The below Terms and Conditions are part of the overall Lending Facility Arrangement between Rupifi and all its Lending Partners (or “Lenders”)
The expression ‘Borrower’, unless it be repugnant to the context or meaning thereof, shall mean and include: (i) in the event that the Borrower is a Company within the meaning of the Companies Act, 2013 or a Limited Liability Partnership, incorporated under the Limited Liability Partnership Act, 2008, its successors; (ii) in the event that the Borrower is a partnership firm for the purposes of the Indian Partnership Act, 1932, the partners for the time being and from time to time and their respective legal heirs, executors and administrators, legal representatives and successors; (iii) in the event that the Borrower is a sole proprietorship, the sole proprietor and his/ her legal heirs, administrators, executors and legal representatives; (iv) in the event that the Borrower is an individual, his/her legal heirs, administrators and executors; (v) in the event that the Borrower is a joint Hindu Undivided Family, the Karta and any or each of the adult members of the HUF and their survivor(s) and his / her / their respective heirs, executors, administrators; (vi) in the event that the Borrower is a Society, the members of the governing body of the Society and any new members elected, appointed or co-opted thereon; (vii) in the event that the Borrower is a Trust, the Trustee or Trustees for the time being thereof and their respective legal heirs, executors, administrators and successors;
WHEREAS at the request of the Borrower, the Lender has agreed to grant to the Borrower a Line of Credit Facility (as defined hereinafter) for the purpose, subject to and upon the terms and conditions and in the manner as contained below
2.1 The Borrower hereby agrees to share and authorise Rupifi and Lender to obtain and exchange credit information about the Borrower from CICs (Experian, CRIF High Mark, Transunion CIBIL and/or Equifax) and the information provided in this Application about the Borrower for the purpose of providing this credit facility through our Lending Partners (or Lenders).
2.2 The Borrower further agrees and consents for Rupifi and Lender to share their information or data (including sensitive personal data) with Rupifi in connection with the services for promoting, marketing, facilitating, improving, developing, or otherwise providing services associated with the facility, including, but not limited to contacting them for successful onboarding, KYC, regular audit, repayment collection and support through channels like Email, IVR, Call, WhatsApp and SMS.
2.3 The Borrower also understands that and authorises Rupifi to share their information with affiliates and partners for improving their experience in obtaining and using the credit facility on an ongoing basis.
3.1 The Borrower hereby agrees to avail from the Lender and the Lender hereby agrees to grant to the Borrower, a Line of Credit facility (“Line of Credit Facility”) for the tenure (“Tenure”) and the purpose (“Purpose”) mentioned in the Schedule hereto, starting with an Operating Limit for the first month as specified in the Schedule (“Initial Credit Limit”). The Operating Limit shall be applicable from the first date of the relevant month till the last date of the same month (both inclusive)
3.2 The Borrower shall be entitled to operate/ utilize the Line of Credit Facility by making withdrawals from the Rupifi Credit Line Account for specific Partner ONLY, opened and maintained by the Borrower with the Partner and Rupifi in one lumpsum or in suitable instalments from time to time, as the Borrower may deem fit. The Lender may, at the request of the Borrower, in Lender’s sole discretion, be entitled to vary/ re-set (including increase) the Initial Credit Limit and/or, as the case may be, any Operating Limit, subject to such additional terms and conditions as the Lender may deem fit. Notwithstanding anything stated hereinabove, the Lender may from time to time in its absolute discretion and without assigning any reason thereof, be entitled to reduce the Initial Credit Limit and/or, as the case may be, any Operating Limit as the Lender may deem fit in this regard. The Lender may in its discretion change and/or reduce the Tenure without assigning any reason therefor.
3.3 The Borrower has understood and is aware of the Lender’s methodology of computing the Operating Limit and shall keep itself informed of the Operating Limits applicable to a particular month before drawing any monies under the Line of Credit Facility.
3.4 The Borrower shall utilize the Line of Credit Facility solely for the Purpose of transactions made on Partner platform
3.5 The Lender shall be under no obligation to meet any further requirements of the Borrower on account of growth in its business, etc. without proper review of credit limits.
