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, 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 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 18.2.11 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 prejudice If an Event of Default occurs with respect to any other rights it may have under Applicable Lawthe Customer, the Borrower hereby agrees that on Bank shall have the right to perform the Early Termination as of the time it has become aware of the Event of Default. The Bank shall notify the Customer, in an electronic form, in writing or by phone, of the Early Termination. Immediately after having become aware of the occurrence of Event of Default with respect to the Bank, the Customer shall notify the Bank, by fax, in an electronic form or in writing, of stating the occurrence of Event of Default. On the basis of the notice referred to in the foregoing sentence, provided it is not unfunded, the Bank shall set the Early Termination Date that may not fall later than on the twentieth (20th) Business Day after the notice referred to in the foregoing sentence and perform the Early Termination as at the set date. If an Event of Default occurs with respect to a Party, then as of the time it has become aware of the Event of Default, the Non-Defaulting Party shall have the right to refrain from paying any amounts in favour of the Defaulting Party under the Transaction, save for the Term Savings Deposits and the Term Deposit Transactions, and shall not be obligated to pay any late payment interest thereunder. The said right shall be vested in the Non-Defaulting Party until the Event of Default ceases to exist or becomes remedied and the Defaulting Party has settled any and all liabilities under the Master Agreement and the Transactions. As of the Early Termination Date, the obligations of the Bank and the Customer (whether due or not) arising from the Transactions (save for the Term Savings Deposits and Term Deposit Transactions) shall become the obligation to determine and pay the Early Termination Amount (which, however, shall not constitute a novation within the meaning of Article 506 § 1 of the Civil Code). The Early Termination Amount calculated by the Bank as at the Early Termination Date shall be equal to the sum of the following values: the sum of the due or undue liabilities of the Bank and the Customer under the Transactions (save for the Term Savings Deposits and Term Deposit Transactions) calculated in the manner set out for calculating the Net Present Value of each Transaction subject to the Early Termination, and the value of the matured liabilities due and payable by each Party under the Transactions (other than the Term Savings Deposits and Term Deposit Transactions). After calculating the Early Termination Amount, the Bank shall either credit (if the Early Termination Amount is payable to the Customer) or debit (if the Early Termination Amount is payable to the Bank) the Customer’s Settlement Account maintained with the Bank. Any calculations related to the computing of the Early Termination Amount are performed by the Bank. After having calculated the Early Termination Amount and performed the Early Termination, the Bank shall notify the Customer about the value of the Early Termination Amount in the manner specified in § 10.1 above. If the Customer requests so in writing, the Bank shall substantiate the Early Termination Amount calculated by the Bank. The Bank shall have following rights the right to request to be reimbursed for, and the Customer shall cover all documented costs and charges related to the Early Termination. The Bank may at its sole discretion exercise any or all also seek compensation on general terms in accordance with provisions 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, 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 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 18.2.11 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 regardCivil Code.

