Common use of Mode of Disbursement Clause in Contracts

Mode of Disbursement. a) Disbursement of the Loan may be made directly to the Borrower or the Seller/Dealer/DSA of the Vehicle or in such other manner as may be decided solely by the Lender. b) The Lender shall have the right to adjust PMII or any other dues against undisbursed amount, if any. c) It is hereby agreed by the Borrower that in case the disbursement has been made directly to the Seller/DSA/Dealer/Manufacturer, all such payment shall be deemed to be Loan granted to and availed of by the Borrower under this Agreement. In the case of used Vehicle(s), the Loan amount may be disbursed by the Lender to the Seller/DSA/Dealer of the Vehicle(s) and such disbursement shall be deemed to be disbursement of Loan to the Borrower. d) Disbursement shall be deemed to have been made to the Borrower or Seller/Dealer/DSA/Manufacturer on the date of the disbursement by cheque or pay order as the case may be. e) Interest on the Loan will begin to accrue in favor of the Lender on and from the first date of disbursement in cases where the Loan is payable in tranches or from the date when the entire Loan amount was made in lump-sum. f) In cases where the Loan is disbursed for purchase of the chassis of the Vehicle, the first Monthly Installment shall become due on the date when the body/chassis of the Vehicle is ready irrespective of whether the Vehicle is delivered to the Borrower/the Vehicle becomes functional.

Mode of Disbursement. a) The Disbursement of the Loan loan may be made directly to the Borrower or to the SellerBuilder/DealerDeveloper/DSA Sellers and in case of the Vehicle or ready build up property thereof and/or in such other manner as may be solely decided solely by the Lender. b) The Lender AHFL. AHFL shall have the right rights to adjust PMII PEMI or any other dues against undisbursed amount, if any. c) It is hereby agreed by the Borrower that in case the disbursement has been made directly to the Seller/DSA/Dealer/Manufacturer, all such payment shall be deemed to be Loan granted to and availed of by the Borrower under this Agreement. In the case of used Vehicle(s), the Loan amount may be disbursed by the Lender to the Seller/DSA/Dealer of the Vehicle(s) and such disbursement shall be deemed to be disbursement of Loan to the Borrower. d) loan. Disbursement shall be deemed to have been made to the Borrower or Seller/Dealer/DSA/Manufacturer borrower on the date Date of the disbursement Disbursement by way of cheque duly crossed and marked “A/c Payee Only” or pay order as the case may be. e) Interest other Approved Payment Method. The interest on the Loan loan will begin to accrue in favor of the Lender on AHFL as and from the first date Date of disbursement in cases where the Loan is payable in tranches or from the date when the entire Loan amount was made in lump-sum. f) In cases where the Loan is disbursed for purchase Disbursement of the chassis loan. The Disbursement for the acquisition of the Vehicleproperty will be made after the borrower’s own contribution and has been made for the same to the builder/developer/seller, and such proof is furnished to AHFL by the first Monthly Installment Borrower, as may be necessary or desire by AHFL. The disbursement towards construction/improvement of the property shall become due be made only after the borrower commences the construction/improvement work on the date when property, and such proof should be furnished to AHFL by the body/chassis Borrower as may be necessary or desired by AHFL. The Disbursement shall be in stages as per the progress of the Vehicle is ready irrespective work as prescribed in terms of whether the Vehicle is delivered internal guidelines/policy of AHFL, as applicable from time to time. The decision of AHFL in this regard shall be final, conclusive, and binding on the Borrower/. The Borrower shall acknowledge the Vehicle becomes functionalreceipt, in the form required by the AHFL, of each amount so disbursed.

