This Agreement is being electronically executed between L&T Finance Limited and the

LTFS Borrower as specified in the agreement. This Stamp Paper forms integral part of
the following agreement
This Agreement is being electronically executed between L&T Finance Limited and the
LTFS Borrower as specified in the agreement. This Stamp Paper forms integral part of
the following agreement
Stamp Reference#77AB204191

LOAN CUM HYPOTHECATION AGREEMENT

Agreement No: TI2308141222120154

Customer Name: Kundan Kumar

L&T Finance Limited

Registered Office: 15th Floor, PS SRIJAN Tech Park, Plot No. 52, Block DN, Sector-V,
Salt Lake City,Kolkata – 700 091,District 24-Parganas North.
 Stamp Reference#77AB204191

THIS AGREEMENT is executed at Kolkata BETWEEN

THE PERSON/S as more particularly described in the Schedule (hereinafter referred to as “the
Borrower”) AND L&T Finance Limited, a Lender incorporated under the Companies Act, 1956 and
having its registered office at 15th Floor, PS SRIJAN Tech Park, Plot No. 52, Block DN, Sector-V,
Salt Lake City,Kolkata – 700 091,District 24-Parganas North, India , hereinafter called “the Lender”
(which term shall, unless excluded by or repugnant to the subject or context, be deemed to mean and
include its successors, affiliates, entities resulting out of merger/reorganization and assigns)
WHEREAS:
A. The Borrower has requested the Lender to advance a loan (“the Loan”) to the Borrower of the
amounts (“Loan Amount”) specified in the Schedule attached hereto for purchase of a vehicle fully
described in the Schedule and hereinafter referred to as “the Vehicle” which term shall be deemed to
include all replacements thereto and additions and renewals thereof) which the Lender has agreed to
grant; and
B. The parties hereto desire to record the terms and conditions in relation to the proposed Loan and
certain other matters related thereto in the manner herein after contained.
NOW THIS AGREEMENT WITNESSETH AND IT IS HEREBY AGREED AS FOLLOWS:

Article 1: Purpose
The Loan shall be utilized by the Borrower only for acquiring the Vehicle or for such other purposes as
specified in the Schedule enclosed hereto.
Article 2: Loan, Interest and Repayment
2.1 The Lender grants to the Borrower upon the terms and subject to the conditions mentioned in this
Agreement, a Loan for the Loan Amount and for the Tenure as set out in the Schedule.
2.2 The Loan amount may, at the option of the Lender, be disbursed by the Lender directly to the
dealer/manufacturer and such disbursement shall be deemed to be disbursement to the Borrower.
2.3 The Borrower shall pay to the Lender Interest on the Loan at the rate (“Interest Rate”) specified in
the Schedule. The mode of repayment of the Loan along with Interest and other charges shall be
as specified in the Schedule. The Borrower’s liability to pay the Loan shall commence immediately
on the disbursement of the Loan Amount by the Lender and shall not be subject to the date or time
of delivery of the Vehicle. The Borrower confirms having perused, understood and agreed to such
mode/ method of calculating the Interest/ Installments. The mode of repayment of the Loan will
Bank Transfer., The Borrower shall deposit with the Lender one security PDC. Where the mode of
repayment is by way of ECS and/or other electronic mandates, the Borrower hereby authorizes the
Lender to present the ECS and/or other electronic mandates until the entire Loan Amount,
outstanding under this Agreement has been repaid in full and final irrespective of the fact whether
such mandates letter(s) have any expiry date or not. The payment of Installments shall commence
and continue as per the Schedule irrespective of the Vehicle being delivered to the Borrower by the
dealer/manufacturer and notwithstanding anything including any difficulties that the Borrower may
have with or against the dealer/manufacturer or in respect of the delivery of the Vehicle or in
respect of the Vehicle itself.
2.4 The Borrower, if wishes to prepay the amount within 6 (six) months from the date of disbursement
of the Loan Amount, may prepay the whole or any part of the outstanding Loan (along with interest,
fees and pre-payment charges herein mentioned in the Schedule) by giving a prior notice of

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30(thirty) days in writing to that effect expressing his intention to prepay the outstanding amount
subject to payment of interest for 6(six) months on the total outstanding amount.
2.5 In the event of any delay by the Borrower in payment of any dues under this Agreement
whether by way of repayment of Loan, payment of interest or other charges payable
hereunder, the Lender reserves the right to charge additional interest as described in the
Schedule on the amount in arrears, from the due date of such payment till the date of
realization of payment as the case maybe.
2.6 The Borrower/s shall be liable for repayment of the Loan and all other rates, charges and
outstanding due to the Lender and to observe and perform all the terms and conditions contained
hereunder, notwithstanding that the Vehicle may be used by one of them..
2.7 The Lender shall in its sole discretion appropriate any monies paid by the Borrower to the Lender
towards the dues hereunder or under any other facilities availed by the Borrower from the Lender.
2.8 In the event of the Borrower withholding taxes on the interest as per any statute in force at the time
of such payment (TDS), the Borrower shall furnish to the Lender a certificate of such TDS within 45
(Forty five) days from the end of the quarter in which deduction is made. In case, if the Borrower is
not depositing tax deducted to the exchequer and/or, after depositing, not issuing TDS Certificate to
the Lender within the prescribed timeline or if the amount deducted is not reflected in Form 26 AS,
then the Lender reserves the right to recover the said tax along with interest as levied by Income
Tax Department to the Lender.
2.9 The Lender agrees that changes in interest rates and charges shall be affected only prospectively