3.6 The amounts drawn/utilized from the Line of Credit Facility i.e. the principal, together with the interest, compound interest, default interest, any other charges, dues and monies payable, costs and expenses reimbursable, as outstanding from time to time and whether any of them are due or not, are hereinafter collectively referred to as “Outstanding Balance”.
4.1 The obligation of the Lender to allow the Borrower to utilize or continue to utilize the Line of Credit Facility shall be subject to fulfilment all of the following conditions:
(a) The Borrower continues to meet the Lender’s requirement of creditworthiness for which the Lender may make such enquires as it deems fit.
(b) No Event of Default shall have happened
(c) The Lender should be satisfied that the proposed utilization and all prior utilization of the Line of Credit Facility is only towards the Purpose;
(d) The Borrower shall have provided, duly executed and delivered/ obtained such guarantee/s, Security documents, other documents, writings as required by the Lender and handed over to Lender such payment instruments including cheques/inchoate cheques, as may be required by the Lender
(e) Where the Borrower is a Non Resident Indian or a Person of Indian Origin as per the provisions of the Foreign Exchange Management Act, 2000 or other law in force in India relating to foreign exchange, the Borrower shall have obtained all permissions, authorizations, approvals, consents, sanctions and fulfilled all conditions prescribed under the Applicable Law, as may be required for the entry into, execution and delivery of the Lending Facility including for borrowing and creation of Security hereunder
(f) The Borrower hereby irrevocably agrees and confirms that the decision of the Lender in regard to the fulfilment by the Borrower of the aforesaid conditions shall be final and binding on the Borrower
5.1 Notwithstanding anything to the contrary contained in the Lending Facility Agreement or any other document: (i) the Outstanding Balances at any time are recallable on demand at the exclusive discretion of the Lender and shall be payable in full by the Borrower to the Lender forthwith upon a demand in this regard by the Lender; (ii) The Lender may at any time, without the grant of any prior notice to the Borrower, terminate or cancel the Line of Credit Facility terminating forthwith any further utilization under the Line of Credit Facility and the Borrower shall forthwith ensure that sufficient funds are made available in the Line of Credit Account to ensure that all the Outstanding Balances are duly paid and satisfied to the Lender.
5.2 The entire Outstanding Balance as at the end of the Tenure shall, if not demanded/recalled earlier by the Lender, be repayable/payable by the Borrower on the last business day of the Tenure.
The Borrower agrees to pay to the Lender, interest on the Line of Credit Facility on a monthly basis as follows:
6.1 The Line of Credit Facility shall carry interest at the Interest Rate as applicable from time to time. The interest shall be payable on the outstanding amounts drawn from the Line of Credit Facility and any other Outstanding Balance which is due for payment. The interest shall be payable monthly on such due dates as specified by the Lender. Without limiting the Borrower’s obligation as above, the Lender will communicate such change/reset of Interest Rate to the Borrower.
6.2 The Borrower hereby confirms and acknowledges that he/it has fully understood the mode and manner of computation of the Interest Rate.
6.3 The Interest Rate excludes interest tax, if any, and other statutory dues which would also be payable by the Borrower additionally.
6.4 Interest and any other charges shall be computed on the basis of a year of three hundred and sixty- five days. The Lender may in its discretion modify the basis of the year and the periodicity of the interest.
6.5 Without prejudice to the right of the Lender to demand immediate repayment of the amounts drawn under the Line of Credit Facility, if any interest remains unpaid on the date it is due and payable, then the unpaid interest will be compounded monthly or in such other manner as may be permitted by the Reserve Bank of India.
6.6 No disputes, whether actual, contingent or otherwise and whether between the Borrower and the Lender or the Borrower and any third party shall entitle the Borrower, under any circumstance to withhold the payment of any Outstanding Balance including interest/ fees/ amounts/charges/dues payable and timely payments by the Borrower being the essence of the Lending Facility.
