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Terms and Conditions :

 

General Terms and Conditions

The barrower confirms to have fully read and understood the various schemes offered by the company and based thereon the barrower has requested / selected to avail the loan under the scheme (with interest rates as applicable) as mentioned in schedule

Financing Arrangement

a) The Borrower has/had applied for the Loan as detailed in the Application Form. The application of the Borrower is accepted and the Loan is/will be disbursed as the Borrower agrees and accepts all the terms and conditions described in the Agreement. The agreement includes the Schedule, Application Form and any other documents executed under this agreement and further changes made therein shall constitute single agreement (“the Agreement”).

b) SRCPL has granted/agrees to grant the Loan and disburse the amount directly to the dealer upon the request of the Borrower. This Agreement is a pure financing arrangement and the Borrower accept the entire risk for nonperformance, non-delivery, breach and supply to inferior or damaged Goods by the dealer and SRCPL is not liable to the Borrower for any liability, claim, loss or expense of any kind caused directly or indirectly to the Goods. The Borrower shall continue to pay the installments/EMIs on the respective due dates regardless of whether the Goods is under repair or not working or not delivered. SRCPL confirms that the Borrowers shall be entitled to the benefits of the warranties provided by the manufacturer/supplier of the Goods.

Payments

The Borrower shall pay to SRCPL all installments inclusive of interest every month as mentioned in the schedule. The Borrower shall also pay and bear all interest, tax and other taxes as may be applicable.

The Borrower confirms that the goods and service tax identification Number (GSTIN) provided in the application form/declaration is true and correct, if applicable.

The Borrowers agrees and undertake that the applicable tax rate will be determined using the information provided the Borrower and the input tax credit(ITC) will be available to the Borrower(if applicable)based on the goods and service identification Number(GSTIN) and the information provided by the Borrower in the application form/ declaration.

The Borrower further agrees and undertakes that the Borrower shall not hold SRCPL liable for any loss of ITC arising due to incomplete, erroneous or wrong details pertaining to GST provided by the Borrower in the application form/declaration

The Borrower further agrees and undertakes that if the Borrower fails to furnish GSTIN then the Borrower shall be treated as unregistered for GST purpose and no credit of GST will be provided to the Borrower by SRCPL

The Borrower shall pay to SRCPL the sum specified in the schedule, nonrefundable service charges and/ or processing charges

The Borrower gives/agrees to give duly executed postdated cheques or duly registered mandate for ECS/NACH/Direct debit (hereinafter referred as(“Repayment instruments”),as the case may be for the repayment of the Loan, it is understood and acknowledge by the Borrower that non presentation of the aforesaid Repayment instruments on the part of SRCPL due to any reason whatsoever will not affect the liability of the Borrower to repay the Loan

The Borrower undertakes to honor all payments without fail and not to instruct bankers to stop the payments of the cheques/countermand the cheques/revoke the ECS/SI/DID instructions. The Borrower shall not instruct SRCPL withhold depositing the Repayment instruments, in case of dishonor of cheques or any other instruments issued by the Borrower or where the Borrower revoke the Repayments instruments issued them to the drawee bank or where despite the Borrower having issued the instructions to the drawee bank under the Repayment instruments SRCPL has not received the monies equivalent to EMI, the Borrower agrees and undertakes that he/they is/are liable to pay the EMI along with Repayment instruments Bounce charges and /or late payment charges as stated in the schedule and also be liable to reimburse SRCPL costs and expenses, including legal fees, if any, SRCPL will not issue any notice/reminder to the Borrower regarding the presentation of the aforesaid Repayment instruments, Repayments instruments as the case me be. Nothing contained in this clause shall prejudice the other rights of SRCPL in law or otherwise. It is understood and agrees by the Borrower that on the strength of the representations of the Borrower that the Repayment instruments will not be dishonored for any reason whatsoever and on the belief and TRUST of this representation. SRCPL has granted and disburse the Loan

If the Borrower wishes to swap/interchange the Repayment instruments issued from one bank to another or change the mode of payment Repayment instruments the Borrower my do with the prior written permission of SRCPL and on paying SRCPL swapping charges as per the schedule.

