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 the Loan is for Purchase of Commercial Vehicle: a. The Borrower shall complete purchase of the Vehicle as indicated by him in the Loan Application Form and obtain and produce to the Lender purchase documents, as the case may be. b. The Borrower shall promptly notify any event or circumstances which might operate as a cause of delay in the purchase of the Vehicle. i) The Borrower shall pay all road taxes, octroi and other local taxes/charges in accordance with the laws and regulations. j) The Borrower shall allow any person authorized by the Lender to have free access to the Hypothecated Assets for the purpose of inspection. k) The Borrower shall intimate the Lender promptly of any dispute which might arise between the Borrower and any person or any governmental body or authority thereby affecting the ability of the Borrower to repay the Loan in the manner stipulated hereunder. l) The Borrower shall on the Lender's request do, perform and execute such acts, deeds, matters and things as the Lender may consider necessary to perfect the security provided for and/or to carry out the intent of this Agreement. m) 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. n) The Borrower confirms that there is no action, suit, proceedings or investigation pending or, to the knowledge of the Borrower, is threatened, by or against the Borrower before any court of Law or Government authority or any other competent authority which might have a material adverse effect on the financial and other affairs of the Borrower or which might put into question the validity or performance of this Agreement or any of its terms and conditions. o) If the Borrower is a company, it shall register the charge created in favour of the Lender in proper form with the Registrar of Companies within a period of 30 days from the date of creation of charge; p) The Borrower confirms that the Borrower is the absolute owner of the Commercial Vehicle/ Vehicle / Hypothecated Assets, to be offered as security. q) The Borrower shall take consent from RCFL if the Hypothecated Assets is/are proposed to be removed/taken outside the territorial borders of the state in which the Assets is registered or they are to be removed/taken out of the address/location as specified on a permanent basis or for a continuous period of more than 60 days. r) The Borrower shall not remove/take outside the territorial borders of the country the Vehicle/Hypothecated Assets/equipments for any purpose. s) If the Borrower is a Person other than an individual, it shall promptly inform the Lender of change in location of its office/registered office, name, main business activity of the Borrower. t) The Borrower shall bear all costs of making good any deficit in stamp duty on the documents executed by the Borrower in relation to the Loan and/or security created by the Borrower in favour of the Lender. u) The Borrower undertakes to get the registration certificates of each Vehicle endorsed with the name of Reliance Commercial Finance Limited to further express the fact that the Vehicle stands hypothecated to RCFL. v) The Borrower agrees that any security provided by the Borrower to the Lender under any other credit facility shall be available to the Lender under this Agreement upon the occurrence of an event of default under this Agreement and vice versa.
Appears in 2 contracts
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 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 address 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 said 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 Hypothecated Assets may not have been insured.
h) If For the present Loan is for Purchase of Commercial Vehicle:
a. The Borrower shall complete purchase of the Vehicle Car as indicated by him in the Loan Application Form and obtain and produce to the Lender purchase documents, as the case may be.
b. The Borrower shall promptly notify any event or circumstances which might operate as a cause of delay in the purchase of the VehicleCar.
i) The Borrower shall pay all road taxes, octroi and other local taxes/charges in accordance with the laws and regulations.
j) The Borrower shall allow any person authorized by the Lender to have free access to the Hypothecated Assets for the purpose of inspection.
k) The Borrower shall intimate the Lender promptly of any dispute which might arise between the Borrower and any person or any governmental body or authority thereby affecting the ability of the Borrower to repay the Loan in the manner stipulated hereunder.
l) 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 and/or and to carry out the intent of this Agreement.
m) 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.
n) The Borrower confirms that there is no action, suit, proceedings or investigation pending or, to the knowledge of the Borrower, is threatened, by or against the Borrower before any court of Law or Government authority or any other competent authority which might have a material adverse effect on the financial and other affairs of the Borrower or which might put into question the validity or performance of this Agreement or any of its terms and conditions.
o) If the Borrower is a company, it shall register the charge created in favour of the Lender in proper form with the Registrar of Companies within a period of 30 days from the date of creation of charge;
p) The Borrower confirms that the Borrower is the absolute owner of the Commercial Vehicle/ Vehicle / Hypothecated Assets, Assets to be offered as security.
qp) The Borrower shall take consent from RCFL RCL if the Hypothecated Assets is/are proposed to be removed/taken outside the territorial borders of the state in which the Assets is registered or they are to be removed/taken out of the address/location as specified on a permanent basis or for a continuous period of more than 60 days.
