Common use of Consequences of Event of Default Clause in Contracts

Consequences of Event of Default. Without prejudice to any other rights it may have under Applicable Law, the Borrower hereby agrees that on occurrence of an Event of Default, the Bank shall have following rights and the Bank may at its sole discretion exercise any or all of the following right(s) and remedies without any obligation to issue notice to this effect: 18.2.1 To recall the Outstanding Amount of the Loan either in part or in full and other dues payable with regard to the said Loan that may be payable by the Borrower under or in terms of this Agreement, Loan Documents and/or any other agreement/s, documents, subsisting between the Borrower and Bank as well as all other charges, costs, expenses and upon such declaration the same shall become due and payable immediately without further notice, notwithstanding anything to the contrary contained in this Agreement; and/or 18.2.2 To instruct any Person, who is liable to make any payment to the Borrower, including to pay directly to the Bank; and/or 18.2.3 Without prejudice to its other rights hereunder or under the Loan Documents or under any Applicable Law, in its sole discretion to exercise all the rights, powers and remedies vested in it for the protection, perfection and enforcement of its rights in respect of the Security herein; and/or 18.2.4 To enter upon and take possession of, deploy, dispose off, transfer any/all assets comprised within the Security created in favour of Bank, as may be applicable by way of lease, leave and license, sale or otherwise or in such manner as the Bank may deem fit; and/or 18.2.5 In addition to the above, to deposit the post-dated cheques, enforce the security offered herein given by the Borrower and Guarantors, utilisethe amounts lying to the credit of the account of the Borrower towards repayment of outstanding dues; 18.2.6 To exercise all the rights and remedies available to it in such manner as the Bank may deem fit without intervention of the Court and without having to obtain any consent of the Borrower; 18.2.7 To exercise all the rights and remedies available to it in such manner as Bank may deem fit without intervention of the Court and without having to obtain any consent of the Borrower; 18.2.8 To levy Penal Interest without prejudice to its other right under this Clause 14 and/ or other Loan Documents; and/or 18.2.9 Without prejudice to other rights available hereunder and to the extent applicable, in case of an Event of Default, the Bank can invoke rights and remedies available to it under SARFAESI Act and IBC; 18.2.10 To exercise any other legal or equitable rights of Bank’s under Applicable Law; and/or 18.2. 11In the event of default by the Borrower, the Bank may in the name of the Borrower as the attorney of the Borrower do all such acts and execute all such documents as the Bank may consider necessary or expedient in this regard.

Consequences of Event of Default. Without If one or more of the aforesaid Events of Default shall occur thereupon and in every such event and anytime thereafter, the Lender shall have the right to terminate the Loan and accelerate the obligations of the Borrower and in exercise of such rights, the Lender may, without prejudice to any other rights that it may have under Applicable Lawhave, the Borrower hereby agrees that on occurrence of an Event of Default, the Bank shall have following rights and the Bank may at its sole discretion exercise any take one or all more of the following right(s) and remedies without any obligation to issue notice to this effectactions including but not limited to: 18.2.1 To recall (i) declare that all the Outstanding Amount of the Loan either in part or in full outstanding principal amount, interest and other dues payable with regard to the said Loan that may be monies due and payable by the Borrower under or in terms of this Agreement, Loan Documents and/or any other agreement/s, documents, subsisting between the Borrower and Bank as well as all other charges, costs, expenses and upon such declaration the same hereunder shall forthwith become due and payable, whereupon such amounts shall become forthwith due and payable immediately without further noticepresentment, notwithstanding demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein to the contrary contained notwithstanding; (ii) exercise any and all rights specified in this Agreementthe Security Documents including, enforce all of the security created pursuant to the Security Documents; (iii) exercise such other remedies as permitted or available under applicable law; (iv) enter upon and take possession of the assets of the Borrower; and/ortransfer the assets of the Borrower by way of lease or leave and license or sale to any Person; 18.2.2 To (v) instruct any Person, who is liable to make any payment to the Borrower, including to pay directly to the Bank; and/orLender; 18.2.3 Without prejudice to its other rights hereunder (vi) review the management set-up and/ or under the Loan Documents or