Common use of Insurance and Maintenance Clause in Contracts

Insurance and Maintenance. 12.1 In order to safeguard the security 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 asset insured against any loss or damage by accident or fire or other perils under a Comprehensive Policy including the risks against strikes, riots, civil commotions, floods and such wider liability to which the asset is normally exposed and unlimited third party liability risks with any insurance company and shall punctually pay all premia and other sums required for keeping the said insurance effective throughout the period of this agreement and produce and deliver (if so required by the Lender) any insurance policy, cover note or receipt on demand by the lender for its inspection and verification. Each insurance policy shall be in the name of the Borrower with the necessary endorsement in favour of the lender as ‘loss payee’ and additional endorsement in favour of the lenders’ bankers, if so, required by the lender. 12.2 The Borrower shall not use the Asset for any purpose not permitted by the terms and conditions of the insurance policy and shall not do or permit to be done any act or thing, which might render the Insurance invalid. 12.3 The Borrower admits and confirms that it is the Borrower’s prime responsibility to adequately insure the asset with a comprehensive insurance policy. The Borrower may at its/his/her sole discretion get the insurance done by the Lender on behalf of the borrower, by being a facilitator and making the premium payment to the approved insurance company through borrower post- dated cheque / pay order / any other payment instructions. However, any non-payment on the part of the Lender due to any reason will not affect the liability of the borrower to pay the necessary insurance premium to the insurance company and to keep the Asset insured. 12.4 The first claim on any insurance proceeds shall be that of the 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. 12.5 The Borrower shall at his cost and without undue delay, carry out repairs to the Asset occasioned by any accident or for any other reason and shall produce bills in respect of insurance claim to the insurance company for settlement. If there are no over dues against the Borrower, the Lender shall pass on to him such benefits as the Lender receives from the insurance company in respect of claim.

Insurance and Maintenance. 12.1 In order 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 safeguard 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 for the loan and to ensure that the lender’s lien is marked on the insurance, the Borrower shall, immediately after signing this agreement; herein keep the asset insured against any loss or damage by accident or fire or other perils Hypothecated Asset(s) covered under a Comprehensive Policy comprehensive risk, including the risks against strikes, riotsriot, civil commotionscommotion risk, floods and such wider liability to which the asset is normally exposed and fire, theft, unlimited third party liability risks risk and other hazards as stipulated from time to time with any such insurance company and shall punctually pay as may be required by the Bank by timely payment of all premia and other sums required for keeping the said premiums in respect of such insurance effective throughout the period of this agreement and produce and deliver (if so required by the LenderBank) any insurance policy, cover note or receipt on demand by the lender Bank for its inspection and verification. Each . 11.2 The insurance policy to be taken out hereunder shall be in the name of the Borrower and the Bank shall be described as loss payee under such insurance; 11.3 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 necessary endorsement in favour Borrower(s) agrees to avail of the lender as ‘loss payee’ and additional endorsement in favour services of Authorized Service Agents of the lenders’ bankers, if so, required by Asset(s) manufacturer to effect repair or service of the lenderVehicles. 12.2 The 11.4 If the Borrower shall not use the Asset for fails to comply with any purpose not permitted by of the terms and conditions mentioned herein the Bank may, but shall not be obliged to, take steps to keep and maintain the Asset(s) or insure or renew the insurance of the Asset(s) at the costs and expense of the Borrower(s), which amount shall be reimbursed by 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) costs any dispute arising under or in connection with the insurance policy or any claims arising thereunder and appropriate all monies towards settlement of the Construction Equipment/Vehicle Loan and the amounts outstanding or arising thereunder. 11.6 Borrower accepts that the Bank shall not do or permit to be done liable for any act or thing, which might render the Insurance invalid. 12.3 The Borrower admits and confirms that it is the Borrower’s prime responsibility to adequately insure the asset with a comprehensive loss on account of non-renewal of insurance policy. The Borrower may at its/his/her sole discretion get the insurance done by the Lender on behalf of the borrower, by being a facilitator Asset(s) and making the premium payment to the approved insurance company through borrower post- dated cheque / pay order / any other payment instructions. However, any delay or non-payment on the part of the Lender due to any reason will not affect the liability of the borrower to pay the necessary insurance premium to by the insurance company and to keep or any settlement of claim at the Asset insured. 12.4 The first claim on any insurance proceeds shall be that option of the 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 timeBank. 12.5 The Borrower shall at his cost and without undue delay, carry out repairs to the Asset occasioned by any accident or for any other reason and shall produce bills in respect of insurance claim to the insurance company for settlement. If there are no over dues against the Borrower, the Lender shall pass on to him such benefits as the Lender receives from the insurance company in respect of claim.