r) The Borrower shall not remove/take outside the territorial borders of the country the Vehicle/Hypothecated Assets/equipments for any purpose.
sq) If the Borrower is a Person other than an individual, it shall promptly inform the Lender of change in location of its office/registered office, name, main business activity of the Borrower.
tr) The Borrower shall bear all costs of making good any deficit in stamp duty on the documents executed by the Borrower in relation to the Loan and/or security created by the Borrower in favour of the Lender.
us) The Borrower undertakes to get the registration certificates of each Vehicle endorsed with the name of Reliance Commercial Finance Limited Capital Ltd. to further express the fact that the Vehicle stands hypothecated to RCFLRCL.
vt) The Borrower agrees that any security provided by the Borrower to the Lender under any other credit facility shall be available to the Lender under this Agreement upon the occurrence of an event of default under this Agreement and vice versa.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement
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 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 address 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 said 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 Hypothecated Assets may not have been insured.
h) If For the present Loan is for Purchase of Commercial Vehicle:
a. The Borrower shall complete purchase of the Vehicle Car as indicated by him in the Loan Application Form and obtain and produce to the Lender purchase documents, as the case may be.
b. The Borrower shall promptly notify any event or circumstances which might operate as a cause of delay in the purchase of the VehicleCar.
i) The Borrower shall pay all road taxes, octroi and other local taxes/charges in accordance with the laws and regulations.
j) The Borrower shall allow any person authorized by the Lender to have free access to the Hypothecated Assets for the purpose of inspection.
k) The Borrower shall intimate the Lender promptly of any dispute which might arise between the Borrower and any person or any governmental body or authority thereby affecting the ability of the Borrower to repay the Loan in the manner stipulated hereunder.
l) 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 and/or and to carry out the intent of this Agreement.
m) 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.
n) The Borrower confirms that there is no action, suit, proceedings or investigation pending or, to the knowledge of the Borrower, is threatened, by or against the Borrower before any court of Law or Government authority or any other competent authority which might have a material adverse effect on the financial and other affairs of the Borrower or which might put into question the validity or performance of this Agreement or any of its terms and conditions.
o) If the Borrower is a company, it shall register the charge created in favour of the Lender in proper form with the Registrar of Companies within a period of 30 days from the date of creation of charge;
p) The Borrower confirms that the Borrower is the absolute owner of the Commercial Vehicle/ Vehicle / Hypothecated Assets, Assets to be offered as security.
qp) The Borrower shall take consent from RCFL if the Hypothecated Assets is/are proposed to be removed/taken outside the territorial borders of the state in which the Assets is registered or they are to be removed/taken out of the address/location as specified on a permanent basis or for a continuous period of more than 60 days.
r) The Borrower shall not remove/take outside the territorial borders of the country the Vehicle/Hypothecated Assets/equipments for any purpose.
sq) If the Borrower is a Person other than an individual, it shall promptly inform the Lender of change in location of its office/registered office, name, main business activity of the Borrower.
tr) The Borrower shall bear all costs of making good any deficit in stamp duty on the documents executed by the Borrower in relation to the Loan and/or security created by the Borrower in favour of the Lender.
us) The Borrower undertakes to get the registration certificates of each Vehicle endorsed with the name of Reliance Commercial Finance Limited Capital Ltd. to further express the fact that the Vehicle stands hypothecated to RCFL.
vt) The Borrower agrees that any security provided by the Borrower to the Lender under any other credit facility shall be available to the Lender under this Agreement upon the occurrence of an event of default under this Agreement and vice versa.
Appears in 1 contract
Samples: Car Loan Agreement
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-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 the Loan is for Purchase of Commercial Vehicle:
a. The Borrower shall complete purchase of the Vehicle as indicated by him in the Loan Application Form and obtain and produce to the Lender purchase documents, as the case may be.
b. The Borrower shall promptly notify any event or circumstances which might operate as a cause of delay in the purchase of the Vehicle.
i) The Borrower shall pay all road taxes, octroi and other local taxes/charges in accordance with the laws and regulations.
j) The Borrower shall allow any person authorized by the Lender to have free access to the Hypothecated Assets for the purpose of inspection.
k) The Borrower shall intimate the Lender promptly of any dispute which might arise between the Borrower and any person or any governmental body or authority thereby affecting the ability of the Borrower to repay the Loan in the manner stipulated hereunder.
l) The Borrower shall on the Lender's request do, perform and execute such acts, deeds, matters and things as the Lender may consider necessary to perfect the security provided for and/or to carry out the intent of this Agreement.
m) 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.
