risk, including riot, civil commotion risk, fire, theft, unlimited third party risk and other hazards as stipulated from time to time with such insurance company as may be required by the Bank by timely payment of all premia in respect of such insurance and produc e and deliver (if so required by the Bank) any insurance policy, cover note or receipt on demand by the Bank for its inspection and verification.
11.2 The insurance policy to be taken out hereunder shall be in the name of the Borrower(s) and the Bank shall be described as los s payee/beneficiary under such insurance.
11.3 If the Borrower(s) fails to keep the Vehicle in a good and marketable condition, the Bank may without prejudice to its rights and remedies under this agreement and in law take such steps as it may deem fit to keep and maintain the Vehicle or insure or xxxx w renew such insurance at the Borrower's costs, charges and expenses, which shall be reimbursed by the Borrower(s) on demand by the Bank.
11.4 In order to safeguard the security for the Loan and to ensure that the Bank's lien is marked on the insurance, the Bank may get the insurance done on behalf of the Borrower(s), by being a facilitator and making the premium payment of the approved insurance company through the Borrower's post dated chequeBorrower‟s postdated cheques/pay orders/any other payment instructions. However any non-payment on the part of the Bank due to any reason whatsoever shall not effect affect the liability of the Borrower(s) to pay the necessary insurance premium and to keep the Vehicle(s) insured. The first claim on any insurance proceeds shall be that of the Bank with respect to insurance policy and its renewal as stipulated from time to time and the Borrower(s) shall pay such other amount as may be specified by the Bank form time to time as nominal compensation for the service rendere d rendered by the Bank for facilitation the above mentioned arrangement with the insurance company and ensuring that the Bank's name is marked under insuranceins urance. The transaction fee is subject to change at the discretion of the Bank.
11.5 The Bank at its option shall be entitled to adjust, settle or compromise in any manner whatsoever at the Borrower's cost any dispute arising under or in connection with any such policy or insurance and such adjustment, settlement and compromises shall be valid and binding on the Borrower(s)
11.6 The Bank at its option will have the right to appropriate any monies received from the insurance company towards the Borrower Borrower's obligation to the Bank.
11.7 The Borrower(s) accepts that the Bank shall not liable for any loss on account of Non-Renewal of insurance of the Vehicle and/or delay/non- payment by the insurance company/or any settlement claim by the Borrower(s).
Appears in 1 contract
Samples: Loan Agreement
Insurance and Maintenance. 11.1 a) The Borrower(s) shall at its own expense during the continuance of the security herein keep the Hypothecated Vehicle cov ered covered under comprehensive riskcomprehensiverisk, including riot, civil commotion risk, fire, theft, unlimited third party risk and other hazards otherhazards as stipulated from time to time with timetotimewith such insurance company as may be required by the Bank by timely payment insurancecompany asmay berequired bythe Bankbytimelypayment of all premia in respect of such premiainrespect ofsuch insurance and produc e produce and deliver (if so required by the Bank) any insurance policy, cover note or receipt on demand by the Bank for its inspection and verification.
11.2 b) The insurance policy to be taken out hereunder shall be in the name of the Borrower(s) and the Bank shall Bankshall be described as los s payee/beneficiary under such insurance.
11.3 c) If the Borrower(s) fails to keep the Vehicle in a good and marketable condition, the Bank may without prejudice to its rights and remedies under this agreement and in law take such steps as it may deem fit to keep and maintain the Vehicle or insure or xxxx w renew such insurance at the Borrower's costs, charges and expenses, which shall be reimbursed by the Borrower(s) on demand by the Bank.