under any Applicable Law, in its sole discretion to exercise all the rights, powers and remedies vested in it for the protection, perfection and enforcement of its rights in respect organisation of the Security herein; and/or 18.2.4 To enter upon Borrower by appointing any independent/ concurrent auditor/ consultants and take possession of, deploy, dispose off, transfer any/all assets comprised within require the Security created in favour of Bank, Borrower to restructure it as may be applicable by way of lease, leave and license, sale or otherwise or in such manner as the Bank may deem fit; and/or 18.2.5 In addition to the above, to deposit the post-dated cheques, enforce the security offered herein given considered necessary by the Borrower Lender, including the information of management committees with such powers and Guarantorsfunctions as may be considered suitable by the Lender, utilisethe amounts lying to if in the credit opinion of the account Lender, the business of the Borrower towards repayment of outstanding dues; 18.2.6 To exercise all the rights and remedies available is conducted in a manner opposed to it public policy or in such a manner as the Bank may deem fit without intervention of the Court and without having to obtain any consent of the Borrower; 18.2.7 To exercise all the rights and remedies available to it in such manner as Bank may deem fit without intervention of the Court and without having to obtain any consent of the Borrower; 18.2.8 To levy Penal Interest without prejudice to its other right under this Clause 14 and/ or other Loan Documents; and/or 18.2.9 Without prejudice to other rights available hereunder and prejudicial to the extent applicable, in case of an Event of Default, the Bank can invoke rights and remedies available to it under SARFAESI Act and IBCLender’s interests; 18.2.10 To exercise any other legal or equitable rights of Bank’s under Applicable Law; and/or 18.2. 11In the event of default by the Borrower, the Bank may in the name of the Borrower as the attorney of the Borrower do all such acts and execute all such documents as the Bank may consider necessary or expedient in this regard.

Consequences of Event of Default. Without prejudice to any other rights it may have under Applicable Law, the Borrower hereby agrees that on occurrence of an Event of Default, the Bank shall have following rights and the Bank may at its sole discretion exercise any or all of the following right(s) and remedies remedie s without any obligation to issue notice to this effect: 18.2.1 To recall the Outstanding Amount of the Loan either in part or in full and other dues payable with regard to the said Loan that may be payable by the Borrower under or in terms of this Agreement, Loan Documents and/or any other agreement/s, documents, subsisting between the Borrower and Bank as well as all other charges, costs, expenses and upon such declaration the same shall become due and payable immediately without further notice, notwithstanding anything to the contrary contained in this Agreement; and/or 18.2.2 To instruct any Person, who is liable to make any payment to the Borrower, including to pay directly to the Bank; and/or 18.2.3 Without prejudice to its other rights hereunder or under the Loan Documents or under any Applicable Law, in its sole discretion to exercise all the rights, powers and remedies vested in it for the protection, perfection and enforcement of its rights in respect of the Security herein; and/or and/or 18.2.4 To enter upon and take possession of, deploy, dispose off, transfer any/all assets comprised within the Security created in favour of Bank, as may be applicable by way of lease, leave and license, sale or otherwise or in such manner as the Bank may deem fit; and/or 18.2.5 In addition to the above, to deposit the post-dated cheques, enforce the security offered herein given by the Borrower and Guarantors, utilisethe amounts lying to the credit of the account of the Borrower towards repayment of outstanding dues; 18.2.6 To exercise all the rights and remedies available to it in such manner as the Bank may deem fit without intervention of the Court and without having to obtain any consent of the Borrower; 18.2.7 To exercise all the rights and remedies available to it in such manner as Bank may deem fit without intervention of the Court and without having to obtain any consent of the Borrower; 18.2.8 To levy Penal Interest without prejudice to its other right under this Clause 14 and/ or other Loan Documents; and/or 18.2.9 Without prejudice to other rights available hereunder and to the extent applicable, in case of an Event of Default, the Bank can invoke rights and remedies available to it under SARFAESI Act and IBC; 18.2.10 To exercise any other legal or equitable rights of Bank’s under Applicable Law; and/or 18.2. 11In the event of default by the Borrower, the Bank may in the name of the Borrower as the attorney of the Borrower do all such acts and execute all such documents as the Bank may consider necessary or expedient in this regard.

