Common use of Notice on the happening of an Event of Default Clause in Contracts

Notice on the happening of an Event of Default. a) If any Event of Default or any event which after a lapse of time is capable of becoming an Event of Default takes place, the Bank shall be entitled to forthwith call upon the Borrower to repay the Overdraft Facility and all Dues to the Bank and in such case it shall be the obligation of the Borrower to immediately repay the Overdraft Facility and Dues to the Bank. In case of default by the Borrower to immediately repay the Overdraft Facility and Dues the Bank shall be entitled to without prejudice to the other rights and remedies available, to the Bank, under this Agreement and in law, to enforce Security created by the Borrower in favour of the Bank in terms of this Agreement. . b) Upon the Security becoming enforceable, the Bank shall, without prejudice to its other rights and remedies, be entitled to and shall have absolute power and authority to use its discretion to sell and dispose off the Security or any part of the same by private treaty, without (as far as may be) the intervention of the Court, as and when the Bank may, in its absolute discretion, deem fit and to apply the net proceeds of such sale in satisfaction so far as the same will extend towards liquidation of the Overdraft Facility. The Borrower hereby agrees and undertakes not to raise any dispute as to the value at which the Security is transferred by the Bank and the decision made by the Bank shall be final and binding on the Borrower. The Bank shall not be liable for any loss arising due to the sale or transfer of the Security under this Article. c) The Bank may also terminate this Agreement at any time after the expiry of the period of notice. d) Notwithstanding any cancellation or termination pursuant to the provisions of this Article, all the provisions of this Agreement shall continue in full force and effect as herein specifically provided mutatis mutandis till such time as the Overdraft Facility Amount is repaid by the Borrower, to the satisfaction of the Bank.

Notice on the happening of an Event of Default. a) If any Event of Default or any event which after a lapse of time is capable of becoming an Event of Default takes place, the Bank shall be entitled to forthwith call upon the Borrower and/or the Co-Borrower/s and/or the Guarantor/s to repay the Overdraft Facility and all Dues to the Bank and in such case it shall be the obligation of the Borrower and/or the Co-Borrower/s and/or the Guarantor/s to immediately repay the Overdraft Facility and Dues to the Bank. In case of default by the Borrower and/or the Co-Borrower/s and/or the Guarantor/s to immediately repay the Overdraft Facility and Dues the Bank shall be entitled to without prejudice to the other rights and remedies available, to the Bank, under this Agreement and in law, to enforce Security created by the Borrower and/or the Co-Borrower/s and/or the Guarantor/s in favour of the Bank in terms of this Agreement. . b) Upon the Security becoming enforceable, the Bank shall, without prejudice to its other rights and remedies, be entitled to and shall have absolute power and authority to use its discretion to sell and dispose off the Security or any part of the same by private treaty, without (as far as may be) the intervention of the Court, as and when the Bank may, in its absolute discretion, deem fit and to apply the net proceeds of such sale in satisfaction so far as the same will extend towards liquidation of the Overdraft Facility. The Borrower and/or the Co-Borrower/s and/or the Guarantor/s hereby agrees and undertakes not to raise any dispute as to the value at which the Security is transferred by the Bank and the decision made by the Bank shall be final and binding on the Borrower and/or the Co- Borrower. /s and/or the Guarantor/s. The Bank shall not be liable for any loss arising due to the sale or transfer of the Security under this Article. c) The Bank may also terminate this Agreement at any time after the expiry of the period of notice. d) Notwithstanding any cancellation or termination pursuant to the provisions of this Article, all the provisions of this Agreement shall continue in full force and effect as herein specifically provided mutatis mutandis till such time as the Overdraft Facility Amount is repaid by the Borrower, to the satisfaction of the Bank.

Notice on the happening of an Event of Default. a) If any Event of Default or any event which after a lapse of time is capable of becoming an Event of Default De-fault takes place, the Bank shall be entitled to forthwith call upon the Borrower to repay the Overdraft Facility Loan and all Dues to the Bank and in such case it shall be the obligation of the Borrower to immediately repay the Overdraft Facility and Dues to the Bank. In case of default by the Borrower to immediately repay the Overdraft Facility and Dues Dues, the Bank shall be entitled to without prejudice to the other rights and remedies available, to the Bank, under this Agreement and in law, to enforce Security created by the Borrower in favour of the Bank in terms of this Agreement. . b) Upon the Security becoming enforceable, the Bank shall, without prejudice to its other rights and remedies, be entitled to and shall have absolute power and authority to use its discretion to sell and dispose off of the Security or any part of the same by private treaty, without (as far as may be) the intervention of the Court, as and when the Bank may, in its absolute discretion, deem fit and to apply the net proceeds of such sale in satisfaction so far as the same will extend towards liquidation of the Overdraft FacilityLoan. The Borrower hereby agrees and undertakes not to raise any dispute as to the value at which the Security is transferred by the Bank and the decision made by the Bank shall be final and binding on the Borrower. The Bank shall not be liable for any loss arising due to the sale or transfer of the Security under this Article. c) The Bank may also terminate this Agreement at any time after the expiry of the period of notice. d) Notwithstanding any cancellation or termination pursuant to the provisions of this Article, all the provisions of this Agreement shall continue in full force and effect as herein specifically provided mutatis mutandis till such time as the Overdraft Facility Loan Amount is repaid by the Borrower, to the satisfaction of the Bank.

Notice on the happening of an Event of Default. a) If any Event of Default or any event which after a lapse of time is capable of becoming an Event of Default takes place, the Bank shall be entitled to forthwith call upon the Borrower to repay the Overdraft Facility Loan and all Dues to the Bank and in such case it shall be the obligation of the Borrower to immediately repay the Overdraft Facility and Dues to the Bank. In case of default by the Borrower to immediately repay the Overdraft Facility and Dues the Bank shall be entitled to without prejudice to the other rights and remedies available, to the Bank, under this Agreement and in law, to enforce Security created by the Borrower in favour of the Bank in terms of this Agreement. . b) Upon the Security becoming enforceable, the Bank shall, without prejudice to its other rights and remedies, be entitled to and shall have absolute power and authority to use its discretion to sell and dispose off of the Security or any part of the same by private treaty, without (as far as may be) the intervention of the Court, as and when the Bank may, in its absolute discretion, deem fit and to apply the net proceeds of such sale in satisfaction so far as the same will extend towards liquidation of the Overdraft FacilityLoan. The Borrower hereby agrees and undertakes not to raise any dispute as to the value at which the Security is transferred by the Bank and the decision made by the Bank shall be final and binding on the Borrower. The Bank shall not be liable for any loss arising due to the sale or transfer of the Security under this Article. c) The Bank may also terminate this Agreement at any time after the expiry of the period of notice. d) Notwithstanding any cancellation or termination pursuant to the provisions of this Article, all the provisions of this Agreement shall continue in full force and effect as herein specifically provided mutatis mutandis till such time as the Overdraft Facility Loan Amount is repaid by the Borrower, to the satisfaction of the Bank.