11.4 In order to safeguard d) Inordertosafeguardthe securityforthe Loan andtoensurethat the security for the Loan and to ensure that the Bank's lien is marked Bank'slienismarked on the insurancetheinsurance, the Bank may theBankmay get the insurance done theinsurancedone on behalf of the Borrower(s), by being a facilitator and making the premium payment of the approved insurance company through the Borrower's post dated cheque/pay orders/any other payment instructions. However any nonanynon-payment on the part thepart of the Bank due to dueto any reason whatsoever shall not effect the liability of the Borrower(s) to pay the necessary insurance premium and to keep the keepthe Vehicle(s) insured. The first claim on any insurance proceeds shall be that of the Bank with respect to insurance policy and its renewal as stipulated from time to time and the Borrower(s) shall pay such other amount as may be specified by the Bank form time to time as nominal compensation for the service rendere d by the Bank for facilitation the above mentioned arrangement with the insurance company and ensuring that the Bank's name is marked under insurance. The transaction fee is subject to change at the discretion of the Bank.
11.5 e) The Bank at its option shall be entitled to adjust, settle or compromise in any manner whatsoever at the Borrower's cost any dispute arising under or in connection with any such policy or insurance and such adjustment, settlement and compromises shall be valid and binding on the Borrower(s)
11.6 The Bank at its option will have the right to appropriate any monies received f) TheBank atits optionwillhavetherighttoappropriate anymoniesreceived from the insurance company towards the Borrower 's obligation to the theinsurancecompanytowardstheBorrower'sobligationtothe Bank.,
11.7 g) The Borrower(s) accepts that the Bank shall not liable for any loss on account of Non-Renewal of insurance of the Vehicle and/or delay/non- payment by the insurance company/or any settlement claim by the Borrower(s).
Appears in 1 contract
Samples: Loan Agreement
Insurance and Maintenance. 11.1 The Borrower(s) shall at its own expense during the continuance of the security herein keep the Hypothecated theHypothecated Vehicle cov ered under comprehensive risk, including riot, civil commotion risk, fire, theft, unlimited third party risk and other hazards as stipulated from time to time with such insurance company as may be required by the Bank by timely payment of all premia in respect of such insurance and produc e and deliver (if so required by the Bank) any insurance policy, cover note or receipt on demand by the Bank for its inspection and verification.
11.2 The insurance policy to be taken out hereunder shall be in the name of the Borrower(s) and the Bank shall be described as los s payee/beneficiary under such insurance.
11.3 If the Borrower(s) fails to keep the Vehicle in a good and marketable condition, the Bank may without prejudice to its rights and remedies under this agreement agreem ent and in law take such steps as it may deem fit to keep and maintain the Vehicle or insure or xxxx w such insurance at the Borrower's costs, charges and expenses, which shall be reimbursed by the Borrower(s) on demand by the Bank.
11.4 In order to safeguard the security for the Loan and to ensure that the Bank's lien is marked on the insurance, the Bank may get the insurance done on behalf of the Borrower(s), by being a facilitator and making the premium payment of the approved insurance company through the Borrower's post dated cheque/pay orders/any other payment instructions. However any non-payment on the part of the Bank due to any reason whatsoever shall not effect the liability of the Borrower(s) to pay the necessary insurance premium and to keep the Vehicle(s) insured. The first claim on any insurance proceeds shall be that of the Bank with respect to insurance policy and its renewal as stipulated from time to time and the Borrower(s) shall pay such other amount as may m ay be specified by the Bank form time to time as nominal compensation for the service rendere d by the Bank for facilitation the above mentioned arrangement arrangem ent with the insurance company and ensuring that the Bank's name nam e is marked under insurance. The transaction fee is subject to change at the discretion of the Bank.
11.5 The Bank at its option shall be entitled to adjust, settle or compromise in any manner whatsoever at the Borrower's cost any dispute arising under or in connection with any such policy or insurance and such adjustment, settlement and compromises shall be valid and binding on the Borrower(s)
11.6 The Bank at its option will have the right to appropriate any monies received from the insurance company towards the Borrower 's obligation to the Bank.
11.7 The Borrower(s) accepts that the Bank shall not liable for any loss on account of Non-Renewal of insurance of the Vehicle and/or delay/non- payment by the insurance company/or any settlement claim by the Borrower(s).
Appears in 1 contract
Samples: Loan Agreement