n) The Borrower confirms that there is no action, suit, proceedings or investigation pending or, to the knowledge of the Borrower, is threatened, by or against the Borrower before any court of Law or Government authority or any other competent authority which might have a material adverse effect on the financial and other affairs of the Borrower or which might put into question the validity or performance of this Agreement or any of its terms and conditions.
o) If the Borrower is a company, it shall register the charge created in favour of the Lender in proper form with the Registrar of Companies within a period of 30 days from the date of creation of charge;
p) The Borrower confirms that the Borrower is the absolute owner of the Commercial Vehicle/ Vehicle / Vehicle/Hypothecated Assets, to be offered as security.
q) The Borrower shall take consent from RCFL RCFPL if the Hypothecated Assets is/are proposed to be removed/taken outside the territorial borders of the state in which the Assets is registered or they are to be removed/taken out of the address/location as specified on a permanent basis or for a continuous period of more than 60 days.
r) The Borrower shall not remove/take outside the territorial borders of the country the Vehicle/Hypothecated Assets/equipments for any purpose.
s) If the Borrower is a Person other than an individual, it shall promptly inform the Lender of change in location of its office/registered office, name, main business activity of the Borrower.
t) The Borrower shall bear all costs of making good any deficit in stamp duty on the documents executed by the Borrower in relation to the Loan and/or security created by the Borrower in favour of the Lender.
u) The Borrower undertakes to get shall intimate the registration certificates Lender of each Vehicle endorsed with the name any change in residential address within 10 (ten) days of Reliance Commercial Finance Limited to further express the fact that the Vehicle stands hypothecated to RCFLsuch change.
v) The Borrower agrees that any security provided by the Borrower to the Lender under any other credit facility shall be available to the Lender under this Agreement upon the occurrence of an event of default under this Agreement and vice versa.
Appears in 1 contract
Samples: Loan Agreement
Particular Affirmative Covenants. The Borrower covenants with the Lender that during the tenor of the Loan:
a(i) The Borrower shall ensure that duly complete the entire Loan will be utilized for purchase / construction of the purpose as stated Property and obtain and submit to the Lender a certified true copy of the occupation / completion certificate issued by the Borrower in the Loan Application Form and for no concerned Municipal and/or other purpose whatsoeverconcerned authorities.
b(ii) The Borrower shall promptly notify the Lender any event or circumstance which might delay the purchase / possession of the Property / the commencement or completion of the construction of the Property.
(iii) The Borrower shall keep and maintain the Hypothecated Assets in good marketable condition at the cost and risk Lender informed of the progress of the construction of the Property at regular intervals.
(iv) In case the Property comprises of the vacant plot of land, the Borrower in all respects and all necessary repairs, additions and improvements thereto will be made during shall duly commence the currency construction on the Property immediately from the date of availing of the Loan and complete 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 construction within such time period 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 specified 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(v) The Borrower shall duly and punctually comply with all the terms and conditions of holding the Hypothecated Assets Property and all the rules, regulations and other laws relating but not limited to Motor Vehicles regulations, bye-laws, etc., of the concerned co-operative society, association, company or any other Competent Authoritycompetent authority, and pay such maintenance and other charges for the upkeep of the Vehicle/Hypothecated Assets Property as also any other dues, etc., as may be payable in respect of the Hypothecated Assets Property 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 the Loan is for Purchase of Commercial Vehicle:
a. The Borrower shall complete purchase of the Vehicle as indicated by him in the Loan Application Form and obtain and produce to the Lender purchase documents, as the case may be.
b. The Borrower shall promptly notify any event or circumstances which might operate as a cause of delay in the purchase of the Vehicle.
i(vi) The Borrower shall pay all road municipal taxes, octroi ground rent and such other municipal and local taxes/charges in accordance with the municipal laws and regulations.
j(vii) The Borrower shall allow any person authorized by the Lender to have free access to the Hypothecated Assets Property for the purpose of inspection.
k(viii) The Borrower shall intimate promptly give written notice to the Lender promptly of (i) any dispute which might arise between the Borrower and any person Person or any governmental body or authority thereby affecting relating to or concerning the ability of the Borrower to repay the Loan in the manner stipulated hereunder.
lProperty; (ii) The Borrower shall on the Lender's request do, perform and execute such acts, deeds, matters and things as the Lender may consider necessary to perfect the security provided for and/or to carry out the intent of this Agreement.
m) 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 distress 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.
n) The Borrower confirms that there is no action, suit, proceedings or investigation pending or, to the knowledge of the Borrower, is threatened, by or execution being levied against the Borrower before any court of Law or Government authority or any other competent authority which might have a material adverse effect on the financial and other affairs of the Borrower or which might put into question the validity or performance of this Agreement or any of its terms and conditions.