Consequences of Event of Default. Without 20.23.1 If an Event of Default has occurred, the Secured Parties may, without prejudice to any other rights it that they 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 by 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 take one 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 more of the Security herein; and/orfollowing actions including but not limited to: 18.2.4 To (i) to enter upon and take possession of, deploy, dispose off, of the assets of the Borrower; (ii) to transfer any/all the assets of the Borrower comprised within the Security created in favour of Bank, as may be applicable the Secured Parties or such other Person by way of lease, leave and licenselicence, sale or otherwise otherwise; (iii) place the Facility on demand 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 declare all amounts payable by the Borrower in respect of the Facility to be due and Guarantors, utilise payable immediately; (iv) require the amounts lying Borrower to immediately put the Lender in funds in an amount equivalent to 100% (One Hundred per cent) of the outstanding face value of all Letters of Comfort issued hereunder; (v) ▇▇▇ for creditors’ process and/or exercise rights with respect to the credit Security in accordance with the Finance Documents; (vi) suspend further drawings; (vii) declare the Commitment to be cancelled; (viii) call on undrawn and unsubscribed position of the account Required Equity under the Sponsor Support Agreement; (ix) utilise any amounts in the sub -accounts under the Account (as defined in the Trust and Retention Account Agreement) or any Additional Accounts to service and repay the Facility; (x) appoint two whole-time nominee Directors on behalf of all the Lender on the terms and conditions contained in Schedule 12; (xi) review, restructure and/or substitute the Management or organisation of the Borrower towards repayment in a manner acceptable to the Facility Agent and as may be considered necessary by the Facility Agent, including the formation of outstanding dues;management committees with such powers and functions as may be considered suitable by the Facility Agent. The Borrower shall comply with all such requirements of the Facility Agent; and 18.2.6 To exercise (xii) Exercise such other rights as may be available to the Secured Parties under the Transaction Documents and all Applicable Laws. Notwithstanding any suspension or cancellation pursuant to Clauses 20.25 (v) or (vi) above, all the rights and remedies available to it in such manner as the Bank may deem fit without intervention provisions of the Court and without having to obtain any consent Finance Documents for the benefit or protection of the Borrower; 18.2.7 To exercise all the rights Lender and remedies available their interests shall continue to it be in such manner full force and effect 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 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 18.2.11 In the event of default by the Borrower, the Bank may specifically provided 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 regardFinance Documents.

Consequences of Event of Default. Without prejudice Upon the occurrence of the Maturity Date and upon the occurrence and during the continuation of any Event of Default beyond the applicable cure period (if any) and after five Business Days’ prior written (including e-mail, facsimile, U.S. mail and personal delivery) notice by the DIP Agent to the Borrower, any official committee and the U.S. Trustee of such Event of Default (other rights it may have under Applicable Lawthan with respect to the actions described in subsections (a) and (c) below, as to which such notice is not required), the Borrower hereby agrees that on occurrence DIP Agent, upon request of an Event of Default, the Bank Required Lenders shall have following rights and the Bank may at its sole discretion exercise take any or all of the following right(s) and remedies actions, in each case without any obligation further order of or application to issue notice to this effectthe Bankruptcy Court: 18.2.1 To recall (a) declare the Outstanding Amount principal of and accrued interest on the outstanding Post-Petition Obligations to be immediately due and payable; (b) set off any amounts in any account (including any accounts maintained by any Debtor with the DIP Agent); (c) terminate the DIP Commitments and any other obligations of the Loan either Lenders to extend any further credit hereunder; (d) demand that any Cash Collateral be applied to reduce or collateralize the Post-Petition Obligations as set forth in part the second paragraph of Section 3.1 hereof; and (e) demand payment of interest on the Post-Petition Obligations at the Default Rate, in which event interest at such Default Rate shall accrue and be payable as therein set forth without further order of or in full application to the Bankruptcy Court. The automatic stay shall be deemed lifted as to the Collateral and other dues payable with the DIP Agent, upon request of the Required Lenders shall, (without regard to whatever other action the said Loan that DIP Agent or the Lenders may be payable by the Borrower under or in terms of this Agreementtaking), Loan Documents and/or any other agreement/s, documents, subsisting between the Borrower foreclose 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 realize 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, 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 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 rights or equitable rights of Bank’s under Applicable Law; and/or 18.2.11 In the event of default remedies permitted by the Borrowerapplicable documents, at law or otherwise, with respect to 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 regardCollateral.

