Common use of Notice to Borrowers Clause in Contracts

Notice to Borrowers. While written communications, telephonic reminders or visits by the RCL's representatives to the borrowers place or residence will be used as loan follow up measures. RCL will not initiate repossession of the assets without giving due notice in writing. The minimum time that would be given to the borrower to pay all dues would be 7 (seven) days failing which RCL would proceed to take possession of the asset. However, if the Borrower deliberately avoids acknowledging or establishing contact with RCL then RCL will be free to proceed with the repossession of the asset/s. a. However, such a notice may be waived in any of the following cases and circumstances: If it is found that the borrower has committed any fraud/misrepresentation in respect of the assets/vehicle; b. In case it is found by RCL that the Borrower has disposed off or sold the vehicle to any third party without valid no objection letter from RCL c. in case either the borrower is not traceable, d. the borrower has handed over the possession of the vehicle to third party without RCL's consent e. the Borrower fails to submit the vehicle for inspection if required by RCL,

Notice to Borrowers. While written communications, telephonic reminders or visits by the RCLRCFL's representatives to the borrowers place or residence will be used as loan follow up measures. RCL RCFL will not initiate repossession of the assets without giving due notice in writing. The minimum time that would be given to the borrower to pay all dues would be 7 (seven) days failing which RCL RCFL would proceed to take possession of the asset. However, if the Borrower borrower deliberately avoids acknowledging or establishing contact with RCL RCFL then RCL RCFL will be free to proceed with the repossession of the asset/s. a. However, such a notice may be waived in any of the following cases and circumstances: If it is found that the borrower has committed any fraud/misrepresentation in respect of the assets/vehicle; b. In case it is found by RCL RCFL that the Borrower has disposed off or sold the vehicle to any third party without valid no objection letter from RCLRCFL c. in case either the borrower is not traceable, d. the borrower has handed over the possession of the vehicle to third party without RCLRCFL's consent e. the Borrower fails to submit the vehicle for inspection if required by RCLRCFL,

Notice to Borrowers. While written communications, telephonic reminders or visits by the RCLRCFL's representatives to the borrowers place or residence will be used as loan follow up measures. RCL RCFL will not initiate repossession of the assets without giving due notice in writing. The minimum time that would be given to the borrower to pay all dues would be 7 (seven) days failing which RCL RCFL would proceed to take possession of the asset. However, if the Borrower deliberately avoids acknowledging or establishing contact with RCL RCFL then RCL RCFL will be free to proceed with the repossession of the asset/s. a. However, such a notice may be waived in any of the following cases and circumstances: If it is found that the borrower has committed any fraud/misrepresentation in respect of the assets/vehicle; b. In case it is found by RCL RCFL that the Borrower has disposed off or sold the vehicle to any third party without valid no objection letter from RCLRCFL c. in case either the borrower is not traceable, d. the borrower has handed over the possession of the vehicle to third party without RCLRCFL's consent e. the Borrower fails to submit the vehicle for inspection if required by RCLRCFL,