Rights of Bank on Default. (a) If any of the events described in Section 7.01 of Part A occurs,
(i) the Bank is entitled with notice to the Customer to suspend further utilisation of any or all of the Facility, or to reduce the limit or amount made available under the Facility, without having to make a prior demand; and
(ii) the Selling Price will become and be deemed to be immediately due and payable, regardless of any provision of this Agreement to the contrary.
(b) If any of the events set out in Section 7.01 of Part A occurs, the Bank is also entitled with notice to the Customer to take such action (whether on its own accord or through its agent(s)) as may be appropriate against the Customer, including:
(i) action to terminate the Facility or to xxx for the recovery of the Selling Price either before, after or concurrently with the action to enforce any of the Security Documents; and
(ii) to apply any credit balance in whatever currency standing to any account of the Customer with any office or branch of the Bank or any member of the Bank’s group of companies, towards satisfaction of the Selling Price.
(c) Any part of the Facility not disbursed or utilised before the default may be cancelled by the Bank. Upon such cancellation, any part of the Facility already disbursed or utilised will become due and immediately payable on demand, regardless of any provision of this Agreement to the contrary.
Rights of Bank on Default. (a) If any of the events described in Section 8.1 occurs, the Bank shall be entitled (after serving seven (7) calendar days’ advance notice to the Borrower):
(i) to suspend further utilisation of any or all of the Housing Loan/Facility, or to reduce the limit or amount made available under the Housing Loan/Facility, regardless of whether the Bank has made a prior demand; and
(ii) to cease to be under any further obligation and/or commitment to the Borrower in relation to the Housing Loan/Facility; and
(iii) the Indebtedness will become immediately due and payable, regardless of any provision of this Agreement to the contrary; and
(iv) to (on its own or through the Bank’s agent(s)) take such action as may be appropriate against the Borrower, including:
Rights of Bank on Default. (a) If any of the events described in Section 8.1 occurs: (i) the Bank is entitled to immediately suspend further utilisation of any or all of the Facility, or to reduce the limit or amount made available under the Facility, without having to
Rights of Bank on Default. (a) If the Customer shall commit a default pursuant to Clause 11.1 hereof, or if any of the events stipulated in Clause 11.1 hereof shall happen, and which is capable of remedy is not remedied within a period of one (1) month from the date of notice by the Bank requesting remedy of the same, or is not remedied within the time specifically stipulated therefor (if any) in respect of the event in question, the Bank will be entitled to exercise the following:
(i) exercise the Purchase Undertaking whereby the Customer shall be legally obliged to redeem the Property by purchasing the Bank’s entire remaining undivided portion of beneficial ownership in the Property and promptly paying in full the Settlement Amount which includes all sums payable hereunder, under the Purchase Undertaking and under the other Security Documents. Subject to full payment of the Settlement Amount, the Bank will transfer all of the Bank’s undivided portion of beneficial ownership in the Property to the Customer at the Customer’s cost and expense whereupon the Diminishing Musharakah Arrangement hereunder will be dissolved accordingly; and
(ii) if the Customer fails to honour the Purchase Undertaking, the Bank shall proceed to sell the Property to any third party where the proceeds of sale shall be applied in accordance with Clause 11.3 hereof whereupon the Diminishing Musharakah Arrangement hereunder will be dissolved accordingly.
(b) In addition to the above remedies available under Clause 11.2(a) hereof, the Bank shall be entitled without further notice to the Customer to enforce all or any of the Security Documents and all of the remedies available under the law.
Rights of Bank on Default. Upon the occurrence of a Default under the Security Deed, then in addition to all of Bank’s rights as a “Secured Party” under the UCC or otherwise at law:
(A) Bank may (i) upon written notice, require Grantor to assemble any or all of the Collateral and make it available to Bank at a place designated by Bank; (ii) without prior notice, enter upon the Subject Property or other place where any of the Collateral may be located and take possession of, collect, sell, and dispose of any or all of the Collateral, and store the same at locations acceptable to Bank at Grantor’s expense; (iii) sell, assign and deliver at any place or in any lawful manner all or any part of the Collateral and bid and become the purchaser at any such sales; and
(B) Bank may, for the account of Grantor and at Grantor’s expense: (i) operate, use, consume, sell or dispose of the Collateral as Bank deems appropriate for the purpose of performing any or all of the Obligations; (ii) enter into any agreement, compromise, or settlement, including insurance claims, which Bank may deem desirable or proper with respect to any of the Collateral; and (iii) endorse and deliver evidences of title for, and receive, enforce and collect by legal action or otherwise, all indebtedness and obligations now or hereafter owing to Grantor in connection with or on account of any or all of the Collateral.
(C) Notwithstanding any other provision hereof, Bank shall not be deemed to have accepted any property other than cash in satisfaction of any obligation of Grantor to Bank unless Grantor shall make an express written election of said remedy under UCC Section 11-9-620, or other applicable law.
Rights of Bank on Default. (a) If any of the events described in Section 7.01 of Part A occurs,
(i) the Bank is entitled with notice to the Customer to suspend further utilisation of any or all of the Facility, or to reduce the limit or amount made available under the Facility, without having to make a prior demand; and
(ii) the Bank’s Selling Price will become and be deemed to be immediately due and payable, regardless of any provision of this Agreement to the contrary.