6.7 Without prejudice to the Lender’s rights and remedies under contract and/or law: in case of any breach by the Borrower of any of the terms and conditions contained herein, including non-payment of Outstanding Balance and/or principal/interest/dues/ charges/ fees payable when due; the Borrower shall be liable to pay default interest (“Default Interest”) at the rate specified in the Schedule hereto or such other rate which the Lender may fix from time to time (“Default Interest Rate”), from the date of default of payment till the date of actual payment in full or cure of default to the satisfaction of the Lender, as the case maybe. Also it is hereby clarified that the obligation to pay Default Interest shall no
7.1 The payment of the Outstanding Balance due by the Borrower shall be made on or before the respective due dates, at such place as the Lender may require, without any set-off or counterclaim or withholding or deduction (save as required by law in which case the amount payable by the Borrower to the Lender shall be increased to the amount which after making such deduction or withholding equals the original due amount as if no withholding or deduction were required), by way of one or more modes and instruments including inchoate cheques, post- dated cheques (PDCs)/ other mode/instrument, as acceptable to the Lender from time to time. If any due date falls on a non-business day of the Lender, the payment shall be made by the Borrower on the immediately preceding business day of the Lender.
7.2 In case of cheques/other instrument (including inchoate cheques), the payment shall be deemed to have been made by the Borrower only at the point of time the sum is credited and realized fully in Lender’s account irrespective of the date of instrument or time of receipt or presentation of instrument. Only on realization of the Outstanding Balance by any mode as above in the account of the Lender, the Lender shall credit the Line of Credit Account of the Borrower.
7.3 Inchoate Cheques:(i) Without limiting the Borrower’s obligation to fund the Line of Credit Account for such repayment, the Lender shall be entitled to deposit one or more of the inchoate cheques issued by the Borrower in favour of the Lender by filling in the appropriate amounts in the inchoate cheques towards such repayment as above.(ii) The Borrower hereby further, separately, unconditionally and irrevocably authorises the Lender acting through any of its officers and/ or agents to do, execute and perform all or any of the following acts, deeds, matters and things on behalf of the Borrower and at the cost and risk of the Borrower, that is to say :-a) to fill in the dates and amounts in one or more of the said inchoate cheques and deposit the same, in its absolute discretion, towards payment/ repayment of any part of Outstanding Balance.b) To appoint or engage any agent, courier agencies, correspondent banks for ensuring safe holding of cheques and having the same picked up, processed and cleared at the Borrowers’ risks and costs.c) The Borrower hereby further agrees to ratify and confirm all and whatsoever that the Lender shall do or cause to be done in or about the premises by virtue of the authority herein given.(iii) The Borrower further undertakes to honour all the cheques when presented for payment by the Lender and not to take any steps, which in any way are likely to affect the payment thereunder to the Lender. The Borrower shall always maintain sufficient funds in the account to which the said cheques relate to and shall at no time close the such bank account/s and/or issue any communication to the relevant bank, for stopping or postponing the presentment of the said cheques. Notwithstanding anything stated above, any such communication issued by the Borrower shall be regarded as a breach and the Lender shall not be bound to take notice thereof. Prior to the said inchoate cheques being exhausted, the Borrower shall issue PDCs to the Lender, irrespective of whether being called upon by the Lender to do so, and all such inchoate cheques/ PDCs would be governed by the provisions under the Terms and Conditions. The Lender shall not be responsible to intimate the Borrower about the utilization/amortization of the cheques and need for submission of further inchoate cheques.(iv) The Borrower hereby agrees, acknowledges and confirms that the authority given by the Borrower to the Lender as aforesaid to fill in the details of the cheques including the amounts payable is as permitted under the provisions of Applicable Law. The Borrower, however, agrees and confirms that in the event the acts of the Lender in filling the cheques as aforesaid are construed by any court, tribunal, judicial, quasi-judicial, statutory, regulatory, other authority or other person or forum whether governmental, semi-governmental or non-governmental to be in alteration (within the meaning of the Negotiable Instruments Act, 1881):(v) the Borrower hereby expressly provides its upfront consent for such an alteration and confirms that by reason of such alteration, the cheques shall not be construed to be void or otherwise unenforceable; and(vi) the Borrower hereby confirms that such alteration is made to record the common intention of the Lender and the Borrower, which common intention is to fill in the cheques/ instruments with the amounts that may be due by the Borrower to the Lender from time to time and to present the same for payment on such due dates as the Lender may in deem fit.(vii) Where any such inchoate cheque is dishonoured and/or replaced by the bank (at the request of the Borrower), the Borrower shall be required to pay such administrative charges to the Lender as mentioned in the application form and/ or Schedule hereto and/or as may be stipulated by the Lender from time to time which shall be without limiting the Borrower’s liability to Lender, civil or criminal for such dishonour.