o) If the Borrower is a company, it shall register the charge created in favour of the Lender in proper form with the Registrar of Companies within a period of 30 days from the date of creation of chargeProperty;
p) The Borrower confirms that the Borrower is the absolute owner of the Commercial Vehicle/ Vehicle / Hypothecated Assets, to be offered as security.
q) The Borrower shall take consent from RCFL if the Hypothecated Assets is/are proposed to be removed/taken outside the territorial borders of the state in which the Assets is registered or they are to be removed/taken out of the address/location as specified on a permanent basis or for a continuous period of more than 60 days.
r) The Borrower shall not remove/take outside the territorial borders of the country the Vehicle/Hypothecated Assets/equipments for any purpose.
s) If the Borrower is a Person other than an individual, it shall promptly inform the Lender of change in location of its office/registered office, name, main business activity of the Borrower.
t) The Borrower shall bear all costs of making good any deficit in stamp duty on the documents executed by the Borrower in relation to the Loan and/or security created by the Borrower in favour of the Lender.
u) The Borrower undertakes to get the registration certificates of each Vehicle endorsed with the name of Reliance Commercial Finance Limited to further express the fact that the Vehicle stands hypothecated to RCFL.
v) The Borrower agrees that any security provided by the Borrower to the Lender under any other credit facility shall be available to the Lender under this Agreement upon the occurrence of an event of default under this Agreement and vice versa.
Appears in 1 contract
Samples: Loan Agreement
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 Property and all the rules, regulations and other laws relating but not limited to Motor Vehicles regulations, bye-laws, etc., of the concerned co- operative society, association, company or any other Competent Authoritycompetent authority, and pay such maintenance and other charges for the upkeep of the Vehicle/Hypothecated Assets Property as also any other dues, etc., as may be payable in respect of the Hypothecated Assets Property 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 the Loan is for Purchase of Commercial Vehicle:
a. The Borrower shall complete purchase of the Vehicle as indicated by him in the Loan Application Form and obtain and produce to the Lender purchase documents, as the case may be.
b. The Borrower shall promptly notify any event or circumstances which might operate as a cause of delay in the purchase of the Vehicle.
ib) The Borrower shall pay all road municipal taxes, octroi ground rent and such other municipal and local taxes/charges in accordance with the municipal laws and regulations.. Particular Borrower Co-Borrower Co-Borrower Co-Borrower Co-Borrower
jc) The Borrower shall allow any person authorized by the Lender to have free access to the Hypothecated Assets Property for the purpose of inspection.
k) . The Borrower shall intimate promptly give written notice to the Lender promptly of (i) any dispute which might arise between the Borrower and any person Person or any governmental body or authority thereby relating to or concerning the Property; (ii) any distress or execution being levied against the Property; (iii) any material circumstances affecting the ability of the Borrower to repay the Loan in the manner stipulated hereunder.
l) The Borrower shall on the Lender's request do, perform and execute such acts, deeds, matters and things as the Lender may consider necessary to perfect the security provided for and/or to carry out the intent of this Agreement.
md) 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/any / all such copies. Any such copy in possession of the Lender shall be deemed to have been given only by the Borrower.
n) The Borrower confirms that there is no action, suit, proceedings or investigation pending or, to the knowledge of the Borrower, is threatened, by or against the Borrower before any court of Law or Government authority or any other competent authority which might have a material adverse effect on the financial and other affairs of the Borrower or which might put into question the validity or performance of this Agreement or any of its terms and conditions.
o) If the Borrower is a company, it shall register the charge created in favour of the Lender in proper form with the Registrar of Companies within a period of 30 days from the date of creation of charge;
p) The Borrower confirms that the Borrower is the absolute owner of the Commercial Vehicle/ Vehicle / Hypothecated Assets, to be offered as security.
q) The Borrower shall take consent from RCFL if the Hypothecated Assets is/are proposed to be removed/taken outside the territorial borders of the state in which the Assets is registered or they are to be removed/taken out of the address/location as specified on a permanent basis or for a continuous period of more than 60 days.
r) The Borrower shall not remove/take outside the territorial borders of the country the Vehicle/Hypothecated Assets/equipments for any purpose.
s) If the Borrower is a Person other than an individual, it shall promptly inform the Lender of change in location of its office/registered office, name, main business activity of the Borrower.
te) The Borrower shall bear all costs of making good any deficit in stamp duty on the documents executed by the Borrower in relation to the Loan and/or security created by the Borrower in favour favor of the Lender.
uf) The Borrower undertakes to get shall provide an end use statement of the registration certificates Loan as and when required by the Lender within 7 (Seven) days of each Vehicle endorsed with receiving such request from the name of Reliance Commercial Finance Limited to further express the fact that the Vehicle stands hypothecated to RCFLLender.
vg) The Borrower agrees that any 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 by for or to carry out the Borrower to the Lender under any other credit facility shall be available to the Lender under intent of this Agreement upon the occurrence of an event of default under this Agreement and vice versaAgreement.