Consequences of Event of Default. Without prejudice to any other rights it may have under Applicable Law, the Borrower hereby agrees that on occurrence of an Event of Default, the Bank shall have following rights and the Bank may at its sole discretion exercise any or all of the following right(s) and remedies without any obligation to issue notice to this effect: 18.2.1 To recall the Outstanding Amount of the Loan either in part or in full and other dues payable with regard to the said Loan that may be payable by the Borrower under or in terms of this Agreement, Loan Documents and/or any other agreement/s, documents, subsisting between the Borrower and Bank as well as all other charges, costs, expenses and upon such declaration the same shall become due and payable immediately without further notice, notwithstanding anything to the contrary contained in this Agreement; and/or 18.2.2 To instruct any Person, who is liable to make any payment to the Borrower, including to pay directly to the Bank; and/or 18.2.3 Without prejudice to its other rights hereunder or under the Loan Documents or under any Applicable Law, in its sole discretion to exercise all the rights, powers and remedies vested in it for the protection, perfection and enforcement of its rights in respect of the Security herein; and/or 18.2.4 To enter upon and take possession of, deploy, dispose off, transfer any/all assets comprised within the Security created in favour of Bank, as may be applicable by way of lease, leave and license, sale or otherwise or in such manner as the Bank may deem fit; and/or 18.2.5 In addition to the above, to deposit the post-dated cheques, enforce the security offered herein given by the Borrower and Guarantors, utilisethe amounts lying to the credit of the account of the Borrower towards repayment of outstanding dues; 18.2.6 To exercise all the rights and remedies available to it in such manner as the Bank may deem fit without intervention of the Court and without having to obtain any consent of the Borrower; 18.2.7 To exercise all the rights and remedies available to it in such manner as Bank may deem fit without intervention of the Court and without having to obtain any consent of the Borrower; 18.2.8 To levy Penal Interest without prejudice to its other right under this Clause 14 and/ or other Loan Documents; and/or 18.2.9 Without prejudice to other rights available hereunder and to the extent applicable, in case of an Event of Default, the Bank can invoke rights and remedies available to it under SARFAESI Act and IBC; 18.2.10 To exercise any other legal or equitable rights of Bank’s under Applicable Law; and/or 18.2. 11In the event of default by the Borrower, the Bank may in the name of the Borrower as the attorney of the Borrower do all such acts and execute all such documents as the Bank may consider necessary or expedient in this regard.vested

Consequences of Event of Default. Without If one or more of the aforesaid Events of Default shall occur thereupon and in every such event and anytime thereafter, the Lender shall have the right to terminate the Loan and accelerate the obligations of the Borrower and in exercise of such rights, the Lender may, without prejudice to any other rights that it may have under Applicable Lawhave, the Borrower hereby agrees that on occurrence of an Event of Default, the Bank shall have following rights and the Bank may at its sole discretion exercise any take one or all more of the following right(s) and remedies without any obligation to issue notice to this effectactions including but not limited to: 18.2.1 To recall (i) declare that all the Outstanding Amount of the Loan either in part or in full outstanding principal amount, interest and other dues payable with regard to the said Loan that may be monies due and payable by the Borrower under or in terms of this Agreement, Loan Documents and/or any other agreement/s, documents, subsisting between the Borrower and Bank as well as all other charges, costs, expenses and upon such declaration the same hereunder shall forthwith become due and payable, whereupon such amounts shall become forthwith due and payable immediately without further noticepresentment, notwithstanding demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein to the contrary contained notwithstanding; (ii) exercise any and all rights specified in this Agreementthe Security Documents including, enforce all of the security created pursuant to the Security Documents; (iii) exercise such other remedies as permitted or available under applicable law; (iv) enter upon and take possession of the assets of the Borrower; and/ortransfer the assets of the Borrower by way of lease or leave and license or sale to any Person; 18.2.2 To (v) instruct any Person, who is liable to make any payment to the Borrower, including to pay