7.4 No payment in cash to or any payment in the name of any Direct Marketing Associates/Agent (DMA), Direct Selling Agent(DSA) appointed by the Lender shall be made by the Borrower and if any payment is made, the Lender shall not be liable to give any credit to the Borrower for the same and the Lender shall not be responsible to take due account of the same.
7.5 In case of any amount received/realized/recovered from the Borrower/other obligors/Security, the same shall be adjusted/appropriated by the lender in following order:(a) taxes, costs, expenses, charges, fees, incidental charges including premature closure charges and other monies that may have been expended by the Lender in connection with the Lending Facility, (b) towards any charges, commissions, fees, taxes, levies (wherever applicable); (c) Default interest, (d) Interest payable, (e) Principal amount, (f) Other indebtedness of the Borrower to the Lender. The Lender may however change the aforesaid sequence in its sole discretion.
The Borrower shall be entitled to request for prematurely closing the Line of Credit Facility only up on the realization by the Lender of all Outstanding Balance.
Notwithstanding anything, the Borrower shall be liable to deposit in the Line of Credit Account for payment to the Lender, the Minimum Amount Due on the 10th calendar day of every month (“Relevant Month”) Provided that in the event the Minimum Amount Due is not so deposited by such date as mentioned above, such amount shall be added over while computing the Minimum Amount Due for the next/ succeeding month along with Default Interest, without prejudice to the Lender’s rights and remedies on occurrence of an Event of Default and such addition shall not act as a waiver by Lender of remedies/ consequences of any Event of Default.
Affirmative Covenants: The Borrower hereby covenants with the Lender that: (i)The Borrower shall forthwith inform the Lender in the event of (a) any representation or warranty being or becoming untrue or incorrect on any day or at any time, and/or (b) happening of any Event of Default and/or (c) any change in the terms or place of employment, business or profession of the Borrower; (d) receiving a notice of application/ petition being filed / intended to be filed/ (including for the insolvency / winding up) against the Borrower or any of their properties or if a custodian or receiver is appointed for any of the Borrower’s properties, business or undertaking and/or Security (e) if any part of the Borrower’s properties, business or undertakings and/or Security is / are attached or incurs any damage/ additions/ alterations (f) if any other circumstance which may have an adverse impact on the Security and/or the repayment of the Line of Credit Facility by the Borrower; (g) change in his resident status of the Borrower (ii) (where the Borrower is a Sole Proprietorship), it confirms that the Line of Credit Account opened in the name of the Borrower i.e. the sole proprietorship firm shall only be operated by the sole proprietor/ proprietress mentioned in the Schedule hereto and such person shall be responsible for all liabilities arising thereof. Further, the Borrower shall inform the Lender of any change in its constitution, in which case the sole proprietor/ proprietress mentioned in the Schedule hereto shall be liable and continue to be liable to the Lender for any obligations of the Borrower to the Lender and until the Final Settlement Date (iii) Whenever required by the Lender, the Borrower shall furnish to the Lender all such information, statements, particulars, estimates and reports including audited quarterly income statements, financial statements, annual income statements, tax returns and/or such other documents in form and detail satisfactory to the Lender; (iv) The Borrower shall accept the statement of accounts and computation of interest by the Lender as final and binding on himself/ itself. The Borrower agrees to accept the statement of account sent by the Lender or by any other authorized representative of the Lender as conclusive proof of the correctness of any sum claimed to be due from him
Negative Covenants: Unless otherwise approved by the Lender in the form of prior written consent, the Borrower shall: (a) neither enter into any scheme of merger, amalgamation, compromise or reconstruction, dissolution nor permit any change in the capital structure, ownership, management or control of the Borrower including any event whereby the effective beneficial ownership, management or control of the Borrower shall change; (b) neither make any amendments in the Borrower’s Memorandum and Articles nor change the composition/ constitution of the Borrower; (c) neither create, assume or incur any further indebtedness of a long term nature (including borrowing, standing as surety or issuing guarantees) whether for borrowed money or otherwise, nor declare any dividend until the Outstanding Balances hereunder have been paid in full; (d) not induct into its Board of Directors a person whose name appears in the wilful defaulters list of RBI or CIBIL and take expeditious and effective steps for the removal of such a person, where he/ she is already a member of the Board of Directors; (e) not leave India for employment or business or for long term stay abroad or change the nature of the current business, employment, profession, trade without fully repaying the Outstanding Balances; (f) not utilize the Line of Credit Facility for any other purposes, other than those as stated in the application form or as represented hereunder.