Mode of Disbursement. aa. The Borrower(s)/Co-Borrower(s) Disbursement hereby acknowledge the receipt of the Loan may loan disbursed as - the disbursement of the loan will be made done directly to the Borrower Borrower(s)/Co-Borrower(s) or to the Sellerexisting financier/Dealer/DSA bank or to any person as indicated and requested by the Borrower(s)/Co-Borrower(s) as the case may be. Disbursement shall be deemed to have been made to the Borrower(s)/Co-Borrower(s) from the date of disbursement cheque or payment advise as the case may be, irrespective of the Vehicle date on which the disbursement may have been received by or on behalf of the Borrower(s)/Co-Borrower(s). All payments to be made by Fincare to the Borrower(s)/Co-Borrower(s) under or in such other manner terms of the loan shall be made by a demand draft/pay order/ cheque dully crossed and marked account payee or by transferring the funds in the account maintained with bank as may be decided solely requested by the LenderBorrower(s)/Co-Borrower(s). The collection charges if any in respect of all such demand draft/pay order/ cheques will have to be borne by the Borrower(s)/Co-Borrower(s). b) b. The Lender Bank shall have the right to adjust PMII PEMII or any other dues against undisbursed amount, if anyamount of the Loan. c) It is hereby agreed by the Borrower that in case the disbursement has been made directly to the Seller/DSA/Dealer/Manufacturer, all such payment shall be deemed to be Loan granted to and availed of by the Borrower under this Agreement. In the case of used Vehicle(s), the Loan amount may be disbursed by the Lender to the Seller/DSA/Dealer of the Vehicle(s) and such disbursement shall be deemed to be disbursement of Loan to the Borrower. d) c. Disbursement shall be deemed to have been made to the Borrower or Seller/Dealer/DSA/Manufacturer on the date of the disbursement by way of cheque or pay order as the case may bebe or on the date of setting up of the Loan account limit. e) d. Interest on the Loan will begin to accrue in favor favour of the Lender on Bank as and from the first date of disbursement in cases where the Loan is payable in tranches or from the date when the entire Loan amount was made in lump-sum. f) In cases where the Loan is disbursed for purchase of the chassis of the Vehicle, the first Monthly Installment shall become due on the date when the body/chassis of the Vehicle is ready irrespective of whether the Vehicle is delivered to the Borrower/the Vehicle becomes functionalLoan.

Mode of Disbursement. (a) Disbursement of the Loan loan may be made directly to as per the Borrower or the Seller/Dealer/DSA of the Vehicle disbursement schedule given in Schedule I hereto or in such other manner as may be decided solely by the LenderBank from time to time. (b) The Lender shall have Upon the right request of the Borrower(s) and if the Bank so decides, in its sole discretion, disbursement of the loan may be made to adjust PMII or any other dues against undisbursed amount, if anythe Borrower(s) directly. (c) It Notwithstanding what is hereby agreed stated in clause 2.5 (b) above, disbursement of the loan in one or more instalments / tranches as mentioned in the sanction letter and as may be considered appropriate by the Borrower that Bank shall, in the case of the disbursement has been Property under Construction, be made directly to the Seller/DSA/Dealer/Manufacturerbuilder or developer of the Property and if the Property is a ready built property, all such payment shall be deemed to be Loan granted to and availed of by the Borrower under this Agreement. In the case of used Vehicle(s), the Loan amount may be disbursed by the Lender made directly to the Seller/DSA/Dealer seller thereof. All of the Vehicle(s) and such disbursement shall be deemed and construed to be disbursement of Loan have been made by the Bank to the BorrowerBorrower(s). (d) It is further agreed to between the Parties that where the purpose of the Loan or any integral part thereof, during the subsistence of this Agreement, is declared illegal or becomes illegal on account of any promulgation, amendment, modification or re-enactment of any statute, notification, circular or order etc., then this Agreement shall stand terminated with effect from the date from which the declared purpose or any integral part thereof has become illegal, and the Borrower(s) shall be liable to repay entire outstanding amount of the loan forthwith to the Bank. (e) Disbursement shall be deemed to have been made to the Borrower or Seller/Dealer/DSA/Manufacturer on the date of the disbursement by cheque or pay order payment advice as the case may be under which such disbursement shall have been made irrespective of the date on which the disbursement may have been received or realized by or on behalf of the Borrower or the builder, developer, or seller, as the case may be. e(f) Interest on The Bank should be satisfied at the Loan will begin time of disbursement that the loan is required immediately by the Borrower(s) and the Borrower(s) shall provide evidence satisfactory to accrue in favor Bank thereof as well as provide a certificate stating the utilization of the Lender on and from the first date proceeds of disbursement in cases where the Loan is payable in tranches or from the date when the entire Loan amount was made in lump-sumdisbursement. f(g) In cases where The Borrower shall meticulously comply with all pre-disbursement conditions as set out in the Loan is disbursed for purchase of the chassis of the Vehicle, the first Monthly Installment shall become due on the date when the body/chassis of the Vehicle is ready irrespective of whether the Vehicle is delivered to the Borrower/the Vehicle becomes functionalsanction letter.