directly to the Bank; and/orLender; 18.2.3 Without prejudice to its other rights hereunder (vi) review the management set-up and/ or under the Loan Documents or under any Applicable Law, in its sole discretion to exercise all the rights, powers and remedies vested in it for the protection, perfection and enforcement of its rights in respect organisation of the Security herein; and/or 18.2.4 To enter upon Borrower by appointing any independent/ concurrent auditor/ consultants and take possession of, deploy, dispose off, transfer any/all assets comprised within require the Security created in favour of Bank, Borrower to restructure it as may be applicable by way of lease, leave and license, sale or otherwise or in such manner as the Bank may deem fit; and/or 18.2.5 In addition to the above, to deposit the post-dated cheques, enforce the security offered herein given considered necessary by the Borrower Lender, including the formation of management committees with such powers and Guarantorsfunctions as may be considered suitable by the Lender, utilisethe amounts lying to if in the credit opinion of the account Lender, the business of the Borrower towards repayment of outstanding dues; 18.2.6 To exercise all the rights and remedies available is conducted in a manner opposed to it public policy or in such a manner as the Bank may deem fit without intervention of the Court and without having to obtain any consent of the Borrower; 18.2.7 To exercise all the rights and remedies available to it in such manner as Bank may deem fit without intervention of the Court and without having to obtain any consent of the Borrower; 18.2.8 To levy Penal Interest without prejudice to its other right under this Clause 14 and/ or other Loan Documents; and/or 18.2.9 Without prejudice to other rights available hereunder and prejudicial to the extent applicable, in case of an Event of Default, the Bank can invoke rights and remedies available to it under SARFAESI Act and IBCLender’s interests; 18.2.10 To exercise any other legal or equitable rights of Bank’s under Applicable Law; and/or 18.2. 11In the event of default by the Borrower, the Bank may in the name of the Borrower as the attorney of the Borrower do all such acts and execute all such documents as the Bank may consider necessary or expedient in this regard.

Consequences of Event of Default. Without prejudice to (a) At any other rights it may have under Applicable Lawtime after an Event of Default has occurred, the Borrower hereby agrees Trustee (acting on the instructions of any Debentureholder) shall have the right (but not the obligation), to notify the Issuer and require it to redeem in full all the Debentures then outstanding, at the Early Redemption Amount or, if the Redemption Dates have elapsed, at the Scheduled Redemption Amount together with, in each case, all other amounts payable by the Issuer under the Transaction Documents. The Issuer waives any right that on it might have to further notice, presentment, demand or protest with respect to that demand for immediate payment. (b) No Debentureholder will be entitled to proceed directly against the Issuer unless the Trustee, having become bound to do so, fails to do so within a reasonable period and such failure continues. (c) At any time after the occurrence of an Event of DefaultDefault and for so long as it is continuing, the Bank Trustee (acting on the instructions of any Debentureholder) shall have following rights and the Bank may at its sole discretion exercise any or all of the following right(s) and remedies without any obligation to issue notice to this effect: 18.2.1 To recall the Outstanding Amount of the Loan either in part or in full and other dues payable with regard to the said Loan that may be payable by the Borrower under or in terms of this Agreement, Loan Documents and/or any other agreement/s, documents, subsisting between the Borrower and Bank as well as all other charges, costs, expenses and upon such declaration the same shall become due and payable immediately without further notice, notwithstanding anything to the contrary contained in this Agreement; and/or 18.2.2 To instruct any Person, who is liable to make any payment to the Borrower, including to pay directly to the Bank; and/or 18.2.3 Without prejudice to its other rights hereunder or under the Loan Documents or under any Applicable Law, in its sole discretion entitled to exercise all the rights, powers and remedies vested in it for the protection, perfection and enforcement of its rights in respect of the Security herein; and/or 18.2.4 To enter upon and take possession of, deploy, dispose off, transfer any/all assets comprised within the Security created in favour of Bank, as may be applicable by way of lease, leave and license, sale or otherwise or in such manner as the Bank may deem fit; and/or 18.2.5 In addition to the above, to deposit the post-dated cheques, enforce the security offered herein given by the Borrower and Guarantors, utilisethe amounts lying to the credit of the account of the Borrower towards repayment of outstanding dues; 18.2.6 To exercise all the rights and remedies available to it in such manner as the Bank may deem fit without intervention of the Court and without having to obtain any consent of the Borrower; 18.2.7 To exercise all the rights and remedies available to it in such manner as Bank may deem fit without intervention of the Court and without having to obtain any consent of the Borrower; 18.2.8 To levy Penal Interest without prejudice to its other right under this Clause 14 and/ or other Loan Documents; and/or 18.2.9 Without prejudice to other rights available hereunder and to the extent applicable, in case of an Event of Default, the Bank can invoke rights and remedies available to it under SARFAESI Act applicable Law, to enforce the rights contemplated under this Deed and IBC; 18.2.10 To exercise the Transaction Documents, including the right to enforce any other legal or equitable rights Security, without any notice and without assigning any reason and at the risk and expense of Bank’s under Applicable Law; and/or 18.2. 11In the event of default by the BorrowerIssuer and if necessary, the Bank may as attorney for and in the name of the Borrower Issuer. (d) Upon the occurrence of an Event of Default and for so long as it is continuing, the attorney Issuer shall not, without the prior written consent of the Borrower do Trustee (acting in accordance with Relevant Instructions), declare or pay any dividend or other distribution (whether in cash or otherwise) to its equity shareholders during any Financial Year unless it has paid in full all such acts and execute all such documents as the Bank may consider necessary or expedient in this regardObligations.

Consequences of Event of Default. Without prejudice to any other rights it may have under Applicable Law, the Borrower hereby agrees that on occurrence of an Event of Default, the Bank shall have following rights and the Bank may at its sole discretion exercise any or all of the following right(s) and remedies without any obligation to issue notice to this effect: 18.2.1 To recall the Outstanding Amount of the Loan either in part or in full and other dues payable with regard to the said Loan that may be payable by the Borrower under or in terms of this Agreement, Loan Documents and/or any other agreement/s, documents, subsisting between the Borrower and Bank as well as all other charges, costs, expenses and upon such declaration the same shall become due and payable immediately without further notice, notwithstanding anything to the contrary contained in this Agreement; and/or 18.2.2 To instruct any Person, who is liable to make any payment to the Borrower, including to pay directly to the Bank; and/or 18.2.3 Without prejudice to its other rights hereunder or under the Loan Documents or under any Applicable Law, in its sole discretion to exercise all the rights, powers and remedies vested in it for the protection, perfection and enforcement of its rights in respect of the Security herein; and/or 18.2.4 To enter upon and take possession of, deploy, dispose off, transfer any/all assets comprised within the Security created in favour of Bank, as may be applicable by way of lease, leave and license, sale or otherwise or in such manner as the Bank may deem fit; and/or 18.2.5 In addition to the above, to deposit the post-dated cheques, enforce the security offered herein given by the Borrower and Guarantors, utilisethe utilise the amounts lying to the credit of the account of the Borrower towards repayment of outstanding dues; 18.2.6 To exercise all the rights and remedies available to it in such manner as the Bank may deem fit without intervention of the Court and without having to obtain any consent of the Borrower; 18.2.7 To exercise all the rights and remedies available to it in such manner as Bank may deem fit without intervention of the Court and without having to obtain any consent of the Borrower; 18.2.8 To levy Penal Interest Charges without prejudice to its other right under this Clause 14 and/ or other Loan Documents; and/or 18.2.9 Without prejudice to other rights available hereunder and to the extent applicable, in case of an Event of Default, the Bank can invoke rights and remedies available to it under SARFAESI Act and IBC; 18.2.10 To exercise any other legal or equitable rights of Bank’s under Applicable Law; and/or 18.2. 11In 18.2.11 In the event of default by the Borrower, the Bank may in the name of the Borrower as the attorney of the Borrower do all such acts and execute all such documents as the Bank may consider necessary or expedient in this regard.