Each of the Borrowers hereby represents and warrants as on the date hereof, which representations and warranties shall be deemed to have been repeated by the Borrower (1) as on the respective date of each utilization of the Line of Credit Facility, and (2) on every day from the date of the Lending Facility Agreement until the Final Settlement Date: (a) That the Borrower (i) is a major, of sound mind, solvent and competent to contract (where the Borrower is an individual); (ii) is a trust/society/company/partnership firm/Hindu Undivided Family/LLP/other body corporate (as mentioned in the Schedule hereto) duly constituted, incorporated or registered and validly existing and licensed to do business under the applicable laws of India; (iii) The Borrower (if an individual) or each of the partners (in case the Borrower is a partnership firm), is a citizen of India.(b) The person(s) executing the Lending Facility and all other incidental/ ancillary documents on behalf of the Borrower has/have been duly authorised in that regard and are entitled to sign, deliver and do all such acts/ deeds/ things as may be required by the Lender pursuant hereto; (c) All the necessary resolutions, certificates, writings, consents, authorizations, approvals, no-objections, whether under law or under contract, from statutory, regulatory, local and other authorities/body or any other person (wherever applicable), for entry into, execution and performance of the Lending Facility have been duly obtained and are and shall continue to be in full force and effect;(d)That neither any action, suit or proceedings (including winding up, bankruptcy proceeding, proceedings under the Income Tax Act, 1961) is pending before any Court of Law, tribunal, any quasi-judicial tribunal, statutory/ regulatory or other body/authority or arbitration, against the Borrower and/or it’s assets nor any adverse claims/ show cause notice for enquiry, acquisition, requisition, notification or order of any governmental authority or any other authority has been issued or received by the Borrower which could affect the ability of the Borrower to create the Security and/or prejudice the rights of the Lender; (e) That the Borrower has from time to time always duly paid and will pay to the competent authorities, when due, all maintenance and other charges including all public demands such as income tax, property taxes and all other taxes and revenue, levies (wherever applicable) required to hold the Security; (f) That the information furnished by the Borrower for availing of the Line of Credit Facility is, and shall be, true, complete and correct in all material aspects and there has been no concealment by the Borrower of any such information in any manner whatsoever; (g) neither the execution, delivery of the Lending Facility nor any actions/ acts/transactions pursuant thereto, conflict with/breach/ or cause a default under Borrower’s constitutional documents, any applicable law or other legal restriction (including, any judgment, order, injunction, decree or ruling of any court or authority) or any instrument by which the Borrower or any of its property is/ will be bound.
