Lease Rental Discounting - Axis Bank
Lease Rental Discounting - Axis Bank
Lease Rental Discounting - Axis Bank
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38<br />
5) The Borrower agrees and confirms that the Lessee(s) shall in no way be liable<br />
except to the extent of remitting the amount being the receivables to the<br />
Designated account on due dates for any liability that the party has incurred or<br />
may incur or for any action that the <strong>Bank</strong> may take against Borrower.<br />
6) Lessee(s) confirms and agrees that in case of any premature termination of the<br />
<strong>Lease</strong> Agreement, the Borrower shall put to notice the <strong>Bank</strong> sufficiently well in<br />
advance that is at least about 6 months prior to the actual termination and the<br />
Borrower shall forthwith repay the amount outstanding with interest and other<br />
monies due to the <strong>Bank</strong>.<br />
7) Lessee(s) agrees and confirms that the Lessee(s) will not raise any claim, lien or<br />
charge on the said receivables during the tenure of the said loan and it shall be<br />
kept free from any encumbrances.<br />
8) The Lessee(s) agrees and confirms that the Lessee’s rights and interests in the<br />
premises shall always be subservient to all the <strong>Bank</strong>’s rights under the various Loan<br />
and security Agreements executed with the Borrower and nothing contained in<br />
<strong>Lease</strong> Agreement shall affect the <strong>Bank</strong>’s rights and interests in the premises.<br />
9) The Lessee(s) further confirms that any enhancement in the said receivables due<br />
under the Agreement shall also be directly remitted to the Designated account<br />
without the same being demanded by the <strong>Bank</strong> and the Lessee(s) shall not pay<br />
the enhanced portion directly to the Borrower till such time the loan is in force.<br />
10) This Agreement shall remain in force till such time the <strong>Bank</strong> issues an NOC to the<br />
effect that all the loan availed by Borrower are repaid to the <strong>Bank</strong> to their<br />
satisfaction till such time Borrower and Lessee(s) shall have no right to revoke the<br />
arrangement.<br />
11) The Borrower agrees and confirms to the <strong>Bank</strong> that they shall keep the property<br />
duly insured from any kind of risk which may result in the party of the first part<br />
terminating the <strong>Lease</strong> Agreement. The said insurance policy shall always be kept<br />
alive during the tenure of the said loan and the interest of the <strong>Bank</strong> shall always<br />
be noted and safe guarded in the said policy.<br />
12) All questions, differences or disputes whatsoever between the Parties or their<br />
representatives, touching upon responsibilities and obligations of the Parties or in<br />
any manner connected with the aforesaid terms, whether as to construction or<br />
otherwise shall be referred to the jurisdiction of the Courts in _______________.<br />
IN WITNESS WHEREOF PARTIES HERETO HAVE AFFIXED THEIR SIGNATURE ON THE DAY AND<br />
YEAR AS SPECIFIED IN THE SCHEDULE<br />
Signed and delivered by the within<br />
named<br />
Courts in<br />
the<br />
jurisdiction<br />
of the RAC<br />
/Branch<br />
may be<br />
filled in
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