(b) If any of the events set out in Section 7.01 of Part A occurs, the Bank is also entitled with notice to the Customer to take such action (whether on its own accord or through its agent(s)) as may be appropriate against the Customer, including:
(i) action to recall or terminate the Facility or to sue for the recovery of the Bank’s Selling Price either before, after or concurrently with the action to enforce any of the Security Documents; and
(ii) to apply any credit balance in whatever currency standing to any account of the Customer with any office or branch of the Bank or any member of the Bank’s group of companies, towards satisfaction of the Bank’s Selling Price.
(c) Any part of the Facility not disbursed or utilised before the default may be cancelled by the Bank. Upon such cancellation, any part of the Facility already disbursed or utilised will become due and immediately payable on demand, regardless of any provision of this Agreement to the contrary.
Rights of Bank on Default. (a) If any of the events described in Section 8.1 occurs,
(i) the Bank is entitled to immediately suspend further utilisation of any or all of the Housing Loan, or to reduce the limit or amount made available under the Housing Loan, without having to make a prior demand; and
(ii) the Indebtedness will become and be deemed to be immediately due and payable upon the Bank’s demand, regardless of any provision of this Agreement to the contrary.
(b) If any of the events set out in Section 8.1 occurs, the Bank is also entitled to take such action (whether on its own accord or through its agent(s)) as may be appropriate against the Borrower, including:
(i) action to recall the Housing Loan or to sue for the recovery of the Indebtedness either before, after or concurrently with the action to enforce any of the Security Documents; and
(ii) to apply any credit balance in whatever currency standing to any account of the Borrower with any office or branch of the Bank or any member of the Bank’s group of companies, towards satisfaction of the Indebtedness.
(c) Any part of the Housing Loan not disbursed or utilised before the default may be cancelled by the Bank. Upon such cancellation, any part of the Housing Loan already disbursed or utilised will become due and immediately repayable on demand, regardless of any provision of this Agreement to the contrary.
Rights of Bank on Default. (a) At any time after any money shall have become due and payable under the Facilities Agreement and/or any of the Security Documents, the Bank may with notice to the Company and/or any Security Party cumulatively, concurrently, successively in any manner and/ or an order as the Bank may deem fit :
(i) institute such proceedings and take steps (including any proceedings for the realisation of its security under any of the Security Documents) as it may think fit to enforce payment of all moneys owing to the Bank:
(ii) close and/or freeze the Company's account with the Bank and if upon such closure or freezing there is a balance standing to the credit of the Company the Bank may transfer keep and maintain such balance to and in a non-interest bearing suspense account for so long as the Bank may deem fit without any obligation in the meantime to apply the same or any part thereof in or towards discharge of all moneys owing to the Bank; and/or
(iii) sell any assets of the Company held by the Bank on deposit or otherwise, by public or private sale without any judicial proceedings whatsoever, and retain from the proceeds derived there from the total amount remaining unpaid and all costs, charges and expenses incidental to such sale.
(iv) enforce its right and remedies under this Agreement and/ or the Security Documents and/ or any of them;
(b) Notwithstanding any provision herein to the contrary, it is hereby expressly agreed that upon the occurrence of an event of default as set out in Clause
7.1 hereof, the Bank shall thereafter have the right to exercise all or any of the remedies available to the Bank whether pursuant to the Facilities Agreement and/or any of the Security Documents or by statute or otherwise and shall be entitled to exercise such remedies in any order or concurrently.
Rights of Bank on Default. (a) If any of the events described in Section 7.01 of Part A occurs,
(i) the Bank is entitled with notice to the Customer to suspend further utilisation of any or all of the Facility, or to reduce the limit or amount made available under the Facility, without having to make a prior demand;
(ii) the Bank has the right to cease to be under any further obligation and/or commitment to the Customer in relation to the Facility; and
(iii) the Indebtedness will become and be deemed to be immediately due and payable, regardless of any provision of this Agreement to the contrary.
(b) If any of the events set out in Section 7.01 of Part A occurs, the Bank is also entitled with notice to the Customer to take such action (whether on its own accord or through its agent(s)) as may be appropriate against the Customer, including:
(i) action to terminate the Facility or to sue for the recovery of the Indebtedness either before, after or concurrently with the action to enforce any of the Security Documents;
(ii) to apply any credit balance in whatever currency standing to any account of the Customer with any office or branch of the Bank or any member of the Bank’s group of companies, towards satisfaction of the Indebtedness, by providing at least seven (7) calendar days’ notice to the Customer; and
(iii) to exercise all or any of the Bank’s rights or powers which the Bank may possess in the Security Documents against the Customer and/or the Security Party, regardless of whether the Facility has been recalled or not;
(c) Any part of the Facility not disbursed or utilised before the default may be cancelled by the Bank. Upon such cancellation, any part of the Facility already disbursed or utilised will become due and immediately payable on demand.
Rights of Bank on Default. Upon the occurrence of any of the Events of Default enumerated in Section 9 hereof, all obligations of Bank under this Agreement may be immediately terminated, and all indebtedness evidenced by the Term Note and any other indebtedness of Borrower to Bank not otherwise then due and payable or payable on demand shall immediately become due and payable, at the option of Bank. Further, upon the occurrence of an Event of Default, Borrower agrees to furnish promptly to Bank such security as Bank may reasonably request and to execute such agreements or documents deemed reasonably necessary by Bank to accomplish same. Borrower agrees that the foregoing rights and remedies herein expressly specified are cumulative and not exclusive of any rights or remedies which Bank may or would otherwise have at law or in equity, or by an instrument evidencing terms of deposit of any fund, or by an assignment or transfer of collateral or by any other instrument signed or assented to by Borrower.
