Common use of THE LENDER’S RIGHTS AND AUTHORITY Clause in Contracts

THE LENDER’S RIGHTS AND AUTHORITY. 6.10.1. For the purposes of timely and proper performance by the Borrower of obligations (compliance with the Bank requirements) for Credit repayment, payment of interest, fees and penalties accrued for its use, the Borrower hereby grants to the Bank an unconditional and irrevocable right, commencing from the Credit repayment date, payment of accrued interest, fees and penalties, as well as in case of the right of early debt repayment and interest payable, write off monetary funds by collection orders of the Bank (without additional orders of the Borrower): 6.10.1.1. from Settlement account(s)/Settlement account(s) in foreign currency; 6.10.1.2. from other accounts of the Borrower opened at the Bank within the validity term hereof. 6.10.2. If at the Settlement account(s)/Settlement account(s) of the Borrower there are not enough monetary funds for due performance of the obligation to repay the Credit, payment of the interests accrued for using the same, the Borrower shall instruct the Bank to: 6.10.2.1. Write off the funds in foreign currency that are at the Borrower’s Settlement Accounts in foreign currency at the Bank in the amount required for repayment of the Credit, payment of the interests accrued for using the same, fees and forfeits. 6.10.2.2. Perform conversion of the written off foreign currency at the Bank rate and on terms and conditions set by the Bank for conversion operations on the day of operation.