12.1 Happening or occurrence of any of the following events shall constitute an “Event of Default”: (a) Failure and/ or breach on Borrower’s part to perform any of the obligations or terms or conditions applicable with any other person including non-payment in full of any part of the Outstanding Balance when due or when demanded by Lender; (b) any misrepresentations or misstatement by the Borrower; (c) the event of death, winding up, failure in business, insolvency, bankruptcy, or initiations of any proceedings/ actions/ notices for any of them, change or termination of employment/profession/business for any reason whatsoever (where the Borrower is an Individual) or change in the constitution, management or existing ownership or control of the Borrower including by reason of liquidation, amalgamation, merger, reconstruction (where the Borrower is a Company); (d) If it is certified by an independent Chartered Accountant or valuer (appointed by the Lender in its sole discretion), that the liabilities of the Borrower exceed the Borrower’s assets or that the Borrower is carrying on business at a loss;(e) If any circumstance or event occurs which is or is likely to prejudice, impair, imperil, depreciate or jeopardize the capacity of the Borrower to repay the Line of Credit Facility or any part thereof including where the Borrower ceases to enjoy the confidence of the Lender; (f) If subsequent to the grant of the Line of Credit Facility the Borrower (in case of an individual) is/are divorced or is a party to any proceeding in any family court/ settlement/ dispute; (g) If the Borrower becomes lunatic or is convicted under any criminal law in force;
12.2 If any Event of Default or any event which, after the notice or lapse of time or both would constitute an Event of Default shall have happened, the Borrower shall forthwith give the Lender notice thereof in writing specifying such Event of Default, or such event.
12.3 On the question whether any of the above events/circumstances has occurred/ happened, the decision of the Lender shall be final, conclusive and binding on the Borrower.
12.4 Upon happening/occurrence of any Event of Default, without prejudice to Lender’s rights and remedies under contract or law, and without necessity of any demand upon or notice to the Borrower, all of which are hereby expressly waived by the Borrower, the Lender may at its absolute discretion, pursue any or all of the following, and whether simultaneously or independently or otherwise,:(i) declare the entire Outstanding Balance and all of the obligations of the Borrower to the Lender hereunder, to have become due and payable by the Borrower to Lender forthwith thereupon, in which event the Borrower shall be liable to forthwith pay to the Lender the entire Outstanding Balance;(ii) to exercise, initiate and pursue any action, rights, notices, remedies, any proceedings (including litigation), whether civil, criminal or otherwise in nature, and including for recovery of Outstanding Balance.
The Borrower(s) shall pay to Lender, the charges, fees, commissions, etc including annual maintenance fee, processing fee, premature closure charges specified in the Schedule hereto/ application form or as specified by the Lender from time to time, within such time or upon occurrence of such events as specified and if not specified then forthwith upon demanded by the Lender. All other present and future costs and expenses, taxes (as applicable from time to time), any related levy, stamp duty, registration charges, if any, in relation to the Line of Credit Facility, Security, Security documents, other documents/any transaction pursuant thereto, irrespective of who the beneficiary is, shall be borne and payable solely by the Borrower, including for investigation of the title of any property and for the creation, preparation, preservation, performance, enforcement of Security, realization and recovery of Line of Credit Facility, initiating/defending/pursuing any action/ notices/ legal proceedings by the Lender pursuant hereto. In case of any such sums if paid or incurred by the Lender, the Borrower shall be liable to reimburse the same to the Lender in full forthwith.
Assignment: The Lender shall at any time, without any consent of or notice to the Borrower(s) be entitled to securitise, sell, assign, discount or transfer all or any part of the Lender’s rights and obligations under the Line of Credit Facility, Security, Security documents, or any other document, to any person(s) and in such manner and on such terms as the Lender may decide. Any such sale, assignment, securitization or transfer shall conclusively bind the Borrower and all other persons. The Borrower shall not be entitled to directly or indirectly assign or in any manner transfer, whether in whole or part, any rights, the benefit or obligation under the Line of Credit Facility, Security, Security documents, other document or any part thereof.
14.1 The Lender shall maintain a record of the Outstanding Balance payable by the Borrower to the Lender and any certificate in writing signed by an officer of the Lender pursuant to such record, stating the amount due at any particular time shall be final and conclusive evidence against the Borrower in respect of such recorded Outstanding Balance being due.