Mode of Disbursement. (a) Disbursement of the Loan may shall be made directly to Borrower or to any third party on the instruction of the Borrower, provided that the Borrower or has provided a written instruction for the Seller/Dealer/DSA disbursement to third party. In case the purpose of Loan is to purchase a capital asset, the Lender shall make the disbursement in favour of the Vehicle vendor selling such capital asset. (b) All payments to be made by AUSFB to the Borrower under or in such other manner as may terms of thisAgreement shall be decided solely made by cheque duly crossed and marked A/c Payee Only/ or by way of RTGS/NEFT, and the Lender. b) The Lender shall have the right to adjust PMII or any other dues against undisbursed amount, collection charges if any. c) It is hereby agreed , in respect of all such cheques will have to be borne by the Borrower that in case and the disbursement has been made directly to the Seller/DSA/Dealer/Manufacturer, all such payment shall be deemed to be Loan granted to and availed of by the Borrower under this Agreement. In the case of used Vehicle(s), the Loan amount may be disbursed by the Lender to the Seller/DSA/Dealer of the Vehicle(s) and such disbursement shall be deemed to be disbursement of Loan to the Borrower. d) Disbursement shall be deemed to have been made to the Borrower or Seller/Dealer/DSA/Manufacturer interest on the date of the disbursement by cheque or pay order as the case may be. e) Interest on the AUSFB Loan will begin to accrue in favor favour of the Lender on AUSFB as and from the first date of disbursement in cases where of the Loan is payable in tranches cheque/RTGS/NEFT irrespective of the time taken for transit/collection/realisation of the cheque by the Borrower or from the date when the entire Loan amount was made in lump-sumhis bank/RTGS/NEFT. f(c) In cases where the Loan is disbursed event of Borrower opting for purchase of the chassis of the Vehiclepayments to be made by postdated cheques, the first Monthly Installment shall become due Borrower confirms and agrees that theApplicable Rate of Interest and terms thereof will be as on the date when of execution of this Agreement and not as on the body/chassis date of the Vehicle cheque which is ready irrespective only relevant for the purposes of whether accrual of interest. Therefore, any reduction in interest rate prior to the Vehicle is delivered realization of the cheque and after the date of execution of thisAgreement will not be available to the Borrower/. Similarly any increase in the Vehicle becomes functionalinterest rate prior to the realization of the cheque and after the date of the execution of thisAgreement will not be passed on to the Borrower.

