Common use of Enforcement of Security Interest Clause in Contracts

Enforcement of Security Interest. Upon the occurrence of Event of Default and during its continuance, the Lender or its nominees may, without further authority and without prejudice to its other rights under any Applicable Law and under or pursuant to this Facility Agreement and after providing notice, enforce any or all of the Security, at the cost of the Borrower, and may apply the net proceeds of such enforcement towards the payment of the outstanding amounts in accordance with the Facility Agreement. The Lender may also enforce the Security provided by the Borrower, for any other facility availed by the Borrower from the Lender. However, if the enforcement of Security does not cover the full amount of the Financial Indebtedness of the Borrower, the Borrower agrees to pay to the Lender forthwith at the Lender’s demand such amount as will make up the shortfall. The Borrower hereby agrees to accept as conclusive proof of the correctness of any sum claimed by the Lender to be due from the Borrower in respect of the Facility. In any legal action or proceedings arising out of or in connection with this Facility Agreement, any entry made by the Lender in its books or a statement of account purporting to show an outstanding amounts due under this Facility Agreement and signed as correct by the duly authorized officer of the Lender shall be the conclusive evidence of the amount so due and shall be binding on the Borrower. The Lender on occurrence of any Event of Default shall apply and/or appropriate and/or set off any credit balance standing upon any account of the Borrower with the Lender towards satisfaction of any sum (whether of principal, interest or otherwise) due to the Lender hereunder from the Borrower.

Enforcement of Security Interest. Upon the occurrence of Event of Default and during its continuance, the Lender or its nominees may, without further authority and without prejudice to its other rights under any Applicable Law Law(s) and under or pursuant to this Facility Agreement and after providing notice, enforce any or all of the Security, at the cost of the Borrower, and may apply the net proceeds of such enforcement towards the payment of the outstanding amounts in accordance with the Facility Agreement. The Lender may also enforce the Security provided by the Borrower, for any other facility availed by the Borrower from the Lender. However, if the enforcement of Security does not cover the full amount of the Financial Indebtedness of the Borrower, the Borrower agrees to pay to the Lender forthwith at the Lender’s demand such amount as will make up the shortfall. The Borrower hereby agrees to accept as conclusive proof of the correctness of any sum claimed by the Lender to be due from the Borrower in respect of the Facility. In any legal action or proceedings arising out of or in connection with this Facility Agreement, any entry made by the Lender in its books or a statement of account purporting to show an outstanding amounts Outstanding Amounts due under this Facility Agreement and signed as correct by the duly authorized officer of the Lender shall be the conclusive evidence of the amount so due and shall be binding on the Borrower. The Lender on occurrence of any Event of Default shall apply and/or appropriate and/or set off any credit balance standing upon any account of the Borrower with the Lender towards satisfaction of any sum (whether of principal, interest or otherwise) due to the Lender hereunder from the Borrower.