REPRESENTATION BY THE BORROWER. The Borrower hereby declares, represents and warrants on a continuing basis that: a) Borrower is aware that RCFL is granting the said Loan on the basis of the Loan Application made by him/her/it for purchase of the said Vehicle/ Hypothecated Assets and on the faith of the representations made by the Borrower and believing the same to be true; b) That all the necessary approvals for availing of the said Loan have been obtained and that the Borrower will at all times till the amounts due to RCFL are paid in full and the said Loan are fully repaid, keep all such permissions valid and subsisting. c) The officer of the Borrowers executing this agreement and the documents executed in pursuance hereof, are duly and properly in office and fully authorised to execute the same. d) This Agreement and the documents to be executed in pursuance hereof, when executed and delivered, will constitute valid and binding obligations of the Borrower; e) It has not taken any corporate action nor have any steps been taken or legal proceedings been initiated or threatened against the Borrower for its winding up, dissolution, administration, reorganization or for appointment of receiver, administrator of the Borrower or all or any of its assets or undertakings; f) As of the date of this Agreement, there is no litigation, proceedings or disputes pending or threatened against the Borrower, the adverse determination of which might substantially affect the Borrower's ability to repay the Loan as described in the Schedule hereto or have a materially adverse effect on the financial condition of the Borrower; g) The execution and delivery of this Agreement and the performance of its obligations hereunder does not: i) Contravene any applicable law, statute or regulation or any judgment or decree to which the Borrower is subject. ii) Conflict or result in any breach of any covenants, conditions and stipulation under any existing agreement, to which the Borrower is a party. iii) Conflict or contravene any provision of the Memorandum and Articles of Association of the Borrower; h) There has been no material adverse change in the financial condition of the Borrower, nor has any event which is prejudicial to the interest of RCFL taken place since the date of latest audited financials of the Borrower which is likely to materially and/ or adversely affect the liability of the Borrower to perform all or any of the obligations under this Agreement. i) The Borrower shall be exclusively responsible for getting the delivery of the Vehicle from the manufacturer/dealer. 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 MI's on the ground that the asset has not been delivered or any alleged claim/dispute in respect of the Hypothecated Assets. j) The information given in the Loan Application Form and End Use of Funds letter and any prior or subsequent information provided or explanation furnished to the Lender in this behalf are true, complete and accurate in every respect. k) The purpose for which the Loan is taken is not illegal, speculative or nefarious. l) The Borrower assures that subsequent to the application there has been no material change, which would adversely affect the Lender and/or the provision of Loan by the Lender to the Borrower. m) The Borrower is not aware of any document, judgment or legal process or other charges or of any latent or patent defect affecting the title of the Asset/Property or of any material defect in the Asset/Property which has remained undisclosed and/or which may affect the Lender prejudicially. n) The Borrower has paid or will pay when due, all public demands such as Income Tax, Property Taxes and all the other taxes and revenues payable to the government of India or to the Government of any State or to any local authority and that at present there are no arrears of such taxes and revenues due and outstanding. o) The Borrower has disclosed/furnished all facts/information to the Lender in respect of the Loan and all information in the Loan Application or in any supporting documents or otherwise howsoever is absolutely true, correct and complete in all respects and that no fact or information necessary to be furnished by the Borrower has been omitted to stated in order to induce the Lender to provide the Loan. p) The Borrower does not violate any covenant, conditions or stipulations under any existing Agreements entered into by the Borrower with any party, by availing the Loan from the Lender. q) The Borrower assures that all the necessary approvals for availing the Loan and creating the security/securities have been obtained or shall be obtained. r) The Borrower is entitled and empowered to borrow the Loan, provide the security documents, execute the promissory notes if any and all other documents and papers in connection with and upon execution of the same will create legal and binding obligations on the Borrower enforceable in accordance with their respective terms. s) The Borrower confirms that the representations and warranties contained herein shall be deemed to be repeated by the Borrower on and as of each day from the date of this Agreement until all sums due or owing hereunder by the Borrower to the Lender have been paid in full, as if made with reference to the facts and circumstances existing on such day. t) The Borrower 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. u) The Borrower 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 Instrument Acts, 1881, and RCFL shall be entitled to initiate appropriate criminal proceeding against the Borrowers. v) 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. w) The Borrowers 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. x) The Borrower shall not without the approval of RCFL (which approval may be given subject to such terms and conditions as may be stipulated by RCFL including the payment of minimum prepayment amount, prepayment premium or discount interest and/or any other charges, plus applicable interest tax or statutory levy), prepay the outstanding principle amount of the Loan in full or in part, before the due dates. In the event of any part payment of the Loan is permitted by RCFL, the repayment schedule/amount of installment(s) as specified in the Application Form shall be amended by RCFL and the Borrower shall thereafter make payments of installments as per such amended schedule.
Appears in 2 contracts
REPRESENTATION BY THE BORROWER. The Borrower hereby declares, represents and warrants on a continuing basis that:
(a) The Borrower is aware that RCFL the DCB Bank is granting the said Loan on the basis of the Loan Facility Application made by him/her/it for purchase of the said Vehicle/ Hypothecated Assets Vehicle and on the faith of the representations made by the Borrower and believing the same to be true;.
(b) That all the necessary approvals for availing of the said Loan Facilities have been obtained and that the Borrower will at all times till the amounts due to RCFL the DCB Bank are paid in full and the said Loan are is fully repaid, keep all such permissions valid and subsisting.
(c) The officer of the Borrowers Borrower(s) executing this agreement Agreement and the documents executed in pursuance hereof, are duly and properly in office and fully authorised to execute the same.
(d) This Agreement and the documents to be executed in pursuance hereof, when executed and delivered, will constitute valid and binding bind obligations of the Borrower;.
(e) It has not taken any corporate action nor have any steps been taken or legal proceedings been initiated or threatened against the Borrower for its winding up, dissolution, administration, reorganization reorganisation or for appointment of receiver, administrator of the Borrower or all or any of its assets or undertakings;.
(f) As of the date of this Agreement, there is no litigation, proceedings or disputes pending or threatened against the Borrower, the adverse determination of which might substantially affect the Borrower's ability to repay the Loan as described in the Schedule hereto A or have a materially adverse effect on the financial condition of the Borrower;.
(g) The execution and delivery of this Agreement and the performance of its obligations hereunder does not:
(i) Contravene contravene any applicable law, statute or regulation or any judgment or decree to which the Borrower is subject.
(ii) Conflict conflict or result in any breach of any covenants, conditions and stipulation under any existing agreement, to which the Borrower is a party.
(iii) Conflict conflict or contravene any provision of the Memorandum and Articles of Association of the Borrower;.
(h) There has been no material adverse change in the financial condition of the Borrower, nor has any event which is prejudicial to the interest of RCFL the DCB Bank taken place since the date of latest audited financials of the Borrower which is likely to materially and/ or and/or adversely affect the liability of the Borrower to perform all or any of the obligations under this Agreement.
(i) The Borrower shall be exclusively responsible for getting the delivery of the Vehicle from the manufacturer/dealer/seller/Body-constructor. RCFL The DCB Bank shall not be liable for any delay in delivery/disbursement, or the quality/condition/fitness of the asset. The Borrower absolves RCFL the DCB Bank from any liability in respect of the above and that the Borrower shall not withhold payment of stipulated MI's EMI and/or PEMII on the ground that the asset has not been delivered or any alleged claim/dispute in respect of the Hypothecated AssetsVehicle.
(j) The information given in the Loan Facility Application Form and End Use of Funds letter and any prior or subsequent information provided or explanation furnished to the Lender in this behalf are true, complete and accurate in every respect.
(k) The purpose for which the Loan Facility is taken is not illegal, speculative or nefarious.
(l) The Borrower assures that subsequent to the application there has been no material change, which would adversely affect the Lender and/or the provision of Loan Facility by the Lender to the Borrower.
(m) The Borrower is not aware of any document, judgment judgement or legal process or other charges or of any latent or patent defect affecting the title of the Asset/Property or of any material defect in the Asset/Property which has remained undisclosed and/or which may affect the Lender prejudicially.
(n) The Borrower has paid or will pay when due, all public demands such as Income Tax, Property Taxes and all the other taxes and revenues payable to the government Government of India or to the Government of any State or to any local authority and that at present there are no arrears of such taxes and revenues due and outstanding.
(o) The Borrower has disclosed/furnished all facts/information to the Lender in respect of the Loan Facility and all information in the Loan Facility Application or in any supporting documents or otherwise howsoever is absolutely true, correct and complete in all respects and that no fact or information necessary to be furnished by the Borrower has been omitted to stated in order to induce the Lender to provide the LoanFacility.
(p) The Borrower does not violate any covenant, conditions or stipulations under any existing Agreements entered into by the Borrower with any party, by availing the Loan Facility from the Lender.
(q) The Borrower assures that all the necessary approvals for availing the Loan Facility and creating the security/securities have been obtained or shall be obtained.
(r) The Borrower is entitled and empowered to borrow the LoanFacility, provide the security documents, execute the promissory notes if any and all other documents and papers in connection with and upon execution of the same will create legal and binding obligations on the Borrower enforceable in accordance with their respective terms.
(s) The Borrower confirms that the representations and warranties contained herein shall be deemed to be repeated by the Borrower on and as of each day from the date of this Agreement until all sums due or owing hereunder by the Borrower to the Lender have been paid in full, as if made with reference to the facts and circumstances existing on such day.
(t) The Borrower shall at all times maintain sufficient funds in his/her/their bank account/s to ensure that the Installment installment are received/realized realised by RCFL DCB Bank 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 RCFLDCB Bank.
(u) The Borrower shall not be entitled to cancel or issue stop-payment instruction with respect to post post-dated cheques for so long as the Loan facility (or any part of Borrower`s Borrower's Dues) is outstanding and any such act of Borrower shall be deemed to have committed with an intention to cheat RCFL DCB Bank and avoid prosecution under the Negotiable Instrument Acts, 1881, and RCFL DCB Bank shall be entitled to initiate appropriate criminal proceeding against the BorrowersBorrower(s).
(v) The Borrower shall promptly replace the post 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 RCFLDCB Bank, if RCFL DCB Bank is facing any difficultly/inconvenience/impediments for any reason whatsoever in presenting such cheques/cheques/ issuing debit instruction or if required any time by RCFL DCB Bank at its sole discretion.
(w) The Borrowers Borrower(s) may, subject to prior approval by RCFLDCB Bank, be permitted to swap/exchange the post post-dated cheques issued to RCFL DCB Bank with alternative post-dated cheques drawn on another Bank bank (as approved by RCFLDCB Bank) subject to payment to RCFL DCB Bank of the “"cheques swap” " charge as specified in Application Form or as specified by RCFL in this AgreementForm.
(x) The Borrower shall not without with out the approval of RCFL DCB Bank (which approval may be given subject to such terms and conditions as may be stipulated by RCFL the DCB Bank including the payment of minimum prepayment pre-payment amount, prepayment pre-payment premium or discount interest and/or any other charges, plus applicable interest tax or statutory levy), prepay the outstanding principle amount of the Loan facility in full or in part, before the due dates. In the event of any part payment of the Loan facility is permitted by RCFLDCB Bank, the repayment schedule/amount of installment(s) as specified in the Application Form shall be amended by RCFL DCB Bank and the Borrower shall thereafter there after make payments of installments as per such amended schedule. In case the Borrower is a salaried person, he shall not change / leave his current job without the permission of the DCB Bank.
Appears in 1 contract
Samples: Vehicle Loan Agreement
REPRESENTATION BY THE BORROWER. The Borrower hereby declares, represents and warrants on a continuing basis that:
a) Borrower a. he/she /it is aware that RCFL CFIL is granting the said Loan credit facilities on the basis of the Loan Application information and representation made by him/her/it for purchase of them in the said Vehicle/ Hypothecated Assets loan application form and on the faith of the representations made by the Borrower them and believing the same to be true;
b) That b. that all information given in the application for the said loan facility and the supporting documents is absolutely correct and devoid of any misrepresentation , either directly or indirectly or otherwise has been made.
c. It is fully understood by the Borrower that the obligations under these presents are in addition to the obligations under the said agreements executed by the Borrower from time to time.
d. that all the necessary approvals for availing of the said Loan Credit Facilities have been obtained and that the Borrower will borrower shall at all times till the amounts amount due to RCFL CFIL are paid in full and the said Loan are credit facilities fully repaid, keep all such permissions valid and subsisting.
c) e. The officer of the Borrowers Borrower executing this agreement and the documents executed in pursuance hereof, are duly and properly in office and fully authorised to execute the same.
d) f. This Agreement agreement and the documents to be executed in pursuance hereof, when executed and deliveredexecuted, will constitute valid and binding obligations of the Borrower;
e) g. It has not taken any corporate action nor have any steps been taken or legal proceedings been initiated or threatened against the Borrower for its winding up, dissolution, administration, reorganization or for appointment of receiver, administrator of the Borrower or all or for any of its assets or undertakings;
f) h. As of the date of this Agreementagreement, there is no litigation, proceedings or disputes dispute pending or threatened against the Borrower, the adverse determination of which might substantially substantially, affect the Borrower's ’s ability to repay the Loan credit facilities as described in the Schedule hereto I or have a materially adverse effect on the financial condition of the Borrower;.
g) i. The execution and delivery of this Agreement and the performance performances of its obligations hereunder does not:
i1) Contravene contravene any applicable law, statute or regulation or any judgment judgement or decree to which the Borrower is subject.,
ii2) Conflict conflict or result in any breach of any covenants, conditions and stipulation under any existing agreement, to which the Borrower is a party.
iii, 3) Conflict conflict or contravene any provision of the Memorandum and Articles of Association of the Borrower;
h) j. There has been no material adverse change in the financial condition of the Borrower, nor has any event which is prejudicial to the interest of RCFL CFIL taken place since the date of latest audited financials of the Borrower which is likely to materially and/ or and/or adversely affect the liability of the Borrower to perform all or any of the obligations under this Agreementagreement.
ik. Neither the borrower nor any one on the Borrower’s board (in case the Borrower is a Company) or a partner (in case the Borrower is a partnership firm) is someone who has been identified as a willful defaulter by the RBI.
l. That the proceeds of the credit facility shall not be used for any other purposes, as may be specifically prohibited by law and/or regulations applicable in India.
m. The Borrower shall be exclusively responsible for getting liable to pay or reimburse CFIL all payments and expenses including costs of collection of monthly installments legal costs, fees and costs to take possession, store, insure and sell the delivery of the Vehicle from the manufacturer/dealervehicle as and when incurred by CFIL. RCFL The Borrower shall not also be liable for expenses incurred by CFIL along with interest while pursuing any delay in delivery/disbursementremedy under the Negotiable Instrument Act, Criminal Procedure Code 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 MI's on the ground that the asset has not been delivered or any alleged claim/dispute in respect of the Hypothecated Assets.
j) The information given in the Loan Application Form and End Use of Funds letter and any prior or subsequent information provided or explanation furnished to the Lender in this behalf are true, complete and accurate in every respect.
k) The purpose for which the Loan is taken is not illegal, speculative or nefarious.
l) The Borrower assures that subsequent to the application there has been no material change, which would adversely affect the Lender and/or the provision of Loan by the Lender to the Borrower.
m) The Borrower is not aware of any document, judgment or legal process or other charges or of any latent or patent defect affecting the title of the Asset/Property or of any material defect in the Asset/Property which has remained undisclosed and/or which may affect the Lender prejudicially.
n) The Borrower has paid or will pay when due, all public demands such as Income Tax, Property Taxes and all the other taxes and revenues payable to the government of India or to the Government of any State or to any local authority and that at present there are no arrears of such taxes and revenues due and outstanding.
o) The Borrower has disclosed/furnished all facts/information to the Lender in respect of the Loan and all information in the Loan Application or in any supporting documents or otherwise howsoever is absolutely true, correct and complete in all respects and that no fact or information necessary to be furnished by the Borrower has been omitted to stated in order to induce the Lender to provide the Loan.
p) The Borrower does not violate any covenant, conditions or stipulations under any existing Agreements entered into by the Borrower with any party, by availing the Loan from the Lender.
qother applicable laws. For Citicorp Finance (India) The Borrower assures that all the necessary approvals for availing the Loan and creating the security/securities have been obtained or shall be obtained.
r) The Borrower is entitled and empowered to borrow the Loan, provide the security documents, execute the promissory notes if any and all other documents and papers in connection with and upon execution of the same will create legal and binding obligations on the Borrower enforceable in accordance with their respective terms.
s) The Borrower confirms that the representations and warranties contained herein shall be deemed to be repeated by the Borrower on and as of each day from the date of this Agreement until all sums due or owing hereunder by the Borrower to the Lender have been paid in full, as if made with reference to the facts and circumstances existing on such day.
t) The Borrower 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.
u) The Borrower 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 Instrument Acts, 1881, and RCFL shall be entitled to initiate appropriate criminal proceeding against the Borrowers.
v) 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.
w) The Borrowers 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.
x) The Borrower shall not without the approval of RCFL (which approval may be given subject to such terms and conditions as may be stipulated by RCFL including the payment of minimum prepayment amount, prepayment premium or discount interest and/or any other charges, plus applicable interest tax or statutory levy), prepay the outstanding principle amount of the Loan in full or in part, before the due dates. In the event of any part payment of the Loan is permitted by RCFL, the repayment schedule/amount of installment(s) as specified in the Application Form shall be amended by RCFL and the Borrower shall thereafter make payments of installments as per such amended schedule.Ltd
Appears in 1 contract
Samples: Loan and Hypothecation Agreement
REPRESENTATION BY THE BORROWER. 2.1 The Borrower hereby declares, represents and warrants on a continuing basis that:
a) Borrower a. He/she/it is aware that RCFL the Bank is granting the said Loan credit facilities on the basis of the Loan Application information and representation made by him/her/it her in loan application form made for the purchase of the said Vehicle/ Hypothecated Assets asset and on the faith of the representations made by the Borrower and believing the same to be true;
b) That b. he/she/it has chosen the model , make, manufacturer and dealer in respect of the said asset and conveyed the same to the Bank after being satisfied about the same
c. that all information given in the application form for the loan facility and the supporting documents is absolutely correct and is devoid of any misrepresentation, either directly or indirectly or otherwise has been made
d. that all the necessary approvals for availing of the said Loan facilities have been obtained and that the Borrower borrower will at all times till the amounts amount due to RCFL the Bank are paid in full and the said Loan are credit facilities fully repaid, keep all such permissions valid and subsisting.