Article 3: Security
3.1 In consideration of the Lender having granted or agreed to grant the Loan to the Borrower, subject
to the terms and conditions mentioned in this Agreement, the Borrower hereby hypothecates to and
charges in favour of the Lender by way of exclusive charge, the Vehicle and agrees, to have the
hypothecation of the Vehicle(s) endorsed in favour of the Lender, on the registration certificate from
the concerned registering authority. The Borrower confirms that the Vehicle carries no prior lien and
is free from any encumbrances. In the event the Vehicle (to be acquired) has not been delivered to
and/or registered in the name of the Borrower at the time of signing of this Agreement, the
particulars of the Vehicle shall be informed by the Borrower within two days of such delivery and/or
registration, whereupon such details shall be incorporated in and form part of the Schedule and any
failure to so inform the Lender shall constitute an Event of Default under this Agreement.

3.2 The hypothecation of the Vehicle shall take place immediately on signing of this Agreement or
delivery of the Vehicle whichever is earlier. The Lender shall not be responsible for delivery of duly
endorsed registration certificate and that the Borrower shall not withhold payment of Installments
on the pretext of non– delivery of the registration certificate.

3.3 The charge created by the Borrower in Clause3.1 shall stand as security for the due repayment and
payment by the Borrower of the Loan granted or to be granted to the Borrower by the Lender and
of all fees and interest, costs and expenses incurred or to be incurred by the Lender hereunder and
all other monies payable or which becomes payable by the Borrower to the Lender pursuant to the
terms hereof and the said security shall be a continuing security and shall be available as a security
towards any other loans availed by the Borrower from the Lender. The charge/securities created by
the Borrower under this Agreement shall continue and remain in full force till such time all the dues
under this Agreement and also in respect of other Loans/facilities obtained by the Borrower from
the Lender are fully discharged to the satisfaction of the Lender and till the Lender issues a
certificate of discharge. Neither the security created under this Agreement nor the liability of the

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Borrower shall be affected, impaired or discharged by winding up (voluntary or otherwise) or by any

merger or amalgamation, reconstruction, takeover of the management, dissolution or
nationalisation (as the case may be) of the Lender.

Article 4: Covenants regarding Vehicle

4.1 In the event the price of the Vehicle is revised upwards after the date of this Agreement, the
Borrower shall pay all of the amount (in addition to the amount paid or to be paid by him along with
the Loan as the price of the Vehicle) that may be required for acquiring the Vehicle at such revised
price and the Lender shall not be liable to pay any amount by way of Loan or otherwise for such
revision in price of the Vehicle.

4.2 The Borrower shall:

4.2.1 Pay within time all assessments, taxes and other outgoings, which are now or hereafter
assessed, imposed or payable for the Vehicle to the Government, Municipal Corporation, Regional
Transport Authority or other authorities and on demand produce to the Lender every receipt thereof.
4.2.2 Allow inspection of the Vehicle and all documents relating thereto for verification or making
valuation by: (a) the Lender; or (b) its officers, auditors, technical experts, management consultants,
valuers or any other persons authorized for such purposes by the Lender, whenever and wherever the
Lender shall intend to so inspect. Failure to do so shall amount to breach of trust and consequently an
Event of Default under this Agreement.
4.2.3 Not sell or create any other debt, hypothecation, charge, lien or encumbrance upon or in respect
of the Vehicle or any part thereof in any manner whatsoever in favour of any person, till such time any
amount whatsoever remains payable by the Borrower to the Lender in respect of the Loan covered
under these presents or in respect of any other Loan and/or financial facility obtained and/or availed by
Borrower from the Lender or on any other account whatsoever. The Borrower will not part with the
possession, give on hire, lease, or conduct any arrangement or otherwise deal with the Vehicle or any
part thereof without the prior written consent of the Lender and will not do or permit/cause, to be done
any act, deed, matter or thing, which may adversely affect or in any way prejudice the security created
in favour of the Lender.
4.2.4 Submit to the Lender a true copy of the registration certificate with hypothecation in favour of the
Lender duly endorsed on it, within 30(thirty) days of having taken delivery of the Vehicle or 60(sixty)
days from the date of disbursal of the Loan, whichever is earlier.
4.2.5 On demand being made by the Lender or without demand upon occurrence of any of the Events
of Default mentioned under this Agreement:
4.2.5.1 Give immediate actual possession to the Lender, its nominees or agents (as the case may be)
of the Vehicle subject to the terms contained herein.
4.2.5.2 Transfer, deliver and endorse all registration, policies, certificates and documents relating to the
Vehicle to the Lender, its nominees or agents (as the case may be).
4.2.5.3 Submit to the Lender, the original copy of invoice(s), original copy of delivery challans, money
receipts from the suppliers of the said Vehicle and other related documents immediately, not later than
1 (one) month from the date of disbursement by the Lender.
Article 5: Borrower Covenants
5.1 Notwithstanding anything contained herein, the Lender may in its absolute discretion and without
assigning any reason at any time choose not to disburse the Loan or any part thereof and the
Lender shall not be responsible or liable for any cost, loss, damage or expenses or other
consequence caused by reason of such non disbursement.

