REGULATORY DECLARATION Clause Samples

REGULATORY DECLARATION. Declarations (in case Borrower is a company): By signing this Agreement, the Borrower hereby declares that as at the date hereof, none of its directors or Guarantor (or any of its directors, if applicable) is a director/senior officer of a director/senior officer of a banking company, or in a specified near relation of a director/senior officer of the Lender. Except to the extent disclosed to the Bank, all the Borrower's contracts or agreements with, or any commitments to, any affiliates or group companies (if applicable) are on arm's length basis. Further, no director of the Bank is a director, manager, managing agent, employee or guarantor of the Borrower/its subsidiary/holding company, or holds substantial interest, in the Borrower/its subsidiary/holding company and no directors of any other Bank, including directors of scheduled cooperative bank and directors of subsidiaries/trustees of mutual fund/venture capital funds holds substantial interest or is interested as director or as a guarantor of the Borrower. The Borrower or any directors/ promoters/ associate concerns/ of any of the Borrower (including the Guarantor) are not and, to the best of their knowledge:: (i) on the Export Credit Guarantee Corporation's (ECGC's) specified approval list; or (ii) convicted under the provisions of Conservation of Foreign Exchange and Prevention of Smuggling ▇▇▇▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇; or (iii) on RBI's wilful defaulters/ caution list; or (iv) on the Lender's defaulter list; or (v) or not qualified to act as director in accordance with applicable Law. In case where the above negative confirmations/ declarations are not true, then the Borrower shall provide a written declaration with details of such relationship to the Lender. If the details of such declaration change during the term of the Facility, then the Borrower shall promptly provide a written declaration to the Lender of any such changes.