Common use of Security Covenants Clause in Contracts

Security Covenants. (a) The Loan together with all interest, fees, commitment charges, costs, charges, expenses and other monies whatsoever stipulated in or payable under this Agreement and the other transaction documents shall be secured by the assets over which the Security has been created as specified in the Schedule (“Secured Assets”). (b) The Security will be created in favour of the Bank, as required by the Bank, in a form and manner acceptable to the Bank. (c) The Borrower/Co-Borrower(s) agrees that this Loan Agreement, and any Security hereby created or created subsequently, for and on account of the Loan, shall operate as a continuing security for all the obligations of the Borrower/Co-Borrower(s) in respect of the Loan, notwithstanding any partial payments or fluctuation of accounts. (d) In the event of failure to observe any of the conditions set out in the Loan/Security documents, the Bank can exercise their right on the Security and may enforce their right on the Secured Assets. (e) The Bank may, in exercise of the powers, cause the Secured Assets to be sold by public auction or otherwise. In order to facilitate sale of the Secured Assets, the Borrower/CoBorrower(s) agrees to execute and deliver transfer/sale letter to the Bank. (f) The Borrower/Co-Borrower(s) shall not, without the written consent of the Bank, create in any manner any charge, lien or other encumbrance on the Security given to the Bank in respect of such advance or create any interest in such Security in favour of any other third party or person. (g) On demand, the Borrower/Co-Borrower(s) agrees to deliver to the Bank post-dated cheques for the payment of EMIs and the Borrower/Co-Borrower(s) warrants that the cheques will be honoured on first presentation. Any non- presentation of a cheque due to any reason will not affect the liability of the Borrower/Co-Borrower(s) to pay the installments or any other sum. The Borrower/Co-Borrower(s) agrees to forthwith replace the cheque/issue fresh cheques if required by the Bank. The Borrower/Co-Borrower(s) shall not be entitled to call upon the Bank to refrain from presenting any cheque for payment and if the Borrower/Co-Borrower(s) does so, the Bank shall nevertheless be entitled to present the cheque for payment and in the event of dishonor, the provisions under Chapter XVII of the Negotiable Instruments Act, 1881 shall apply. (h) The Borrower shall notify the Bank, within 24 (twenty four) hours from the date of either (i) receipt of any demand/notice from a creditor (financial or operational), which may lead to proceedings under Insolvency and Bankruptcy Code, 2016; or (ii) the occurrence of a default with a creditor. (i) To bear and pay all taxes, rates, duties (including stamp duties), charges and other imposts and obligations, existing as well as future, in respect of this Agreement, the transactions hereunder and all writings executed pursuant to or in connection with this Agreement, including without limitation the expenditure incurred on the creation of any Security;

Security Covenants. (a) The Loan together with all interest, fees, commitment charges, costs, charges, expenses and other monies whatsoever stipulated in or payable under this Agreement and the other transaction documents shall be secured by the assets over which the Security has been created as specified in the Schedule (“Secured Assets”). (b) . The Security will be created in favour of the Bank, as required by the Bank, in a form and manner acceptable to the Bank. (c) . The Borrower/Co-Borrower(s) agrees that this Loan Agreement, and any Security hereby created or created subsequently, for and on account of the Loan, shall operate as a continuing security for all the obligations of the Borrower/Co-Borrower(s) in respect of the Loan, notwithstanding any partial payments or fluctuation of accounts. (d) . In the event of failure to observe any of the conditions set out in the Loan/Security documents, the Bank can exercise their right on the Security and may enforce their right on the Secured Assets. (e) . The Bank may, in exercise of the powers, cause the Secured Assets to be sold by public auction or otherwise. In order to facilitate sale of the Secured Assets, the Borrower/CoBorrower(sCo-Borrower(s) agrees to execute and deliver transfer/sale letter to the Bank. (f) . The Borrower/Co-Borrower(s) shall not, without the written consent of the Bank, create in any manner any charge, lien or other encumbrance on the Security given to the Bank in respect of such advance or create any interest in such Security in favour of any other third party or person. (g) . On demand, the Borrower/Co-Borrower(s) agrees to deliver to the Bank post-dated cheques for the payment of EMIs and the Borrower/Co-Borrower(s) warrants that the cheques will be honoured on first presentation. Any non- presentation of a cheque due to any reason will not affect the liability of the Borrower/Co-Borrower(s) to pay the installments or any other sum. The Borrower/Co-Borrower(s) agrees to forthwith replace the cheque/issue fresh cheques if required by the Bank. The Borrower/Co-Borrower(s) shall not be entitled to call upon the Bank to refrain from presenting any cheque for payment and if the Borrower/Co-Borrower(s) does so, the Bank shall nevertheless be entitled to present the cheque for payment and in the event of dishonor, the provisions under Chapter XVII of the Negotiable Instruments Act, 1881 shall apply. (h) . The Borrower shall notify the Bank, within 24 (twenty four) hours from the date of either (i) receipt of any demand/notice from a creditor (financial or operational), which may lead to proceedings under Insolvency and Bankruptcy Code, 2016; or (ii) the occurrence of a default with a creditor. (i) . To bear and pay all taxes, rates, duties (including stamp duties), charges and other imposts and obligations, existing as well as future, in respect of this Agreement, the transactions hereunder and all writings executed pursuant to or in connection with this Agreement, including without limitation the expenditure incurred on the creation of any Security;