The fees, rates and charges as mentioned in the schedule are subject to change from time to time and made available at the branches of SRCPL and /or the website of SRCPL or communicated by SRCPL to the Borrower by the mail, sms or in newspaper, as SRCPL may deem fit.

It has been agreed between the parties hereto that all amount payable by the Borrower to SRCPL shall be paid at the branch location or such other place where SRCPL operates and / or as informed by SRCPL.

The Borrower hereby agrees and undertakes that in the event the Borrower is liable to deduct at the tax Deducted at source (“TDS”), he shall pay the TDS as per applicable rate for the interest and fees being paid to SRCPL. The Borrower confirms that the he shall deposit the TDS amount so due into the government account within the due date prescribed. Once the returns are filed, the Borrower agrees to submit a request letter along with the TDS certificates in FORM 16A generated from the income tax website to SRCPL along with original TDS certificate for claiming the refund.

Security

The Borrower hereby hypothecate/undertake to hypothecate the Goods as and by way of first and exclusive charge to SRCPL and towards security of repayment of the Loan. The Borrower agrees to obtain endorsement of the fact of hypothecation on the certificate in favor of SRCPL

The Borrower is stopped under law from talking the plea on the date the agreement has been signed, the exact details to the Goods were not available and/not known to the Borrower.

The Borrower undertakes to supply the details of the Goods within 3(Three) days on receipt of the registration number of the Goods from the Road Transport Authority or direct the manufacturer or Dealer to supply the same to SRCPL.

SRCPL is not responsible for delivery of duly endorsed Registration Certificate Book and that the Borrower shall not withhold payment of stipulated EMI’s on the pretext that Registration Certificate/Book has not been delivered.

The hypothecation shall be deemed to take place immediately on signing of this Agreement or delivery of the Goods, whichever is earlier.

The Borrower hereby executes a Demand Promissory Note (DPN) in favor of SRCPL for the Loan amount together with interest. It is expressly of Loan and shall not be deemed to be conditional payment of EMIs.

Other Conditions

The Borrower irrevocably agrees to the following conditions:-

Not to take delivery of the Goods without obtaining temporary/permanent registration under the motor Goods act and rules
There under and as soon as the temporary/permanent registration are obtained, in for SRCPL of the same and handover copy of the same to SRCPL. In default to bear all cost of non-registration, not to change the registration without obtaining prior consent in writing from SRCPL.

To insure the Goods mentioning the Goods is hypothecated to SRCPL, under a comprehensive insurance policy against all risks like the fire, theft, and other hazards during the tenure of the Loan with endorsement in favor of SRCPL and forward the insurance copies to SRCPL regularly or when demanded by SRCPL and also keep the insurance policies valid and subsisting during the Loan tenure.

To maintain the Goods in good order and condition and make all necessary repairs, addition and improvements thereto during the pendency of the Loan

To permit SRCPL and its agents/authorized representatives to enter into the premises at reasonable hours for inspecting the Goods.

To pay all duties, taxes, and fees and other outgoings payable in respect of the Goods as and when the same becomes due and to indemnity SRCPL against all such payments.

To keep the Goods in good and serviceable order and condition to the satisfaction of SRCPL, SRCPL may do so and expenses incurred by SRCPL in this respect would be borne / reimbursed by the Borrower to SRCPL, together with interest @24% per annum.

Not to part with possession. Sub-let, transfer, pledge, dispose of the Goods/its part to any third party and shall use the Goods for his/their personal use only.

Not to remove/replace any or all parts of the Goods.

In case of the Loan is taken jointly by more than one Borrower, their liability shall be joint and several, even if the Goods is registered in the name of one of the Borrowers only.

The Borrower shall utilize the entire Loan for the purchase of the purchasing the Goods (including insurance, registration, taxes, if applicable on the Goods) and for no other purpose whatsoever.

The Borrower shall not avail the Loan any point of time, higher than the cost of the Goods together with insurance charges, registration charges, taxes from SRCPL.