c) e. The officer of the Borrowers Borrower executing this agreement and the documents executed in pursuance hereof, are duly and properly in office and is fully authorised to execute the samesame and are duly and properly executed.
d) f. This Agreement agreement and the documents to be executed in pursuance hereof, when executed and deliveredexecuted, will constitute valid and binding obligations of the Borrower;
e) g. It has not taken any corporate action nor have any steps been taken or legal proceedings been initiated or threatened against the Borrower for its winding up, dissolution, administration, reorganization or for appointment of receiver, administrator of the Borrower or all or for any of its assets or undertakings;
f) h. As of the date of this Agreementagreement, there is no litigation, proceedings or disputes dispute pending or threatened against the Borrower, the adverse determination of which might substantially substantially, affect the Borrower's ’s ability to repay the Loan Credit Facility as described in the Schedule hereto I or have a materially adverse effect on the financial condition of the Borrower;.
g) i. The execution and delivery of this Agreement and the performance performances of its obligations hereunder does not:
i1) Contravene contravene any applicable law, statute or regulation or any judgment judgement or decree to which the Borrower is subject.,
ii2) Conflict conflict or result in any breach of any covenants, conditions and stipulation under any existing agreement, to which the Borrower is a party.,
iii3) Conflict or contravene any provision of the Memorandum and Articles of Association of the Borrower;
h) j. There has been no material adverse change in the financial condition of the Borrower, nor has any event which is prejudicial to the interest of RCFL the Bank taken place since the date of latest audited financials of the Borrower which is likely to materially and/ or and/or adversely affect the liability of the Borrower to perform all or any of the obligations under this Agreementagreement.
i) k. The Borrower shall be exclusively responsible for getting the delivery of the Vehicle asset from the manufacturer/dealer. RCFL the Bank shall not be liable for any delay in and delivery/disbursement, any demurrage cost or the quality/condition/fitness of the asset. The Borrower borrower absolves RCFL the Bank from any liability in respect of the above and that the Borrower borrower shall not withhold payment of stipulated MI's EMI’s on the ground pretext that the asset has not been delivered delivered.
l. The Borrower shall inform the Bank the chassis number/engine number/invoice number/serial /s/machine number/registration number of the said asset/s after receipt/installation of the same and authorizes the Bank to fill up the said chassis number/engine number/invoice number/serial number/s/machine number/registration number of the said assets in this agreement after receipt of such information from the Borrower/Dealer/Manufacturer/RTO and the Borrower shall not challenge the incorporation of such chassis number/engine number/invoice number/serial number/s/machine number/registration number or any alleged claimother agreed modification in this agreement on any ground whatsoever. The Borrower also agreed that such modification and/or insertion of the hypothecated asset(s) details as provided, shall not invalidate the Loan Agreement and/or any of the terms and conditions of the said Loan Agreement.
m. The Borrower shall get the name of the Bank endorsed as a financer in the Registration Certificate issued by the Transport authorities for the hypothecated asset. The borrower shall handover a copy of the Registration certificate within 60 (sixty days) of the execution of this Agreement.
n. If the asset/dispute s are of the nature that they cannot be registered under the Motor Vehicle Act, then the original invoice pertaining to the asset would be deposited with the Bank and the same will remain in custody of the Bank till the time the Bank receives the entire dues in respect of the Hypothecated Assetsthis agreement to its satisfaction.
jo. Neither the borrower nor any one on the Borrower’s board (in case of a company) The information given or a partner (in case an Borrower is a partnership firm) is someone who has been identified as a willful defaulter by the Loan Application Form and End Use of Funds letter and any prior or subsequent information provided or explanation furnished to the Lender in this behalf are true, complete and accurate in every respectRBI.
k) p. The credit facility shall be used solely for the purpose of purchase of the said asset/s.
q. That the proceeds of the Credit Facility shall not be used for which the Loan is taken is not illegalany other purposes, speculative or nefariousas may be specifically prohibited by law and/or regulations applicable in India.
l) r. The Borrower assures that subsequent shall be liable to pay or reimburse the application there has been no material changeBank all payments and expenses including costs of collection of monthly installments legal costs, which would adversely affect fees and costs to take possession, store, insure and sell the Lender and/or the provision of Loan vehicle as and when incurred by the Lender to Bank. The Borrower shall also be liable for expenses incurred by the BorrowerBank along with interest while pursuing any remedy under the Negotiable Instrument Act, Criminal Procedure Code or under any other applicable laws.
m) 2.2 The Borrower is not aware of any document, judgment or legal process or other charges or of any latent or patent defect affecting the title of the Asset/Property or of any material defect in the Asset/Property which has remained undisclosed and/or which may affect the Lender prejudicially.
n) The Borrower has paid or will pay when due, all public demands such as Income Tax, Property Taxes and all the other taxes and revenues payable to the government of India or to the Government of any State or to any local authority and that at present there are no arrears of such taxes and revenues due and outstanding.
o) The Borrower has disclosed/furnished all facts/information to the Lender in respect of the Loan and all information in the Loan Application or in any supporting documents or otherwise howsoever is absolutely true, correct and complete in all respects and that no fact or information necessary to be furnished by the Borrower has been omitted to stated in order to induce the Lender to provide the Loan.
p) The Borrower does not violate any covenant, conditions or stipulations under any existing Agreements entered into by the Borrower with any party, by availing the Loan from the Lender.
q) The Borrower assures that all the necessary approvals for availing the Loan and creating the security/securities have been obtained or shall be obtained.
r) The Borrower is entitled and empowered to borrow the Loan, provide the security documents, execute the promissory notes if any and all other documents and papers in connection with and upon execution of the same will create legal and binding obligations on the Borrower enforceable in accordance with their respective terms.
s) The Borrower confirms that the representations and warranties contained herein in clause 2.1 above shall be deemed to be repeated by the Borrower on and as of each day from the date of this Agreement agreement until all sums the moneys due or owing hereunder by the Borrower to the Lender Bank have been paid repaid in full, full as if made with reference to the facts fact and circumstances existing on such day.
t) 2.3 The Borrower shall at all times maintain sufficient funds be exclusively responsible for getting the delivery of the said Asset from the manufacture/dealer/seller or registering the Asset with the appropriate authority and obtain a registration certificate for the Asset, if applicable. the Bank shall not be liable for delay in his/her/their bank account/s to ensure delivery, any demurrage cost or the quality/ condition/ fitness of the said Asset or non-registration/ non-availability of the registration certificate, if required as per Applicable Laws. The Borrower absolves the Bank from any liability in respect of above and 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.
u) The Borrower shall not be entitled to cancel or issue stop-withhold payment instruction with respect to post dated cheques for so long as of stipulated EMIs on 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 Instrument Acts, 1881, and RCFL shall be entitled to initiate appropriate criminal proceeding against the Borrowers.
v) 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.
w) The Borrowers 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 pretext of the “cheques swap” charge as specified in Application Form above situation or as specified by RCFL in this Agreementotherwise.
x) The Borrower shall not without the approval of RCFL (which approval may be given subject to such terms and conditions as may be stipulated by RCFL including the payment of minimum prepayment amount, prepayment premium or discount interest and/or any other charges, plus applicable interest tax or statutory levy), prepay the outstanding principle amount of the Loan in full or in part, before the due dates. In the event of any part payment of the Loan is permitted by RCFL, the repayment schedule/amount of installment(s) as specified in the Application Form shall be amended by RCFL and the Borrower shall thereafter make payments of installments as per such amended schedule.
Appears in 1 contract
Samples: Loan Cum Hypothecation Agreement
REPRESENTATION BY THE BORROWER. 2.1 The Borrower hereby declares, represents and warrants on a continuing basis that:
a) Borrower a. he/she /it is aware that RCFL the Bank is granting the said Loan Credit Facilities on the basis of the Loan Application information and representation made by him/her/it for purchase of the said Vehicle/ Hypothecated Assets her in loan application form and on the faith of the representations made by the Borrower and believing the same to be true;
b) That b. that all information given in the application form for the Loan facility and the supporting documents is absolutely correct and is devoid of any misrepresentation, either directly or indirectly or otherwise has been made
c. that all the necessary approvals for availing of the said Loan Credit Facilities have been obtained and that the Borrower will at all times till the amounts amount due to RCFL the Bank are paid in full and the said Loan are Credit Facilities fully repaid, keep all such permissions valid and subsisting.
c) The d. the officer of the Borrowers Borrower executing this agreement Agreement and the documents executed in pursuance hereof, are duly and properly in office and is fully authorised to execute the samesame and are duly and properly executed.
d) e. This Agreement and the documents to be executed in pursuance hereof, when executed and deliveredexecuted, will constitute valid and binding obligations of the Borrower;
e) f. It has not taken any corporate action nor have any steps been taken or legal proceedings been initiated or threatened against the Borrower for its winding up, dissolution, administration, reorganization or for appointment of receiver, administrator of the Borrower or all or for any of its assets Assets or undertakings;
f) g. As of the date of this Agreement, there is no litigation, proceedings or disputes dispute pending or threatened against the Borrower, the adverse determination of which might substantially substantially, affect the Borrower's ’s ability to repay the Loan Credit Facility as described in the Schedule hereto I or have a materially adverse effect on the financial condition of the Borrower;.
g) h. The execution and delivery of this Agreement and the performance performances of its obligations hereunder does not:
i1) Contravene contravene any applicable law, statute or regulation or any judgment judgement or decree to which the Borrower is subject.,
ii2) Conflict conflict or result in any breach of any covenants, conditions and stipulation under any existing agreement, to which the Borrower is a party.,
iii3) Conflict or contravene any provision of the Memorandum and Articles of Association of the Borrower;
h) i. There has been no material adverse change in the financial condition of the Borrower, nor has any event which is prejudicial to the interest of RCFL the Bank taken place since the date of latest audited financials of the Borrower which is likely to materially and/ or and/or adversely affect the liability of the Borrower to perform all or any of the obligations under this Agreementagreement.
i) j. The Borrower shall be exclusively responsible for getting the delivery of the Vehicle Asset from the manufacturer/dealer. RCFL The Bank shall not be liable for any delay in and delivery/disbursement, any demurrage cost or the quality/condition/fitness of the assetAsset. The Borrower absolves RCFL the Bank from any liability in respect of the above and that the Borrower shall not withhold payment of stipulated MI's EMIs on the ground pretext that the asset Asset has not been delivered delivered.
k. The Borrower shall be liable to pay or reimburse the Bank all payments and expenses including costs of collection of monthly installments legal costs, fees and costs to take possession, store, insure and sell the Asset as and when incurred by the Bank. The Borrower shall also be liable for expenses incurred by the Bank along with interest while pursuing any alleged claimremedy under the Negotiable Instrument Act, Criminal Procedure Code or under any other applicable laws.
l. The Borrower shall get the name of the Bank endorsed as a financer in the Registration Certificate issued by the Transport authorities for the hypothecated Asset. The Borrower shall handover a copy of the Registration certificate within 60 (sixty days) of the execution of this Agreement.
m. If the Asset/dispute s are of the nature that they cannot be registered under the Motor Vehicle Act, then the original invoice pertaining to the Asset would be deposited with the Bank and the same will remain in custody of the Bank till the time the Bank receives the entire dues in respect of the Hypothecated Assetsthis Agreement to its satisfaction.
jn. Neither the Borrower nor any one on the Borrower’s board (in case of a company) The information given or a partner (in case the Loan Application Form and End Use of Funds letter and any prior or subsequent information provided or explanation furnished to Borrower is a partnership firm) is someone who has been identified as a willful defaulter by the Lender in this behalf are true, complete and accurate in every respectRBI.
k) o. The purpose Borrower shall be liable to pay or reimburse the Bank all payments and expenses including costs of collection of monthly installments legal costs, fees and costs to take possession, store, insure and sell the vehicle as and when incurred by the Bank. The Borrower shall also be liable for which expenses incurred by the Loan is taken is not illegalBank along with interest while pursuing any remedy under the Negotiable Instrument Act, speculative Criminal Procedure Code or nefariousunder any other applicable laws.
l) p. That the proceeds of the Credit Facility shall not be used for any other purposes, as may be specifically prohibited by law and/or regulations applicable in India.
q. The Credit Facility shall be used solely for the purpose of purchase of the said Asset/s.
r. The Borrower assures that subsequent to shall inform the application there has been no material change, which would adversely affect Bank the Lender and/or the provision of Loan by the Lender to the Borrower.
m) The Borrower is not aware of any document, judgment or legal process or other charges or of any latent or patent defect affecting the title chassis number/engine number/invoice number/serial/s/machine number/registration number of the said Asset/Property or of any material defect in the Assets after receipt/Property which has remained undisclosed and/or which may affect the Lender prejudicially.
n) The Borrower has paid or will pay when due, all public demands such as Income Tax, Property Taxes and all the other taxes and revenues payable to the government of India or to the Government of any State or to any local authority and that at present there are no arrears of such taxes and revenues due and outstanding.
o) The Borrower has disclosed/furnished all facts/information to the Lender in respect of the Loan and all information in the Loan Application or in any supporting documents or otherwise howsoever is absolutely true, correct and complete in all respects and that no fact or information necessary to be furnished by the Borrower has been omitted to stated in order to induce the Lender to provide the Loan.
p) The Borrower does not violate any covenant, conditions or stipulations under any existing Agreements entered into by the Borrower with any party, by availing the Loan from the Lender.
q) The Borrower assures that all the necessary approvals for availing the Loan and creating the security/securities have been obtained or shall be obtained.
r) The Borrower is entitled and empowered to borrow the Loan, provide the security documents, execute the promissory notes if any and all other documents and papers in connection with and upon execution installation of the same will create legal and binding obligations on authorizes the Bank to fill up the said chassis number/engine number/invoice number/serial number/s/machine number/s/registration number of the said Assets in this Agreement after receipt of such information either from Borrower/ Dealer/Manufacturer/RTO and the Borrower enforceable shall not challenge the incorporation of such chassis number/engine number/invoice number/serial number/s/machine number/s/registration number or any other agreed modification in accordance with their respective termsthis Agreement on any ground whatsoever. The Borrower also agreed that such modification and/or insertion of the Used Asset(s) details as provided, shall not invalidate this Loan Agreement and/or any of the terms and conditions of the said Loan Agreement.
s) 2.2 The Borrower confirms that the representations and warranties contained herein in clause 2.1 above shall be deemed to be repeated by the Borrower on and as of each day from the date of this Agreement until all sums the moneys due or owing hereunder by the Borrower to the Lender Bank have been paid repaid in full, full as if made with reference to the facts fact and circumstances existing on such day.
t) 2.3 The Borrower shall at all times maintain sufficient funds be exclusively responsible for getting the delivery of the said Asset from the manufacture/dealer/seller or registering the Asset with the appropriate authority and obtain a registration certificate for the Asset, if applicable. The Bank shall not be liable for delay in his/her/their bank account/s to ensure delivery, any demurrage cost or the quality/ condition/ fitness of the said Asset or non-registration/ non-availability of the registration certificate, if required as per Applicable Laws. The Borrower absolves the Bank from any liability in respect of above and 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.
u) The Borrower shall not be entitled to cancel or issue stop-withhold payment instruction with respect to post dated cheques for so long as of stipulated EMIs on 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 Instrument Acts, 1881, and RCFL shall be entitled to initiate appropriate criminal proceeding against the Borrowers.
v) 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.
w) The Borrowers 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 pretext of the “cheques swap” charge as specified in Application Form above situation or as specified by RCFL in this Agreementotherwise.
x) The Borrower shall not without the approval of RCFL (which approval may be given subject to such terms and conditions as may be stipulated by RCFL including the payment of minimum prepayment amount, prepayment premium or discount interest and/or any other charges, plus applicable interest tax or statutory levy), prepay the outstanding principle amount of the Loan in full or in part, before the due dates. In the event of any part payment of the Loan is permitted by RCFL, the repayment schedule/amount of installment(s) as specified in the Application Form shall be amended by RCFL and the Borrower shall thereafter make payments of installments as per such amended schedule.