5.2 With regard to the Vehicle, the Borrower acknowledges:

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5.2.1 That the Vehicle is of size, design, capacity and manufacture selected by the Borrower.
5.2.2 That the Lender is not the manufacturer or supplier of the Vehicle nor a dealer in such Vehicle,
the Borrower has inspected and selected the Vehicle, the Borrower has signed this Agreement relying
entirely on the Borrower own judgement and not on any statements made by the Lender or the agents
or the servants of the Lender.
5.2.3 That the Vehicle is accepted by the Borrower in the condition it is (with all faults and defects, if
any) and delivery shall be conclusive evidence that the Vehicle is/are acceptable to the Borrower.
5.2.4 That the Lender is not in a position to make and has not made and does not hereby make any
representation or warranty with respect to the merchantability, fitness, condition, quality, durability,
suitability, use or operation of the Vehicle in any respect.
5.2.5That comprehensive insurance of the Vehicle and registration with Regional Transport Office
before taking
Delivery of the Vehicle is the sole responsibility of the Borrower and the Borrower shall ensure
compliance within 60(sixty) days from the date of delivery of the Vehicle to the Borrower.

5.3 Delivery, specification and condition - The Borrower shall be exclusively responsible for obtaining
delivery of the said Vehicle from its manufacturer/dealer/vendor. The Lender shall not be liable for
any delay in delivery, disbursement, demurrage or complaints about specifications, condition or
fitness of the said Vehicle or if there is a defect or dispute of any nature in the title (even if the
Vehicle is found to be a stolen Vehicle) or ownership of the Vehicle.

5.4 Alterations and additions – The Borrower shall not make any major alteration and/or addition to the
said Vehicle without prior written consent of the Lender. In any event all alterations and/or additions
and any gadgets and accessories etc. therein shall form an integral and un- severable part of the
said Vehicle in the event of repossession by the Lender of the said Vehicle under this Agreement.

5.5 Maintenance - The Borrower agrees to maintain the Vehicle in good and marketable condition at
his own expense and to replace on time all parts whether broken or damaged, as is the normal
practice for the maintenance of any Vehicle and to engage mechanics and use dealers and service
facilities authorised by the manufacturer of the Vehicle to effect repairs and service the
Hypothecated Vehicle. The Borrower shall also ensure that the Hypothecated Vehicle is not
damaged or stolen.

5.6 Not to use for illegal purposes etc. – The Borrower shall not use the said Vehicle either by himself
or through his servants or agents for any unlawful purpose or purposes prohibited under the terms
and conditions of the insurance policy or under provisions of law and shall ensure that there is no
police complaint or any other case/dispute with respect to the Vehicle. Further, the Borrower shall
not do or permit to be done any act, deed or thing which might render the insurance void or
voidable or by which the ownership or custody of the said Vehicle is or may in any way be
jeopardised.

5.7 Any statement of account furnished by the Lender shall be accepted by and be binding on the
Borrower and shall be conclusive proof of the correctness of the amounts mentioned therein.

5.8 The Borrower hereby agrees, confirms and undertakes that the Lender shall not release the No
Dues Certificate to the Borrower until all amounts due to the Lender under this or any other
agreements with the Lender are repaid in full.
Article 6: General covenants and undertakings
6.1 The Borrower represents that:
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6.1.1 He shall get the Vehicle (in case of new vehicle) registered with the appropriate registering
authority under the Motor Vehicles Act,1988.
6.1.2 He holds the Vehicle in trust for the Lender and any transfer of the Vehicle directly or indirectly by
him without the permission of the Lender, shall amount to an Event of Default and also a criminal
breach of trust.
6.1.3 He shall use the Vehicle only for personal use.
6.1.4 He shall inform the Lender in writing of any damages to or theft of the Vehicle, lodging of any
claim whatsoever with any Insurance Lender in respect of the Vehicle within 3 (three) working days of
such damage or theft.
6.1.5 He shall inform the Lender of any loss, destruction or misplacement of the registration book of the
Vehicle or the insurance policy relating to the Vehicle within 3 (three) working days of such loss,
destruction or misplacement.
6.1.6 He shall not apply for any duplicate registration book for the Vehicle otherwise than by delivering
the application therefore to the Lender for endorsing its charge on the Vehicle or transfer the
registration of the Vehicle to any city or town other than the city of registration without the written
consent of the Lender.

6.2 The Borrower shall adhere and make payments of the said Loan on due dates, and/or all interest
costs including legal costs, charges, expenses, insurance claims (in case of loss) and additional
interest and/ or further interest as are due/may become due and payable from time to time and all
other monies under this agreement, absolutely and unconditionally regardless of any. The Borrower
agrees and declares that standing instructions have been given by him, towards discharge of his
liability to repay the Loan together with the interest and charges accrued thereon to the Lender as
well as to pay to the Lender all other sums of money payable in terms of this Agreement or other
facilities availed by him including recovery of shortfall remaining due from the Borrower after
adjustment of sale proceeds of the Hypothecated Vehicle on repossession/surrender and the dues
of the Lender. Any dishonour of any of such cheques issued or standing instructions given by the
Borrower at any point of time for any reason whatsoever shall make and/or render the Borrower
liable to face the consequences, as prescribed under the Negotiable Instruments Act, 1881 or the
Payment and Settlement Systems Act, 2007, including but not limited to any other law in force as
the case may be. The Borrower hereby agrees that in the event the security PDCs issued by the
Borrower have to be exchanged/ swapped due to change of bank account by the Borrower or for
any other reason, the Borrower shall be liable to pay cheque swap charges as mentioned in the
Annexure. The Lender may, at its discretion levy such charges at any time during lifecycle of the
Loan.

6.3 The Borrower also agrees that in the event of termination of this agreement, for any reason
whatsoever before the full and final re-payment of the Loan taken by the Borrower, the Lender shall
be entitled to retain the security PDC’s issued by the Borrower and bank them towards the recovery
of the remaining dues, if the Borrower has not repaid the dues as per termination notice. Similarly,
in the event of termination of the Agreement for any reason whatsoever before the full and final re-
payment of the Loan taken by the Borrower, the Borrower shall not be entitled to withdraw any
standing instructions given towards repayment of the Loan till the said Loan along with accrued
interest is fully repaid to the Lender together with interest and other charges accrued thereon to the
full and final satisfaction of the Lender.

6.4 Indemnity - The Borrower shall indemnify the Lender and shall always keep the Lender
indemnified, safe and harmless in respect of any actions, claims, costs, damages, demands,

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expenses, losses and liabilities made against, suffered or incurred by the Lender arising directly or
indirectly from or in connection with–
6.4.1 Any failure by the Borrower to comply with the provisions of this Agreement and/or;
6.4.2 Any liability including third party liability that may arise out of the possession, operation and use
the
indemnified Vehicle by the Borrower or by his/ her/ their employees or agents or by any other person
whether or not authorised by the Borrower for use of the said Hypothecated Vehicle and incidental to
that purpose and/or;
6.4.3 Any claims, losses, demands, actions, costs, expenses and liabilities incurred or suffered by the
Lender by reason of the representations and warranties given by the Borrower being false or untrue in
any material respect and/or;
6.4.4 Any claims, losses, demands actions, costs, expenses and liabilities incurred or suffered by the
Lender by reason of the Hypothecated Vehicle not being free from encumbrance and/or any previous
charge. The Borrower shall keep the Lender informed of all development regarding such actions,
claims, costs, damages, demands, expenses, losses and liabilities and shall not compromise or
otherwise deal with the same without the written consent of by the Lender. The Lender shall however
be under no obligation and/or liability to the Borrower to provide any assistance in connection with any
such claim against the Borrower.

6.5 The Borrower undertakes to do such further acts, deeds, things and execute such further
documents as the Lender may, in its absolute discretion, from time to time require or consider
necessary to safeguard its interest.

Article 7: Insurance
7.1 The Borrower shall at his own expense, so long as monies remain due and payable to the Lender
on any account whatsoever in connection with this Agreement, insure and keep the Vehicle
comprehensively insured, on an annual basis, and covered under comprehensive risks including
riot, civil commotion, fire, theft, unlimited third party risk and other hazards as stipulated by the
Lender from time to time, with such insurance company as may be required by the Lender and
make timely payment of all premia in respect of such insurance and produce and deliver all such
policy of insurance, cover note and premium receipts on demand by the Lender for its inspection,
verification and records.

7.2 The insurance policy to be taken out hereunder shall be in the name of the Borrower in whose
name the Vehicle is registered or in whose name the Vehicle is taken and the Lender shall be
described as loss payee under such insurance.

7.3 Any claims settled by the Insurance Lender shall be payable only to the Lender and the Lender
shall have the first right on such claim payable by the Insurance Lender. All such monies received
from the Insurance Lender shall be appropriated by the Lender towards the obligation of the
Borrower to the Lender.
Article 8: Events of Default
8.1 The occurrence of any or all of the following shall constitute an “Event of Default“:
8.1.1The Borrower fails to pay on time any of the Installments herein reserved or any other sum of
money payable hereunder.
8.1.2 Default/Breach by the Borrower in performance of any of his obligations under this Agreement;

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8.1.3 Misrepresentation, misleading, incorrect information or suppression of material records/facts by

the Borrower in respect of his assets, liabilities, financial status etc. or in respect of the Asset/Vehicle or
in respect of anything concerning the subject matter of this agreement or relating to this Agreement;
8.1.4 The Borrower fails to comprehensively insure and keep the Vehicle insured;
8.1.5 The Vehicle is confiscated, attached, taken into custody by any authority or subject to any
execution proceeding;
8.1.6 The Vehicle is badly damaged due to accident or any other reason whatever causing the same to
be a total loss in the opinion of the Lender;
8.1.7 The Borrower remove the said Vehicle/Asset to any other state, i.e. all states other than the state
in which the said Vehicle/Asset is registered under the Motor Vehicles Act without prior consent of the
Lender;
8.1.8 The Borrower fails to pay any tax, impost, premia, duty or other imposition or comply with any
other formalities required by law from time to time in respect of the Vehicle
8.1.9 The Borrower uses the Vehicle for purposes other than mentioned in this Agreement;
8.1.10The Vehicle is stolen or untraceable for a period of 30(thirty) days for any reason whatever;
8.1.11Anyof the security PDCs/Cheques/Bank Transfer instructions delivered/to be delivered by the
Borrower to the Lender are not encashed for any reason whatsoever on first presentation;
8.1.12The Borrower fails to get the vehicle registered with the registering authority within 45 (forty five)
days of delivery or fails to supply a copy of the registration certificate with hypothecation of the Lender
endorsed thereon within such time as specified under this Agreement or as required by the Lender;
8.1.13If, without prior approval of the Lender, the Vehicle and/or other securities provided under this
Agreement are sold, transferred, disposed off, charged, encumbered, alienated etc. the Borrower
employees/utilizes the Loan for any purpose other than the purpose mentioned in Article 1 above.
8.1.14Notwithstanding anything contained either in these presents or anywhere else, it is hereby being
unambiguously and clearly agreed and understood by and between the Parties hereto that in the event
the Borrower fails/fail to make repayment of any other Loan and/or financial facility obtained from the
Lender apart from the Loan in strict compliance with the respective terms and conditions guiding and
regulating repayment of such other Loan and/or financial facility obtained/availed by the Borrower, such
failure on the part of the Borrower shall also be deemed to have constituted an Event of Default and
shall entitle the Lender to take all such measures, which the Lender is entitled to take in case of other
eventualities forming/constituting an Event of Default, as stipulated in this Agreement.
Article 9: Enforcement of Security and Consequences of Default
5.1 If the Borrower fails to perform any of his obligations under this Agreement or any of the Events of
Default, as mentioned under this Agreement, arise (whether demand for repayment is actually
made or not) then and in any such case and at any time thereafter, the Borrower hereby irrevocably
authorizes the Lender through its officers, agents, attorneys or nominees (without prejudice to any
other rights under this Agreement) to take any one or more of the following actions, without any
intervention by a Court or without obtaining any prior Court order:
9.1.1 Upon occurrence of any Event of Default as set out in clause 8 above, the Lender may issue a
notice to the Borrower a notice of demand calling upon the Borrower to repay the amounts within 7
days from the date of receipt of this notice ("Default Notice"). In the event of failure of the Borrower to
clear the amounts due and payable under this Agreement within 7 days from the date of receipt of the
Default Notice, the Lender may take possession of the Equipment/ hypothecated asset without
intervention of courts, either suo moto or through its duly authorized agent. The Lender, however,
would be under no compulsion or obligation under any circumstances to mention and/or explain in such
