Common use of Rights of Bank on Default Clause in Contracts

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, 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 LoanProperty Financing/Facility, or to reduce the limit or amount made available under the Housing LoanProperty Financing/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 LoanProperty Financing/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: