WILFUL DEFAULTER. The Borrower shall be required to ensure that it shall not at any point of time during the currency of the Facilities so sanctioned to the Borrower by the Bank induct into the company any person who is a director on the board of any other company which has been classified as a wilful defaulter, and that in the event that the Bank ascertains that such a person has been inducted, then the Bank shall be within its rights to direct the Borrower to initiate appropriate steps for the removal of such a person.
Appears in 2 contracts
Sources: Master Facility Agreement, Master Facility Agreement