Common use of Enforcement of Security Interest Clause in Contracts

Enforcement of Security Interest. 16.1 In the event of any default in the payment of installments, violation of the terms and conditions of the Agreement, the Lender may take all or any of the legal action herein referred and/ or before all the forums and also invoke its remedies available under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security ▇▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇ (▇▇▇▇▇▇▇▇ ▇▇▇) applicable in respect of the recovery of non-performing asset. The Lender is entitled to recover and dispose the Secured Asset as per the SARFAESI Act. The lender is further entitled to recover the balance dues if any after disposal of the Secured Asset. 16.2 The Borrower and Guarantor expressly recognize and accept that the Lender shall be absolutely entitled and have full power and authority to sell, assign or transfer in any manner, in whole or in part, and in such manner and on such terms as the Lender may decide, to any third party of the Lender’s choice without reference to or without written intimation to the Borrower and Guarantor. This includes reserving the right to the Lender to retain its power hereunder to proceed against the Borrower and Guarantor on behalf of the purchaser, assignee or transferee, for any or all outstanding dues of the Borrower and Guarantor. Any such action and any such sale, assignment or transfer shall bind the Borrower and Guarantor to accept such third party as creditor exclusively or as a joint creditor with the Lender, or as creditor exclusively with the right to the Lender to continue to exercise all powers hereunder on behalf of such third party and to pay over such outstanding amounts and dues to such third party and/or to the Lender as the Lender may direct. The Borrower and Guarantor acknowledge and undertake to pay to third parties the difference between the total loan amount and the amount received by the Lender, in the event of transfer of the portfolio to a third party. The third party shall have authority of the Lender to collect the due amounts.

Enforcement of Security Interest. 16.1 i. In the event of any default in the payment of installmentsinstalments, violation of the terms and conditions of the Agreement, the Lender may Bank shall be at liberty to take all or any of the legal action herein referred and/ or before all the forums and also invoke its remedies available enforce the security interest created by the Borrower(s) by invoking the provisions under the Securitisation Securitization and Reconstruction of Financial Assets and Enforcement of Security ▇▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇ (▇▇▇▇▇▇▇▇ ▇) ▇▇▇) , ▇▇▇▇, applicable in respect of the recovery of non-performing nonperforming asset. The Lender Bank is entitled to recover and dispose the Secured Asset Property as per the SARFAESI said Act. The lender Bank is further entitled to recover the balance dues Dues, if any after disposal of the Secured AssetProperty. 16.2 ii. The Borrower and Guarantor Co-borrower expressly recognize and accept agree that the Lender Bank shall be absolutely entitled and have full power and authority to sell, assign or transfer in any manner, in whole or in part, and in such manner and on such terms as the Lender Bank may decide, to any third party of the LenderBank’s choice without reference to or without written intimation to the Borrower and GuarantorCo- borrower. This includes reserving the right to of the Lender Bank to retain its power hereunder to proceed against the Borrower and Guarantor Co- borrower on behalf of the purchaser, assignee or transferee, for any or all outstanding dues of Dues payable by the Borrower and GuarantorBorrower. Any such action and any such sale, assignment or transfer shall bind the Borrower and Guarantor Co-borrower to accept such third party as creditor exclusively or as a joint creditor with the LenderBank, or as creditor exclusively with the right to the Lender Bank to continue to and exercise all powers hereunder on behalf of such third party and to pay over such outstanding amounts and dues to such third party and/or to the Lender Bank as the Lender Bank may direct. The Borrower and Guarantor Co-borrower acknowledge and undertake to pay to third parties the difference between the total loan Loan amount and the amount received by the Lender, in Bank. In the event of such transfer of the portfolio to a third party. The , the third party shall have authority of the Lender Bank to collect the due amountsamounts from the Borrower and Co-borrower.

Enforcement of Security Interest. 16.1 In the event of any default in the payment of installments, violation of the terms and conditions of the Agreement, the Lender may take all or any of the legal action herein referred and/ or before all the forums and also invoke its remedies available under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security ▇▇▇▇▇▇▇▇ ▇▇▇Interest Act, ▇▇▇▇ 2002 (▇▇▇▇▇▇▇▇ ▇▇▇SARFAESI Act) applicable in respect of the recovery of non-performing asset. The Lender is entitled to recover and dispose the Secured Asset as per the SARFAESI Act. The lender is further entitled to recover the balance dues if any after disposal of the Secured Asset. 16.2 The Borrower and Guarantor expressly recognize and accept that the Lender shall be absolutely entitled and have full power and authority to sell, assign or transfer in any manner, in whole or in part, and in such manner and on such terms as the Lender may decide, to any third party of the Lender’s 's choice without reference to or without written intimation to the Borrower and Guarantor. This includes reserving the right to the Lender to retain its power hereunder to proceed against the Borrower and Guarantor on behalf of the purchaser, assignee or transferee, for any or all outstanding dues of the Borrower and Guarantor. Any such action and any such sale, assignment or transfer shall bind the Borrower and Guarantor to accept such third party as creditor exclusively or as a joint creditor with the Lender, or as creditor exclusively with the right to the Lender to continue to exercise all powers hereunder on behalf of such third party and to pay over such outstanding amounts and dues to such third party and/or to the Lender as the Lender may direct. The Borrower and Guarantor acknowledge and undertake to pay to third parties the difference between the total loan amount and the amount received by the Lender, in the event of transfer of the portfolio to a third party. The third party shall have authority of the Lender to collect the due amounts.. For HINDUJA LEYLAND FINANCE LIMITED AUTHORISED SIGNATORY ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ CO-BORROWER GUARANTOR