Common use of Insurance and Maintenance Clause in Contracts

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).

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).

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).

Insurance and Maintenance. 11.1 At the request of the Borrower, the Bank may at its own discretion also finance the insurance premium of an insurance policy insuring the Borrower against the risks of personal accident, accidental hospitalization, outstanding amount of loan to the Bank and or critical illness provided that such insurance policy has been taken out by the Bank on behalf of the Borrower from an insurance company approved by the Bank with a specific instruction and authority by the Borrower to such insurance company that in case of any loss reported ,the loss will be paid to the Bank by such insurance company. Such insurance premium paid by the Bank on behalf of the Borrower shall be added as the principal amount to the Construction Equipment/Vehicle Loan granted herein and shall form part of the Construction Equipment/Vehicle Loan. The Borrower shall pay to the Bank the amounts towards insurance premium, as mentioned above which may be loaded to the installments. The insurance premium being a part of Construction Equipment/Vehicle Loan may be disbursed by the Bank directly to such an insurance company approved by the Bank and such disbursement shall be deemed to be disbursement to the Borrower. Without prejudice to what is stated hereinabove, the Borrower(s) shall at its own expense during the continuance of the security herein keep the Hypothecated Vehicle cov ered Asset(s) 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 premiums in respect of such 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 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) agrees and undertakes to keep and maintain in good and marketable condition the Asset(s) at his own expense and replace all such parts whether broken or damaged with new parts. In this regard, the Borrower(s) agrees to avail of the services of Authorized Service Agents of the Asset(s) manufacturer to effect repair or service of the Vehicles. 11.4 If the Borrower fails to keep comply with any of the Vehicle in a good terms and marketable condition, conditions mentioned herein the Bank may without prejudice to its rights and remedies under this agreement and in law may, but shall not be obliged to, take such steps as it may deem fit to keep and maintain the Vehicle Asset(s) or insure or xxxx w such renew the insurance of the Asset(s) at the Borrower's costs, charges costs 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 expense 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 which amount 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 reimbursed 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 Borrower(s) costs any dispute arising under or in connection with any such the insurance policy or insurance any claims arising thereunder and such adjustment, appropriate all monies towards settlement of the Construction Equipment/Vehicle Loan and compromises shall be valid and binding on the Borrower(s)amounts outstanding or arising thereunder. 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 be liable for any loss on account of Nonnon-Renewal renewal of insurance of the Vehicle and/or delay/non- Asset(s) and any delay or non-payment by the insurance company/company or any settlement of claim by at the Borrower(s)option of the Bank.

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).

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.

Insurance and Maintenance. 11.1 The Borrower(s) shall at its own expense during the continuance of 12.1 In order to safeguard the security herein for the loan and to ensure that the Lender’s lien is marked on the insurance, the Borrower shall, immediately after signing this agreement, keep the Hypothecated Vehicle cov ered Asset insured against any loss or damage by accident or fire or other perils under comprehensive riska Comprehensive Policy including the risks against strikes, including riotriots, civil commotion riskCivil Commotions, fire, theft, floods and such wider liability to which the asset is normally exposed and unlimited third party risk liability risks with an Insurance Company approved by the Lender and shall punctually pay all premia and other hazards as stipulated from time to time with such sums required for keeping the said insurance company as may be required by effective throughout the Bank by timely payment period of all premia in respect of such insurance this agreement and produc e produce and deliver (if so required by the BankLender) any insurance policy, cover note or receipt on demand by the Bank Lender for its inspection and verification. 11.2 The . Each insurance policy to be taken out hereunder shall be in the name of the Borrower(s) Borrower with the necessary endorsement in favour of the Lender as ‘loss payee’ and additional endorsement in favour of the Bank shall be described as los s payee/beneficiary under such insuranceLender’s Bankers, if so required by the Lender. 11.3 If 12.2 The Borrower shall not use the Borrower(s) fails Asset for any purpose not permitted by the terms and conditions of the insurance policy and shall not do or permit 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 be done any act or insure or xxxx w such insurance at the Borrower's costs, charges and expensesthing, which shall be reimbursed by might render the Borrower(s) on demand by the BankInsurance invalid. 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 12.3 The Lender may at its sole discretion 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 through the Borrower's Borrower post dated cheque/cheque / pay orders/orders / any other payment instructions. However However, any non-payment on the part of the Bank Lender due to any reason whatsoever shall will not effect affect the liability of the Borrower(s) Borrower to pay the necessary insurance premium to the insurance company and to keep the Vehicle(s) Asset insured. . 12.4 The first claim on any insurance proceeds shall be that of the Bank Lender. The Borrower hereby irrevocably authorizes the Lender to claim insurance proceeds to safeguard the interest of the Lender and appropriate the proceeds thereof against the dues of the Lender. The Borrower will comply with all directions of the Lender 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 time. 12.5 The Borrower shall at his cost and without undue delay, carry out repairs to the Asset occasioned by any accident or for the service rendere d by the Bank for facilitation the above mentioned arrangement with any other reason and shall produce bills in respect of insurance claim to the insurance company and ensuring that the Bank's name is marked under insurancefor settlement. 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 If there are no over dues against the Borrower's cost any dispute arising under or in connection with any , the Lender shall pass on to him such policy or insurance and such adjustment, settlement and compromises shall be valid and binding on benefits as the Borrower(s) 11.6 The Bank at its option will have the right to appropriate any monies received Lender receives from the insurance company towards the Borrower 's obligation to the Bankin respect of claim. 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).