Mode of Disbursement. a) Disbursement 2.1 The Bank shall disburse the Construction Equipment/ Vehicle Loan in the manner given in the Schedule hereto. The Bank shall at its sole and absolute discretion credit the Construction Equipment/ Vehicle Loan to a designated bank account, details provided in the Schedule, in the name of the Borrower(s) to be held with the Bank itself or such bank to whom Electronic Debit Instructions are given as specified in Clause 7.6 hereinafter ("Construction Equipment/ Vehicle Loan may be made directly to Account'). In the Borrower or alternative, the SellerBank may, at the request of the Borrower(s), disburse the loan by issuing Pay Order/Demand Draft drawn in favour of the Manufacturer/Dealer/DSA Body Builder of the Vehicle or in such other manner as may be decided solely Asset. The Borrower agrees and acknowledges that the receipt issued by the Lender. b) The Lender shall have the right to adjust PMII or any other dues against undisbursed amount, if any. c) It is hereby agreed by the Borrower that in case the disbursement has been made directly to the Seller/DSAManufacturer/Dealer/Manufacturer, all such payment Body Builder shall be deemed to be Loan granted to and availed of issued by the Borrower and shall be an effectual receipt and discharged by the Borrower in favour of the Bank. Disbursement of Construction Equipment/ Vehicle Loan as above by the Bank shall be construed as deemed drawdown under this Agreement. , notwithstanding any dispute between the Borrower and the Bank or the Dealer or Manufacturer or Body Builder of the Asset. 2.2 In consideration of the Bank agreeing to act in accordance with aforesaid mode of disbursement the Borrower hereby indemnifies and holds the Bank harmless from and against any and all loss, damage or other consequences which may arise or result from the Bank, making disbursement of Construction Equipment/ Vehicle/Spare part(s) as per the modes of disbursement •as set out in above clause or performing any service to the Borrower thereunder and shall reimburse the Bank upon demand for any payment, loss and damage which the Bank may make, suffer or sustain by reason or on account thereof and shall upon request appear and defend at the Borrower's own cost and expense any action which may be brought against the Bank in connection therewith 2.3 In the case event of used Vehicle(sLoan amount or any part/parts thereof is disbursed to a Dealers/entity(ies) (the "Vendors") other than the Borrower(s), the Loan same has been done at the instructions of Borrower(s) and the Bank is neither responsible nor liable for genuineness or authenticity of the Vendors or whether the intended purpose for which the amount may of said loan has been instructed to be disbursed by the Lender Borrower(s) will be fulfilled or not or that the quality, type, manner or period of delivery of the goods, services, facilities, etc for which the loan amount has been paid, will be as expected by and/or promised by the Vendors to the Seller/DSA/Dealer Borrower(s). Any deductions made by the Vendors from the amount paid shall be on the sole account of the Vehicle(s) and such disbursement shall be deemed to be disbursement of Loan to the BorrowerBorrower(s). d) Disbursement shall be deemed to have been made to the Borrower or Seller/Dealer/DSA/Manufacturer on the date of the disbursement by cheque or pay order as the case may be. e) Interest on the Loan will begin to accrue in favor of the Lender on and from the first date of disbursement in cases where the Loan is payable in tranches or from the date when the entire Loan amount was made in lump-sum. f) In cases where the Loan is disbursed for purchase of the chassis of the Vehicle, the first Monthly Installment shall become due on the date when the body/chassis of the Vehicle is ready irrespective of whether the Vehicle is delivered to the Borrower/the Vehicle becomes functional.

Mode of Disbursement. a) Disbursement of the Loan may be made directly to the Borrower or the Seller/Dealer/DSA of the Vehicle Car or in such other manner as may be decided solely by the Lender. b) The Lender shall have the right to adjust PMII or any other dues against undisbursed amount, if any. c) Disbursement shall be deemed to have been made to the Borrower/Seller/Dealer/DSA on the date of the disbursement by cheque or pay order as the case may be. d) It is hereby agreed by the Borrower that in case the disbursement has been made directly to the Seller/Seller / DSA/Dealer/Manufacturer, all such payment shall be deemed to be the Loan granted to and availed of by the Borrower under this Agreement. In the case of used Vehicle(s)Car, the Loan amount may be disbursed by the Lender RCFL to the Seller/DSA/Dealer of the Vehicle(s) Seller and such disbursement shall be deemed to be disbursement of Loan to the Borrower. d) Disbursement shall be deemed to have been made to the Borrower or Seller/Dealer/DSA/Manufacturer on the date of the disbursement by cheque or pay order as the case may be. e) Interest on the Loan will begin to accrue in favor favour of the Lender on and from the first date of disbursement in cases where the Loan is payable in tranches or from the date when the entire Loan amount Amount was made in lump-sumlumpsum. f) In cases where the Loan is disbursed for purchase of the chassis of the Vehicle, the first Monthly Installment shall become due on the date when the body/chassis of the Vehicle is ready irrespective of whether the Vehicle is delivered to the Borrower/the Vehicle becomes functional.

