The Borrower must Clause Samples
This clause establishes the obligations that the borrower is required to fulfill under the agreement. It typically outlines specific actions the borrower must take, such as making timely payments, providing necessary documentation, or maintaining certain financial covenants. By clearly defining these responsibilities, the clause ensures that both parties understand what is expected from the borrower, thereby reducing the risk of misunderstandings and helping to enforce compliance throughout the term of the agreement.
The Borrower must. 3.1. notify the Bank no later than five business days of receipt by the Borrower of information / occurrence of an event that:
1) seizure is imposed on property and (or) bank accounts in any banks (organizations engaged in certain types of banking operations and other financial organizations) of the Borrower;
2) anyone contests the validity of the Agreement;
3) changes happen in postal details, address of permanent residence, registration address (registration of place of residence), e-mail address (e-mail), trusted number, other phone numbers, family composition, place of work (change of employer), surname, name, patronymic (if any) of the Borrower;
4) other circumstances that can adversely affect the proper performance by the Borrower of its obligations under the Agreement occur;
3.2. pay for the Bank's services in accordance with the tariffs;
3.3. without the prior written consent of the Bank, not act as a guarantor (surety) for the obligations of third parties, as well as not perform any other transactions that entail increase in the Borrower's obligations to third parties and (or) otherwise may interfere with the proper performance of the Borrower's obligations under the Agreement;
3.4. in case of the Loan prepayment after the expiry of the grace period provided by the Bank for repayment of the Principal Debt, pay the Principal debt and Interest accrued for the period of the grace period, but not paid at the time of the Interest prepayment;
3.5. immediately notify the Bank of the occurrence of circumstances that prevent the performance of the Borrower's obligations under the Agreement, the threat of breach thereof;
3.6. at the request of the Bank in the cases stipulated by the Agreement, and within the period specified by the Bank, make prepayment of the Loan and Interest due, fees (if any) and penalties, as well as any other amounts of the Borrower's Debt;
3.7. prevent technical Overdraft, i.e. not spend money on the Card Account in excess of the total amount of the Borrower's balance thereon and the amount of Revolving Sublimit and Installment Purchase Sublimit available at the time of the Purchase Transaction. If technical Overdraft takes place, repay the amount of such Overdraft on the day it arises;
3.8. immediately notify the Bank about the opening by the Borrower of bank accounts in banks (organizations engaged in certain types of banking operations and other credit institutions) in the Republic of Kazakhstan and abroad (indicating such account...
The Borrower must. (a) notify to the Agent details of each new bank account (name of the bank or financial institution, bank account number and bank purpose) to be opened for the Borrower within 15 Business Days after such bank account is opened; and
(b) notify to the Agent any changes to the information regarding bank accounts to be supplied to the Agent pursuant to this Clause 22.29.1 within 15 Business Days after such change has occurred.
The Borrower must. (a) supply to the Agent the list of all bank accounts maintained for the Borrower (specifying bank account numbers, names of the banks or financial institutions that maintain the bank accounts, and bank account purpose) within 5 Business Days after the date of this Agreement;
(b) notify to the Agent details of each new bank account (name of the bank or financial institution, bank account number and bank purpose) to be opened for the Borrower within 15 Business Days after such bank account is opened; and
(c) notify to the Agent any changes to the information regarding bank accounts to be supplied to the Agent pursuant to this Clause 23.31.6 within 15 Business Days after such change has occurred.
The Borrower must hire the Construction Supervisor during the Hotel Remodeling, pay its fees on time, and the Borrower and the Joint and Several Obligors must not obstruct the works of the Construction Supervisor or any other person appointed by Bancomext for purposes of this Agreement.
The Borrower must. (a) ensure that all things necessary to keep all the insurance policies in force are done promptly including the punctual payment of premiums; and
(b) notify the Lender of premiums paid, renewals made, material variations and cancellations of insurance policies made or, to the knowledge of the insured, threatened or pending.