Indemnity by the Borrower :

The Borrower shall indemnity and keep indemnified SRCPL save and harmless on demand in respect of any actions, claims, costs, damages, expenses, losses, and liabilities made against, suffered or incurred by SRCPL arising directly or indirectly from or in connection with:

Any failure by the Borrower to company with the provisions of this agreement;

Any liability including third party liability that may out of the possession and use of the Goods by the Borrower or by its employees/agents/other persons whosoever whether or not authorized by the Borrower for the use of the Goods and incidental to that purpose;

The representation given by the Borrower being false or untrue in material respect;

The Goods not being free from encumbrance and / or any previous charge;

Non-payment or insufficient payment of stamp duty by the Borrower on this Agreement and any other writings or documents which may be executed pursuant to and/or in relation to this Agreement. The Borrower shall keep SRCPL informed of all developments regarding such actions, claims, costs, demands, damages, expenses, losses and liabilities and shall not dispute, compromise or otherwise deal with the same subject to the consent given by SRCPL, SRCPL shall however be under no obligation and/or liability to the Borrower to provide any assistance in connection with any such claim that the Borrower may require.

Disclaimer

It is specifically agreed and understood between the Borrower that SRCPL is not liable to the Borrower in any other manner whatsoever for the quality, condition, fitness of the Goods and for any liability, loss or expenses of any kind caused directly or indirectly in relation to any repairs and maintenance of the Goods.

Prepayment

The Borrower may prepay the entire Loan to SRCPL as per the details provided in this Schedule. Prepayment charges are stated in the Schedule, on the outstanding principal amount of the Loan, In the event of prepayment, the amount payable by the Borrower to SRCPL would be principle outstanding Loan calculated on a reducing balance rate of interest mentioned in the Schedule or any subsequent changes as made.

The repayment shall take effect only when the actual payment is received by SRCPL and interest and other charges would be livable till the end of the month in which the prepayment is actually effected.

In the event (a) the Borrower does not utilize the Loan, or (b) the Borrower requests SRCPL to cancel the Loan within 7 days of the issuance of cheque/demand draft of the Loan to the Borrower or the dealer and / or manufacturer on behalf of the Borrower, as the case may be, the Borrower shall liable to pay cancellation charges and other charges, if any, as set out in the Schedule. Notwithstanding anything contained herein, SRCPL may its sole and absolute discretion; suspend of cancel the Loan if the same is not utilized within 7 days of disbursement.

The Borrower shall foreclose the Loan account on SRCPL’s consent.

Event of Default

The following shall constitute event of default in the Borrower:

a) Fails to pay any of the EMIs or a part thereof or bounce EMI and/or other payment required hereunder when due whether on demand or not: or

b) Fails to effect insurance cover of the Goods or fails to pay insurance premium as and when due or fails to reimburse the same to SRCPL if paid by SRCPL, or under any other document furnished to SRCPL in connection herewith; or,

c) Fails to perform or observe or carry out any covenant, condition to be performed, observed or carried out by the Borrower hereunder or under any other document furnished to SRCPL in connection herewith; or,

d) without SRCPL’s consent sells, transfers, parts with possession or sublets/ pledge or charges or encumbers or creates any lien on or endangers the Goods in the opinion of SRCPL; or,

e) Dies or commits an act of bankruptcy or become insolvent or bankrupt or is wound up or makes an assignment for the benefit of creditors, or consents for the appointment of a trustee or receiver, or either a trustee or a receiver shall be appointed for the Borrower or for a substantial part of Borrower’s property without SRCPL’s consent or any bankrupt or re-origination, or insolvency proceedings or winding up proceedings shall be instituted by / against the Borrower, voluntary or otherwise; or,

f) Suffers adverse material change in the financial condition from the date hereof, and as a result thereof, SRCPL deems the Loan or the Goods to be unsecured; or.

g) Is in default under this Agreement or any other agreement at any time executed with SRCPL or with any bank or financial institution or any other creditor; or.

h) Use the Goods for illegal activities; or the Goods is confiscated, attached or taken into custody by any authority or from becoming subject of any execution proceedings under the law; or sequestration levied against his estates (property) or allows the Goods to be seized under any distress, execution or any other process or to be detained by reason of any alleged lien; or

i) Is under to safeguard the Goods leading to the Goods being stolen away or is in a total loss in the opinion of SRCPL; or

j) Is unable to convince SRCPL about the ability of the Borrower to meet his obligation/s this Agreement; or

k) Does any act, deed or thing which in the sole opinion of SRCPL prejudices the rights of SRCPL in relation to the Goods; or

l) Transfers the Goods outside the state where the original delivery was effected without the previous written approval of SRCPL

m) Is unable to protect and take appropriate care of the Goods leading to the Goods being destroyed for any reason whatsoever.