Appears in 1 contract
Samples: Loan Agreement
Particular Affirmative Covenants. The Borrower covenants with the Lender that during the tenor tenure of the Loan:
a) The Borrower shall ensure that the entire Loan Facility will be utilized utilised for the purpose as stated by the Borrower in the Loan Facility Application Form and for no other purpose whatsoever.
b) The Borrower shall keep and maintain the Hypothecated Assets Vehicle in good marketable order and 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 Facility and that the Borrower shall be liable for any loss or damage caused to will ensure that the Hypothecated Assets for any reasons whatsoever, including theft, damage by weather and deterioration in qualitystate of the Vehicle does not diminish.
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-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, limited liability 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 (fifteen) days of such change.
e) The Borrower shall duly and punctually comply with all the terms and conditions of holding the Hypothecated Assets Vehicle and all the rules, regulations and other laws relating but not limited to Motor Vehicles laws, or any other Competent Authoritycompetent authority, and pay such maintenance and other charges for the upkeep of the Vehicle/Hypothecated Assets Vehicle as also any other dues, etc., as may be payable in respect of the Hypothecated Assets Vehicle and/or of the use thereof.
f) The Borrower shall ensure that the Hypothecated Assets Vehicle 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 Facility is amortized amortised in full.
g) The Borrower shall promptly inform the Lender of any of any loss or damage to the Hypothecated Assets Vehicle due to any act of God or damage or other risks against which the Vehicle may not have been insured.
h) If the Facility is in the nature of Loan is for Purchase of Commercial VehicleVehicle :
a. The Borrower shall complete purchase of the Vehicle as indicated by him in the Loan Facility Application Form and obtain and produce to the Lender purchase documents, as the case may be.
b. The Borrower shall promptly notify any event or circumstances which might operate as a cause of delay in the purchase of the VehicleVehicle(s).
i) The Borrower shall pay all road taxes, octroi and other local taxes/charges in accordance with the laws law and regulations.
j) The Borrower shall allow any person authorized authorised by the Lender to have free access to the Hypothecated Assets Vehicle for the purpose of inspection.
k) The Borrower shall intimate the Lender promptly of any dispute which might arise between the Borrower and any person or any governmental government body or authority thereby affecting the ability of the Borrower to repay the Loan Loan(s) in the manner stipulated hereunder.
l) The Borrower shall on the Lender's request do, perform and execute such acts, deeds, matters and things as the Lender may consider necessary to perfect the security provided for and/or to carry out the intent of this Agreement.
m) The Borrower shall confirm that the true copies of the document submitted for the purpose of the Loan Facility 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.
n) The Borrower confirms that there is no action, suit, proceedings or investigation pending or, to the knowledge of the Borrower, is threatened, by or against the Borrower before any court of Law or Government authority or any other competent authority which might have a material adverse effect on the financial and other affairs of the Borrower or which might put into question the validity or performance of this Agreement or any of its terms and conditions.
o) If the Borrower is a company, it shall register the charge created in favour of the Lender in proper form with the Registrar of Companies within a period of 30 days from the date of creation of charge;.
p) The Borrower confirms that the Borrower is the absolute owner of the Commercial Vehicle/ Vehicle / Hypothecated AssetsVehicle, to be offered as security.
q) The Borrower shall take consent from RCFL DCB Bank if the Hypothecated Assets is/are proposed to be removed/taken outside the territorial borders of the state in which the Assets is registered or they are to be removed/taken removed /taken out of the address/location as specified on a permanent basis or for a continuous period of more than 60 (sixty) days.
r) The Borrower shall not remove/remove / take outside the territorial borders of the country the Vehicle/Hypothecated Assets/equipments Assets / Equipments for any purpose.
s) If the Borrower is a Person other than an individualIndividual, it shall promptly inform the Lender of change in location of its office/office / registered office, name, main business activity of the Borrower.
t) The Borrower shall bear all costs of making good any deficit in stamp duty on the documents executed by the Borrower in relation to the Loan and/or Facility and / or security created by the Borrower in favour of the Lender.
u) The Borrower undertakes to get shall intimate the registration certificates Lender of each Vehicle endorsed with the name any change in residential address within 15 (fifteen) days of Reliance Commercial Finance Limited to further express the fact that the Vehicle stands hypothecated to RCFLsuch change.
v) The Borrower agrees that any security provided by the Borrower to the Lender under any other credit facility shall be available to the Lender under this Agreement upon the occurrence of an event of default under this Agreement and vice versa.
