Willful Defaulter. Neither the Borrower nor any of its directors or promoters have been declared as a willful defaulter by the RBI or are on:
Willful Defaulter. (a) The Issuer nor any of its respective directors or officers have been identified as a willful defaulter by the RBI.
Willful Defaulter. The Borrower shall not induct a person in any capacity whatsoever, who is a director or partner of an entity identified as willful defaulter. In the event of such a person is found to be a director/partner of an entity identified as willful defaulter, the Borrower shall take expeditious and effective steps for removal of such person.
Willful Defaulter. The Company shall not induct a person, into its board of directors, who is a promoter or director on the board of a company which has been identified as a willful defaulter or a person who has been declared as a willful defaulter by any bank/financial institution. In case such a person is already a member of Company's board of directors, the Company would take expeditious and effective steps for the removal of that person from its board of directors. For the purpose of this Agreement the term 'willful defaulter' shall have the same meaning as defined in the Master Circular on Willful Defaulters issued by the RBI, as amended and modified from time to time.