Insurance and Maintenance. 12.1 In order to safeguard the security for the loan Loan and to ensure that the lender’s Lender's lien is marked on the insurance, the Borrower shall, immediately after signing this agreement; the contract, keep the asset Asset insured against any loss or damage by accident or fire or other perils under a Comprehensive Policy including the risks against strikes, riots, civil commotionsCivil Commotion, floods and such wider other liability to which the asset Asset is normally exposed and unlimited adequate third party liability risks with any insurance company an Insurance Company approved by the Lender and shall punctually pay all premia and other sums required for keeping the said insurance effective throughout till the period of this agreement Lender discharges the security and produce and deliver (if so required by the Lender) any insurance policy, cover note or receipt on demand by the lender Lender for its inspection and verification. Each insurance policy shall be in the name of the Borrower with the necessary endorsement in favour of the lender Lender as ‘'loss payee’ ' and additional endorsement in favour of the lenders’ bankersLender's Bankers, if so, so required by the lenderLender. 12.2 The Borrower shall not use the Asset for any purpose not permitted by the terms and conditions of the insurance policy and shall not do or permit to be done any act or thing, which might render the Insurance insurance invalid. 12.3 The Borrower admits and confirms that it is the Borrower’s prime responsibility to adequately insure the asset with a comprehensive insurance policy. The Borrower Lender may at its/his/her its sole discretion get the insurance done by the Lender on behalf of the borrowerBorrower, by being a facilitator and making the premium payment to the approved insurance company through borrower post- dated cheque / pay order / any other payment instructionsand the Borrower/s shall be bound to reimburse the amount paid by the Lender in this regard immediately on receipt of demand. However, any non-payment on the part of the Lender due to any reason will not affect the liability of the borrower Borrower to pay the necessary insurance premium to the insurance company and to keep the Asset insured. 12.4 The first claim on any insurance proceeds shall be that of the Lender. The Borrower hereby shall be bound to irrevocably authorizes authorize 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 shall ensure to comply with all directions of the Lender with respect to insurance policy and its renewal as stipulated from time to time. 12.5 The Borrower shall at his cost and without undue delay, be bound to carry out repairs to the Asset occasioned by any accident or for any other reason and shall produce bills in respect of insurance Insurance claim to the insurance company Insurance Company for settlement. If there are no over dues against the Borrower, the Lender shall pass on to him the Borrower such benefits as the Lender receives from the insurance company Insurance Company in respect of claim.

Insurance and Maintenance. 12.1 In order to safeguard the security for the loan and to ensure that the lenderLender’s lien is marked on the insurance, the Borrower shall, immediately after signing this agreement; , keep the asset Asset insured against any loss or damage by accident or fire or other perils under a Comprehensive Policy including the risks against strikes, riots, civil commotionsCivil Commotions, floods and such wider liability to which the asset is normally exposed and unlimited third party liability risks with any insurance company an Insurance Company approved by the Lender and shall punctually pay all premia and other sums required for keeping the said insurance effective throughout the period of this agreement and produce and deliver (if so required by the Lender) any insurance policy, cover note or receipt on demand by the lender Lender for its inspection and verification. Each insurance policy shall be in the name of the Borrower with the necessary endorsement in favour of the lender Lender as ‘loss payee’ and additional endorsement in favour of the lenders’ bankersLender’s Bankers, if so, so required by the lenderLender. 12.2 The Borrower shall not use the Asset for any purpose not permitted by the terms and conditions of the insurance policy and shall not do or permit to be done any act or thing, which might render the Insurance invalid. 12.3 The Borrower admits and confirms that it is the Borrower’s prime responsibility to adequately insure the asset with a comprehensive insurance policy. The Borrower Lender may at its/his/her its sole discretion get the insurance done by the Lender on behalf of the borrowerBorrower, by being a facilitator and making the premium payment to the approved insurance company through borrower post- Borrower post dated cheque / pay order orders / any other payment instructions. However, any non-payment on the part of the Lender due to any reason will not affect the liability of the borrower Borrower to pay the necessary insurance premium to the insurance company and to keep the Asset insured. 12.4 The first claim on any insurance proceeds shall be that of the 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 form time to 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 any other reason and shall produce bills in respect of insurance claim to the insurance company for settlement. If there are no over dues against the Borrower, the Lender shall pass on to him such benefits as the Lender receives from the insurance company in respect of claim.

