OCCURRENCE OF SPECIFIED EVENT. On the occurrence of a Specified Event, the lender shall have the right to ask the Borrower to provide alternate receivables such that the cashflows from those receivables in the Designated Account provides a cover of 1.2 times over the Lender dues for the balance tenure of the facility. In case the Borrower is unable or fails to do so, the Lender has the right to ask the Borrower to prepay part of the loan, with the appropriate prepayment premium. In the event of the Borrower failing to do so, within 15 days of intimation, the event would be termed as an Event of Default.
Appears in 5 contracts
Samples: Trust and Retention Account Agreement, Trust and Retention Account Agreement, Trust and Retention Account Agreement