Security Covenants. (a) i. The Loan together with all interest, fees, commitment charges, costs, charges, expenses and other monies whatsoever stipulated in or payable under this Agreement and the other transaction documents shall be secured by the assets over which the Security has been created as specified in the Schedule (“Secured Assets”). (b) ii. The Security will be created in favour of the Bank, as required by the Bank, in a form and manner acceptable to the Bank.Bank.‌ (c) iii. The Borrower/Co-Borrower(s) agrees that this Loan Agreement, Agreement and any Security hereby created or created subsequently, for and on account of the Loan, shall operate as a continuing security for all the obligations of the Borrower/Co-Borrower(s) in respect of the Loan, notwithstanding any partial payments or fluctuation of accounts. (d) In the event of failure to observe any of the conditions set out in the Loan/Security documents, the Bank can exercise their right on the Security and may enforce their right on the Secured Assets. (e) iv. The Bank may, in exercise of the powers, cause the Secured Assets to be sold by public auction or otherwise. In order to facilitate sale of the Secured Assets, the Borrower/CoBorrower(sCo-Borrower(s) agrees to execute and deliver transfer/sale letter to the Bank. (f) v. The Borrower/Co-Borrower(s) shall not, without the written consent of the Bank, create in any manner any charge, lien or other encumbrance on the Security given to the Bank in respect of such advance or create any interest in such Security in favour of any other third party or person. (g) vi. On demand, the Borrower/Co-Borrower(s) agrees to deliver to the Bank post-dated cheques for the payment of EMIs and the Borrower/Co-Borrower(s) warrants that the cheques will be honoured on first presentation. Any non- presentation of a cheque due to any reason will not affect the liability of the Borrower/Co-Borrower(s) to pay the installments or any other sum. The Borrower/Co-Borrower(s) agrees to forthwith replace the cheque/issue fresh cheques if required by the Bank. The Borrower/Co-Borrower(s) shall not be entitled to call upon the Bank to refrain from presenting any cheque for payment and if the Borrower/Co-Co- Borrower(s) does so, the Bank shall nevertheless be entitled to present the cheque for payment and in the event of dishonor, the provisions under Chapter XVII of the Negotiable Instruments Act, 1881 shall apply. (h) vii. The Borrower shall notify the Bank, within 24 (twenty four) hours from the date of either (i) receipt of any demand/notice from a creditor (financial or operational), which may lead to proceedings under Insolvency and Bankruptcy Code, 2016; 2016 or (ii) the occurrence of a default with a creditor. (i) viii. To bear and pay all taxes, rates, duties (including stamp duties), charges and other imposts and obligations, existing as well as future, in respect of this Agreement, the transactions hereunder and all writings executed pursuant to or in connection with this Agreement, including without limitation the expenditure incurred on the creation of any Security;.