Consequences of Event of Default. Without prejudice Upon the occurrence of the Maturity Date and upon the occurrence and during the continuation of any Event of Default beyond the applicable cure period (if any) and after three Business Days’ prior written (including e-mail, facsimile, U.S. mail and personal delivery) notice by the DIP Agent to the Borrower, any official committee and the U.S. Trustee of such Event of Default (other rights it may have under Applicable Lawthan with respect to the actions described in subsections (a) and (c) below, as to which such notice is not required), the Borrower hereby agrees that on occurrence DIP Agent, upon request of an Event of Default, the Bank Required Lenders shall have following rights and the Bank may at its sole discretion exercise take any or all of the following right(s) and remedies actions, in each case without any obligation further order of or application to issue notice to this effectthe Bankruptcy Court: 18.2.1 To recall (a) declare the Outstanding Amount principal of and accrued interest on the outstanding Post-Petition Obligations to be immediately due and payable; (b) set off any amounts in any account (including any accounts maintained by any Debtor with the DIP Agent); (c) terminate the DIP Commitments and any other obligations of the Loan either Lenders to extend any further credit hereunder; (d) demand that any Cash Collateral be applied to reduce or collateralize the Post-Petition Obligations as set forth in part the second paragraph of Section 3.1 hereof; and (e) demand payment of interest on the Post-Petition Obligations at the Default Rate, in which event interest at such Default Rate shall accrue and be payable as therein set forth without further order of or in full application to the Bankruptcy Court. The automatic stay shall be deemed lifted as to the Collateral and other dues payable with the DIP Agent, upon request of the Required Lenders shall, (without regard to whatever other action the said Loan that DIP Agent or the Lenders may be payable by the Borrower under or in terms of this Agreementtaking), Loan Documents and/or any other agreement/s, documents, subsisting between the Borrower foreclose 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 realize 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, 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 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 rights or equitable rights of Bank’s under Applicable Law; and/or 18.2.11 In the event of default remedies permitted by the Borrowerapplicable documents, at law or otherwise, with respect to 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 regardCollateral.

Consequences of Event of Default. Without prejudice to When any other rights it may have under Applicable LawEvent of Default has occurred and is continuing, the Borrower hereby agrees that on occurrence Administrative Agent shall, upon request of the Required Lenders, upon giving an Event of DefaultEnforcement Notice, the Bank shall have following rights and the Bank may at its sole discretion exercise take any or all of the following right(s) and remedies actions, in each case without any obligation further order of or application to issue notice to this effectthe Bankruptcy Court: 18.2.1 To recall (a) terminate the Outstanding Amount Commitments and any other obligations of the Loan either Lenders to extend any further credit hereunder on the date (which may be the date thereof) stated in part such notice; (b) demand that any Cash Collateral be applied to reduce or collateralize the Post-Petition Obligations and Pre-Petition Obligations as set forth in full Section 2.9(e) hereof; (c) demand payment of interest on the Post-Petition Obligations and other dues Pre-Petition Obligations at the default rates set forth herein and in the Financing Order, in which event interest at such rates shall accrue and be payable with as therein set forth without further order of or application to the Bankruptcy Court; (d) the Collateral Agent shall, upon request of the Required Lenders, (without regard to whatever other action the said Loan that Agents or the Lenders may be payable by the Borrower under or in terms of this Agreementtaking), Loan Documents and/or any other agreement/s, documents, subsisting between the Borrower foreclose 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 realize 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, 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 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 rights or equitable rights of Bank’s under Applicable Lawremedies with respect to the Collateral as security for the Post-Petition Obligations and Pre-Petition Obligations; and/orand 18.2.11 In (e) the event of default by the Borrower, the Bank may in the name exclusive period of the Borrower as the attorney Debtors to file a plan of reorganization pursuant to Section 1121 of the Borrower do all such acts Bankruptcy Code shall terminate as to the Lenders and execute all such documents as the Bank may consider necessary or expedient in this regardLenders and Pre-Petition Lenders shall thereafter have the right to file a plan of reorganization for the Debtors pursuant to Section 1121(d) of the Bankruptcy Code.