Mode of Disbursement. a) Disbursement of the Loan may be made directly to the Borrower or the Seller/Dealer/DSA of the Vehicle Car or in such other manner as may be decided solely by the Lender. b) The Lender shall have the right to adjust PMII or any other dues against undisbursed amount, if any. c) Disbursement shall be deemed to have been made to the Borrower/Seller/Dealer/DSA on the date of the disbursement by cheque or pay order as the case may be. d) It is hereby agreed by the Borrower that in case the disbursement has been made directly to the Seller/Seller / DSA/Dealer/Manufacturer, all such payment shall be deemed to be the Loan granted to and availed of by the Borrower under this Agreement. In the case of used Vehicle(s)Car, the Loan amount may be disbursed by the Lender RCL to the Seller/DSA/Dealer of the Vehicle(s) Seller and such disbursement shall be deemed to be disbursement of Loan to the Borrower. d) Disbursement shall be deemed to have been made to the Borrower or Seller/Dealer/DSA/Manufacturer on the date of the disbursement by cheque or pay order as the case may be. e) Interest on the Loan will begin to accrue in favor favour of the Lender on and from the first date of disbursement in cases where the Loan is payable in tranches or from the date when the entire Loan amount Amount was made in lump-sumlumpsum. f) In cases where the Loan is disbursed for purchase of the chassis of the Vehicle, the first Monthly Installment shall become due on the date when the body/chassis of the Vehicle is ready irrespective of whether the Vehicle is delivered to the Borrower/the Vehicle becomes functional.

Mode of Disbursement. a) Disbursement of the Loan may be made directly to the Borrower or the Seller/Dealer/DSA of the Vehicle Car or the earlier banker/lender/financier (in case of used Car) for and on behalf of the Borrower or in such other manner as may be decided solely by the Lender, and the same shall amount to/deemed to be a disbursement made to the Borrower by the Lender. b) The Lender shall have the right to adjust in advance, the PMII or any other dues against undisbursed amount, if any. c) It is hereby agreed by the Borrower that in case the disbursement has been made directly to the Seller/DSA/Dealer/Manufacturer, all such payment shall be deemed to be Loan granted to and availed of by the Borrower under this Agreement. In the case of used Vehicle(s), the Loan amount may be disbursed by the Lender to the Seller/DSA/Dealer of the Vehicle(s) and such disbursement shall be deemed to be disbursement of Loan to the Borrower. d) Disbursement shall be deemed to have been made to the Borrower or on the date of the instrument/cheque/payorder/electronic transfer by which disbursement is made to the Seller/Dealer/DSA/Manufacturer on the date earlier banker/lender/financier irrespective of when the disbursement by cheque same is presented or pay order as the case may beencashed. ed) Interest on the Loan will begin to accrue in favor favour of the Lender on and from the first date of disbursement in cases where the Loan is payable in tranches or from the date when the entire Loan amount was made in lump-sumfirst disbursement. fe) In cases where the Loan is disbursed for purchase of the chassis of the VehicleCar, the first Monthly Installment shall become due payable on the date when the body/chassis of the Vehicle Car is ready irrespective of whether or not the Vehicle Car is delivered to the Borrower/the Vehicle Car becomes functional. f) Subject to sub-clause (e) above, the Monthly Installment shall be payable by the Borrower on the Due Dates notwithstanding the following: (i) the exact Asset details are not known as on the date of this Agreement; or (ii) there has been any damage/ destruction/ loss/ theft/other impairment of the Asset or delayed or non-delivery of the Asset or disputes with the Seller/previous owner; or (iii) the registration certificate for the Asset has been received by the Borrower or not; or (iv) the Asset(s) are in use by the Borrower or not; or (v) any adverse condition of the Asset. g) The right of the Lender to require compliance with any condition of this Agreement or the relevant Transaction Documents which may be waived by the Lender in respect of any disbursement shall be deemed to be expressly preserved for the purpose of any subsequent disbursement. h) Notwithstanding anything stated in any document, the continuation of the Loan shall be at sole and absolute discretion of the Lender and the Lender reserves the right to call upon and demand from the Borrower in the Lender's sole discretion and without assigning any reason, to pay the Borrower's Dues and upon such exercise of Lender's such right to and upon such demand by the Lender, the Borrower shall, within 48 (forty-eight) hours of being so called upon, pay the whole of the Borrower's Dues to the Lender without any delay or demur.