Consequences of Event of Default. Without On or at any time after the occurrence of any Event of Default which is continuing and subsisting and has not been waived by the Agent by notice in writing served by the Agent on the Borrowers, then, the Agent (on behalf of itself and the Banks) shall upon the instructions of the Majority Banks be entitled to take all or any of the following actions on behalf of the Banks: (A) by notice given by the Agent to the Borrowers, declare the Loans to be due and payable, whereupon the Loans and accrued interest thereon and all other amounts owing under the Financing Documents shall become immediately due and payable; (B) enforce any of the Security Interests for the payment or repayment of all amounts secured thereby; (C) to the extent permitted by applicable law, apply any amounts standing to the credit of any of the Loan Accounts in payment of any amounts owing to the Agent and the Banks under the Financing Documents whether by the holder of such Account or by the other Borrower; (D) without prejudice to any other rights it may have under Applicable Law, of the Borrower hereby agrees that on Banks arising or existing prior to the occurrence of an Event of Default, enforce by any means any other obligation of either Borrower under any of the Bank shall have following rights Financing Documents; and the Bank taking of any one or more of such actions by the Agent shall be without prejudice to any other remedy available to the Banks or the Agent. Without prejudice to the generality of the foregoing, the Agent shall be entitled (but not obliged) at any time and upon such terms and conditions as it thinks fit, to take such steps as may at its sole discretion exercise then be available to it to terminate, defer or counter the effects of any or all of the following right(s) and remedies without any obligation to issue notice to this effect: 18.2.1 To recall actions which it may have taken in accordance with the Outstanding Amount of the Loan either in part or in full and other dues payable with regard to the said Loan that may be payable by the Borrower under or in terms provisions of this Agreement, Loan Documents and/or any other agreement/s, documents, subsisting between the Borrower and Bank as well as all other charges, costs, expenses and upon such declaration the same shall become due and payable immediately without further notice, notwithstanding anything to the contrary contained in this Agreement; and/or 18.2.2 To instruct any Person, who is liable to make any payment to the Borrower, including to pay directly to the Bank; and/or 18.2.3 Without prejudice to its other rights hereunder or under the Loan Documents or under any Applicable Law, in its sole discretion to exercise all the rights, powers and remedies vested in it for the protection, perfection and enforcement of its rights in respect of the Security herein; and/or 18.2.4 To enter upon and take possession of, deploy, dispose off, transfer any/all assets comprised within the Security created in favour of Bank, as may be applicable by way of lease, leave and license, sale or otherwise or in such manner as the Bank may deem fit; and/or 18.2.5 In addition to the above, to deposit the post-dated cheques, enforce the security offered herein given by the Borrower and Guarantors, utilisethe amounts lying to the credit of the account of the Borrower towards repayment of outstanding dues; 18.2.6 To exercise all the rights and remedies available to it in such manner as the Bank may deem fit without intervention of the Court and without having to obtain any consent of the Borrower; 18.2.7 To exercise all the rights and remedies available to it in such manner as Bank may deem fit without intervention of the Court and without having to obtain any consent of the Borrower; 18.2.8 To levy Penal Interest without prejudice to its other right under this Clause 14 and/ or other Loan Documents; and/or 18.2.9 Without prejudice to other rights available hereunder and to the extent applicable, in case of an Event of Default, the Bank can invoke rights and remedies available to it under SARFAESI Act and IBC; 18.2.10 To exercise any other legal or equitable rights of Bank’s under Applicable Law; and/or 18.2. 11In the event of default by the Borrower, the Bank may in the name of the Borrower as the attorney of the Borrower do all such acts and execute all such documents as the Bank may consider necessary or expedient in this regardClause.