Appears in 1 contract
Samples: Loan Agreement
REPRESENTATION BY THE BORROWER. The Borrower hereby declares, represents and warrants on a continuing basis that:
a) Borrower is aware that RCFL RCFPL is granting the said Loan on the basis of the Loan Application made by him/her/it for purchase of the said Vehicle/ Hypothecated Assets and on the faith of the representations made by the Borrower and believing the same to be true;
b) That all the necessary approvals for availing of the said Loan have been obtained and that the Borrower will at all times till the amounts due to RCFL RCFPL are paid in full and the said Loan are fully repaid, keep all such permissions valid and subsisting.
c) The officer of the Borrowers executing this agreement and the documents executed in pursuance hereof, are duly and properly in office and fully authorised to execute the same.
d) This Agreement and the documents to be executed in pursuance hereof, when executed and delivered, will constitute valid and binding obligations of the Borrower;
e) It has not taken any corporate action nor have any steps been taken or legal proceedings been initiated or threatened against the Borrower for its winding up, dissolution, administration, reorganization or for appointment of receiver, administrator of the Borrower or all or any of its assets or undertakings;
f) As of the date of this Agreement, there is no litigation, proceedings or disputes pending or threatened against the Borrower, the adverse determination of which might substantially affect the Borrower's ability to repay the Loan as described in the Schedule hereto or have a materially adverse effect on the financial condition of the Borrower;
g) The execution and delivery of this Agreement and the performance of its obligations hereunder does not:
i) Contravene any applicable law, statute or regulation or any judgment or decree to which the Borrower is subject.
ii) Conflict or result in any breach of any covenants, conditions and stipulation under any existing agreement, to which the Borrower is a party.
iii) Conflict or contravene any provision of the Memorandum and Articles of Association of the Borrower;
h) There has been no material adverse change in the financial condition of the Borrower, nor has any event which is prejudicial to the interest of RCFL RCFPL taken place since the date of latest audited financials of the Borrower which is likely to materially and/ or adversely affect the liability of the Borrower to perform all or any of the obligations under this Agreement.
i) The Borrower shall be exclusively responsible for getting the delivery of the Vehicle from the manufacturer/dealer. RCFL RCFPL shall not be liable for any delay in delivery/disbursement, or the quality/condition/fitness of the asset. The Borrower absolves RCFL RCFPL from any liability in respect of the above and that the Borrower shall not withhold payment of stipulated MI's on the ground that the asset has not been delivered or any alleged claim/dispute in respect of the Hypothecated Assets.
j) The information given in the Loan Application Form and End Use of Funds letter and any prior or subsequent information provided or explanation furnished to the Lender in this behalf are true, complete and accurate in every respect.
k) The purpose for which the Loan is taken is not illegal, speculative or nefarious.
l) The Borrower assures that subsequent to the application there has been no material change, which would adversely affect the Lender and/or the provision of Loan by the Lender to the Borrower.
m) The Borrower is not aware of any document, judgment or legal process or other charges or of any latent or patent defect affecting the title of the Asset/Property or of any material defect in the Asset/Property which has remained undisclosed and/or which may affect the Lender prejudicially.
n) The Borrower has paid or will pay when due, all public demands such as Income Tax, Property Taxes and all the other taxes and revenues payable to the government of India or to the Government of any State or to any local authority and that at present there are no arrears of such taxes and revenues due and outstanding.
o) The Borrower has disclosed/furnished all facts/information to the Lender in respect of the Loan and all information in the Loan Application or in any supporting documents or otherwise howsoever is absolutely true, correct and complete in all respects and that no fact or information necessary to be furnished by the Borrower has been omitted to stated in order to induce the Lender to provide the Loan.
p) The Borrower does not violate any covenant, conditions or stipulations under any existing Agreements entered into by the Borrower with any party, by availing the Loan from the Lender.
q) The Borrower assures that all the necessary approvals for availing the Loan and creating the security/securities have been obtained or shall be obtained.
r) The Borrower is entitled and empowered to borrow the Loan, provide the security documents, execute the promissory notes if any and all other documents and papers in connection with and upon execution of the same will create legal and binding obligations on the Borrower enforceable in accordance with their respective terms.
s) The Borrower confirms that the representations and warranties contained herein shall be deemed to be repeated by the Borrower on and as of each day from the date of this Agreement until all sums due or owing hereunder by the Borrower to the Lender have been paid in full, as if made with reference to the facts and circumstances existing on such day.
t) The Borrower shall at all times maintain sufficient funds in his/her/their bank account/s to ensure that the Installment are received/realized by RCFL RCFPL 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 RCFLRCFPL.
u) The Borrower 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 RCFPL and avoid prosecution under Negotiable Instrument Acts, 1881, and RCFL RCFPL shall be entitled to initiate appropriate criminal proceeding against the Borrowers.
v) 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 RCFLRCFPL, if RCFL RCFPL is facing any difficultly/inconvenience/impediments for any reason whatsoever in presenting such cheques/issuing debit instruction or if required any time by RCFL RCFPL at its sole discretion.
w) The Borrowers may, subject to prior approval by RCFLRCFPL, be permitted to swap/exchange the post dated cheques issued to RCFL RCFPL with alternative post-dated cheques drawn on another Bank (as approved by RCFLRCFPL) subject to payment to RCFL RCFPL of the “cheques swap” charge as specified in Application Form or as specified by RCFL RCFPL in this Agreement.
x) The Borrower shall not without the approval of RCFL RCFPL (which approval may be given subject to such terms and conditions as may be stipulated by RCFL RCFPL including the payment of minimum prepayment amount, prepayment premium or discount interest and/or any other charges, plus applicable interest tax or statutory levy), prepay the outstanding principle amount of the Loan in full or in part, before the due dates. In the event of any part payment of the Loan is permitted by RCFLRCFPL, the repayment schedule/amount of installment(s) as specified in the Application Form shall be amended by RCFL RCFPL and the Borrower shall thereafter make payments of installments as per such amended schedule.
Appears in 1 contract
Samples: Loan Agreement
REPRESENTATION BY THE BORROWER. The Borrower hereby here by declares, represents and warrants on a continuing basis that:
a) Borrower a. he/she /it is aware that RCFL the Bank is granting the said Loan credit facilities on the basis of the Loan Application information and representation made by him/her/it for purchase of them in the said Vehicle/ Hypothecated Assets loan application form and on the faith of the representations made by the Borrower them and believing the same to be true;
b) That b. that all information given in the application for the said loan facility and the supporting documents is absolutely correct and devoid of any misrepresentation, either directly or indirectly or otherwise has been made.
c. It is fully understood by the Borrower that the obligations under these presents are in addition to the obligations under the said agreements executed by the Borrower from time to time.
d. that all the necessary approvals for availing of the said Loan Credit Facilities have been obtained and that the Borrower will borrower shall at all times till the amounts amount due to RCFL the Bank are paid in full and the said Loan are credit facilities fully repaid, keep all such permissions valid and subsisting.
c) e. The officer of the Borrowers Borrower executing this agreement and the documents executed in pursuance hereof, are duly and properly in office and fully authorised to execute the same.
d) f. This Agreement agreement and the documents to be executed in pursuance hereof, when executed and deliveredexecuted, will constitute valid and binding obligations of the Borrower;
e) g. It has not taken any corporate action nor have any steps been taken or legal proceedings been initiated or threatened against the Borrower for its winding up, dissolution, administration, reorganization or for appointment of receiver, administrator of the Borrower or all or for any of its assets or undertakings;
f) h. As of the date of this Agreementagreement, there is no litigation, proceedings or disputes dispute pending or threatened against the Borrower, the adverse determination of which might substantially substantially, affect the Borrower's ’s ability to repay the Loan credit facilities as described in the Schedule hereto I or have a materially adverse effect on the financial condition of the Borrower;.
g) i. The execution and delivery of this Agreement and the performance performances of its obligations hereunder does not:
i1) Contravene contravene any applicable law, statute or regulation or any judgment judgement or decree to which the Borrower is subject.,
ii2) Conflict conflict or result in any breach of any covenants, conditions and stipulation under any existing agreement, to which the Borrower is a party.
iii, 3) Conflict conflict or contravene any provision of the Memorandum and Articles of Association of the Borrower;
h) j. There has been no material adverse change in the financial condition of the Borrower, nor has any event which is prejudicial to the interest of RCFL the Bank taken place since the date of latest audited financials of the Borrower which is likely to materially and/ or and/or adversely affect the liability of the Borrower to perform all or any of the obligations under this Agreementagreement.
ik. Neither the borrower nor any one on the Borrower’s board (in case the Borrower is a Company) or a partner (in case the Borrower is a partnership firm) is someone who has been identified as a willful defaulter by the RBI.
l. That the proceeds of the credit facility shall not be used for any other purposes, as may be specifically prohibited by law and/or regulations applicable in India.
m. The Borrower shall be exclusively responsible for getting liable to pay or reimburse the delivery Bank all payments and expenses including costs of collection of monthly installments legal costs, fees and costs to take possession, store, insure and sell the Vehicle from vehicle as and when incurred by the manufacturer/dealerBank. RCFL The Borrower shall not also 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 MI's on the ground that the asset has not been delivered or any alleged claim/dispute in respect of the Hypothecated Assets.
j) The information given in the Loan Application Form and End Use of Funds letter and any prior or subsequent information provided or explanation furnished to the Lender in this behalf are true, complete and accurate in every respect.
k) The purpose for which the Loan is taken is not illegal, speculative or nefarious.
l) The Borrower assures that subsequent to the application there has been no material change, which would adversely affect the Lender and/or the provision of Loan expenses incurred by the Lender to Bank along with interest while pursuing any remedy under the Borrower.
m) The Borrower is not aware of any documentNegotiable Instrument Act, judgment Criminal Procedure Code or legal process or other charges or of any latent or patent defect affecting the title of the Asset/Property or of any material defect in the Asset/Property which has remained undisclosed and/or which may affect the Lender prejudicially.
n) The Borrower has paid or will pay when due, all public demands such as Income Tax, Property Taxes and all the other taxes and revenues payable to the government of India or to the Government of any State or to any local authority and that at present there are no arrears of such taxes and revenues due and outstanding.
o) The Borrower has disclosed/furnished all facts/information to the Lender in respect of the Loan and all information in the Loan Application or in any supporting documents or otherwise howsoever is absolutely true, correct and complete in all respects and that no fact or information necessary to be furnished by the Borrower has been omitted to stated in order to induce the Lender to provide the Loan.
p) The Borrower does not violate any covenant, conditions or stipulations under any existing Agreements entered into by the Borrower with any party, by availing the Loan from the Lenderother applicable laws.
q) The Borrower assures that all the necessary approvals for availing the Loan and creating the security/securities have been obtained or shall be obtained.
r) The Borrower is entitled and empowered to borrow the Loan, provide the security documents, execute the promissory notes if any and all other documents and papers in connection with and upon execution of the same will create legal and binding obligations on the Borrower enforceable in accordance with their respective terms.
s) The Borrower confirms that the representations and warranties contained herein shall be deemed to be repeated by the Borrower on and as of each day from the date of this Agreement until all sums due or owing hereunder by the Borrower to the Lender have been paid in full, as if made with reference to the facts and circumstances existing on such day.
t) The Borrower 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.
u) The Borrower 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 Instrument Acts, 1881, and RCFL shall be entitled to initiate appropriate criminal proceeding against the Borrowers.
v) 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.
w) The Borrowers 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.
x) The Borrower shall not without the approval of RCFL (which approval may be given subject to such terms and conditions as may be stipulated by RCFL including the payment of minimum prepayment amount, prepayment premium or discount interest and/or any other charges, plus applicable interest tax or statutory levy), prepay the outstanding principle amount of the Loan in full or in part, before the due dates. In the event of any part payment of the Loan is permitted by RCFL, the repayment schedule/amount of installment(s) as specified in the Application Form shall be amended by RCFL and the Borrower shall thereafter make payments of installments as per such amended schedule.
Appears in 1 contract
Samples: Loan Agreement
REPRESENTATION BY THE BORROWER. 2.1 The Borrower hereby declares, represents and warrants on a continuing basis that:
a) Borrower a. he/she /it is aware that RCFL the Bank is granting the said Loan credit facilities on the basis of the Loan Application information and representation made by him/her/it her in loan application made for the purchase of the said Vehicle/ Hypothecated Assets asset and on the faith of the representations made by the Borrower and believing the same to be true;
b) That b. that all information given in the application for the loan and the supporting documents is absolutely correct and no misrepresentation , either directly or indirectly or otherwise has been made .
c. that all the necessary approvals for availing of the said Loan facilities have been obtained and that the Borrower borrower will at all times till the amounts amount due to RCFL the Bank are paid in full and the said Loan are credit facilities fully repaid, keep all such permissions valid and subsisting.
c) d. The officer of the Borrowers executing this agreement and the documents executed in pursuance hereof, are duly and properly in office and fully authorised to execute the same.
d) e. This Agreement agreement and the documents to be executed in pursuance hereof, when executed and deliveredexecuted, will constitute valid and binding obligations of the BorrowerBorrowers;
e) f. It has not taken any corporate action nor have any steps been taken or legal proceedings been initiated or threatened against the Borrower Borrowers for its winding up, dissolution, administration, reorganization or for appointment of receiver, administrator of the Borrower Borrowers or all or for any of its assets or undertakings;
f) g. As of the date of this Agreementagreement, there is no litigation, proceedings or disputes dispute pending or threatened against the BorrowerBorrowers, the adverse determination of which might substantially substantially, affect the Borrower's ’s ability to repay the Loan credit facilities as described in the Schedule hereto I or have a materially adverse effect on the financial condition of the Borrower;Borrowers.
g) h. The execution and delivery of this Agreement and the performance performances of its obligations hereunder does not:
i1 ) Contravene contravene any applicable law, statute or regulation or any judgment or judgementor decree to which the Borrower is Borrowers are subject.
ii) Conflict or result in any breach of any covenants, conditions and stipulation under any existing agreement, to which the Borrower is a party.
iii) Conflict or contravene any provision of the Memorandum and Articles of Association of the Borrower;
h) There has been no material adverse change in the financial condition of the Borrower, nor has any event which is prejudicial to the interest of RCFL taken place since the date of latest audited financials of the Borrower which is likely to materially and/ or adversely affect the liability of the Borrower to perform all or any of the obligations under this Agreement.
i) The Borrower shall be exclusively responsible for getting the delivery of the Vehicle from the manufacturer/dealer. 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 MI's on the ground that the asset has not been delivered or any alleged claim/dispute in respect of the Hypothecated Assets.
j) The information given in the Loan Application Form and End Use of Funds letter and any prior or subsequent information provided or explanation furnished to the Lender in this behalf are true, complete and accurate in every respect.
k) The purpose for which the Loan is taken is not illegal, speculative or nefarious.
l) The Borrower assures that subsequent to the application there has been no material change, which would adversely affect the Lender and/or the provision of Loan by the Lender to the Borrower.
m) The Borrower is not aware of any document, judgment or legal process or other charges or of any latent or patent defect affecting the title of the Asset/Property or of any material defect in the Asset/Property which has remained undisclosed and/or which may affect the Lender prejudicially.
n) The Borrower has paid or will pay when due, all public demands such as Income Tax, Property Taxes and all the other taxes and revenues payable to the government of India or to the Government of any State or to any local authority and that at present there are no arrears of such taxes and revenues due and outstanding.
o) The Borrower has disclosed/furnished all facts/information to the Lender in respect of the Loan and all information in the Loan Application or in any supporting documents or otherwise howsoever is absolutely true, correct and complete in all respects and that no fact or information necessary to be furnished by the Borrower has been omitted to stated in order to induce the Lender to provide the Loan.
p) The Borrower does not violate any covenant, conditions or stipulations under any existing Agreements entered into by the Borrower with any party, by availing the Loan from the Lender.
q) The Borrower assures that all the necessary approvals for availing the Loan and creating the security/securities have been obtained or shall be obtained.
r) The Borrower is entitled and empowered to borrow the Loan, provide the security documents, execute the promissory notes if any and all other documents and papers in connection with and upon execution of the same will create legal and binding obligations on the Borrower enforceable in accordance with their respective terms.
s) The Borrower confirms that the representations and warranties contained herein shall be deemed to be repeated by the Borrower on and as of each day from the date of this Agreement until all sums due or owing hereunder by the Borrower to the Lender have been paid in full, as if made with reference to the facts and circumstances existing on such day.
t) The Borrower 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.
u) The Borrower 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 Instrument Acts, 1881, and RCFL shall be entitled to initiate appropriate criminal proceeding against the Borrowers.
v) 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.
w) The Borrowers 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.
x) The Borrower shall not without the approval of RCFL (which approval may be given subject to such terms and conditions as may be stipulated by RCFL including the payment of minimum prepayment amount, prepayment premium or discount interest and/or any other charges, plus applicable interest tax or statutory levy), prepay the outstanding principle amount of the Loan in full or in part, before the due dates. In the event of any part payment of the Loan is permitted by RCFL, the repayment schedule/amount of installment(s) as specified in the Application Form shall be amended by RCFL and the Borrower shall thereafter make payments of installments as per such amended schedule.,
Appears in 1 contract
Samples: Loan Agreement
REPRESENTATION BY THE BORROWER. The Borrower hereby declares, represents and warrants on a continuing basis that:
(a) The Borrower is aware that RCFL the DCB Bank is granting the said Loan on the basis of the Loan Facility Application made by him/her/it for purchase of the said Vehicle/ Hypothecated Assets Vehicle and on the faith of the representations made by the Borrower and believing the same to be true;.
(b) That all the necessary approvals for availing of the said Loan Facilities have been obtained and that the Borrower will at all times till the amounts due to RCFL the DCB Bank are paid in full and the said Loan are is fully repaid, keep all such permissions valid and subsisting.
(c) The officer of the Borrowers Borrower(s) executing this agreement Agreement and the documents executed in pursuance hereof, are duly and properly in office and fully authorised to execute the same.
(d) This Agreement and the documents to be executed in pursuance hereof, when executed and delivered, will constitute valid and binding bind obligations of the Borrower;.
(e) It has not taken any corporate action nor have any steps been taken or legal proceedings been initiated or threatened against the Borrower for its winding up, dissolution, administration, reorganization reorganisation or for appointment of receiver, administrator of the Borrower or all or any of its assets or undertakings;.
(f) As of the date of this Agreement, there is no litigation, proceedings or disputes pending or threatened against the Borrower, the adverse determination of which might substantially affect the Borrower's ability to repay the Loan as described in the Schedule hereto A or have a materially adverse effect on the financial condition of the Borrower;.
(g) The execution and delivery of this Agreement and the performance of its obligations hereunder does not:
(i) Contravene contravene any applicable law, statute or regulation or any judgment or decree to which the Borrower is subject.
(ii) Conflict conflict or result in any breach of any covenants, conditions and stipulation under any existing agreement, to which the Borrower is a party.
(iii) Conflict conflict or contravene any provision of the Memorandum and Articles of Association of the Borrower;.
(h) There has been no material adverse change in the financial condition of the Borrower, nor has any event which is prejudicial to the interest of RCFL the DCB Bank taken place since the date of latest audited financials of the Borrower which is likely to materially and/ or and/or adversely affect the liability of the Borrower to perform all or any of the obligations under this Agreement.