14.2 The tenure / repayment schedule/ interest rate and frequency of payment/ other terms and conditions of the Line of Credit Facility are subject to change as a consequence to any change in the money market conditions or on account of any other statutory or regulatory requirements or at the Lender’s discretion. The Lender reserves the right to review and amend the terms in such manner and to such extent as it may deem fit
14.3 The Borrower shall indemnify and keep indemnified the Lender against all actions, suits, proceedings and all costs, charges, expenses, losses or damages which may be incurred or suffered by the Lender by reason of any false or misleading information given by the Borrower to the Lender hereunder or any breach / default / contravention/ non-observance/ non-performance by the Borrower of any terms, conditions, and provisions hereunder. The Lender shall be entitled to include any amount payable by the Borrower under this clause in the Outstanding Balance due being the subject matter.
14.4 The rights, powers and remedies given to the Lender shall be in addition to all rights powers and remedies given to the Lender by virtue of any other security, statute, or rule of law. Any forbearance or failure/ omission or delay by the Lender in exercising any right, power or remedy hereunder whether pursuant to an Event of Default or otherwise shall not be deemed to be waiver of such right, power or remedy or shall be construed to be a waiver thereof or any acquiescence therein, and any single or partial exercise of any right, power or remedy hereunder shall not preclude the further exercise thereof and every right and remedy of the Lender shall continue in full force and effect until such right, power or remedy is specifically waived by an instrument in writing executed by the Lender.
14.5 The Borrower hereby agrees and acknowledges that the Lender shall be entitled at its discretion to engage/ avail of, at the risk and cost of the Borrower, services of any person/third party service provider/agent/agency, for anything required to be done for/ in relation to/ pursuant to the Line of Credit Facility, including collection and verification of information, recovery of dues, enforcement of security, getting or verifying any information of the Borrower/ assets, inspection of books of accounts and records of the Borrower and any necessary or incidental lawful acts/ deeds/ matters and things connected thereto, as the Lender may deem fit and all such incidental costs and expenses shall borne by the Borrower.
14.6 Any notice and communications given or made by the Parties shall be in writing and deemed to be duly given and served if sent by courier, normal post, Registered Post, facsimile, electronic mail, personal delivery, by pre-paid registered mail addressed to the Borrower’s/ Lender’s (as the case may be) address, phone/ mobile number, fax number or email as given in the Schedule hereto/ application form and such notice and service shall be deemed to take effect on the third working day following the date of the posting thereof in case of courier, normal post, registered post, at the time of delivery if given by personal delivery, upon receipt of a transmission report if given by facsimile, upon sending the electronic mail or SMS if given by electronic mail or SMS.
14.7 As a pre-condition to the said Line of Credit Facility given / granted / to be granted to the Borrower(s), the Borrower authorises, consents and agrees that the Lender shall have the right to not return the Application, the photographs, information and documents submitted. The Borrower, including the directors, partners, proprietors, owners, promoters, employees, officers (wherever applicable) further acknowledges and confirms that the Lender shall, without notice to or without any consent of the Borrower, (and even for consideration) be absolutely entitled and have full right, power and authority to make disclosure of any information relating to Borrower including personal information, details in relation to documents, Line of Credit Facility, defaults, security, obligations of Borrower, to the Credit Information Bureau of India (CIBIL) and/or any other governmental/regulatory/statutory or private agency/ entity, credit bureau, RBI, the Lender’s other branches/ subsidiaries / affiliates / rating agencies, service providers, banks / financial institutions, any third parties, any assignees/potential assignees or transferees, who may need the information and may process the information, publish in such manner and through such medium as may be deemed necessary by the publisher/ Lender/ RBI, including publishing the name as part of wilful defaulter’s list from time to time, as also use for KYC information verification, credit risk analysis, or for other related purposes. The Borrower waives the privilege of privacy and privity of contract in this regard. The Lender shall have the right, without notice to or without any consent of the Borrower, to approach, make enquiries, obtain information, from any person including other banks/finance entities/credit bureaus, Borrower’s employer/ family members/ officers/ directors/ partners/ promoters/ proprietors/ owners, any other person related to the Borrower, to obtain any information for assessing track record, credit risk, or for establishing contact with the Borrower or for the purpose of recovery of dues from the Borrower or any other legitimate purpose in the opinion of the Lender