Appears in 1 contract
Samples: Vehicle Loan Agreement
Particular Affirmative Covenants. The Borrower covenants with the Lender that during the tenor of the Loan:
a(i) The Borrower shall ensure that duly complete the entire Loan will be utilized for purchase / construction of the purpose as stated Property and obtain and submit to the Lender a certified true copy of the occupation / completion certificate issued by the Borrower in the Loan Application Form and for no concerned Municipal and/or other purpose whatsoeverconcerned authorities.
b(ii) The Borrower shall promptly notify the Lender any event or circumstance which might delay the purchase / possession of the Property / the commencement or completion of the construction of the Property.
(iii) The Borrower shall keep and maintain the Hypothecated Assets in good marketable condition at the cost and risk Lender informed of the progress of the construction of the Property at regular intervals.
(iv) In case the Property comprises of the vacant plot of land, the Borrower in all respects and all necessary repairs, additions and improvements thereto will be made during shall duly commence the currency construction on the Property immediately from the date of availing of the Loan and complete 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 construction within such time period 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 specified 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(v) The Borrower shall duly and punctually comply with all the terms and conditions of holding the Hypothecated Assets Property and all the rules, regulations and other laws relating but not limited to Motor Vehicles regulations, bye-laws, etc., of the concerned co- operative society, association, company or any other Competent Authoritycompetent authority, and pay such maintenance and other charges for the upkeep of the Vehicle/Hypothecated Assets Property as also any other dues, etc., as may be payable in respect of the Hypothecated Assets Property 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 the Loan is for Purchase of Commercial Vehicle:
a. The Borrower shall complete purchase of the Vehicle as indicated by him in the Loan Application Form and obtain and produce to the Lender purchase documents, as the case may be.
b. The Borrower shall promptly notify any event or circumstances which might operate as a cause of delay in the purchase of the Vehicle.
i(vi) The Borrower shall pay all road municipal taxes, octroi ground rent and such other municipal and local taxes/charges in accordance with the municipal laws and regulations.
j(vii) The Borrower shall allow any person authorized by the Lender to have free access to the Hypothecated Assets Property for the purpose of inspection.
k(viii) The Borrower shall intimate promptly give written notice to the Lender promptly of (i) any dispute which might arise between the Borrower and any person Person or any governmental body or authority thereby affecting relating to or concerning the ability of the Borrower to repay the Loan in the manner stipulated hereunder.
lProperty; (ii) The Borrower shall on the Lender's request do, perform and execute such acts, deeds, matters and things as the Lender may consider necessary to perfect the security provided for and/or to carry out the intent of this Agreement.
m) 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 distress 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.
n) The Borrower confirms that there is no action, suit, proceedings or investigation pending or, to the knowledge of the Borrower, is threatened, by or execution being levied against the Borrower before any court of Law or Government authority or any other competent authority which might have a material adverse effect on the financial and other affairs of the Borrower or which might put into question the validity or performance of this Agreement or any of its terms and conditions.
o) If the Borrower is a company, it shall register the charge created in favour of the Lender in proper form with the Registrar of Companies within a period of 30 days from the date of creation of chargeProperty;
p) The Borrower confirms that the Borrower is the absolute owner of the Commercial Vehicle/ Vehicle / Hypothecated Assets, to be offered as security.
q) The Borrower shall take consent from RCFL if the Hypothecated Assets is/are proposed to be removed/taken outside the territorial borders of the state in which the Assets is registered or they are to be removed/taken out of the address/location as specified on a permanent basis or for a continuous period of more than 60 days.
r) The Borrower shall not remove/take outside the territorial borders of the country the Vehicle/Hypothecated Assets/equipments for any purpose.
s) If the Borrower is a Person other than an individual, it shall promptly inform the Lender of change in location of its office/registered office, name, main business activity of the Borrower.
t) The Borrower shall bear all costs of making good any deficit in stamp duty on the documents executed by the Borrower in relation to the Loan and/or security created by the Borrower in favour of the Lender.
u) The Borrower undertakes to get the registration certificates of each Vehicle endorsed with the name of Reliance Commercial Finance Limited to further express the fact that the Vehicle stands hypothecated to RCFL.
v) The Borrower agrees that any security provided by the Borrower to the Lender under any other credit facility shall be available to the Lender under this Agreement upon the occurrence of an event of default under this Agreement and vice versa.