(i) The Borrower shall be exclusively responsible for getting the delivery of the Vehicle from the manufacturer/dealer/seller/Body-constructor. RCFL The DCB Bank shall not be liable for any delay in delivery/disbursement, or the quality/condition/fitness of the asset. The Borrower absolves RCFL the DCB Bank from any liability in respect of the above and that the Borrower shall not withhold payment of stipulated MI's EMI and/or PEMII on the ground that the asset has not been delivered or any alleged claim/dispute in respect of the Hypothecated AssetsVehicle.
(j) The information given in the Loan Facility Application Form and End Use of Funds letter and any prior or subsequent information provided or explanation furnished to the Lender in this behalf are true, complete and accurate in every respect.
(k) The purpose for which the Loan Facility is taken is not illegal, speculative or nefarious.
(l) The Borrower assures that subsequent to the application there has been no material change, which would adversely affect the Lender and/or the provision of Loan Facility by the Lender to the Borrower.
(m) The Borrower is not aware of any document, judgment judgement or legal process or other charges or of any latent or patent defect affecting the title of the Asset/Property or of any material defect in the Asset/Property which has remained undisclosed and/or which may affect the Lender prejudicially.
(n) The Borrower has paid or will pay when due, all public demands such as Income Tax, Property Taxes and all the other taxes and revenues payable to the government Government of India or to the Government of any State or to any local authority and that at present there are no arrears of such taxes and revenues due and outstanding.
(o) The Borrower has disclosed/furnished all facts/information to the Lender in respect of the Loan Facility and all information in the Loan Facility Application or in any supporting documents or otherwise howsoever is absolutely true, correct and complete in all respects and that no fact or information necessary to be furnished by the Borrower has been omitted to stated in order to induce the Lender to provide the LoanFacility.
(p) The Borrower does not violate any covenant, conditions or stipulations under any existing Agreements entered into by the Borrower with any party, by availing the Loan Facility from the Lender.
(q) The Borrower assures that all the necessary approvals for availing the Loan Facility and creating the security/securities have been obtained or shall be obtained.
(r) The Borrower is entitled and empowered to borrow the LoanFacility, provide the security documents, execute the promissory notes if any and all other documents and papers in connection with and upon execution of the same will create legal and binding obligations on the Borrower enforceable in accordance with their respective terms.
(s) The Borrower confirms that the representations and warranties contained herein shall be deemed to be repeated by the Borrower on and as of each day from the date of this Agreement until all sums due or owing hereunder by the Borrower to the Lender have been paid in full, as if made with reference to the facts and circumstances existing on such day.. x x x
(t) The Borrower shall at all times maintain sufficient funds in his/her/their bank account/s to ensure that the Installment installment are received/realized realised by RCFL DCB Bank 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 RCFLDCB Bank.
(u) The Borrower shall not be entitled to cancel or issue stop-payment instruction with respect to post post-dated cheques for so long as the Loan facility (or any part of Borrower`s Borrower's Dues) is outstanding and any such act of Borrower shall be deemed to have committed with an intention to cheat RCFL DCB Bank and avoid prosecution under the Negotiable Instrument Acts, 1881, and RCFL DCB Bank shall be entitled to initiate appropriate criminal proceeding against the BorrowersBorrower(s).
(v) The Borrower shall promptly replace the post 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 RCFLDCB Bank, if RCFL DCB Bank is facing any difficultly/inconvenience/impediments for any reason whatsoever in presenting such cheques/cheques/ issuing debit instruction or if required any time by RCFL DCB Bank at its sole discretion.
(w) The Borrowers Borrower(s) may, subject to prior approval by RCFLDCB Bank, be permitted to swap/exchange the post post-dated cheques issued to RCFL DCB Bank with alternative post-dated cheques drawn on another Bank bank (as approved by RCFLDCB Bank) subject to payment to RCFL DCB Bank of the “"cheques swap” " charge as specified in Application Form or as specified by RCFL in this AgreementForm.
(x) The Borrower shall not without with out the approval of RCFL DCB Bank (which approval may be given subject to such terms and conditions as may be stipulated by RCFL the DCB Bank including the payment of minimum prepayment pre-payment amount, prepayment pre-payment premium or discount interest and/or any other charges, plus applicable interest tax or statutory levy), prepay the outstanding principle amount of the Loan facility in full or in part, before the due dates. In the event of any part payment of the Loan facility is permitted by RCFLDCB Bank, the repayment schedule/amount of installment(s) as specified in the Application Form shall be amended by RCFL DCB Bank and the Borrower shall thereafter there after make payments of installments as per such amended schedule. In case the Borrower is a salaried person, he shall not change / leave his current job without the permission of the DCB Bank.
Appears in 1 contract
Samples: Vehicle Loan Agreement
REPRESENTATION BY THE BORROWER. 2.1 The Borrower hereby declares, represents and warrants on a continuing basis that:
a) Borrower a. he/she /it is aware that RCFL CFIL is granting the said Loan credit facilities on the basis of the Loan Application information and representation made by him/her/it her in loan application made for the purchase of the said Vehicle/ Hypothecated Assets asset and on the faith of the representations made by the Borrower and believing the same to be true;
b) That b. that all information given in the application for the loan and the supporting documents is absolutely correct and no misrepresentation , either directly or indirectly or otherwise has been made .
c. that all the necessary approvals for availing of the said Loan facilities have been obtained and that the Borrower borrower will at all times till the amounts amount due to RCFL CFIL are paid in full and the said Loan are credit facilities fully repaid, keep all such permissions valid and subsisting.
c) d. The officer of the Borrowers executing this agreement and the documents executed in pursuance hereof, are duly and properly in office and fully authorised to execute the same.
d) e. This Agreement agreement and the documents to be executed in pursuance hereof, when executed and deliveredexecuted, will constitute valid and binding obligations of the BorrowerBorrowers;
e) f. It has not taken any corporate action nor have any steps been taken or legal proceedings been initiated or threatened against the Borrower Borrowers for its winding up, dissolution, administration, reorganization or for appointment of receiver, administrator of the Borrower Borrowers or all or for any of its assets or undertakings;
f) g. As of the date of this Agreementagreement, there is no litigation, proceedings or disputes dispute pending or threatened against the BorrowerBorrowers, the adverse determination of which might substantially substantially, affect the Borrower's ’s ability to repay the Loan credit facilities as described in the Schedule hereto I or have a materially adverse effect on the financial condition of the Borrower;Borrowers.
g) h. The execution and delivery of this Agreement and the performance performances of its obligations hereunder does not:
i1) Contravene contravene any applicable law, statute or regulation or any judgment judgement or decree to which the Borrower is Borrowers are subject.,
ii2) Conflict conflict or result in any breach of any covenants, conditions and stipulation under any existing agreement, to which the Borrower is a party.,
iii3) Conflict or contravene any provision of the Memorandum and Articles of Association of the Borrower;,
h) i. There has been no material adverse change in the financial condition of the Borrower, nor has any event which is prejudicial to the interest of RCFL CFIL taken place since the date of latest audited financials of the Borrower which is likely to materially and/ or and/or adversely affect the liability of the Borrower to perform all or any of the obligations under this Agreementagreement.
i) j. The Borrower shall be exclusively responsible for getting the delivery of the Vehicle asset from the manufacturer/dealer. RCFL CFIL shall not be liable for any delay in and delivery/disbursement, any demurrage cost or the quality/condition/fitness of the asset. The Borrower borrower absolves RCFL CFIL from any liability in respect of the above and that the Borrower borrower shall not withhold payment of stipulated MI's Monthly Installment’s on the ground pretext that the asset has not been delivered delivered.
k. The Borrower shall be liable to pay or reimburse CFIL all payments and expenses including costs of collection of monthly installments legal costs, fees and costs to take possession, store, insure and sell the vehicle as and when incurred by CFIL. The Borrower shall also be liable for expenses incurred by CFIL along with interest while pursuing any alleged claimremedy under the Negotiable Instrument Act, Criminal Procedure Code or under any other applicable laws.
l. The Borrower shall get the name of CFIL endorsed as a financer in the Registration Certificate issued by the Transport authorities. The borrower shall handover a copy of the Registration certificate within 60 ( sixty) days of the execution of this agreement .
m. If the asset/dispute s are of the nature that they cannot be registered under the Motor Vehicle Act, then the original invoice pertaining to the asset would be deposited with CFIL and the same will remain in custody of CFIL till the time CFIL receives the entire dues in respect of the Hypothecated Assetsthis agreement to its satisfaction.
jn. Neither the borrower nor any one on the Borrower’s board (or a partner in case an Borrower is a partnership firm) The information given in is someone who has been identified as a willful defaulter by the Loan Application Form and End Use of Funds letter and any prior or subsequent information provided or explanation furnished to the Lender in this behalf are true, complete and accurate in every respectRBI.
k) The purpose o. that the proceeds of the credit facility shall not be used for which the Loan is taken is not illegalany other purposes, speculative or nefariousas may be specifically prohibited by law and/or regulations applicable in India.
l) p. The Credit Facility shall be used solely for the purpose of purchase of the said Asset/s.
q. The Borrower assures that subsequent to shall inform CFIL the application there has been no material change, which would adversely affect the Lender and/or the provision of Loan by the Lender to the Borrower.
m) The Borrower is not aware of any document, judgment or legal process or other charges or of any latent or patent defect affecting the title chassis number/engine number/invoice number/serial/s/machine number/registration number of the said Asset/Property or of any material defect in the Assets after receipt/Property which has remained undisclosed and/or which may affect the Lender prejudicially.
n) The Borrower has paid or will pay when due, all public demands such as Income Tax, Property Taxes and all the other taxes and revenues payable to the government of India or to the Government of any State or to any local authority and that at present there are no arrears of such taxes and revenues due and outstanding.
o) The Borrower has disclosed/furnished all facts/information to the Lender in respect of the Loan and all information in the Loan Application or in any supporting documents or otherwise howsoever is absolutely true, correct and complete in all respects and that no fact or information necessary to be furnished by the Borrower has been omitted to stated in order to induce the Lender to provide the Loan.
p) The Borrower does not violate any covenant, conditions or stipulations under any existing Agreements entered into by the Borrower with any party, by availing the Loan from the Lender.
q) The Borrower assures that all the necessary approvals for availing the Loan and creating the security/securities have been obtained or shall be obtained.
r) The Borrower is entitled and empowered to borrow the Loan, provide the security documents, execute the promissory notes if any and all other documents and papers in connection with and upon execution installation of the same will create legal and binding obligations on authorizes CFIL to fill up the said chassis number/engine number/invoice number/serial number/s/machine number/s/registration number of the said Assets in this Agreement after receipt of such information either from Borrower/Dealer/Manufacturer/RTO and the Borrower enforceable shall not challenge the incorporation of such chassis number/engine number/invoice number/serial number/s/machine number/s/registration number or any other agreed modification in accordance with their respective termsthis Agreement on any ground whatsoever. The Borrower also agreed that such modification and/or insertion of the Used Asset(s) details as provided, shall not invalidate this Loan Agreement and/or any of the terms and conditions of the said Loan Agreement.
s) 2.2 The Borrower confirms that the representations and warranties contained herein in clause 2.1 above shall be deemed to be repeated by the Borrower on and as of each day from the date of this Agreement agreement until all sums the moneys due or owing hereunder by the Borrower to the Lender CFIL have been paid repaid in full, full as if made with reference to the facts fact and circumstances existing on such day.. For Citicorp Finance (India) Ltd
t) 2.3 The Borrower Borrowers shall at all times maintain sufficient funds in his/her/their bank account/s to ensure that be exclusively responsible for getting the Installment are received/realized by RCFL and shall not close delivery of the said account till all the dues under the present Loan are satisfied or paid and no outstanding dues are pending under the Loan Asset from the Borrower to manufacture/dealer/seller or registering the RCFL.
u) The Borrower Asset with the appropriate authority and obtain a registration certificate for the Asset, if applicable. CFIL shall not be entitled to cancel liable for delay in delivery, any demurrage cost or issue stopthe quality/ condition/ fitness of the said Asset or non-payment instruction with respect to post dated cheques for so long as registration/ non-availability of 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 Instrument Acts, 1881, and RCFL shall be entitled to initiate appropriate criminal proceeding against the Borrowers.
v) 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 RCFLregistration certificate, 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.
w) as per Applicable Laws. The Borrowers may, subject to prior approval by RCFL, be permitted to swap/exchange absolve CFIL from any liability in respect of above and that the post dated cheques issued to RCFL with alternative post-dated cheques drawn Borrowers shall not withhold payment of stipulated EMIs on another Bank (as approved by RCFL) subject to payment to RCFL the pretext of the “cheques swap” charge as specified in Application Form above situation or as specified by RCFL in this Agreementotherwise.
x) The Borrower shall not without the approval of RCFL (which approval may be given subject to such terms and conditions as may be stipulated by RCFL including the payment of minimum prepayment amount, prepayment premium or discount interest and/or any other charges, plus applicable interest tax or statutory levy), prepay the outstanding principle amount of the Loan in full or in part, before the due dates. In the event of any part payment of the Loan is permitted by RCFL, the repayment schedule/amount of installment(s) as specified in the Application Form shall be amended by RCFL and the Borrower shall thereafter make payments of installments as per such amended schedule.
Appears in 1 contract
Samples: Loan Cum Hypothecation Agreement
REPRESENTATION BY THE BORROWER. 2.1 The Borrower hereby declares, represents and warrants on a continuing basis that:
a) Borrower a. he/she /it is aware that RCFL CFIL is granting the said Loan Credit Facilities on the basis of the Loan Application information and representation made by him/her/it for purchase of the said Vehicle/ Hypothecated Assets her in loan application form and on the faith of the representations made by the Borrower and believing the same to be true;.
b) That b. that all information given in the application form for the Loan facility and the supporting documents is absolutely correct and is devoid of any misrepresentation , either directly or indirectly or otherwise has been made.
c. that all the necessary approvals for availing of the said Loan Credit Facilities have been obtained and that the Borrower will at all times till the amounts amount due to RCFL CFIL are paid in full and the said Loan are Credit Facilities fully repaid, keep all such permissions valid and subsisting.
c) d. The officer of the Borrowers Borrower executing this agreement Agreement and the documents executed in pursuance hereof, are duly and properly in office and is fully authorised to execute the samesame and are duly and properly executed.
d) e. This Agreement and the documents to be executed in pursuance hereof, when executed and deliveredexecuted, will constitute valid and binding obligations of the Borrower;
e) f. It has not taken any corporate action nor have any steps been taken or legal proceedings been initiated or threatened against the Borrower for its winding up, dissolution, administration, reorganization or for appointment of receiver, administrator of the Borrower or all or for any of its assets Assets or undertakings;
f) g. As of the date of this Agreement, there is no litigation, proceedings or disputes dispute pending or threatened against the Borrower, the adverse determination of which might substantially substantially, affect the Borrower's ’s ability to repay the Loan Credit Facility as described in the Schedule hereto I or have a materially adverse effect on the financial condition of the Borrower;.
g) h. The execution and delivery of this Agreement and the performance performances of its obligations hereunder does not:.,
i1) Contravene contravene any applicable law, statute or regulation or any judgment judgement or decree to which the Borrower is subject.,
ii2) Conflict conflict or result in any breach of any covenants, conditions and stipulation under any existing agreement, to which the Borrower is a party.,
iii3) Conflict or contravene any provision of the Memorandum and Articles of Association of the Borrower;
h) I. There has been no material adverse change in the financial condition of the Borrower, nor has any event which is prejudicial to the interest of RCFL CFIL taken place since the date of latest audited financials of the Borrower which is likely to materially and/ or and/or adversely affect the liability of the Borrower to perform all or any of the obligations under this Agreementagreement.
i) The Borrower shall be exclusively responsible for getting the delivery of the Vehicle from the manufacturer/dealer. 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 MI's on the ground that the asset has not been delivered or any alleged claim/dispute in respect of the Hypothecated Assets.
j) The information given in the Loan Application Form and End Use of Funds letter and any prior or subsequent information provided or explanation furnished to the Lender in this behalf are true, complete and accurate in every respect.
k) The purpose for which the Loan is taken is not illegal, speculative or nefarious.
l) The Borrower assures that subsequent to the application there has been no material change, which would adversely affect the Lender and/or the provision of Loan by the Lender to the Borrower.
m) The Borrower is not aware of any document, judgment or legal process or other charges or of any latent or patent defect affecting the title of the Asset/Property or of any material defect in the Asset/Property which has remained undisclosed and/or which may affect the Lender prejudicially.
n) The Borrower has paid or will pay when due, all public demands such as Income Tax, Property Taxes and all the other taxes and revenues payable to the government of India or to the Government of any State or to any local authority and that at present there are no arrears of such taxes and revenues due and outstanding.
o) The Borrower has disclosed/furnished all facts/information to the Lender in respect of the Loan and all information in the Loan Application or in any supporting documents or otherwise howsoever is absolutely true, correct and complete in all respects and that no fact or information necessary to be furnished by the Borrower has been omitted to stated in order to induce the Lender to provide the Loan.
p) The Borrower does not violate any covenant, conditions or stipulations under any existing Agreements entered into by the Borrower with any party, by availing the Loan from the Lender.
q) The Borrower assures that all the necessary approvals for availing the Loan and creating the security/securities have been obtained or shall be obtained.
r) The Borrower is entitled and empowered to borrow the Loan, provide the security documents, execute the promissory notes if any and all other documents and papers in connection with and upon execution of the same will create legal and binding obligations on the Borrower enforceable in accordance with their respective terms.
s) The Borrower confirms that the representations and warranties contained herein shall be deemed to be repeated by the Borrower on and as of each day from the date of this Agreement until all sums due or owing hereunder by the Borrower to the Lender have been paid in full, as if made with reference to the facts and circumstances existing on such day.
t) The Borrower 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.
u) The Borrower 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 Instrument Acts, 1881, and RCFL shall be entitled to initiate appropriate criminal proceeding against the Borrowers.
v) 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.
w) The Borrowers 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.
x) The Borrower shall not without the approval of RCFL (which approval may be given subject to such terms and conditions as may be stipulated by RCFL including the payment of minimum prepayment amount, prepayment premium or discount interest and/or any other charges, plus applicable interest tax or statutory levy), prepay the outstanding principle amount of the Loan in full or in part, before the due dates. In the event of any part payment of the Loan is permitted by RCFL, the repayment schedule/amount of installment(s) as specified in the Application Form shall be amended by RCFL and the Borrower shall thereafter make payments of installments as per such amended schedule.
