Right of immediate sale. Notwithstanding anything contained in Clause 6, if the value of the Margin falls to or below the percentage specified in the Schedule(s) of Terms or below, notwithstanding any notice given for making up the Margin, the Lender is hereby empowered immediately and without reference to the Borrower to dispose of the Securities by sale or otherwise and forthwith transfer the proceeds to the Lender towards liquidation of Outstanding Balance. In the event that the Lender is unable to dispose of the Securities by sale on the Stock Exchange or by repurchase by the mutual fund (as the case may be) for any reason, the Lender may dispose of the Securities by way of an “off-market transaction” (disposal through a private sale) without the intervention of the Court at such price and on such terms as the Lender considers appropriate, and deems fit to apply the net proceeds of such sale in such manner necessary to make up the difference which has arisen due to the fall of the Market Value of the existing Securities held with the Lender and to restore the agreed Margin. All the costs incurred by the Lender for sale or other disposal of Securities shall form part of the Outstanding Balance and be borne/reimbursed by the Borrower. It is being clarified that the decision of the Lender on the price and manner of sale or on the invocation of the Security is final and binding on the Obligors and the Obligors waive any such rights to challenge such decision of the Lender.
Right of immediate sale. Notwithstanding anything contained in Article3.3. if the value of the Margin falls to the percentage specified in the Schedule (s) of Terms or below, notwithstanding any notice given for making up the Margin, the Lender is hereby empowered immediately and without reference to the Borrower(s) / Xxxxxxx to dispose of the Securities by sale or otherwise and forthwith transfer the proceeds to the Lender towards liquidation of Facility Balance or the loan Balance, as the case may be. In the event that the Lender is unable to dispose of the Securities by sale on the stock exchange or by repurchase by the mutual fund (as the case may be) for any reason, the Lender may dispose of the Securities by way of "off market transaction" (disposal through a private sale) and all the costs incurred by the Lender for such transaction shall be reimbursed by the Borrower(s).