Consequences of Event of Default. Without prejudice 6.2.1 Upon the occurrence of any Event of Default, under this Deed, the Company shall, have 15 (fifteen) days from the date of receipt of notice received from the Debenture Trustee in case of triggering an Event of Default and to rectify such Event of Default during which time the Debenture Trustee shall not take any action under the Transaction Documents with respect to the recovery of the Outstanding Amounts or enforcement of any other rights it may have provisions of the Transaction Documents (“Cure Period”). Provided that there shall be no Cure Period in respect of the Event of Default under Applicable LawClause Error! Reference source not found.. 6.2.2 On and at any time after the occurrence of an Event of Default or the occurrence of any event which, after the lapse of the Cure Period, would constitute an Event of Default, the Borrower hereby agrees Debenture Trustee may (acting on Majority Resolution) take one or more of appropriate actions including the following actions by sending a written notice: (a) Cancellation of the Issue, within 30 (thirty) calendar days from the date of receipt of the Event of Default notice from Debenture Trustee; (b) Make necessary applications to IRDAI and if required, to such other regulator and/or courts and/or National Company Law Tribunal and/or quasi-judicial authority as may be applicable for commencement of corporate insolvency resolution process of the Issuer under the IBC; (c) Accelerate the redemption of Debentures and payment of all outstanding Debt in respect thereof; (d) Initiate recovery proceedings/ exercise rights available to recover the Outstanding Amounts; (e) Sign the inter creditor agreement (“ICA”) and consider the resolution plan, if any, on behalf of the Debenture Holders in accordance with the requirements under the Applicable Laws; (f) Appropriate any amounts in the accounts of the Issuer that on have been opened with any of the Debenture Holders and utilize such amount towards repayment of any amount outstanding under the Issue. (g) Appropriate the amounts in the Recovery Expense Fund as per the SEBI REF Circular. (h) Exercise such other rights which may be available to the Debenture Trustee/ Debenture Holders under Transaction Documents; and/or (i) Stipulation of any further terms and conditions, as the Debenture Trustee may deem fit with respect to the Transaction Documents. 6.2.3 After the occurrence of an Event of Default, the Bank Debenture Trustee shall have following rights and send a notice to the Bank may at its sole discretion exercise any or all Debenture Holders within 3 (Three) days of the following right(s) Event of Default by registered post/acknowledgement due or speed post/acknowledgement due or courier or hand delivery with proof of delivery as also through email as a text or as an attachment to email with a notification including a read receipt, and remedies without any obligation to issue proof of dispatch of such notice to this effect: 18.2.1 To recall or email, shall be maintained. The Debenture Trustee shall maintain the Outstanding Amount details of the Loan either providing and receipt of such notice in part or in full and other dues payable accordance with regard to the said Loan that may be payable by SEBI Defaults (Procedure) Circular. 6.2.4 For the Borrower under or in terms avoidance of this Agreementdoubt, Loan Documents and/or at any other agreement/s, documents, subsisting between time after 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, 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 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 occurrence of an Event of DefaultDefault and subject to giving the notice as set out in paragraph 6.2.3 above, the Bank can invoke Debenture Trustee shall be entitled to exercise all its 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, to enforce the rights contemplated under this Deed and the Transaction Documents, without assigning any reason and at the risk and expense of the Issuer and if necessary, as attorney for and in name of the Issuer. 18.2.11 6.2.5 Any decisions or conclusions to be taken in case of any Event of Default, such decision or conclusion shall be taken by the Debenture Trustee (acting on the instructions of the Majority Debenture Holders) and such decision or conclusion shall be conclusive and applicable. However, In the event of default by any disagreement or dispute between the BorrowerIssuer and the Debenture Trustee, the Bank may in the name decision or conclusion of the Borrower as the attorney Debenture Trustee, acting on instructions of the Borrower do all such acts Majority Debenture Holders, shall be conclusive and execute all such documents as the Bank may consider necessary or expedient in this regardapplicable.