notice the reason and/or cause behind such taking charge and/or possession of the Vehicle or the
seizure and/or recovery and/or removal thereof, as the case may be. Such taking over charge and/or
possession and/or seizure and/or recovery and/or removal of the Vehicle would be done solely at the
costs, expenses and/or risks of the Borrower. Notwithstanding anything contained in this Agreement or
elsewhere, it is, however, hereby being expressly, unequivocally and unambiguously agreed and
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understood by and between the parties hereto that nothing contained herein or anywhere else shall
debar or preclude the Lender to take charge and/or possession of, seize, recover and/or remove from
the possession of the Borrower the Vehicle without serving any prior notice upon the Borrower and
without any prior intimation to the Borrower in any manner whatsoever, in the event the Lender is of the
opinion or is apprehensive that the Borrower is desirous and/or willing and/or proceeding to sell,
transfer, alienate and/or dispose of the Hypothecated Vehicle or any portion thereof or is about to
perform or cause to be performed any act , deed or thing , that may damage the Vehicle.
At the time of taking over possession of the Vehicle from the Borrower, the Lender or its duly
authorized representative will make a list of all items that may be found in the Vehicle and will present
the same to the Borrower or whoever may be present on behalf of the Borrower at the time of such
taking over of such possession of the Vehicle for confirmation and for indicating any objection relating
to preparation of such list. The Borrower or the person present on his behalf at the time of taking over
such possession of the Vehicle would also be required to countersign such list prepared by the
authorized representative of the Lender and a copy of such list will be supplied to him free of cost.
However, in the event, the Borrower/s or the person present on his behalf at the material point of time
refuses or declines to put his signature on the list upon being so requested, the Lender would be under
no compulsion or obligation to furnish a copy of such list to the Borrower at any subsequent point of
time, nor the same would render taking over of possession of the Vehicle by the Lender unlawful or
illegal.
9.1.2To sell, transfer, alienate and/or dispose of and/or assign the Vehicle and to appropriate the sale
proceeds thereof inprotanto satisfaction of the dues lying payable by the Borrower to the Lender arising
out of or in connection with this Agreement. Such sale shall be conducted either by public auction or by
private treaty or by any other means whatsoever and the mode of such sale of the Vehicle shall be
determined at the sole and exclusive discretion of the Lender and the Borrower shall never have any
right, title or authority whatsoever either to question or to challenge the mode of such sale of the
Vehicle.
The Lender shall be entitled to reimbursement of the costs and expenses borne by the Lender in
conducting such sale and/or transfer and/or disposal of the Vehicle out of the sale proceeds and the
balance amount of the sale proceeds shall be credited to the account of the Borrower towards
repayment of the Loan Facility.
If the sale proceeds are found to be insufficient to meet the dues of the Lender lying payable by the
Borrower, the Borrower shall remain liable to pay the deficit amount after appropriation of the sale
proceeds. In the event the sale proceeds exceed the due amount lying payable by the Borrower to the
Lender, the surplus amount shall be returned and/or refunded to the Borrower after necessary
adjustment.
However, subsequent to taking charge and/or possession of the Vehicle and prior to taking any
measure towards sale, transfer and/or alienation thereof, the Lender shall issue a pre-sale notice upon
the Borrower providing the Borrower a final opportunity to repay the due amount within the time, as
stipulated in such pre-sale notice.
In the event the Lender decides and/or determines to sell the Vehicle through public auction, the
Borrower shall be entitled to participate in such auction proceeding and to submit his offer.
If the offer placed by the Borrower is found to be the highest one, the Vehicle shall be sold to the
Borrower by the Lender at and for the price offered by the Borrower. If the Borrower submits the
highest offer and the price so offered by the Borrower is found to be less than the amount lying payable
by the Borrower to the Lender, the Borrower shall be responsible for making payment of the deficit
amount towards repayment of the Loan.
5.2 In the event the Borrower makes payment of the entire outstanding amount to the Lender towards
its full and final satisfaction subsequent to taking possession of the Vehicle by the Lender and prior
to its sale, transfer and/or alienation in favour of any third person or persons or in the event the
Borrower makes the highest offer in the auction proceeding, as contemplated hereinabove, the

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Vehicle shall be returned to the Borrower by the Lender upon receipt of the entire dues or upon
receipt of the amount offered, as the case may be, against a valid acknowledgement from the end
of the Borrower. Such return of the Vehicle, however, shall not preclude or debar the Lender from
adopting the aforesaid measures once again against the Borrower in the event the Borrower fails to
make payment of the balance of the outstanding amount, if any, to the Lender within the time
prescribed by the Lender.

5.3 Any acceptance of payment by the Lender after occurrence of an Event of Default will not affect the
default or operate as a waiver thereof and the rights of the Lender flowing/arising there from.

5.4 From the time of occurrence of an Event of Default till such time the said Vehicle, comes in
possession of the Lender, the Borrower shall pay to the Lender, a sum as specified in the Schedule
per diem in addition to and not in derogation of any other sum payable by the Borrower to the
Lender. This is a reasonable pre-estimate of damages likely to be suffered by the Lender for non-
recovery of the said Vehicle.

5.5 Notwithstanding anything to the contrary expressed or implied:

9.5.1 The Lender shall not be bound to exercise any of the powers mentioned in Clause 9.1 or any
Collateral Documents.
9.5.2 The Lender or its officers, agents or nominees acting bonafide shall not be in any way
responsible for any loss, damage, limitation or depreciation that the Vehicle may suffer or sustain on
any account whatsoever whilst the same is in the possession of the Lender, its officers, agents or
nominees or because of exercise or non-exercise of the rights, powers or remedies available to the
Lender or its officers, agent or nominees and all such loss, damage or depreciation shall be debited to
the account of the Borrower, howsoever the same may have been caused.
9.5.3 Neither the Lender nor its agents, officers or nominees shall be in any way be responsible and
liable and the Borrower hereby agrees not to make the Lender or its officers, agents or any nominees
liable for any loss, damages, limitation or otherwise for any belongings and articles that may be kept or
lying in the Vehicle at the time of taking charge and/or possession, seizure of the Vehicle pursuant to
the terms of Clause9.1.

5.6 If the Lender exercises any one or more powers mentioned in clause 9.1, the same shall be without
prejudice to the Lender’s right and remedies of any suit or any other legal proceeding either
pending or that may be initiated against the Borrower.
5.7 Upon occurrence of any Event of Default as set out in clause 8 above, the Lender may issue a
notice to the Borrower a notice of demand calling upon the Borrower to repay the amounts within 7
days from the date of receipt of this notice ("Default Notice"). In the event of failure of the Borrower
to clear the amounts due and payable under this Agreement within 7 days from the date of receipt
of the Default Notice, the Lender may take possession of the Equipment/ hypothecated asset
without intervention of courts, either suo moto or through its duly authorized agent

Article 10: Charges and expenses

10.1 In the event of dishonor of any security PDC/Bank Transfer instruction provided by the
Borrower, the Borrower shall, without prejudice to any right the Lender may have in law, be
liable to pay to the Lender for each such dishonour, Bank Transfer Dishonour Charges as
specified in the Schedule. The Lender may, at its discretion levy such charges at any time
during lifecycle of the Loan.

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10.2 The Borrower shall from time to time reimburse the Lender for all costs and expenses
(including legal fees) that may be incurred in or in connection with the preservation and/or
enforcement of any of the rights of the Lender under this Agreement.

10.3 The Lender shall be entitled to recover expenses and actual charges pertaining to
repossession, recovery and enforcement of the Vehicle from the Borrower by charging it to the
account of the Borrower.

10.4 The Borrower acknowledge and accept that the Lender may in its discretion from time to time
revise/modify the fees and charges mentioned in the Agreement or in the Schedule hereunder and
all such revised fees and charges including Taxes as applicable shall be payable by the Borrower.

10.5 The Borrowers shall be liable to solely bear all stamp duty, registration and other similar
charges due and payable, in present or in future, in any relevant jurisdiction in connection with
Loan. The Borrowers agree and undertake that it shall pay and indemnify the Lender, within thirty
(30) business days of demand, against any cost, loss or liability that the Lender incurs in relation to
all stamp duty, registration and other similar charges payable in respect of the Loan.

Article 11: Securitisation

11.1 The Borrower agrees that the Lender shall at all times be entitled to sell, assign, securities or
transfer in any manner, in whole or in part, and on such terms as the Lender may decide (including
reserving the right unto itself to proceed against the Borrower on behalf of such purchaser,
assignee or transferee) all its rights and obligations hereunder including any security created by
the Borrower for securing any of his obligations hereunder (including without limitation, any interest
that the Lender may have in any underlying assets) to any third party of the Lender’s choice,
without reference or intimation to the Borrower, who hereby gives his consent to such sale,
assignment, securitization or transfer. Any notice of sale, assignment, securitization or transfer is
hereby waived by the Borrower and any such sale, assignment, securitization or transfer shall
conclusively bind the Borrower and the Borrower shall treat such transferee, assignee or
purchaser as if it were the Lender.

11.2 The Borrower however shall not be directly or indirectly entitled to assign his rights or
obligations under this Agreement in part or whole to any person and any assignment in
contravention hereof shall be void.

11.3 The Borrower agrees that even after any sale, assignment or transfer, the Lender may continue
to exercise all powers hereunder on behalf of such transferee/assignee/purchaser and the
Borrower further agrees that:
11.3.1 If so directed by the Lender, the Borrower shall pay all Installments payable hereunder directly
to such
transferee/assignee/purchaser which payment shall be treated as a valid discharge of the relative
obligations of the Borrower here under.
11.3.2 In the event of the Borrower being in breach of his obligations hereunder contained, the
transferee/assignee/ purchaser shall have against the Borrower rights which the Lender has against
the Borrower including the right to institute proceedings to recover possession and all other rights
mentioned in this Agreement.
11.3.3 That such transferee/assignee/purchaser shall be entitled to inspection of the Vehicle and all
other rights of the Lender hereunder.
Article 12: Consent