Upon occurrence of any of the events of default at any time thereafter, SRCPL shall declare all sums for the full term of the Loan immediately due and payable along with other dues and/ or changes; upon the Borrower failing to make the said payment within prescribed time and SRCPL may, at its sole discretion:-

a) Demand the Borrower to return the Goods in the same condition as delivered, reasonable wear and tear executed and in the event of failure of the Borrower to comply with the same within prescribed time from the date of the demand, enter upon the premises where the Goods is located and take immediate possessing of and remove the Goods without any liability to SRCPL or its agents for such entry or for damage to property or otherwise, SRCPL has the right to detach and dismantle the Goods from any part of the freehold or process machinery to which may be affixed without the prior permission of the Borrower. For the purpose of the repossession of the Goods the Borrower expressly grants hereby irrevocable license to SRCPL or its agents or any other authorized representative for the purpose of exercising its rights under
this clause.

b) Engage such person(s)/ agency as may be required to collect the dues under the Loan and to enforce the security provided by the Borrower(s) including repossession of the Goods.

c) Sell the Goods by public auction or private sale with or without notice to the Borrower or otherwise dispose off, hold, use, hire to others, or keep idle the Goods, without any duty to account to the Borrower foe such action or inaction or for any proceeds with respect thereto and to receive consideration of the sale, transfer, disposition of the Goods and issue proper receipt(s) and give a valid and effectual discharge for such consideration and to appropriate the same towards the amount outstanding under the Loan payable by the Borrower to SRCPL.

d) Require the Borrower to pay any liquidated damages or loss equal to all unpaid installments which is in the absence of a default would have been payable by the Borrower for full term hereof together with interest as charged by SRCPL for the period until receipt of the said amount.

e) Exercise any other right or remedy which may be available to it under the applicable laws.

f) it being agreed and understood by the Borrower that the right of SRCPL to recover the amount payable and /or termination or reimbursable to the satisfaction of SRCPL shall survive any such cancellation of Loan and/ or termination of the Agreement and SRCPL’s rights of initiating action to recover the amount shall also survive, on termination of the Agreement. SRCPL shall be entitled to take all any of the steps therefore and the Borrower shall not take defense of such termination or cancellation of Loan/ the Agreement.

The Borrower shall be liable for all legal and other costs and expenses resulting from the defaults or the exercise of SRCPL’s remedies, including repossession of the Goods.

In case of shortfall in respect of the amount due to SRCPL after sale of the Goods, then SRCPL shall be entitled to proceed against the Borrower for recovery of such deficit amount.

SRCPL may, without prejudice to its rights under this Agreement, appoint third party/ service provider/agent(s) inter alia for the administration of the Loan, with such duties and rights as may be decided by SRCPL in its sole discretion including issuing notices, collection of EMIs, repayment amounts, to visit the premises and /or place of work of the Borrower/ Guarantor and dealing with the authorities, repossession of the Goods.

The Borrower expressly agrees that, in the event of SRCPL appointing a/an third party/ service provider/agent as aforesaid:-

a) SRCPL shall be entitled to provide information held by SRCPL in relation to the Borrower, the Guarantor and the Loan to such third party/ service provider / agent; and

b) The Borrower(s) shall co-operate with such third party/ service provider/agent in the same manner as it would with SRCPL in terms of this Agreement.

Assignment

Borrower expressly agrees, recognize and consents that SRCPL/ the Lender shall have a right to sell or transfer (by way of assignment, securitization or otherwise) the whole or part of the Loan and outstanding amounts under the Loan, including the hypothecation created in its favor and / or any other rights under this agreement or any other document pursuant hereto to any bank/finance company in such manner or upon such terms and conditions as SRCPL may decide in its sole discretion and without giving notice thereof to the Borrower. If such assignee is a bank or a financial institution, then provisions under securitization and Reconstruction of Financial assets and Enforcement of Security interest Act, 2002 and all Reserve Bank Of India guidelines will be applicable to this Agreement

The Borrower expressly agrees, in the event of sale, assignment or transfer as aforesaid, to accept the Lender/ Assignee to whom the Loan is sold, assigned or transferred as the Lender and make the repayment of the Loan to the Lender/ Assignee/ its service provider or agent. The Borrower acknowledges and agrees that SRCPL/ the Lender/ Assignee have the right to change the interest rate from time to time under its policies at its sole discretion and the Borrower shall be bound by such modification in totally.