Insurance and Maintenance. 12.1 i) In order to safeguard the security for the loan Loan and to ensure that the lenderLender’s lien is marked on the insurance, the Borrower shall, immediately after signing this the agreement; , keep the asset Asset insured against any loss or damage by accident or fire or other perils under a Comprehensive Policy including the risks against strikes, riots, civil commotionscommotion, floods and such wider liability to which the asset is normally exposed under a Comprehensive Policy and unlimited third party liability risks with any insurance company an Insurance Company and shall punctually pay all premia premium and other sums required for keeping the said insurance effective throughout the period of this the agreement and produce and deliver (if so required by the Lender) any insurance policy, cover note or receipt on demand by the lender Lender for its inspection and verification. The Borrower shall safeguard the security for the Loan and ensure that the Lender’s lien is marked on the insurance as per India Motor Tariff Regulations. Each insurance policy shall be in the name of the Borrower with the necessary endorsement in favour of the lender Lender as ‘loss payee’ and additional endorsement in favour of the lenders’ bankersLender’s Bankers, if so, so required by the lenderLender. 12.2 The Borrower shall not use ii) Where the Asset insurance availed is for any purpose not permitted by the terms and conditions a partial period of the insurance policy and loan year (or) is being insured for multiple years, the Borrowers shall not do or permit to be done any act or thing, which might render the Insurance invalid. 12.3 The Borrower admits and confirms ensure that it is the Borrower’s prime responsibility to adequately insure such policies cover the asset with a for its full replacement value and for comprehensive insurance policy. The Borrower may at its/his/her sole discretion get risks and the insurance done by the Lender on behalf of the borrower, by being a facilitator and making the premium payment to the approved insurance company through borrower post- dated cheque / pay order / any other payment instructions. However, any non-payment on the part of the Lender due to any reason will not affect the liability of the borrower to pay the necessary insurance premium to the insurance company and to keep the Asset insured. 12.4 The first claim on any insurance proceeds shall be that of the Lender. The Borrower hereby irrevocably authorizes the Lender to claim insurance proceeds to safeguard the hypothecation interest of the Lender is recorded in the insurance policy. If the insurance cover stands cancelled (by the Insurance Company), the Borrowers shall note that it is a breach of the loan terms and appropriate shall ensure immediate insurance coverage. In the proceeds thereof meanwhile, if the asset met with any accident (or) is stolen etc., the Borrower and Co-borrowers shall reimburse 100% of outstanding loan dues to the Bank and manage on his/her/their own, any third party insurance claims arising out of any accident. iii) The Borrowers agrees and undertakes that the asset against which the loan is granted shall be maintained in good and road worthy condition until all loan dues are paid in full. For other details regarding insurance and maintenance, the Borrower(s) and/or Co-borrower(s) shall refer Clauses 6 & 7 of Standard Terms and Conditions provided along with the agreement or hosted in the public website 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. 12.5 The Borrower shall at his cost and without undue delay, carry out repairs to the Asset occasioned by any accident or for any other reason and shall produce bills in respect of insurance claim to the insurance company for settlement. If there are no over dues against the Borrower, the Lender shall pass on to him such benefits as the Lender receives from the insurance company in respect of claim.