Appears in 1 contract
Samples: Loan Agreement
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 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 Asset(s) 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 Asset(s) 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 in writing of any change in its residential address addresses and other addresses address within 15 (fifteen) days of such change.
e) The Borrower shall duly and punctually comply with all the terms and conditions of holding and using the Hypothecated Assets Asset(s) and all the rules, regulations and other laws relating but not limited to Motor Vehicles motor vehicles laws, or any other Competent Authoritycompetent authority, and pay such maintenance and other charges charges, Taxes, for the upkeep of the VehicleCar/Hypothecated Assets Asset(s) as also any other dues, etc., as may be payable in respect of the Hypothecated Assets Asset(s) and/or of the use thereof.
f) The Borrower shall ensure that the Hypothecated Assets Asset(s) is insured against theft, accident, 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 beneficiary/loss payee 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 Asset(s) including due to any act of God or damage damage, accident, or other risks against which the Vehicle Car may not have been insured.
h) If the Loan is for Purchase of Commercial Vehicle:
a. The Borrower shall complete purchase of the Vehicle Car as indicated by him in the Loan Application Form and obtain and produce to the Lender purchase documents, documents as the case may be.
b. i) The Borrower shall promptly notify any event or circumstances which might operate as a cause of delay in the purchase of the VehicleCar.
ij) The Borrower shall pay all Taxes and levies including all road taxes, octroi and other local taxes/charges in accordance with the laws and regulations.
jk) The Borrower shall allow any person Person authorized by the Lender to have free access to the Hypothecated Assets Asset(s) for the purpose of inspection.
kl) The Borrower shall intimate the Lender promptly of any dispute which might arise between the Borrower and any person Person or any governmental Government Authority or body or authority thereby affecting the ability of the Borrower to repay the Loan in the manner stipulated hereunder.
lm) The Borrower shall on the Lender's request do, perform and execute such acts, deeds, matters and things as the Lender may consider necessary to perfect the security Security provided for and/or to carry out the intent of this Agreement.
m) 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.
n) The Borrower confirms that there is no action, suit, proceedings or investigation pending or, to the knowledge of the Borrower, is threatened, by or against the Borrower before any court of Law or Government authority or any other competent authority which might have a material adverse effect on the financial and other affairs of the Borrower or which might put into question the validity or performance of this Agreement or any of its terms and conditions.
o) If the Borrower is a company, it shall register the charge created in favour of the Lender in proper form with the Registrar of Companies (ROC) within a period of 30 (thirty) days from the date of creation of charge;charge and submit a proof thereof to the Lender to the satisfaction of the Lender.
po) The Borrower confirms that the Borrower is the sole and absolute owner of the Commercial Vehicle/ Vehicle / Car/Hypothecated Assets, to be offered as securityAsset(s).
q) The Borrower shall take consent from RCFL if the Hypothecated Assets is/are proposed to be removed/taken outside the territorial borders of the state in which the Assets is registered or they are to be removed/taken out of the address/location as specified on a permanent basis or for a continuous period of more than 60 days.
rp) The Borrower shall not remove/take outside the territorial borders of the country the VehicleCar/Hypothecated Assets/equipments Asset(s) for any purpose.
sq) If the Borrower is a Person other than an individual, it shall promptly inform the Lender of any change in location of its office/registered office, name, main business activity of the Borrower.
tr) The Borrower shall duly, fully, solely and entirely bear and pay in full and within statutory limits all costs of making good any deficit in including stamp duty on the documents executed by the Borrower in relation to the Loan and/or security Security created by the Borrower in favour of the LenderLender including this Agreement and other Transaction Documents, in all jurisdictions and states including in case of deficit/ differential stamp duty, if any, in case of movement of this Agreement or copies thereof from one state to another including for the purposes of enforcement/ litigation or arbitration, any other purpose etc.
us) The Borrower undertakes to get the registration certificates of each Vehicle Car endorsed with the name of Reliance Commercial Finance Limited as the hypothecatee to further express the fact that the Vehicle Car stands hypothecated to RCFL.
vt) The Borrower agrees that any security provided by the Borrower to the Lender under any other credit facility shall be available to the Lender under this Agreement upon the occurrence of an event Event of default under this Agreement Default and vice versa.