Notwithstanding the above, in the event SRCPL sells/transfer/assigns, the Loan to the Lender/Assignee, then the interest Rate of the Loan will be benchmarked to the base rate/reference rate of the Lender/Assignee, as the case may be and the Borrower expressly agrees and accepts the interest Rate/base Rate/ reference Rate of the Lender/ Assignee for all interest rate movements.

The Borrower(s) shall not transfer or assign any of his/their rights or obligations under this Agreement.

Compliance with Regulation

The Borrower agrees to comply with applicable laws and regulations in force and shall indemnity SRCPL in respect of any loss, claim or expense to SRCPL as a result of non-compliance with any such laws and regulations.

The Borrower agrees that the installment amount shall be increased by incremental taxes. Whether sales or excise, interest tax and any other related and consequential charges and taxes levied on this transaction now or hereafter to be levied as also any increase in the price of the Goods to be hired between the date of placement of the order and the delivery date.

All costs( including legal), charges, expenses, taxes, duties( including stamp duties), registration charges in connection with this Agreement, any document executed pursuant hereto and the creation, enforcement, reailization or attempted realization of any security, insuring and taking possession of, maintaining, storage, and selling of the Goods shall be incurred and paid by the Borrower alone. In the event the stamp charges are paid by SRCPL on the Borrower’s behalf, the borrower shall reimburse the same at actuals to SRCPL immediately on demand.

Communication/ Notices/ Correspondence

SRCPL/ The Lender/Assignee shall give notice of change in the interest Rate and other charges or any other bench mark rate either by sms, email, correspondence (to last known address/contact number), display the same on website/branch office or any other manner as SRCPL may deem fit and such change of interest will thereupon apply to and be binding on the Borrower. The Borrower agrees and accepts that it is his/their prime responsibility to keep himself / themselves update regarding change in interest Rate and other charges or any other bench mark rate regardless of receipt of such notice or communication or otherwise.

Any notice given to SRCPL by the Borrower shall be in writing, prepaid post at registered office or such other address as may be intimated by SRCPL to the Borrower and when the same is actually received by SRCPL.

The Borrower shall immediately intimate SRCPL of any change in his/their address.

Set-o_ And Lien

Until the ultimate balance owing by the Borrower to SRCPL has been paid or satisfied in full, SRCPL shall have a lien on the Goods and get any or all of them registered in the name of SRCPL or its nominees whether the same be held for safe custody or otherwise.

SRCPL shall be entitled to set of all monies, securities, deposits and other assets and properties belonging to the Borrower in the possession of SRCPL, whether in, or on any account of SRCPL or otherwise, whether held singly or jointly by the Borrower with other and may appropriate the same for the settlement of Loan and other dues.

Other Rights

In addition to the various rights as specified hereinabove, SRCPL shall have the right to:

Take inspection directly or to engage any service provider for taking inspection of income tax return/s and assessment proceedings. Appeal proceedings etc, relating to the current and previous Assessment years to enable SRCPL to verify the veracity of various representations made by me/us the under signed, for seeking loan from SRCPL.

Appear before the office of Registration Authority, Regional Transport officer, Sales Tax Officer and other authorities through advocates or any such authorized person deemed necessary by SRCPL to effect endorsement of Hypothecation in the registration certificate and transfer the Goods when necessary.

Obtain, receive, demand, collect, sign and delivery any form, certificates, registration books, booking order, insurance policies or other documents from any Registration Authority, manufacturers of the Goods and /or its dealers, or other authorities under Motor Goods Acts or any other law to record the charge of hypothecation on the Goods created or to be created in favor of SRCPL.

Sign, execute necessary forms, documents or to give notice to the appropriate Registration Authority for effecting transfer of the Goods in favor of the purchaser.

Sign and deliver or otherwise create hypothecation on the Goods and to do all such acts as may required in this regard.

To pay any fees, charges, additional charges, imposts, premiums, taxes or other impositions to any Registration Authority, insurance companies or other authorities for the Goods.

To give notice, if required to the appropriate Registration Authority and /or such other authority in law, for the registration of the Goods upon the sale, transfer, disposal, delivery thereof.

Insurance

The Borrower shall at his own cost insure the Goods and keep insured the same with an insurance company, till the Borrower has paid all amounts due this agreement to the satisfaction of SRCPL by covering comprehensive risks including but not limited to civil commotion, riot, flood, tempest, earthquake and unlimited third party risk. If the Borrower fails to so insure the Goods or to keep it so insured. SRCPL shall without prejudice to any of its rights under this Agreement in consequence of the said failure though not bound, may insure the Goods and keep it insured for which the Borrower shall reimburse to SRCPL on demand all charges and expenses as may be incurred for such insurance by SRCPL. The Borrower shall produce evidence of such insurance as SRCPL may require. The Borrower hereby irrevocably appoints SRCPL as his agent for the purpose of receiving all moneys payable under the said policy of insurance and to do all acts for that purpose and give discharge thereof and SRCPL may notify the insurers of this condition.

The Borrower shall not do or permit to be done any act or thing which may render such insurance invalid.

Consent To Disclosure

The Borrower authorize SRCPL to disclose, from time to time any information relating to the Loan to any parent / subsidiary / affiliate / associate entity of SRCPL, and to third parties / agencies by SRCPL, for purpose such as marketing of services and other products.

The Borrower hereby agree and give consent for the discloser by SRCPL of all or any such:

a) Information and data relating to him / them

b) The information and data relating to any loan or credit facility availed of / to be availed, by them and

c) Default, if any, committed by him/them, in discharge of such obligation, as SRCPL may deem appropriate and necessary to disclose and furnish to credit Information Bureau (India) Limited (CIBIL) and any other agency authorized in this behalf by RBI.

The Borrower declares that the information and data furnished by him/them to SRCPL are true and correct.

The Borrower undertakes that CIBIL and any other agency so authorized may use, process the said information and data disclosed by SRCPL in the manner as deemed fit by them; and CIBIL and any other agency so authorized may furnish for consideration, the processed information and data or products thereof prepared by them, to SRCPL / financial institutions and other credit grantors or registered users, as may be specified by the RBI in this behalf.

Arbitration

It is agreed by the Borrower that all disputes, differences, claims arising out of this Agreement or in any way touching or concerning the same shall be settled by arbitration to be held in accordance with the provisions of the Arbitration and Conciliation Act, 1996 or any statutory amendments thereof and shall be referred to a sole arbitrator, appointed by SRCPL, The award of the arbitrator shall be final and binding on all the parties concerned. The arbitration proceedings shall be held at Hyderabad or the Branch city as mentioned in the Schedule, at the discretion of SRCPL and the arbitration shall be conducted in English language.

Jurisdiction

This Agreement shall be governed and construed in accordance with the laws of India and for any interim reliefs, the Courts in Hyderabad or the Branch city as mentioned in this Schedule shall have jurisdiction to entertain and try all matters arising from and out of this Agreement.

Miscellaneous

without prejudice to any other term of this Agreement, the parties expressly agree that any payment made by the Borrower to SRCPL under this Agreement shall be appropriated by SRCPL as(a) costs, charges and expenses that SRCPL may expand to service, maintain, enforce the Goods / security and in connection with recovery of all or such amount(s) payable under the Loan, if any;(b) interest on amounts in default, if any;(c) Prepayment charges, if any;(d) interest;(e) Principal amount of the Loan.

The Borrower shall continue to be liable for any deficiency in the amount due to SRCPL by the Borrower after adjustment of the net proceeds of sales, realization, recovery and/ or insurance claim as above.

The party agree that any delay of commission by SRCPL in exercising any of its rights, powers or remedies as the lender of the Loan under this Agreement and other documents pursuant hereto shall not impair the right, power or remedy or be construed as its waiver or acquiescence by SRCPL.