Appears in 1 contract
Samples: Loan Cum Hypothecation Agreement
REPRESENTATION BY THE BORROWER. 2.1 The Borrower hereby declares, represents and warrants on a continuing basis that:
a) Borrower is a. They are aware that RCFL CFIL is granting the said Loan Credit Facility on the basis of the Loan Application information and representation made by him/her/it them in loan application form made for purchase of the said Vehicle/ Hypothecated Assets availing this Credit Facility and on the faith of the representations made by the Borrower and believing the same to be true;
b) That b. that all information given in the application for the loan for the Credit Facility and the supporting documents is absolutely correct and is devoid of any misrepresentation, either directly or indirectly or otherwise has been made.
c. It is fully understood by the Borrower that the obligations under these presents are in addition to the obligations under the said agreements executed by the Borrower with CFIL from time to time.
d. that all the necessary approvals for availing of the said Loan facilities have been obtained and that the Borrower will shall at all times till the amounts amount due to RCFL CFIL are paid in full and the said Loan are Credit Facilities fully repaid, keep all such permissions valid and subsisting.
c) e. The officer of the Borrowers Borrower executing this agreement and the documents executed in pursuance hereofhere of, are duly and properly in office and fully authorised to execute the same.
d) f. This Agreement and the documents to be executed in pursuance hereof, when executed and deliveredexecuted, will constitute valid and binding obligations of the Borrower;
e) g. It has not taken any corporate action nor have any steps been taken or legal proceedings been initiated or threatened against the Borrower for its winding up, dissolution, administration, reorganization or for appointment of receiver, administrator of the Borrower or all or for any of its assets Assets or undertakings;
f) h. As of the date of this Agreementagreement, there is no litigation, proceedings or disputes dispute pending or threatened against the Borrower, the adverse determination of which might substantially substantially, affect the Borrower's ’s ability to repay the Loan Credit Facilities as described in the Schedule hereto I or have a materially adverse effect on the financial condition of the Borrower;.
g) i. The execution and delivery of this Agreement and the performance performances of its obligations hereunder does not:
i1) Contravene contravene any applicable law, statute or regulation or any judgment judgement or decree to which the Borrower is subject.,
ii2) Conflict conflict or result in any breach of any covenants, conditions and stipulation under any existing agreement, to which the Borrower is a party.,
iii3) Conflict or contravene any provision of the Memorandum and Articles of Association of the Borrower;
h) j. There has been no material adverse change in the financial condition of the Borrower, nor has any event which is prejudicial to the interest of RCFL CFIL taken place since the date of latest audited financials of the Borrower which is likely to materially and/ or and/or adversely affect the liability of the Borrower to perform all or any of the obligations under this Agreementagreement.
ik. Neither the Borrower nor any one on the Borrower’s board (in case the Borrower is a Company) or a partner (in case the Borrower is a partnership firm) is someone who has been identified as a willful defaulter by the RBI
l. That the proceeds of the Credit Facility shall not be used for any other purposes, as may be specifically prohibited by law and/or regulations applicable in India.
m. The Borrower shall be exclusively responsible for getting liable to pay or reimburse CFIL all payments and expenses including costs of collection of monthly installments legal costs, fees and costs to take possession, store, insure and sell the delivery of the Vehicle from the manufacturer/dealervehicle as and when incurred by CFIL. RCFL The Borrower shall not also be liable for expenses incurred by CFIL along with interest while pursuing any delay in delivery/disbursementremedy under the Negotiable Instrument Act, Criminal Procedure Code 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 MI's on the ground that the asset has not been delivered or any alleged claim/dispute in respect of the Hypothecated Assets.
j) The information given in the Loan Application Form and End Use of Funds letter and any prior or subsequent information provided or explanation furnished to the Lender in this behalf are true, complete and accurate in every respect.
k) The purpose for which the Loan is taken is not illegal, speculative or nefarious.
l) The Borrower assures that subsequent to the application there has been no material change, which would adversely affect the Lender and/or the provision of Loan by the Lender to the Borrower.
m) The Borrower is not aware of any document, judgment or legal process or other charges or of any latent or patent defect affecting the title of the Asset/Property or of any material defect in the Asset/Property which has remained undisclosed and/or which may affect the Lender prejudicially.
n) The Borrower has paid or will pay when due, all public demands such as Income Tax, Property Taxes and all the other taxes and revenues payable to the government of India or to the Government of any State or to any local authority and that at present there are no arrears of such taxes and revenues due and outstanding.
o) The Borrower has disclosed/furnished all facts/information to the Lender in respect of the Loan and all information in the Loan Application or in any supporting documents or otherwise howsoever is absolutely true, correct and complete in all respects and that no fact or information necessary to be furnished by the Borrower has been omitted to stated in order to induce the Lender to provide the Loan.
p) The Borrower does not violate any covenant, conditions or stipulations under any existing Agreements entered into by the Borrower with any party, by availing the Loan from the Lenderother applicable laws.
q) The Borrower assures that all the necessary approvals for availing the Loan and creating the security/securities have been obtained or shall be obtained.
r) The Borrower is entitled and empowered to borrow the Loan, provide the security documents, execute the promissory notes if any and all other documents and papers in connection with and upon execution of the same will create legal and binding obligations on the Borrower enforceable in accordance with their respective terms.
s) The Borrower confirms that the representations and warranties contained herein shall be deemed to be repeated by the Borrower on and as of each day from the date of this Agreement until all sums due or owing hereunder by the Borrower to the Lender have been paid in full, as if made with reference to the facts and circumstances existing on such day.
t) The Borrower 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.
u) The Borrower 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 Instrument Acts, 1881, and RCFL shall be entitled to initiate appropriate criminal proceeding against the Borrowers.
v) 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.
w) The Borrowers 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.
x) The Borrower shall not without the approval of RCFL (which approval may be given subject to such terms and conditions as may be stipulated by RCFL including the payment of minimum prepayment amount, prepayment premium or discount interest and/or any other charges, plus applicable interest tax or statutory levy), prepay the outstanding principle amount of the Loan in full or in part, before the due dates. In the event of any part payment of the Loan is permitted by RCFL, the repayment schedule/amount of installment(s) as specified in the Application Form shall be amended by RCFL and the Borrower shall thereafter make payments of installments as per such amended schedule.
Appears in 1 contract
Samples: Loan Cum Hypothecation Agreement
REPRESENTATION BY THE BORROWER. 2.1 The Borrower hereby declares, represents and warrants on a continuing basis that:
a) Borrower a. he/she /it is aware that RCFL CFIL is granting the said Loan credit facilities on the basis of the Loan Application information and representation made by him/her/it her in loan application made for the purchase of the said Vehicle/ Hypothecated Assets asset and on the faith of the representations made by the Borrower and believing the same to be true;
b) That b. that all information given in the application for the loan and the supporting documents is absolutely correct and no misrepresentation , either directly or indirectly or otherwise has been made .
c. that all the necessary approvals for availing of the said Loan facilities have been obtained and that the Borrower borrower will at all times till the amounts amount due to RCFL CFIL are paid in full and the said Loan are credit facilities fully repaid, keep all such permissions valid and subsisting.
c) d. The officer of the Borrowers executing this agreement and the documents executed in pursuance hereof, are duly and properly in office and fully authorised to execute the same.
d) e. This Agreement agreement and the documents to be executed in pursuance hereof, when executed and deliveredexecuted, will constitute valid and binding obligations of the BorrowerBorrowers;
e) f. It has not taken any corporate action nor have any steps been taken or legal proceedings been initiated or threatened against the Borrower Borrowers for its winding up, dissolution, administration, reorganization or for appointment of receiver, administrator of the Borrower Borrowers or all or for any of its assets or undertakings;
f) g. As of the date of this Agreementagreement, there is no litigation, proceedings or disputes dispute pending or threatened against the BorrowerBorrowers, the adverse determination of which might substantially substantially, affect the Borrower's ’s ability to repay the Loan credit facilities as described in the Schedule hereto I or have a materially adverse effect on the financial condition of the Borrower;Borrowers.
g) h. The execution and delivery of this Agreement and the performance performances of its obligations hereunder does not:
i1) Contravene contravene any applicable law, statute or regulation or any judgment judgement or decree to which the Borrower is Borrowers are subject.,
ii2) Conflict conflict or result in any breach of any covenants, conditions and stipulation under any existing agreement, to which the Borrower is a party.
iii, 3) Conflict conflict or contravene any provision of the Memorandum and Articles of Association of the Borrower;,
h) i. There has been no material adverse change in the financial condition of the Borrower, nor has any event which is prejudicial to the interest of RCFL CFIL taken place since the date of latest audited financials of the Borrower which is likely to materially and/ or and/or adversely affect the liability of the Borrower to perform all or any of the obligations under this Agreementagreement.
i) j. The Borrower shall be exclusively responsible for getting the delivery of the Vehicle asset from the manufacturer/dealer. RCFL CFIL shall not be liable for any delay in and delivery/disbursement, any demurrage cost or the quality/condition/fitness of the asset. The Borrower borrower absolves RCFL CFIL from any liability in respect of the above and that the Borrower borrower shall not withhold payment of stipulated MI's Monthly Installment’s on the ground pretext that the asset has not been delivered delivered.
k. The Borrower shall be liable to pay or reimburse CFIL all payments and expenses including costs of collection of monthly installments legal costs, fees and costs to take possession, store, insure and sell the vehicle as and when incurred by CFIL. The Borrower shall also be liable for expenses incurred by CFIL along with interest while pursuing any alleged claimremedy under the Negotiable Instrument Act, Criminal Procedure Code or under any other applicable laws.
l. The Borrower shall get the name of CFIL endorsed as a financer in the Registration Certificate issued by the Transport authorities. The borrower shall handover a copy of the Registration certificate within 60 ( sixty) days of the execution of this agreement .
m. If the asset/dispute s are of the nature that they cannot be registered under the Motor Vehicle Act, then the original invoice pertaining to the asset would be deposited with CFIL and the same will remain in custody of CFIL till the time CFIL receives the entire dues in respect of the Hypothecated Assetsthis agreement to its satisfaction.
jn. Neither the borrower nor any one on the Borrower’s board (or a partner in case an Borrower is a partnership firm) The information given in is someone who has been identified as a willful defaulter by the Loan Application Form and End Use of Funds letter and any prior or subsequent information provided or explanation furnished to the Lender in this behalf are true, complete and accurate in every respectRBI.
k) The purpose o. that the proceeds of the credit facility shall not be used for which the Loan is taken is not illegalany other purposes, speculative or nefariousas may be specifically prohibited by law and/or regulations applicable in India.
l) p. The Credit Facility shall be used solely for the purpose of purchase of the said Asset/s.
q. The Borrower assures that subsequent to shall inform CFIL the application there has been no material change, which would adversely affect the Lender and/or the provision of Loan by the Lender to the Borrower.
m) The Borrower is not aware of any document, judgment or legal process or other charges or of any latent or patent defect affecting the title chassis number/engine number/invoice number/serial/s/machine number/registration number of the said Asset/Property or of any material defect in the Assets after receipt/Property which has remained undisclosed and/or which may affect the Lender prejudicially.
n) The Borrower has paid or will pay when due, all public demands such as Income Tax, Property Taxes and all the other taxes and revenues payable to the government of India or to the Government of any State or to any local authority and that at present there are no arrears of such taxes and revenues due and outstanding.
o) The Borrower has disclosed/furnished all facts/information to the Lender in respect of the Loan and all information in the Loan Application or in any supporting documents or otherwise howsoever is absolutely true, correct and complete in all respects and that no fact or information necessary to be furnished by the Borrower has been omitted to stated in order to induce the Lender to provide the Loan.
p) The Borrower does not violate any covenant, conditions or stipulations under any existing Agreements entered into by the Borrower with any party, by availing the Loan from the Lender.
q) The Borrower assures that all the necessary approvals for availing the Loan and creating the security/securities have been obtained or shall be obtained.
r) The Borrower is entitled and empowered to borrow the Loan, provide the security documents, execute the promissory notes if any and all other documents and papers in connection with and upon execution installation of the same will create legal and binding obligations on authorizes CFIL to fill up the said chassis number/engine number/invoice number/serial number/s/machine number/s/registration number of the said Assets in this Agreement after receipt of such information either from Borrower/Dealer/Manufacturer/RTO and the Borrower enforceable shall not challenge the incorporation of such chassis number/engine number/invoice number/serial number/s/machine number/s/registration number or any other agreed modification in accordance with their respective termsthis Agreement on any ground whatsoever. The Borrower also agreed that such modification and/or insertion of the Used Asset(s) details as provided, shall not invalidate this Loan Agreement and/or any of the terms and conditions of the said Loan Agreement.
s) 2.2 The Borrower confirms that the representations and warranties contained herein in clause 2.1 above shall be deemed to be repeated by the Borrower on and as of each day from the date of this Agreement agreement until all sums the moneys due or owing hereunder by the Borrower to the Lender CFIL have been paid repaid in full, full as if made with reference to the facts fact and circumstances existing on such day.. For Citicorp Finance (India) Ltd
t) 2.3 The Borrower Borrowers shall at all times maintain sufficient funds in his/her/their bank account/s to ensure that be exclusively responsible for getting the Installment are received/realized by RCFL and shall not close delivery of the said account till all the dues under the present Loan are satisfied or paid and no outstanding dues are pending under the Loan Asset from the Borrower to manufacture/dealer/seller or registering the RCFL.
u) The Borrower Asset with the appropriate authority and obtain a registration certificate for the Asset, if applicable. CFIL shall not be entitled to cancel liable for delay in delivery, any demurrage cost or issue stopthe quality/ condition/ fitness of the said Asset or non-payment instruction with respect to post dated cheques for so long as registration/ non-availability of 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 Instrument Acts, 1881, and RCFL shall be entitled to initiate appropriate criminal proceeding against the Borrowers.
v) 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 RCFLregistration certificate, 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.
w) as per Applicable Laws. The Borrowers may, subject to prior approval by RCFL, be permitted to swap/exchange absolve CFIL from any liability in respect of above and that the post dated cheques issued to RCFL with alternative post-dated cheques drawn Borrowers shall not withhold payment of stipulated EMIs on another Bank (as approved by RCFL) subject to payment to RCFL the pretext of the “cheques swap” charge as specified in Application Form above situation or as specified by RCFL in this Agreementotherwise.
x) The Borrower shall not without the approval of RCFL (which approval may be given subject to such terms and conditions as may be stipulated by RCFL including the payment of minimum prepayment amount, prepayment premium or discount interest and/or any other charges, plus applicable interest tax or statutory levy), prepay the outstanding principle amount of the Loan in full or in part, before the due dates. In the event of any part payment of the Loan is permitted by RCFL, the repayment schedule/amount of installment(s) as specified in the Application Form shall be amended by RCFL and the Borrower shall thereafter make payments of installments as per such amended schedule.
