Borrower’s Covenants Sample Clauses
The Borrower’s Covenants clause sets out specific promises and obligations that the borrower must fulfill throughout the term of a loan or credit agreement. These covenants typically include requirements such as maintaining certain financial ratios, providing regular financial statements, or refraining from taking on additional debt without the lender’s consent. By clearly outlining these ongoing duties, the clause helps protect the lender’s interests and ensures the borrower remains financially responsible, thereby reducing the risk of default.
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Borrower’s Covenants a. The Borrower/s agree and undertake to utilize the entire amount of the Loan, only for the End Use and shall not use the Loan amount for any speculative or illegal purposes.
b. The Borrower/s shall notify, in writing, to the Lender, of any change in the residence, contact numbers, employment, business or profession within 7 (Seven) days from the date of such change.
c. In case the Borrower/s commit a default in payment or repayment of the Principal Amount and the Interest thereon, the Lender, the National Housing Bank (“NHB”), the Reserve Bank of India (“RBI”) and / or any agency, statutory body, etc., so appointed by the NHB or RBI, will have an absolute right to disclose or publish the details of the default and the name of the Borrower/s as defaulters, in such manner and through such medium, as the Lender or the NHB or the RBI, in their absolute discretion, may think fit.
d. All the necessary Consents and approvals for availing the Loan shall be obtained and maintained by the Borrower/s and they shall at all times be in compliance with such Consents and approvals.
e. The Borrower/s shall not violate any covenant, conditions or stipulations under any existing agreement(s) entered into by them, by availing the Loan from the Lender, in a form and manner required by the Lender.
f. The Borrower/s shall inform the Lender of the happening of any Event of Default or any event which after the notice or lapse of time or both would become an Event of Default forthwith without any delay and demur.
g. The Borrower/s shall execute, forthwith and without any delay, demur or protest, all such documents, including this Agreement and other Transaction Documents, as may be prescribed by the Lender from time to time, for giving effect to the terms of this Agreement, including without limitation bank statements, salary slips, income tax returns, and such other documents.
Borrower’s Covenants. Borrower does hereby covenant and agree with Bank that, so long as any of the Obligations remain unsatisfied or any commitments hereunder remain outstanding, Borrower at all times will comply or cause to be complied with the following covenants:
Borrower’s Covenants. Borrower covenants and agrees that, until the Loan and all other amounts owing to Lender under the Loan Documents have been paid in full and all Secured Obligations have been satisfied, Borrower shall perform all of the covenants in this Article 6.
Borrower’s Covenants. Borrower makes the following agreements and covenants, which shall continue so long as this Loan and Security Agreement is in effect and so long as Borrower is indebted to Lender for obligations arising out of, identified in, or contemplated by this Loan and Security Agreement.
Borrower’s Covenants. The Borrower covenants as follows:
Borrower’s Covenants. 3.1 As and when he becomes, and for so long as he remains a shareholder of Borrower Company, Borrower covenants irrevocably that during the term of this Agreement, Borrower shall cause Borrower Company:
3.1.1 to strictly abide by the provisions of the Exclusive Option Agreement and the Exclusive Business Cooperation Agreement (“Exclusive Business Cooperation Agreement”) to which the Borrower Company is a party, and to refrain from any action/omission that may affect the effectiveness and enforceability of the Exclusive Option Agreement and Exclusive Business Cooperation Agreement.
3.1.2 at the request of Lender (or a party designated by Lender), to execute contracts/agreements on business cooperation with Lender (or a party designated by Lender), and to strictly abide by such contracts/agreements;
3.1.3 to provide Lender with all of the information on Borrower Company’s business operations and financial condition at Lender’s request;
3.1.4 to immediately notify Lender of the occurrence or possible occurrence of any litigation, arbitration or administrative proceedings relating to Borrower Company’s assets, business or income;
3.1.5 at the request of Lender, to appoint any persons designated by Lender as directors of Borrower Company;
3.2 Borrower covenants that during the term of this Agreement, he shall:
3.2.1 endeavor to keep Borrower Company to engage in its principle businesses;
3.2.2 abide by the provisions of this Agreement, the Power of Attorney, the Equity Interest Pledge Agreement (“Equity Interest Pledge Agreement”) and the Exclusive Option Agreement to which the Borrower is a party, perform his obligations under this Agreement, the Power of Attorney, the Equity Interest Pledge Agreement and the Exclusive Option Agreement, and refrain from any action/omission that may affect the effectiveness and enforceability of this Agreement, the Power of Attorney, the Equity Interest Pledge Agreement and the Exclusive Option Agreement;
3.2.3 not sell, transfer, mortgage or dispose of in any other manner the legal or beneficial interest in Borrower Equity Interest, or allow the encumbrance thereon of any security interest or the encumbrance, except in accordance with the Equity Interest Pledge Agreement;
3.2.4 cause any shareholders’ meeting and/or the board of directors of Borrower Company not to approve the sale, transfer, mortgage or disposition in any other manner of any legal or beneficial interest in Borrower Equity Interest, or allow the encumbrance th...
Borrower’s Covenants. The Borrower agrees with the Bank that, from the date of this Agreement and until the Loans are paid in full and all obligations under this Agreement and the other Loan Documents are fully performed and this Agreement has been terminated:
Borrower’s Covenants. Borrower covenants and agrees with Governmental Lender and Bank that until the full and final payment of all sums owed under the Borrower Loan Documents and the Funding Loan Documents, unless Bank waives compliance in writing:
Borrower’s Covenants. 19.1 The Borrower covenants to perform, at its expense, the matters described in each of the following items on and after the date of this Agreement, and until this Agreement is terminated and the Borrower completes the performance of all of its obligations under this Agreement to each Lender and the Agent.
(i) If any matter described in each item of Clause 22.1 or 22.2 (including the event which constitutes default when a default is not cured upon passage of the relevant curing period) has occurred, or is likely to occur, the Borrower shall immediately notify the Agent and All Lenders thereof.
(ii) The Borrower shall submit a copy of the Reports, within 60 days from the first quarter-end, second quarter-end, and third quarter-end of the fiscal year, respectively, to All Lenders through the Agent.
(iii) The Borrower shall submit a copy of the audited Reports, within 105 days from end of the fiscal year, to All Lenders through the Agent.
(iv) The Borrower shall submit to the Agent any documents, with the number of copies and in the form designated by the Agent, that could confirms the compliance of matters described in Article 20 and Article 21 below, respectively within 60 days from the end of each fiscal quarter and six months closing (mid-year), as well as within 105 days from the end of each fiscal year.
(v) The Borrower shall submit a copy of the Reports, within 60 days from the first quarter-end, second quarter-end, and third quarter-end of the fiscal year, respectively, of FASL LLC, to All Lenders through the Agent.
(vi) The Borrower shall submit a copy of the audited Reports of FASL LLC, within 105 days from end of the fiscal year of FASL LLC, to All the Lenders through the Agent.
(vii) Upon a request made by the Agent or a Lender through the Agent, the Borrower shall immediately notify to the Agent of the conditions of the assets, management, or businesses of the Borrower, its Subsidiary and FASL LLC, and shall provide the necessary assistance to facilitate the investigations thereof.
(viii) If any material change has occurred, or is found to be likely to occur with the passage of time, to the conditions of the assets, management, or businesses of the Borrower and its Affiliates, or if any lawsuit, arbitration, administrative procedure, or any other dispute, which will materially affect, or is likely to materially affect, the performance of the obligations of the Borrower under this Agreement, has commenced, or is found to be likely to commence, th...
Borrower’s Covenants. Borrower further covenants and agrees with Lender as follows: