Particular Affirmative Covenants. The Borrower covenants with the Lender that during the tenor of the Loan:
a) The Borrower shall ensure that the entire Loan will be utilized for the purpose as stated by the Borrower in the Loan Application Form and for no other purpose whatsoever.
b) The Borrower shall keep and maintain the Hypothecated Assets in good marketable condition at the cost and risk of the Borrower in all respects and all necessary repairs, additions and improvements thereto will be made during the currency of the Loan and the Borrower shall be liable for any loss or damage caused to the Hypothecated Assets for any reasons whatsoever, including theft, damage by weather and deterioration in quality.
c) The Borrower shall notify the Lender of any change in the Borrower's employment, business or profession. In the event the Borrower is self-employed, the Borrower hereby undertakes to keep the Lender informed about the financials of his business on a regular basis as may be notified to him by the Lender. In the event the Borrower is a company, partnership or sole proprietary concern, the Borrower shall provide the Lender such information and/or documents as may be required by the Lender.
d) The Borrower shall notify the Lender of any change in its residential address and other addresses within 15 days of such change.
e) The Borrower shall duly and punctually comply with all the terms and conditions of holding the Hypothecated Assets and all the rules, regulations and other laws relating but not limited to Motor Vehicles laws, or any other Competent Authority, and pay such maintenance and other charges for the upkeep of the Vehicle/Hypothecated Assets as also any other dues, etc., as may be payable in respect of the Hypothecated Assets and/or of the use thereof.
f) The Borrower shall ensure that the Hypothecated Assets is insured against fire, earthquake, flood, xxxxx, xxxxxxx or typhoon and other hazards, as may be required by the Lender, with the Lender being made the sole beneficiary under the policy, for a value as required by the Lender and produce evidence thereof to the Lender from time to time and wherever called upon to do so. The Borrower shall pay the premium promptly and regularly so as to keep the insurance policy alive at all times till the Loan is amortized in full.
g) The Borrower shall promptly inform the Lender of any loss or damage to the Hypothecated Assets due to any act of God or damage or other risks against which the Vehicle may not have been insured.
h) If th...
Particular Affirmative Covenants. The Borrower covenants with the Lender that during the tenor of the Loan:
Particular Affirmative Covenants. If the borrower is an NRI who holds an Indian passport as per details stated in the application and is not resident of India and is a Resident of the country stated in the application, under residence permit of such country which is valid on the date of this Agreement and possesses a valid employment contract or business license of such country and has been in employment / has been carrying on business or vocation in such country or who stays abroad for any purpose in circumstances indicating an indefinite period of stay outside India
Particular Affirmative Covenants. (a) The Company shall utilize the entire loan only for the purposes as mentioned in the Loan Application, described in Schedule-3 to this agreement.
(b) The Company shall maintain an asset register of assets procured from the loan.
(c) The Company shall ensure that the physical progress of the project as well as the expenditure incurred on the project is as per the original schedule. To this end, the Company agrees to submit information to the IITK on quarterly basis in a format as may be prescribed by IITK, and such other information and data as may be required by the IITK from time to time.
(d) The Company hereby undertakes to submit information to the IITK about all material changes or developments taking place in their companies from time to time such as (but not limited to) change in name, fund raised from any third party, company, change in project or product profile, change in directors or promoters, acquisition of a new office etc. The IITK has the right to require the Company to seek its prior approval wherever necessary and to stipulate such additional condition as the IITK in its absolute discretion deem fit for effecting any change as stated herein above.
(e) The company will submit audited annual accounts / Directors reports etc. to the IITK within a period of seven days from the approval of the account at the company’s Annual General Meeting or positively by 30th, September of each year, whichever occurs earlier.
(f) The Company shall submit a utilization certificate of Loan installments already granted from a Chartered Accountant before approaching for release of subsequent installments. The Company shall also submit un-audited quarterly Balance Sheet, Profit & Loss Account and Cash flow statements to IITK within one month of the end of the quarter. IITK reserves the right to get the documents so submitted verified by its own chartered accountant. In such a case the company shall fully co operate with the Chartered Accountant of IITK in providing to them / giving access to them all books of accounts, vouchers, registers, bills invoices over the tangible and intangible assets of the company.
(g) The Coordinator, SIIC will be inducted on the board of the Incubate Company by passing a board resolution a copy of which will be submitted to SIIC, IIT Kanpur for the purpose of records. The tenure of the Coordinator, SIIC on the board of the Incubate Company will be till such time that the seed capital is repaid by the said Incubate Company.
Particular Affirmative Covenants. The Borrower hereby irrevocably and unconditionally covenants with the AHFL that, during the pendency of the Loan, the Borrower shall:
Particular Affirmative Covenants. (a) Utilization of loan: The borrower shall utilize the entire loan for the purchase/construction of the property as indicated by him in his loan application and for no other purpose whatsoever.
Particular Affirmative Covenants. The Borrower covenants with the Lender that during the tenor of the Loan:
(i) The Borrower shall ensure that the value of the Securities does not diminish.
(ii) The Borrower shall pay all costs, charges, expenses, taxes and such other charges in accordance with the applicable laws.
(iii) The Borrower shall allow any person authorized by the Lender to have free access to the office of the Borrower for the purpose of inspection of its moveable and immoveable properties.
(iv) The Borrower shall promptly give written notice to the Lender of (i) any dispute which might arise between the Borrower and any Person or any governmental body or authority relating to or concerning the business or the Securities; (ii) any distress or execution being levied against the Securities; (iii) any material circumstances affecting the ability of the Borrower to repay the Loan in the manner stipulated hereunder; (iv) change in its address or any other material change in relation thereto.
(v) The Borrower shall on the Lender's request do, perform and execute such acts, deeds, matters and things as the Lender may consider necessary either to perfect the security provided for or to carry out the intent of this Agreement.
(vi) The Borrower shall confirm that the true copies of the document submitted for the purpose of the Loan are genuine. The Lender may at any time, call for or require verification of originals of any / all such copies. Any such copy in possession of the Lender shall be deemed to have been given only by the Borrower.
(vii) The Borrower shall bear all costs of making good any deficit in stamp duty on the documents executed by the Borrower or any other Person in relation to the Loan and/or security created by the Borrower in favour of the Lender.
(viii) The Borrower shall provide an end use statement of the Loan as and when required by the Lender within 7 (Seven) days of receiving such request from the Lender.
Particular Affirmative Covenants. Unless the Debenture Holders shall otherwise agree, the Company shall:
A) UTILISATION OF PROCEEDS OF THE ISSUE Use the proceeds of the issue for the purpose as sanctioned and accordingly the Company shall furnish us a Certificate of Utilisation of the proceeds duly signed by the Auditor. The proceeds of the Debentures shall not be utilised by the Company for the purpose of financing / replenishing funds or acquiring shares/securities of other Companies."
Particular Affirmative Covenants
Particular Affirmative Covenants