This Agreement supersedes all prior discussions and representations between the parties.

The Guarantor agrees:

To renounce the rights to claim the Borrower’s property/the Goods and any other benefits to which SRCPL is by law otherwise entitled;

That any forbearance of SRCPL in enforcing payment of any moneys due under this agreement shall not release the Borrower, Vo-Borrower, Guarantor from the several obligations under this Agreement or in any way alter or affect the rights of SRCPL under or in respect of the Agreement or the Goods.

The Guarantor in consideration of SRCPL agreeing to grant the Loan to the Borrower further agrees, declares and guarantees that the Guarantor shall observe and perform the terms and conditions of this Agreement by way of EMI’s, interest, damages, cost, charges, or expenses and if the Borrower shall make any default in observance and performance of any of the terms and conditions or payment of any monies due and payable hereunder, the Guarantor shall forthwith on demand, without demur and irrespective of any dispute of difference pending between SRCPL AND THE Borrower, pay to SRCPL such monies till the payment with all claims, damages, loss, cost, charges or expenses which SRCPL may suffer, incurs or be put to as a result of default by the Borrower.

The Guarantor agrees that SRCPL shall be at liberty to make variations in this Agreement or in any terms and conditions thereof including manner of the payment of EMI’s or to enter in to any arrangement with the Borrower or show to any indulgence or to give time or not to sue, without any way affecting the liability of the Guarantor. The Guarantor shall not be discharged from the liability hereunder by SRCPL releasing the Borrower or any of the security it may hold by any act of omission or commission, the legal consequences whereof may otherwise have been to discharge the Guarantor

The Guarantor waives in favor of SRCPL all or any of the rights that the Guarantor may have against SRCPL as surety or otherwise in law or otherwise to give effect to the provision hereof.

The Guarantor shall not be entitled to challenge the notice on the ground that no default has been committed or the amount mentioned therein as due and payable is not payable or on any other ground.

The Guarantor agrees and declares that the Guarantor shall be bound and liable to pay all monies payable under any form by virtue of this guarantee notwithstanding that SRCPL shall not have taken any steps or processing against the Borrower or the Goods.

The Guarantor guarantee that the Borrower shall hand over to SRCPL possession of the Goods as and when, under this presents, the Borrower become liable to do so.

The Guarantor in relating to SRCPL is and shall be the principal obligor in respect of all obligations, liability and responsibilities undertaken in favor of SRCPL under this guarantee and SRCPL is and shall be the principal obligor in respect of all obligations, liability and responsibilities undertaken in favor of SRCPL under this guarantee and SRCPL shall be entitled to proceed against the Guarantor.

This guarantee shall not be affected by the death, insolvency or winding up of the Borrower / Co-Borrower or by the absence of power or irregularity or informality on the part of the Borrower / Co-Borrower.

SRCPL shall be at liberty to sue the Borrower, Co-Borrower, Guarantor jointly or severally or shall be entitled to proceed against the Co-Borrower / Guarantor only in the first instance.

The indemnities / guarantees contained herein shall remain in full force and effect till the Loan amount with all dues are paid to SRCPL.

The Guarantor undertakes that these indemnities / guarantees contained herein shall not be assigned, transferred, revoked, cancelled, altered, modified or withdrawn.

Acceptance

The Borrower is /are aware that SRCPL shall agrees to become a party to this Agreement only after satisfying itself with regard to all conditions and details filled by the Borrower in the agreement / documents / schedules in consonance with the policy of SRCPL.

The Borrower AND Guarantor has /have read the entire Agreement and applicable charges as given in the schedule which has been filled in his /their presence.

The Borrower agrees that this Agreement shall be concluded and become legally binding by all the conditions on signing this Agreement. The Borrower and Guarantor confirm(S) that he / they has/ have received the copy of the Agreement.

The content/s of this Agreement have been read out, explained and interpreted to the Borrower, Co-Borrower, Guarantor in the language known to the Borrower, Co-Borrower, Guarantor and the same has been understood by the Borrower, Co-Borrower, and the Guarantor.

SRCPL shall also be entitled to communicate in any manner it may deem fit, with the person/s or persons whose name is given for reference by the Borrower, with a view to get assistance of such person/s I recovering the Loan amount.

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