Appears in 1 contract
Samples: Loan Agreement
REPRESENTATION BY THE BORROWER. The Borrower hereby declares, represents and warrants on a continuing basis that:
a) Borrower Xxxxxxxx is aware that RCFL the RCL is granting the said Loan on the basis of the Loan Application made by him/her/it for the purchase of the said Vehicle/ Hypothecated Assets Car and on the faith of the representations made by the Borrower and believing the same to be true;
b) That that all the necessary approvals for availing of the said Loan have been obtained and that the Borrower will at all times till the amounts due to RCFL RCL are paid in full and the said Loan are is fully repaid, keep all such permissions valid and subsisting.
c) The officer of the Borrowers executing this agreement and the documents executed in pursuance hereof, are duly and properly in office and fully authorised to execute the same.
d) This Agreement and the documents to be executed in pursuance hereof, when executed and delivered, will constitute valid and binding obligations of the Borrower;
e) It has not taken any corporate action nor have any steps been taken or legal proceedings been initiated or threatened against the Borrower for its winding up, dissolution, administration, reorganization or for appointment of receiver, administrator of the Borrower or all or any of its assets or undertakings;
f) As of the date of this Agreement, there is no litigation, proceedings or disputes pending or threatened against the Borrower, the adverse determination of which might substantially substantially, affect the Borrower's ability to repay the Loan as described in the Schedule hereto or have a materially adverse effect on the financial condition of the Borrower;
g) The execution and delivery of this Agreement and the performance of its obligations hereunder does not:
i) Contravene contravene any applicable law, statute or regulation or any judgment or decree to which the Borrower is subject.;
ii) Conflict conflict or result in any breach of any covenants, conditions and stipulation under any existing agreement, to which the Borrower is a party.;
iii) if the Borrower is a Company, Conflict or contravene any provision of the Memorandum and Articles of Association of the Borrower;
h) There has been no material adverse change in the financial condition of the Borrower, nor has any event which is prejudicial to the interest of RCFL RCL taken place since the date of latest audited financials of the Borrower which is likely to materially and/ or and/or adversely affect the liability of the Borrower to perform all or any of the obligations under this Agreement.
i) The Borrower shall be exclusively responsible for getting the delivery of the Vehicle from the manufacturerSeller/dealerDealer/DSA. RCFL RCL shall not be liable for any delay in delivery/disbursement, or the quality/condition/fitness of the assetAsset(s). The Borrower absolves RCFL RCL from any liability in respect of the above and that the Borrower shall not withhold payment of stipulated MI's on the ground that the asset Asset has not been delivered or any alleged claim/dispute in respect of the Hypothecated Assets.
j) The information given in the Loan Application Form and End Use of Funds letter and any prior or subsequent information provided or explanation furnished to the Lender in this behalf are true, complete and accurate in every respect.
k) The purpose for which the Loan is taken is not illegal, speculative or nefarious.
l) The Borrower assures that subsequent to the application there has been no material change, which would adversely affect the Lender and/or the provision of Loan by the Lender to the Borrower.
m) The Borrower is not aware of any document, judgment judgement or legal process or other charges or of any latent or patent defect affecting the title of the Asset/Property Car or of any material defect in the Asset/Property Car which has remained undisclosed and/or which may affect the Lender prejudicially.
n) The Borrower has paid or will pay when due, all public demands such as Income Taxincome tax, Property Taxes property taxes and all the other taxes and revenues payable to the government of India or to the Government of any State or to any local authority and that at present there are no arrears of such taxes and revenues due and outstanding.
o) The Borrower has disclosed/furnished all facts/information to the Lender in respect of the Loan and all information in the Loan Application or in any supporting documents or otherwise howsoever is absolutely true, correct and complete in all respects and that no fact or information necessary to be furnished by the Borrower has been omitted to be stated in order to induce the Lender to provide the Loan.
p) The Borrower does not violate any covenant, conditions or stipulations under any existing Agreements agreements entered into by the Borrower with any party, by availing the Loan from the Lender.
q) The Borrower assures that all the necessary approvals for availing the Loan and creating the security/securities have been obtained or shall be obtained.
r) The Borrower is entitled and empowered to borrow the LoanLoan , provide the security documents, execute the promissory notes if any and all other documents and papers in connection with and upon execution of the same will create legal and binding obligations on the Borrower enforceable in accordance with their respective terms.
s) The Borrower confirms that the representations and warranties contained herein shall be deemed to be repeated by the Borrower on and as of each day from the date of this Agreement until all sums due or owing hereunder by the Borrower to the Lender have been paid in full, as if made with reference to the facts and circumstances existing on such day.
t) The Borrower shall at all times maintain sufficient funds in his/her/their bank account/s to ensure that the Installment are received/realized by RCFL RCL 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 RCFLaccount.
u) The Borrower 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 Borrower’s Dues) is outstanding and any such act of Borrower shall be deemed to have committed with an intention intension to cheat RCFL RCL and avoid prosecution under Negotiable Instrument Acts, 1881, and RCFL RCL shall be entitled to initiate appropriate criminal proceeding against the BorrowersBorrower.
v) 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 RCFLRCL, if RCFL RCL is facing any difficultly/inconvenience/impediments for any reason whatsoever in presenting such cheques/issuing debit instruction or if required any time by RCFL RCL at its sole discretion.
w) The Borrowers Borrower may, subject to prior approval by RCFL, RCL ,be permitted to swap/exchange the post dated cheques issued to RCFL RCL with alternative post-dated cheques drawn on another Bank (( as approved by RCFLRCL) subject to payment to RCFL RCL of the “cheques swap” charge as specified in Application Form or as specified by RCFL in this AgreementForm.
x) The Borrower shall not without the approval of RCFL RCL (which approval may be given subject to such terms and conditions as may be stipulated by RCFL RCL including the payment of minimum prepayment amount, prepayment premium or discount interest and/or any other charges, plus applicable interest tax or statutory levy), prepay the outstanding principle amount of the Loan in full or in part, before the due dates. In the event of any part payment of the Loan is permitted by RCFLRCL, the repayment schedule/amount of installment(s) as specified in the Application Form shall be amended by RCFL RCL and the Borrower shall thereafter there after make payments of installments as per such amended schedule.
Appears in 1 contract
Samples: Loan Agreement
REPRESENTATION BY THE BORROWER. The Borrower hereby declares, represents and warrants on a continuing basis that:
a) Borrower is aware that RCFL the RCL is granting the said Loan on the basis of the Loan Application made by him/her/it for the purchase of the said Vehicle/ Hypothecated Assets Car and on the faith of the representations made by the Borrower and believing the same to be true;
b) That that all the necessary approvals for availing of the said Loan have been obtained and that the Borrower will at all times till the amounts due to RCFL RCL are paid in full and the said Loan are is fully repaid, keep all such permissions valid and subsisting.
c) The officer of the Borrowers executing this agreement and the documents executed in pursuance hereof, are duly and properly in office and fully authorised to execute the same.
d) This Agreement and the documents to be executed in pursuance hereof, when executed and delivered, will constitute valid and binding obligations of the Borrower;
e) It has not taken any corporate action nor have any steps been taken or legal proceedings been initiated or threatened against the Borrower for its winding up, dissolution, administration, reorganization or for appointment of receiver, administrator of the Borrower or all or any of its assets or undertakings;
f) As of the date of this Agreement, there is no litigation, proceedings or disputes pending or threatened against the Borrower, the adverse determination of which might substantially substantially, affect the Borrower's ability to repay the Loan as described in the Schedule hereto or have a materially adverse effect on the financial condition of the Borrower;
g) The execution and delivery of this Agreement and the performance of its obligations hereunder does not:
i) Contravene contravene any applicable law, statute or regulation or any judgment or decree to which the Borrower is subject.;
ii) Conflict conflict or result in any breach of any covenants, conditions and stipulation under any existing agreement, to which the Borrower is a party.;
iii) if the Borrower is a Company, Conflict or contravene any provision of the Memorandum and Articles of Association of the Borrower;
h) There has been no material adverse change in the financial condition of the Borrower, nor has any event which is prejudicial to the interest of RCFL RCL taken place since the date of latest audited financials of the Borrower which is likely to materially and/ or and/or adversely affect the liability of the Borrower to perform all or any of the obligations under this Agreement.
i) The Borrower shall be exclusively responsible for getting the delivery of the Vehicle from the manufacturerSeller/dealerDealer/DSA. RCFL RCL shall not be liable for any delay in delivery/disbursement, or the quality/condition/fitness of the assetAsset(s). The Borrower absolves RCFL RCL from any liability in respect of the above and that the Borrower shall not withhold payment of stipulated MI's on the ground that the asset Asset has not been delivered or any alleged claim/dispute in respect of the Hypothecated Assets.
j) The information given in the Loan Application Form and End Use of Funds letter and any prior or subsequent information provided or explanation furnished to the Lender in this behalf are true, complete and accurate in every respect.
k) The purpose for which the Loan is taken is not illegal, speculative or nefarious.
l) The Borrower assures that subsequent to the application there has been no material change, which would adversely affect the Lender and/or the provision of Loan by the Lender to the Borrower.
m) The Borrower is not aware of any document, judgment judgement or legal process or other charges or of any latent or patent defect affecting the title of the Asset/Property Car or of any material defect in the Asset/Property Car which has remained undisclosed and/or which may affect the Lender prejudicially.
n) The Borrower has paid or will pay when due, all public demands such as Income Taxincome tax, Property Taxes property taxes and all the other taxes and revenues payable to the government of India or to the Government of any State or to any local authority and that at present there are no arrears of such taxes and revenues due and outstanding.
o) The Borrower has disclosed/furnished all facts/information to the Lender in respect of the Loan and all information in the Loan Application or in any supporting documents or otherwise howsoever is absolutely true, correct and complete in all respects and that no fact or information necessary to be furnished by the Borrower has been omitted to be stated in order to induce the Lender to provide the Loan.
p) The Borrower does not violate any covenant, conditions or stipulations under any existing Agreements agreements entered into by the Borrower with any party, by availing the Loan from the Lender.
q) The Borrower assures that all the necessary approvals for availing the Loan and creating the security/securities have been obtained or shall be obtained.
r) The Borrower is entitled and empowered to borrow the LoanLoan , provide the security documents, execute the promissory notes if any and all other documents and papers in connection with and upon execution of the same will create legal and binding obligations on the Borrower enforceable in accordance with their respective terms.
s) The Borrower confirms that the representations and warranties contained herein shall be deemed to be repeated by the Borrower on and as of each day from the date of this Agreement until all sums due or owing hereunder by the Borrower to the Lender have been paid in full, as if made with reference to the facts and circumstances existing on such day.
t) The Borrower shall at all times maintain sufficient funds in his/her/their bank account/s to ensure that the Installment are received/realized by RCFL RCL 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 RCFLaccount.
u) The Borrower 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 Borrower’s Dues) is outstanding and any such act of Borrower shall be deemed to have committed with an intention intension to cheat RCFL RCL and avoid prosecution under Negotiable Instrument Acts, 1881, and RCFL RCL shall be entitled to initiate appropriate criminal proceeding against the BorrowersBorrower.
v) 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 RCFLRCL, if RCFL RCL is facing any difficultly/inconvenience/impediments for any reason whatsoever in presenting such cheques/issuing debit instruction or if required any time by RCFL RCL at its sole discretion.
w) The Borrowers Borrower may, subject to prior approval by RCFL, RCL ,be permitted to swap/exchange the post dated cheques issued to RCFL RCL with alternative post-dated cheques drawn on another Bank (( as approved by RCFLRCL) subject to payment to RCFL RCL of the “cheques swap” charge as specified in Application Form or as specified by RCFL in this AgreementForm.
x) The Borrower shall not without the approval of RCFL RCL (which approval may be given subject to such terms and conditions as may be stipulated by RCFL RCL including the payment of minimum prepayment amount, prepayment premium or discount interest and/or any other charges, plus applicable interest tax or statutory levy), prepay the outstanding principle amount of the Loan in full or in part, before the due dates. In the event of any part payment of the Loan is permitted by RCFLRCL, the repayment schedule/amount of installment(s) as specified in the Application Form shall be amended by RCFL RCL and the Borrower shall thereafter there after make payments of installments as per such amended schedule.
Appears in 1 contract
Samples: Loan Agreement
REPRESENTATION BY THE BORROWER. The Borrower hereby declares, represents and warrants on a continuing basis that:
a) Borrower is aware that the RCFL is granting the said Loan on the basis of the Loan Application made by him/her/it for the purchase of the said Vehicle/ Hypothecated Assets Car and on the faith of the representations made by the Borrower and believing the same to be true;
b) That that all the necessary approvals for availing of the said Loan have been obtained and that the Borrower will at all times till the amounts due to RCFL are paid in full and the said Loan are is fully repaid, keep all such permissions valid and subsisting.
c) The officer of the Borrowers executing this agreement and the documents executed in pursuance hereof, are duly and properly in office and fully authorised to execute the same.
d) This Agreement and the documents to be executed in pursuance hereof, when executed and delivered, will constitute valid and binding obligations of the Borrower;
e) It has not taken any corporate action nor have any steps been taken or legal proceedings been initiated or threatened against the Borrower for its winding up, dissolution, administration, reorganization or for appointment of receiver, administrator of the Borrower or all or any of its assets or undertakings;
f) As of the date of this Agreement, there is no litigation, proceedings or disputes pending or threatened against the Borrower, the adverse determination of which might substantially substantially, affect the Borrower's ability to repay the Loan as described in the Schedule hereto or have a materially adverse effect on the financial condition of the Borrower;
g) The execution and delivery of this Agreement and the performance of its obligations hereunder does not:
i) Contravene contravene any applicable law, statute or regulation or any judgment or decree to which the Borrower is subject.;
ii) Conflict conflict or result in any breach of any covenants, conditions and stipulation under any existing agreement, to which the Borrower is a party.;
iii) if the Borrower is a Company, Conflict or contravene any provision of the Memorandum and Articles of Association of the Borrower;
h) There has been no material adverse change in the financial condition of the Borrower, nor has any event which is prejudicial to the interest of RCFL taken place since the date of latest audited financials of the Borrower which is likely to materially and/ or and/or adversely affect the liability of the Borrower to perform all or any of the obligations under this Agreement.
i) The Borrower shall be exclusively responsible for getting the delivery of the Vehicle from the manufacturerSeller/dealerDealer/DSA. RCFL shall not be liable for any delay in delivery/disbursement, or the quality/condition/fitness of the assetAsset(s). The Borrower absolves RCFL from any liability in respect of the above and that the Borrower shall not withhold payment of stipulated MI's on the ground that the asset Asset has not been delivered or any alleged claim/dispute in respect of the Hypothecated Assets.
j) The information given in the Loan Application Form and End Use of Funds letter and any prior or subsequent information provided or explanation furnished to the Lender in this behalf are true, complete and accurate in every respect.
k) The purpose for which the Loan is taken is not illegal, speculative or nefarious.
l) The Borrower assures that subsequent to the application there has been no material change, which would adversely affect the Lender and/or the provision of Loan by the Lender to the Borrower.
m) The Borrower is not aware of any document, judgment judgement or legal process or other charges or of any latent or patent defect affecting the title of the Asset/Property Car or of any material defect in the Asset/Property Car which has remained undisclosed and/or which may affect the Lender prejudicially.
n) The Borrower has paid or will pay when due, all public demands such as Income Taxincome tax, Property Taxes property taxes and all the other taxes and revenues payable to the government of India or to the Government of any State or to any local authority and that at present there are no arrears of such taxes and revenues due and outstanding.
o) The Borrower has disclosed/furnished all facts/information to the Lender in respect of the Loan and all information in the Loan Application or in any supporting documents or otherwise howsoever is absolutely true, correct and complete in all respects and that no fact or information necessary to be furnished by the Borrower has been omitted to be stated in order to induce the Lender to provide the Loan.
p) The Borrower does not violate any covenant, conditions or stipulations under any existing Agreements agreements entered into by the Borrower with any party, by availing the Loan from the Lender.
q) The Borrower assures that all the necessary approvals for availing the Loan and creating the security/securities have been obtained or shall be obtained.
r) The Borrower is entitled and empowered to borrow the LoanLoan , provide the security documents, execute the promissory notes if any and all other documents and papers in connection with and upon execution of the same will create legal and binding obligations on the Borrower enforceable in accordance with their respective terms.
s) The Borrower confirms that the representations and warranties contained herein shall be deemed to be repeated by the Borrower on and as of each day from the date of this Agreement until all sums due or owing hereunder by the Borrower to the Lender have been paid in full, as if made with reference to the facts and circumstances existing on such day.
t) The Borrower 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 RCFLaccount.
u) The Borrower 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 Borrower’s Dues) is outstanding and any such act of Borrower shall be deemed to have committed with an intention intension to cheat RCFL and avoid prosecution under Negotiable Instrument Acts, 1881, and RCFL shall be entitled to initiate appropriate criminal proceeding against the BorrowersBorrower.
v) 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.
w) The Borrowers Borrower may, subject to prior approval by RCFL, 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 AgreementForm.
x) The Borrower shall not without the approval of RCFL (which approval may be given subject to such terms and conditions as may be stipulated by RCFL including the payment of minimum prepayment amount, prepayment premium or discount interest and/or any other charges, plus applicable interest tax or statutory levy), prepay the outstanding principle amount of the Loan in full or in part, before the due dates. In the event of any part payment of the Loan is permitted by RCFL, the repayment schedule/amount of installment(s) as specified in the Application Form shall be amended by RCFL and the Borrower shall thereafter there after make payments of installments as per such amended schedule.
Appears in 1 contract
Samples: Car Loan Agreement
REPRESENTATION BY THE BORROWER. The Borrower hereby declares, represents and warrants on a continuing basis that:
a) Borrower a. he/she /it is aware that RCFL CFIL is granting the said Loan credit facilities on the basis of the Loan Application information and representation made by him/her/it for purchase of them in the said Vehicle/ Hypothecated Assets loan application form and on the faith of the representations made by the Borrower them and believing the same to be true;
b) That b. that all information given in the application for the said loan facility and the supporting documents is absolutely correct and devoid of any misrepresentation , either directly or indirectly or otherwise has been made.
c. It is fully understood by the Borrower that the obligations under these presents are in addition to the obligations under the said agreements executed by the Borrower from time to time.
d. that all the necessary approvals for availing of the said Loan Credit Facilities have been obtained and that the Borrower will borrower shall at all times till the amounts amount due to RCFL CFIL are paid in full and the said Loan are credit facilities fully repaid, keep all such permissions valid and subsisting.
c) e. The officer of the Borrowers Borrower executing this agreement and the documents executed in pursuance hereof, are duly and properly in office and fully authorised to execute the same.
d) f. This Agreement agreement and the documents to be executed in pursuance hereof, when executed and deliveredexecuted, will constitute valid and binding obligations of the Borrower;
e) g. It has not taken any corporate action nor have any steps been taken or legal proceedings been initiated or threatened against the Borrower for its winding up, dissolution, administration, reorganization or for appointment of receiver, administrator of the Borrower or all or for any of its assets or undertakings;
f) h. As of the date of this Agreementagreement, there is no litigation, proceedings or disputes dispute pending or threatened against the Borrower, the adverse determination of which might substantially substantially, affect the Borrower's ’s ability to repay the Loan credit facilities as described in the Schedule hereto I or have a materially adverse effect on the financial condition of the Borrower;.
g) i. The execution and delivery of this Agreement and the performance performances of its obligations hereunder does not:
i1) Contravene contravene any applicable law, statute or regulation or any judgment judgement or decree to which the Borrower is subject.,
ii2) Conflict conflict or result in any breach of any covenants, conditions and stipulation under any existing agreement, to which the Borrower is a party.,
iii3) Conflict or contravene any provision of the Memorandum and Articles of Association of the Borrower;
h) j. There has been no material adverse change in the financial condition of the Borrower, nor has any event which is prejudicial to the interest of RCFL CFIL taken place since the date of latest audited financials of the Borrower which is likely to materially and/ or and/or adversely affect the liability of the Borrower to perform all or any of the obligations under this Agreementagreement.
ik. Neither the borrower nor any one on the Borrower’s board (in case the Borrower is a Company) or a partner (in case the Borrower is a partnership firm) is someone who has been identified as a willful defaulter by the RBI.
