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 ▇▇▇▇ 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 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 ▇▇▇▇ 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 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 ▇▇▇▇ 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 ▇▇▇▇ 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).