Consequences of Event of Default. Without prejudice 6.2.1 Upon the occurrence of any Event of Default, under this Deed, the Company shall, have 15 (fifteen) days from the date of receipt of notice received from the Debenture Trustee in case of triggering an Event of Default and to rectify such Event of Default during which time the Debenture Trustee shall not take any action under the Transaction Documents with respect to the recovery of the Outstanding Amounts or enforcement of any other rights it may have provisions of the Transaction Documents (“Cure Period”). Provided that there shall be no Cure Period in respect of the Event of Default under Applicable LawClause Error! Reference source not found.. 6.2.2 On and at any time after the occurrence of an Event of Default or the occurrence of any event which, after the lapse of the Cure Period, would constitute an Event of Default, the Borrower hereby agrees Debenture Trustee may (acting on Majority Resolution) take one or more of appropriate actions including the following actions by sending a written notice: (a) Cancellation of the Issue, within 30 (thirty) calendar days from the date of receipt of the Event of Default notice from Debenture Trustee; (b) Make necessary applications to IRDAI and if required, to such other regulator and/or courts and/or National Company Law Tribunal and/or quasi-judicial authority as may be applicable for commencement of corporate insolvency resolution process of the Issuer under the IBC; (c) Accelerate the redemption of Debentures and payment of all outstanding Debt in respect thereof; (d) Initiate recovery proceedings/ exercise rights available to recover the Outstanding Amounts; (e) Sign the inter creditor agreement (“ICA”) and consider the resolution plan, if any, on behalf of the Debenture Holders in accordance with the requirements under the Applicable Laws; (f) Appropriate any amounts in the accounts of the Issuer that have been opened with any of the Debenture Holders and utilize such amount towards repayment of any amount outstanding under the Issue. (g) Appropriate the amounts in the Recovery Expense Fund as per the SEBI REF Circular. (h) Exercise such other rights which may be available to the Debenture Trustee/ Debenture Holders under Transaction Documents; and/or (i) Stipulation of any further terms and conditions, as the Debenture Trustee may deem fit with respect to the Transaction Documents. (j) levy Default Interest on overdue amounts as per the terms of issue. 6.2.3 After the occurrence of an Event of Default, the Bank Debenture Trustee shall have following rights and send a notice to the Bank may at its sole discretion exercise any or all Debenture Holders within 3 (Three) days of the following right(s) Event of Default by registered post/acknowledgement due or speed post/acknowledgement due or courier or hand delivery with proof of delivery as also through email as a text or as an attachment to email with a notification including a read receipt, and remedies without any obligation to issue proof of dispatch of such notice to this effect: 18.2.1 To recall or email, shall be maintained. The Debenture Trustee shall maintain the Outstanding Amount details of the Loan either providing and receipt of such notice in part or in full and other dues payable accordance with regard to the said Loan that may be payable by SEBI Defaults (Procedure) Circular. 6.2.4 For the Borrower under or in terms avoidance of this Agreementdoubt, Loan Documents and/or at any other agreement/s, documents, subsisting between time after 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, 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 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 occurrence of an Event of DefaultDefault and subject to giving the notice as set out in paragraph 6.2.3 above, the Bank can invoke Debenture Trustee shall be entitled to exercise all its 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, to enforce the rights contemplated under this Deed and the Transaction Documents, without assigning any reason and at the risk and expense of the Issuer and if necessary, as attorney for and in name of the Issuer. 18.2.11 6.2.5 Any decisions or conclusions to be taken in case of any Event of Default, such decision or conclusion shall be taken by the Debenture Trustee (acting on the instructions of the Majority Debenture Holders) and such decision or conclusion shall be conclusive and applicable. However, In the event of default by any disagreement or dispute between the BorrowerIssuer and the Debenture Trustee, the Bank may in the name decision or conclusion of the Borrower as the attorney Debenture Trustee, acting on instructions of the Borrower do all such acts Majority Debenture Holders, shall be conclusive and execute all such documents as the Bank may consider necessary or expedient in this regardapplicable.