l. That the proceeds of the credit facility shall not be used for any other purposes, as may be specifically prohibited by law and/or regulations applicable in India.
m. The Borrower shall be exclusively responsible for getting liable to pay or reimburse CFIL all payments and expenses including costs of collection of monthly installments legal costs, fees and costs to take possession, store, insure and sell the delivery of the Vehicle from the manufacturer/dealervehicle as and when incurred by CFIL. RCFL The Borrower shall not also be liable for expenses incurred by CFIL along with interest while pursuing any delay in delivery/disbursementremedy under the Negotiable Instrument Act, Criminal Procedure Code 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 MI's on the ground that the asset has not been delivered or any alleged claim/dispute in respect of the Hypothecated Assets.
j) The information given in the Loan Application Form and End Use of Funds letter and any prior or subsequent information provided or explanation furnished to the Lender in this behalf are true, complete and accurate in every respect.
k) The purpose for which the Loan is taken is not illegal, speculative or nefarious.
l) The Borrower assures that subsequent to the application there has been no material change, which would adversely affect the Lender and/or the provision of Loan by the Lender to the Borrower.
m) The Borrower is not aware of any document, judgment or legal process or other charges or of any latent or patent defect affecting the title of the Asset/Property or of any material defect in the Asset/Property which has remained undisclosed and/or which may affect the Lender prejudicially.
n) The Borrower has paid or will pay when due, all public demands such as Income Tax, Property Taxes and all the other taxes and revenues payable to the government of India or to the Government of any State or to any local authority and that at present there are no arrears of such taxes and revenues due and outstanding.
o) The Borrower has disclosed/furnished all facts/information to the Lender in respect of the Loan and all information in the Loan Application or in any supporting documents or otherwise howsoever is absolutely true, correct and complete in all respects and that no fact or information necessary to be furnished by the Borrower has been omitted to stated in order to induce the Lender to provide the Loan.
p) The Borrower does not violate any covenant, conditions or stipulations under any existing Agreements entered into by the Borrower with any party, by availing the Loan from the Lender.
qother applicable laws. For Citicorp Finance (India) The Borrower assures that all the necessary approvals for availing the Loan and creating the security/securities have been obtained or shall be obtained.
r) The Borrower is entitled and empowered to borrow the Loan, provide the security documents, execute the promissory notes if any and all other documents and papers in connection with and upon execution of the same will create legal and binding obligations on the Borrower enforceable in accordance with their respective terms.
s) The Borrower confirms that the representations and warranties contained herein shall be deemed to be repeated by the Borrower on and as of each day from the date of this Agreement until all sums due or owing hereunder by the Borrower to the Lender have been paid in full, as if made with reference to the facts and circumstances existing on such day.
t) The Borrower 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.
u) The Borrower 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 Instrument Acts, 1881, and RCFL shall be entitled to initiate appropriate criminal proceeding against the Borrowers.
v) 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.
w) The Borrowers 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.
x) The Borrower shall not without the approval of RCFL (which approval may be given subject to such terms and conditions as may be stipulated by RCFL including the payment of minimum prepayment amount, prepayment premium or discount interest and/or any other charges, plus applicable interest tax or statutory levy), prepay the outstanding principle amount of the Loan in full or in part, before the due dates. In the event of any part payment of the Loan is permitted by RCFL, the repayment schedule/amount of installment(s) as specified in the Application Form shall be amended by RCFL and the Borrower shall thereafter make payments of installments as per such amended schedule.Ltd
Appears in 1 contract
Samples: Loan Cum Hypothecation Agreement
REPRESENTATION BY THE BORROWER. 2.1 The Borrower hereby here by declares, represents and warrants on a continuing basis that:
a) Borrower is a. They are aware that RCFL the Bank is granting the said Loan Credit Facility on the basis of the Loan Application information and representation made by him/her/it them in loan application form made for purchase of the said Vehicle/ Hypothecated Assets availing this Credit Facility and on the faith of the representations made by the Borrower and believing the same to be true;
b) That b. that all information given in the application for the loan for the Credit Facility and the supporting documents is absolutely correct and is devoid of any misrepresentation, either directly or indirectly or otherwise has been made.
c. It is fully understood by the Borrower that the obligations under these presents are in addition to the obligations under the said agreements executed by the Borrower with the Bank from time to time.
d. that all the necessary approvals for availing of the said Loan facilities have been obtained and that the Borrower will shall at all times till the amounts amount due to RCFL the Bank are paid in full and the said Loan are Credit Facilities fully repaid, keep all such permissions valid and subsisting.
c) e. The officer of the Borrowers Borrower executing this agreement and the documents executed in pursuance hereof, are duly and properly in office and fully authorised to execute the same.
d) f. This Agreement and the documents to be executed in pursuance hereof, when executed and deliveredexecuted, will constitute valid and binding obligations of the Borrower;
e) g. It has not taken any corporate action nor have any steps been taken or legal proceedings been initiated or threatened against the Borrower for its winding up, dissolution, administration, reorganization or for appointment of receiver, administrator of the Borrower or all or for any of its assets Assets or undertakings;
f) h. As of the date of this Agreementagreement, there is no litigation, proceedings or disputes dispute pending or threatened against the Borrower, the adverse determination of which might substantially substantially, affect the Borrower's ’s ability to repay the Loan Credit Facilities as described in the Schedule hereto I or have a materially adverse effect on the financial condition of the Borrower;.
g) i. The execution and delivery of this Agreement and the performance performances of its obligations hereunder does not:
i1) Contravene contravene any applicable law, statute or regulation or any judgment judgement or decree to which the Borrower is subject.,
ii2) Conflict conflict or result in any breach of any covenants, conditions and stipulation under any existing agreement, to which the Borrower is a party.,
iii3) Conflict or contravene any provision of the Memorandum and Articles of Association of the Borrower;
h) j. There has been no material adverse change in the financial condition of the Borrower, nor has any event which is prejudicial to the interest of RCFL the Bank taken place since the date of latest audited financials of the Borrower which is likely to materially and/ or and/or adversely affect the liability of the Borrower to perform all or any of the obligations under this Agreementagreement.
ik. Neither the Borrower nor any one on the Borrower’s board (in case the Borrower is a Company) or a partner (in case the Borrower is a partnership firm) is someone who has been identified as a willful defaulter by the RBI.
l. That the proceeds of the Credit Facility shall not be used for any other purposes, as may be specifically prohibited by law and/or regulations applicable in India.
m. The Borrower shall be exclusively responsible for getting liable to pay or reimburse the delivery Bank all payments and expenses including costs of collection of monthly installments legal costs, fees and costs to take possession, store, insure and sell the Vehicle from vehicle as and when incurred by the manufacturer/dealerBank. RCFL The Borrower shall not also 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 MI's on the ground that the asset has not been delivered or any alleged claim/dispute in respect of the Hypothecated Assets.
j) The information given in the Loan Application Form and End Use of Funds letter and any prior or subsequent information provided or explanation furnished to the Lender in this behalf are true, complete and accurate in every respect.
k) The purpose for which the Loan is taken is not illegal, speculative or nefarious.
l) The Borrower assures that subsequent to the application there has been no material change, which would adversely affect the Lender and/or the provision of Loan expenses incurred by the Lender to Bank along with interest while pursuing any remedy under the Borrower.
m) The Borrower is not aware of any documentNegotiable Instrument Act, judgment Criminal Procedure Code or legal process or other charges or of any latent or patent defect affecting the title of the Asset/Property or of any material defect in the Asset/Property which has remained undisclosed and/or which may affect the Lender prejudicially.
n) The Borrower has paid or will pay when due, all public demands such as Income Tax, Property Taxes and all the other taxes and revenues payable to the government of India or to the Government of any State or to any local authority and that at present there are no arrears of such taxes and revenues due and outstanding.
o) The Borrower has disclosed/furnished all facts/information to the Lender in respect of the Loan and all information in the Loan Application or in any supporting documents or otherwise howsoever is absolutely true, correct and complete in all respects and that no fact or information necessary to be furnished by the Borrower has been omitted to stated in order to induce the Lender to provide the Loan.
p) The Borrower does not violate any covenant, conditions or stipulations under any existing Agreements entered into by the Borrower with any party, by availing the Loan from the Lenderother applicable laws.
q) The Borrower assures that all the necessary approvals for availing the Loan and creating the security/securities have been obtained or shall be obtained.
r) The Borrower is entitled and empowered to borrow the Loan, provide the security documents, execute the promissory notes if any and all other documents and papers in connection with and upon execution of the same will create legal and binding obligations on the Borrower enforceable in accordance with their respective terms.
s) The Borrower confirms that the representations and warranties contained herein shall be deemed to be repeated by the Borrower on and as of each day from the date of this Agreement until all sums due or owing hereunder by the Borrower to the Lender have been paid in full, as if made with reference to the facts and circumstances existing on such day.
t) The Borrower 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.
u) The Borrower 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 Instrument Acts, 1881, and RCFL shall be entitled to initiate appropriate criminal proceeding against the Borrowers.
v) 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.
w) The Borrowers 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.
x) The Borrower shall not without the approval of RCFL (which approval may be given subject to such terms and conditions as may be stipulated by RCFL including the payment of minimum prepayment amount, prepayment premium or discount interest and/or any other charges, plus applicable interest tax or statutory levy), prepay the outstanding principle amount of the Loan in full or in part, before the due dates. In the event of any part payment of the Loan is permitted by RCFL, the repayment schedule/amount of installment(s) as specified in the Application Form shall be amended by RCFL and the Borrower shall thereafter make payments of installments as per such amended schedule.
Appears in 1 contract
Samples: Loan Agreement
REPRESENTATION BY THE BORROWER. 2.1 The Borrower hereby declares, represents and warrants on a continuing basis that:
a) Borrower a. he/she /it is aware that RCFL CFIL is granting the said Loan credit facilities on the basis of the Loan Application information and representation made by him/her/it her in loan application made for the purchase of the said Vehicle/ Hypothecated Assets asset and on the faith of the representations made by the Borrower and believing the same to be true;
b) That b. he/she/it has chosen the model , make, manufacturer and dealer in respect of the said asset and conveyed the same to CFIL after being satisfied about the same.
c. that all information given in the application for the loan and the supporting documents is absolutely correct and no misrepresentation , either directly or indirectly or otherwise has been made .
d. that all the necessary approvals for availing of the said Loan facilities have been obtained and that the Borrower borrower will at all times till the amounts amount due to RCFL CFIL are paid in full and the said Loan are credit facilities fully repaid, keep all such permissions valid and subsisting.
c) e. The officer of the Borrowers executing this agreement and the documents executed in pursuance hereof, are duly and properly in office and fully authorised to execute the same.
d) f. This Agreement agreement and the documents to be executed in pursuance hereof, when executed and deliveredexecuted, will constitute valid and binding obligations of the BorrowerBorrowers;
e) g. It has not taken any corporate action nor have any steps been taken or legal proceedings been initiated or threatened against the Borrower Borrowers for its winding up, dissolution, administration, reorganization or for appointment of receiver, administrator of the Borrower Borrowers or all or for any of its assets or undertakings;
f) h. As of the date of this Agreementagreement, there is no litigation, proceedings or disputes dispute pending or threatened against the BorrowerBorrowers, the adverse determination of which might substantially substantially, affect the Borrower's ’s ability to repay the Loan credit facilities as described in the Schedule hereto I or have a materially adverse effect on the financial condition of the Borrower;Borrowers.
g) i. The execution and delivery of this Agreement and the performance performances of its obligations hereunder does not:
i1) Contravene contravene any applicable law, statute or regulation or any judgment judgement or decree to which the Borrower is Borrowers are subject.,
ii2) Conflict conflict or result in any breach of any covenants, conditions and stipulation under any existing agreement, to which the Borrower is a party.
iii, 3) Conflict conflict or contravene any provision of the Memorandum and Articles of Association of the Borrower;,
h) j. There has been no material adverse change in the financial condition of the Borrower, nor has any event which is prejudicial to the interest of RCFL CFIL taken place since the date of latest audited financials of the Borrower which is likely to materially and/ or and/or adversely affect the liability of the Borrower to perform all or any of the obligations under this Agreementagreement.
i) k. The Borrower shall be exclusively responsible for getting the delivery of the Vehicle asset from the manufacturer/dealer. RCFL CFIL shall not be liable for any delay in and delivery/disbursement, any demurrage cost or the quality/condition/fitness of the asset. The Borrower borrower absolves RCFL CFIL from any liability in respect of the above theabove and that the Borrower borrower shall not withhold payment of stipulated MI's Monthly Installment’s on the ground pretext that the asset has not been delivered delivered.
l. The Borrower shall inform CFIL the chassis number/engine number/invoice number/serial /s/machine number/registration number of the said asset/s after receipt/installation of the same and authorizes CFIL to fill up the said chassis number/engine number/invoice number/serial number/s/machine number/s/registration number of the said assets in this agreement after receipt of such information either from Borrower/Dealer/Manufacturer/RTO and the Borrower shall not challenge the incorporation of such chassis number/engine number/invoice number/serial number/s/machine number/s/registration number or any alleged claimother agreed modification in this agreement on any ground whatsoever. The Borrower also agreed that such modification and/or insertion of the hypothecated asset(s) details as provided, shall not invalidate the Loan Agreement and/or any of the terms and conditions of the said Loan Agreement.
m. The Borrower shall get the name of CFIL endorsed as a financer in the Registration Certificate issued by the Transport authorities. The borrower shall handover a copy of the Registration certificate within 60 ( sixty ) days of the execution of this agreement .
n. If the asset/dispute s are of the nature that they cannot be registered under the Motor Vehicle Act , then the original invoice pertaining to the asset would be deposited with CFIL and the same will remain in custody of CFIL till the time CFIL receives the entire dues in respect of the Hypothecated Assetsthis agreement to its satisfaction.
jo. Neither the borrower nor any one on the Borrower’s board (or a partner in case an Borrower is a partnership firm) The information given in is someone who has been identified as a willful defaulter by the Loan Application Form and End Use of Funds letter and any prior or subsequent information provided or explanation furnished to the Lender in this behalf are true, complete and accurate in every respectRBI.
k) p. The credit facility shall be used solely for the purpose for which of purchase of the Loan is taken is not illegal, speculative or nefarious.said asset/s.
l) q. The Borrower assures that subsequent to shall inform CFIL the application there has been no material change, which would adversely affect the Lender and/or the provision of Loan by the Lender to the Borrower.
m) The Borrower is not aware of any document, judgment or legal process or other charges or of any latent or patent defect affecting the title chassis number/engine number/invoice number/serial /s/machine number/registration number of the said Asset/Property or of any material defect in the Assets after receipt/Property which has remained undisclosed and/or which may affect the Lender prejudicially.
n) The Borrower has paid or will pay when due, all public demands such as Income Tax, Property Taxes and all the other taxes and revenues payable to the government of India or to the Government of any State or to any local authority and that at present there are no arrears of such taxes and revenues due and outstanding.
o) The Borrower has disclosed/furnished all facts/information to the Lender in respect of the Loan and all information in the Loan Application or in any supporting documents or otherwise howsoever is absolutely true, correct and complete in all respects and that no fact or information necessary to be furnished by the Borrower has been omitted to stated in order to induce the Lender to provide the Loan.
p) The Borrower does not violate any covenant, conditions or stipulations under any existing Agreements entered into by the Borrower with any party, by availing the Loan from the Lender.
q) The Borrower assures that all the necessary approvals for availing the Loan and creating the security/securities have been obtained or shall be obtained.
r) The Borrower is entitled and empowered to borrow the Loan, provide the security documents, execute the promissory notes if any and all other documents and papers in connection with and upon execution installation of the same will create legal and binding obligations on authorizes CFIL to fill up the said chassis number/engine number/invoice number/serial number/s/machine number/s/registration number of the said Assets in this Agreement after receipt of such information either from Borrower/Dealer/Manufacturer/RTO and the Borrower enforceable shall not challenge the incorporation of such chassis number/engine number/invoice For Citicorp Finance (India) Ltd CC4 number/serial number/s/machine number/s/registration number or any other agreed modification in accordance with their respective termsthis Agreement on any ground whatsoever. The Borrower also agreed that such modification and/or insertion of the Used Asset(s) details as provided, shall not invalidate this Loan Agreement and/or any of the terms and conditions of the said Loan Agreement.
s) 2.2 The Borrower confirms that the representations and warranties contained herein in clause 2.1 above shall be deemed to be repeated by the Borrower on and as of each day from the date of this Agreement agreement until all sums the moneys due or owing hereunder by the Borrower to the Lender CFIL have been paid repaid in full, full as if made with reference to the facts fact and circumstances existing on such day.
t) 2.3 The Borrower Borrowers shall at all times maintain sufficient funds in his/her/their bank account/s to ensure that be exclusively responsible for getting the Installment are received/realized by RCFL and shall not close delivery of the said account till all the dues under the present Loan are satisfied or paid and no outstanding dues are pending under the Loan Asset from the Borrower to manufacture/dealer/seller or registering the RCFL.
u) The Borrower Asset with the appropriate authority and obtain a registration certificate for the Asset, if applicable. CFIL shall not be entitled to cancel liable for delay in delivery, any demurrage cost or issue stopthe quality/ condition/ fitness of the said Asset or non-payment instruction with respect to post dated cheques for so long as registration/ non-availability of 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 Instrument Acts, 1881, and RCFL shall be entitled to initiate appropriate criminal proceeding against the Borrowers.
v) 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 RCFLregistration certificate, 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.
w) as per Applicable Laws. The Borrowers may, subject to prior approval by RCFL, be permitted to swap/exchange absolve CFIL from any liability in respect of above and that the post dated cheques issued to RCFL with alternative post-dated cheques drawn Borrowers shall not withhold payment of stipulated EMIs on another Bank (as approved by RCFL) subject to payment to RCFL the pretext of the “cheques swap” charge as specified in Application Form above situation or as specified by RCFL in this Agreementotherwise.
x) The Borrower shall not without the approval of RCFL (which approval may be given subject to such terms and conditions as may be stipulated by RCFL including the payment of minimum prepayment amount, prepayment premium or discount interest and/or any other charges, plus applicable interest tax or statutory levy), prepay the outstanding principle amount of the Loan in full or in part, before the due dates. In the event of any part payment of the Loan is permitted by RCFL, the repayment schedule/amount of installment(s) as specified in the Application Form shall be amended by RCFL and the Borrower shall thereafter make payments of installments as per such amended schedule.