u) The Borrower agrees that if the Borrower becomes a Non-Resident Indian, he shall repay the Loan amount in accordance with the rules, regulations, guidelines, norms of the Reserve Bank of India.
v) The Borrower agrees that it shall be exclusively responsible for getting the delivery of the Car from the Seller/Dealer/DSA. RCFL shall not be liable for any delay in delivery/disbursement, or the quality/condition/fitness of the Asset. The Borrower absolves RCFL from any liability in respect of the above and that the Borrower shall not withhold payment of stipulated Monthly Installments on the ground that the Asset has not been delivered or any alleged claim/dispute in respect of the Hypothecated Asset(s).
w) The Borrower agrees that it shall at all times maintain sufficient funds in his/her/their bank account/s to ensure that the installment are received/realized by RCFL and shall not close the said account till all the dues under the present Loan are satisfied or paid and no outstanding dues are pending under the Loan from the Borrower to the RCFL.
x) The Borrower agrees that it shall not be entitled to cancel or issue stop-payment instruction with respect to Post Dated Cheques for so long as the Loan (or any part of Borrower's Dues) is outstanding and any such act of Borrower shall be deemed to have committed with an intention to cheat RCFL and avoid prosecution under Negotiable Instruments Act, 1881, and RCFL shall be entitled to initiate appropriate criminal proceeding against the Borrower.
y) The Borrower shall promptly replace the Post Dated Cheques and/or the mandates, agreements and/or other documents executed for payments of installment and issue fresh Post Dated Cheques, mandates, agreements and/or other documents in lieu thereof to the satisfaction of RCFL, if RCFL is facing any difficultly/ inconvenience / impediments for any reason whatsoever in presenting such cheques / issuing debit instruction or if required any time by RCFL at its sole discretion.
z) The Borrower agrees that it may, subject to prior approval by RCFL, be permitted to swap/exchange the Post Dated Cheques issued to RCFL with alternative post-dated cheques drawn on another bank (as approved by RCFL) subject to payment to RCFL of the “cheques swap” charge as specified in Application Form or as specified by RCFL in this Agreement together with Taxes, if any.
aa) The Borrower shall make all the necessary filings as required under the Loan to record the Security in favour of the Lender within the timelines as stipulated under Applicable Law including with Central Registry of Securitization Asset Reconstruction and Security Interest (CERSAI) etc.
bb) In case of the Borrower being an LLP, the Borrower agrees to procure from all its partners personal guarantees, whenever so required by the Lender, guaranteeing in favour of the Lender, the timely and due payment and Repayment of the Loan and Borrower's Dues, in full, by the Borrower to the Lender in accordance with this Agreement and timely performance of all the Borrower's obligations to the Lender hereunder, in the form acceptable to the Lender.
cc) The Borrower agrees that RCFL shall be entitled at its discretion and at the cost of the Borrower, to conduct from time to time, audit including but not limited to forensic audit, inspection of assets, books, financial statements, bank statements and other documents of the Borrower, Co-Borrower and all/ any of the other Obligors.
dd) The Borrower shall ensure that the Borrower (i) makes all payments to their staff, vendors, clients and any other Person only through electronic transfer or through crossed cheque or other banking channel non-cash modes, except for office xxxxx cash requirement, and (ii) receives all payments only through electronic transfer or through crossed cheque or other banking channel non-cash modes.
ee) The Borrowers shall have appointed and shall appoint technical, financial and executive personnel of proper qualifications and experience for key posts and the terms and conditions for appointment of the managing director or similar posts of the Borrower or any other Person holding substantial powers of management shall be in accordance with good industry practices and Applicable Law.
ff) The Borrower shall furnish such information, documents, records, explanations etc. to the Lender, in such manner and form as may be required by the Lender, from time to time.
gg) The Lender shall have a right to nominate one or more observers and/or directors on the board of directors of the Borrower (“Nominee Director” or “Observer”, as the case may be). The Borrower shall forthwith upon the Lender nominating such Nominee Director and/or Observer, take steps and comply with all formalities under Applicable Laws, such that the Person(s) so nominated is forthwith upon such nomination is inducted as Observer or Nominee Director on the board of directors of the Borrower. The Borrower agrees that the provisions given in Annexure-3 shall also be applicable in this regard and binding on the Borrower. The Borrower also agrees to carry out necessary amendments to the Articles of Association of the Borrower to incorporate this sub-clause and provisions of Annexure-3 in the Articles of Association within 30 (thirty) days.
Appears in 1 contract
Samples: Car Loan Agreement