Appears in 1 contract
Samples: Loan Cum Hypothecation Agreement
REPRESENTATION BY THE BORROWER. 2.1 The Borrower hereby declares, represents and warrants on a continuing basis that:
a) Borrower a. he/she /it is aware that RCFL CFIL is granting the said Loan credit facilities on the basis of the Loan Application information and representation made by him/her/it her in loan application form made for the purchase of the said Vehicle/ Hypothecated Assets asset and on the faith of the representations made by the Borrower and believing the same to be true;
b) That b. he/she/it has chosen the model , make, manufacturer and dealer in respect of the said asset and conveyed the same to CFIL after being satisfied about the same.
c. that all information given in the application form for the loan facility and the supporting documents is absolutely correct and is devoid of any misrepresentation , either directly or indirectly or otherwise has been made.
d. that all the necessary approvals for availing of the said Loan facilities have been obtained and that the Borrower borrower will at all times till the amounts amount due to RCFL CFIL are paid in full and the said Loan are credit facilities fully repaid, keep all such permissions valid and subsisting.
c) e. The officer of the Borrowers Borrower executing this agreement and the documents executed in pursuance hereof, are duly and properly in office and is fully authorised to execute the samesame and are duly and properly executed.
d) f. This Agreement agreement and the documents to be executed in pursuance hereof, when executed and deliveredexecuted, will constitute valid and binding obligations of the Borrower;
e) g. It has not taken any corporate action nor have any steps been taken or legal proceedings been initiated or threatened against the Borrower for its winding up, dissolution, administration, reorganization or for appointment of receiver, administrator of the Borrower or all or for any of its assets or undertakings;
f) h. As of the date of this Agreementagreement, there is no litigation, proceedings or disputes dispute pending or threatened against the Borrower, the adverse determination of which might substantially substantially, affect the Borrower's ’s ability to repay the Loan Credit Facility as described in the Schedule hereto I or have a materially adverse effect on the financial condition of the Borrower;.
g) i. The execution and delivery of this Agreement and the performance performances of its obligations hereunder does not:
i1) Contravene contravene any applicable law, statute or regulation or any judgment judgement or decree to which the Borrower is subject.,
ii2) Conflict conflict or result in any breach of any covenants, conditions and stipulation under any existing agreement, to which the Borrower is a party.
iii, 3) Conflict conflict or contravene any provision of the Memorandum and Articles of Association of the Borrower;
h) j. There has been no material adverse change in the financial condition of the Borrower, nor has any event which is prejudicial to the interest of RCFL CFIL taken place since the date of latest audited financials of the Borrower which is likely to materially and/ or and/or adversely affect the liability of the Borrower to perform all or any of the obligations under this Agreementagreement.
i) k. The Borrower shall be exclusively responsible for getting the delivery of the Vehicle asset from the manufacturer/dealer. RCFL CFIL shall not be liable for any delay in and delivery/disbursement, any demurrage cost or the quality/condition/fitness of the asset. The Borrower borrower absolves RCFL CFIL from any liability in respect of the above and that the Borrower borrower shall not withhold payment of stipulated MI's EMI’s on the ground pretext that the asset has not been delivered delivered.
l. The Borrower shall inform CFIL the chassis number/engine number/invoice number/serial/s/machine number/registration number of the said asset/s after receipt/installation of the same and authorizes CFIL to fill up the said chassis number/engine number/invoice number/serial number/s/machine number/registration number of the said assets in this agreement after receipt of such information from the Borrower/Dealer/Manufacturer/RTO and the Borrower shall not challenge the incorporation of such chassis number/engine number/invoice number/serial number/s/machine number/registration number or any alleged claimother agreed modification in this agreement on any ground whatsoever. The Borrower also agreed that such modification and/or insertion of the hypothecated asset(s) details as provided, shall not invalidate the Loan Agreement and/or any of the terms and conditions of the said Loan Agreement.
m. The Borrower shall get the name of CFIL endorsed as a financer in the Registration Certificate issued by the Transport authorities for the hypothecated asset. The borrower shall handover a copy of the Registration certificate within 60 (sixty days ) of the execution of this Agreement .
n. If the asset/dispute s are of the nature that they cannot be registered under the Motor Vehicle Act, then the original invoice pertaining to the asset would be deposited with CFIL and the same will remain in custody of CFIL till the time CFIL receives the entire dues in respect of the Hypothecated Assetsthis agreement to its satisfaction.
jo. Neither the borrower nor any one on the Borrower’s board (in case of a company) The information given or a partner (in case an Borrower is a partnership firm) is someone who has been identified as a willful defaulter by the Loan Application Form and End Use of Funds letter and any prior or subsequent information provided or explanation furnished to the Lender in this behalf are true, complete and accurate in every respectRBI.
k) p. The credit facility shall be used solely for the purpose of purchase of the said asset/s.
q. That the proceeds of the Credit Facility shall not be used for which the Loan is taken is not illegalany other purposes, speculative or nefariousas may be specifically prohibited by law and/or regulations applicable in India.
l) r. The Borrower assures that subsequent shall be liable to pay or reimburse CFIL all payments and expenses including costs of collection of monthly installments legal costs, fees and costs to take possession, store, insure and sell the application there has been no material changevehicle as For Citicorp Finance (India) Ltd and when incurred by CFIL. The Borrower shall also be liable for expenses incurred by CFIL along with interest while pursuing any remedy under the Negotiable Instrument Act, which would adversely affect the Lender and/or the provision of Loan by the Lender to the BorrowerCriminal Procedure Code or under any other applicable laws.
m) 2.2 The Borrower is not aware of any document, judgment or legal process or other charges or of any latent or patent defect affecting the title of the Asset/Property or of any material defect in the Asset/Property which has remained undisclosed and/or which may affect the Lender prejudicially.
n) The Borrower has paid or will pay when due, all public demands such as Income Tax, Property Taxes and all the other taxes and revenues payable to the government of India or to the Government of any State or to any local authority and that at present there are no arrears of such taxes and revenues due and outstanding.
o) The Borrower has disclosed/furnished all facts/information to the Lender in respect of the Loan and all information in the Loan Application or in any supporting documents or otherwise howsoever is absolutely true, correct and complete in all respects and that no fact or information necessary to be furnished by the Borrower has been omitted to stated in order to induce the Lender to provide the Loan.
p) The Borrower does not violate any covenant, conditions or stipulations under any existing Agreements entered into by the Borrower with any party, by availing the Loan from the Lender.
q) The Borrower assures that all the necessary approvals for availing the Loan and creating the security/securities have been obtained or shall be obtained.
r) The Borrower is entitled and empowered to borrow the Loan, provide the security documents, execute the promissory notes if any and all other documents and papers in connection with and upon execution of the same will create legal and binding obligations on the Borrower enforceable in accordance with their respective terms.
s) The Borrower confirms that the representations and warranties contained herein in clause 2.1 above shall be deemed to be repeated by the Borrower on and as of each day from the date of this Agreement agreement until all sums the moneys due or owing hereunder by the Borrower to the Lender CFIL have been paid repaid in full, full as if made with reference to the facts fact and circumstances existing on such day.
t) 2.3 The Borrower shall at all times maintain sufficient funds be exclusively responsible for getting the delivery of the said Asset from the manufacture/dealer/seller or registering the Asset with the appropriate authority and obtain a registration certificate for the Asset, if applicable. CFIL shall not be liable for delay in his/her/their bank account/s to ensure delivery, any demurrage cost or the quality/ condition/ fitness of the said Asset or non-registration/ non-availability of the registration certificate, if required as per Applicable Laws. The Borrower absolves CFIL from any liability in respect of above and 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.
u) The Borrower shall not be entitled to cancel or issue stop-withhold payment instruction with respect to post dated cheques for so long as of stipulated EMIs on 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 Instrument Acts, 1881, and RCFL shall be entitled to initiate appropriate criminal proceeding against the Borrowers.
v) 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.
w) The Borrowers 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 pretext of the “cheques swap” charge as specified in Application Form above situation or as specified by RCFL in this Agreementotherwise.
x) The Borrower shall not without the approval of RCFL (which approval may be given subject to such terms and conditions as may be stipulated by RCFL including the payment of minimum prepayment amount, prepayment premium or discount interest and/or any other charges, plus applicable interest tax or statutory levy), prepay the outstanding principle amount of the Loan in full or in part, before the due dates. In the event of any part payment of the Loan is permitted by RCFL, the repayment schedule/amount of installment(s) as specified in the Application Form shall be amended by RCFL and the Borrower shall thereafter make payments of installments as per such amended schedule.
Appears in 1 contract
Samples: Loan Agreement
REPRESENTATION BY THE BORROWER. 2.1 The Borrower hereby declares, represents and warrants on a continuing basis that:
a) Borrower a. he/she /it is aware that RCFL the Bank is granting the said Loan credit facilities on the basis of the Loan Application information and representation made by him/her/it her in loan application made for the purchase of the said Vehicle/ Hypothecated Assets asset and on the faith of the representations made by the Borrower and believing the same to be true;
b) That b. he/she/it has chosen the model , make, manufacturer and dealer in respect of the said asset and conveyed the same to the Bank after being satisfied about the same.
c. that all information given in the application for the loan and the supporting documents is absolutely correct and no misrepresentation , either directly or indirectly or otherwise has been made .
d. that all the necessary approvals for availing of the said Loan facilities have been obtained and that the Borrower borrower will at all times till the amounts amount due to RCFL the Bank are paid in full and the said Loan are credit facilities fully repaid, keep all such permissions valid and subsisting.
c) e. The officer of the Borrowers executing this agreement and the documents executed in pursuance hereof, are duly and properly in office and fully authorised to execute the same.
d) f. This Agreement agreement and the documents to be executed in pursuance hereof, when executed and deliveredexecuted, will constitute valid and binding obligations of the BorrowerBorrowers;
e) g. It has not taken any corporate action nor have any steps been taken or legal proceedings been initiated or threatened against the Borrower Borrowers for its winding up, dissolution, administration, reorganization or for appointment of receiver, administrator of the Borrower Borrowers or all or for any of its assets or undertakings;
f) h. As of the date of this Agreementagreement, there is no litigation, proceedings or disputes dispute pending or threatened against the BorrowerBorrowers, the adverse determination of which might substantially substantially, affect the Borrower's ’s ability to repay the Loan credit facilities as described in the Schedule hereto I or have a materially adverse effect on the financial condition of the Borrower;Borrowers.
g) i. The execution and delivery of this Agreement and the performance performances of its obligations hereunder does not:
i1) Contravene contravene any applicable law, statute or regulation or any judgment judgement or decree to which the Borrower is Borrowers are subject.,
ii2) Conflict conflict or result in any breach of any covenants, conditions and stipulation under any existing agreement, to which the Borrower is a party.,
iii3) Conflict or contravene any provision of the Memorandum and Articles of Association of the Borrower;,
h) j. There has been no material adverse change in the financial condition of the Borrower, nor has any event which is prejudicial to the interest of RCFL the Bank taken place since the date of latest audited financials of the Borrower which is likely to materially and/ or and/or adversely affect the liability of the Borrower to perform all or any of the obligations under this Agreementagreement.
i) k. The Borrower shall be exclusively responsible for getting the delivery of the Vehicle asset from the manufacturer/dealer. RCFL the Bank shall not be liable for any delay in and delivery/disbursement, any demurrage cost or the quality/condition/fitness of the asset. The Borrower borrower absolves RCFL the Bank from any liability in respect of the above and that the Borrower borrower shall not withhold payment of stipulated MI's Monthly Installment’s on the ground pretext that the asset has not been delivered delivered.
l. The Borrower shall inform the Bank the chassis number/engine number/invoice number/serial /s/machine number/registration number of the said asset/s after receipt/installation of the same and authorizes the Bank to fill up the said chassis number/engine number/invoice number/serial number/s/machine number/s/registration number of the said assets in this agreement after receipt of such information either from Borrower/Dealer/Manufacturer/RTO and the Borrower shall not challenge the incorporation of such chassis number/engine number/invoice number/serial number/s/machine number/s/registration number or any alleged claimother agreed modification in this agreement on any ground whatsoever. The Borrower also agreed that such modification and/or insertion of the hypothecated asset(s) details as provided, shall not invalidate the Loan Agreement and/or any of the terms and conditions of the said Loan Agreement.
m. The Borrower shall get the name of the Bank endorsed as a financer in the Registration Certificate issued by the Transport authorities. The borrower shall handover a copy of the Registration certificate within 60 ( sixty ) days of the execution of this agreement .
n. If the asset/dispute s are of the nature that they cannot be registered under the Motor Vehicle Act , then the original invoice pertaining to the asset would be deposited with the Bank and the same will remain in custody of the Bank till the time the Bank receives the entire dues in respect of the Hypothecated Assetsthis agreement to its satisfaction.
jo. Neither the borrower nor any one on the Borrower’s board (or a partner in case an Borrower is a partnership firm) The information given in is someone who has been identified as a willful defaulter by the Loan Application Form and End Use of Funds letter and any prior or subsequent information provided or explanation furnished to the Lender in this behalf are true, complete and accurate in every respectRBI.
k) p. The credit facility shall be used solely for the purpose for which of purchase of the Loan is taken is not illegal, speculative or nefarious.said asset/s.
l) q. The Borrower assures that subsequent to shall inform the application there has been no material change, which would adversely affect Bank the Lender and/or the provision of Loan by the Lender to the Borrower.
m) The Borrower is not aware of any document, judgment or legal process or other charges or of any latent or patent defect affecting the title chassis number/engine number/invoice number/serial/s/machine number/registration number of the said Asset/Property or of any material defect in the Assets after receipt/Property which has remained undisclosed and/or which may affect the Lender prejudicially.
n) The Borrower has paid or will pay when due, all public demands such as Income Tax, Property Taxes and all the other taxes and revenues payable to the government of India or to the Government of any State or to any local authority and that at present there are no arrears of such taxes and revenues due and outstanding.
o) The Borrower has disclosed/furnished all facts/information to the Lender in respect of the Loan and all information in the Loan Application or in any supporting documents or otherwise howsoever is absolutely true, correct and complete in all respects and that no fact or information necessary to be furnished by the Borrower has been omitted to stated in order to induce the Lender to provide the Loan.
p) The Borrower does not violate any covenant, conditions or stipulations under any existing Agreements entered into by the Borrower with any party, by availing the Loan from the Lender.
q) The Borrower assures that all the necessary approvals for availing the Loan and creating the security/securities have been obtained or shall be obtained.
r) The Borrower is entitled and empowered to borrow the Loan, provide the security documents, execute the promissory notes if any and all other documents and papers in connection with and upon execution installation of the same will create legal and binding obligations on authorizes the Bank to fill up the said chassis number/engine number/invoice number/serial number/s/machine number/s/registration number of the said Assets in this Agreement after receipt of such information either from Borrower/Dealer/Manufacturer/RTO and the Borrower enforceable shall not challenge the incorporation of such chassis number/engine number/invoice number/serial number/s/machine number/s/registration number or any other agreed modification in accordance with their respective termsthis Agreement on any ground whatsoever. The Borrower also agreed that such modification and/or insertion of the Used Asset(s) details as provided, shall not invalidate this Loan Agreement and/or any of the terms and conditions of the said Loan Agreement.
s) 2.2 The Borrower confirms that the representations and warranties contained herein in clause 2.1 above shall be deemed to be repeated by the Borrower on and as of each day from the date of this Agreement agreement until all sums the moneys due or owing hereunder by the Borrower to the Lender Bank have been paid repaid in full, full as if made with reference to the facts fact and circumstances existing on such day.
t) 2.3 The Borrower Borrowers shall at all times maintain sufficient funds in his/her/their bank account/s to ensure that be exclusively responsible for getting the Installment are received/realized by RCFL and shall not close delivery of the said account till all the dues under the present Loan are satisfied or paid and no outstanding dues are pending under the Loan Asset from the Borrower to manufacture/dealer/seller or registering the RCFL.
u) The Borrower Asset with the appropriate authority and obtain a registration certificate for the Asset, if applicable. the Bank shall not be entitled to cancel liable for delay in delivery, any demurrage cost or issue stopthe quality/ condition/ fitness of the said Asset or non-payment instruction with respect to post dated cheques for so long as registration/ non-availability of 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 Instrument Acts, 1881, and RCFL shall be entitled to initiate appropriate criminal proceeding against the Borrowers.
v) 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 RCFLregistration certificate, 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.
w) as per Applicable Laws. The Borrowers may, subject to prior approval by RCFL, be permitted to swap/exchange absolve the post dated cheques issued to RCFL with alternative post-dated cheques drawn Bank from any liability in respect of above and that the Borrowers shall not withhold payment of stipulated EMIs on another Bank (as approved by RCFL) subject to payment to RCFL the pretext of the “cheques swap” charge as specified in Application Form above situation or as specified by RCFL in this Agreementotherwise.
x) The Borrower shall not without the approval of RCFL (which approval may be given subject to such terms and conditions as may be stipulated by RCFL including the payment of minimum prepayment amount, prepayment premium or discount interest and/or any other charges, plus applicable interest tax or statutory levy), prepay the outstanding principle amount of the Loan in full or in part, before the due dates. In the event of any part payment of the Loan is permitted by RCFL, the repayment schedule/amount of installment(s) as specified in the Application Form shall be amended by RCFL and the Borrower shall thereafter make payments of installments as per such amended schedule.
Appears in 1 contract
Samples: Loan Cum Hypothecation Agreement