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12.1 The Borrower hereby authorizes the Lender to exchange, share all information and details as
provided by the Borrower in relation to this Loans and/or repayment history to any third party
including but not limited to its group companies, service providers, banks, financial institutions,
credit bureaus, telecommunication companies, statutory bodies, etc. for customer verification,
personalization of products or services, credit rating, data enrichment, marketing or promotion of
the Lender or related products or that of its associates and affiliates or for enforcement of the
obligations of the Borrower and the Borrower hereby confirms that the Borrower shall not hold the
Lender liable for the use/sharing of the information as stated above. The Borrower/s specifically
waivers the privilege of privacy, privity and defamation. The Lender shall be entitled to exercise
this right of disclosure without being required to issue any further notice in this respect to the
Borrower/s.

12.2 The Borrower further authorizes the Lender's representative to call/ SMS the Borrower towards
this Loan and other products/ services. This consent overrides the registration of Borrower for
DNC/ NDNC. I agree and confirm that laws in relation to the unsolicited communication referred to
in the "National Do Not Call Registry" (the "NDNC Registry") as laid down by the Telecom
Regulatory Authority of India will not be applicable for such communication/calls/ SMS received
from the Lender.

12.3 The Borrower hereby consents the Lender and / or its partners for obtaining and authenticating
my "Know Your Customer" (KYC) information with relevant authorities (e.g. NSDL, UIDAI, State
Transport Dept. etc.), for fulfilling KYC requirements.

12.4 The Borrower hereby authorizes the Lender to store the personal information required as a part
of the Agreement.

12.5 The Borrower authorizes the Lender to access logs of all banking transactions, account
balance, salary credit, and average banking balance. The logs maintained by the Lender shall not
be shared with any individual or entity, and that the storage of the logs maintained by the Lender
shall comply with all the relevant laws, rules and regulations, including, but not limited to, the
Information Technology Act, 2000 and the Evidence Act, 1872. In the event of termination of this
Agreement due to any reason or upon expiry of this Agreement, the Lender shall retain a copy of
all logs for a period not exceeding 5 (five) years from the date of such termination or expiry of this
Agreement.

Article 13: Miscellaneous

13.1 Notices- Any communication/notice/letter/document/statement to be sent by the Lender to the
Borrower/Co-Borrower/Guarantor can be sent by any digital means, including, but not limited to,
SMS/ Whatsapp or through the email address of the Borrower/Co-Borrower/Guarantor as provided
in the Schedule of this Agreement/Loan Application and the Borrower/Co-Borrower/Guarantor
confirms that it shall be considered as valid communication/notice. If there is any change in contact
number or email address as mentioned in the Schedule/Loan Application, the Borrower/Co-
Borrower/Guarantor shall inform such change to the Lender within 7 (seven) days of such change.
In case no such change is communicated by the Borrower/Co-Borrower/Guarantor to the Lender,
any notice/communication sent to the contact number or email address as mentioned in the
Schedule Loan Application shall be considered as valid notice/ communication. Any
communication/notice/letter/document/statement to be sent by the Lender to the Borrower shall be
in English and sent through the Email Address of the Borrower provided in the Schedule of this
Agreement. In the event the Borrower does not have an Email Address, the Borrower may visit the

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nearest branch office of the Lender for such communication/notice/letter/document or statement.

Any change in the Email Address shall be duly notified to the Lender within 7 (seven) days of such
change. Any communication/notice/letter/document to be sent by the Borrower to the Lender shall
be in English.

13.2 The Lender shall also have the right to communicate any change in the terms and conditions to
this Agreement by SMS at the mobile number provided by the Borrower. If the Borrower has any
concerns then Borrower shall communicate the same to the Lender within 7 (seven) days from
date of SMS. In absence of such communication, it is deemed that the Borrower has accepted
such change in the Agreement.

13.3 Annexure - The Annexure and Schedule hereto shall form an integral part of this Agreement.

13.4 Certificate - The certificate signed by the Accounts Manager or person discharging the functions
of the Accounts Manager by whatever name called, of the principal or any branch office of the
Lender as to the amount due from the Borrower under this Agreement on the date of such
certificate shall be prima-facie evidence that the amount so certified was in fact due from the
Borrower on the date of such certificate.

13.5 Until the ultimate balance owed to the Lender by the Borrower has been paid or satisfied in full,
the Lender shall have a lien on all properties and assets of the Borrower from time to time in the
possession of the Lender and a charge over all stocks, shares and marketable or other securities
from time to time and get any or all of them registered/ pledged in the name of the Lender or its
nominee whether the same be held for sale, custody or otherwise.

13.6 The parties hereby acknowledge and agree for the electronic execution of this Agreement,
using Aadhaar Based Electronic Signature. The parties hereby further irrevocably agree and
undertake that that this electronically executed Agreement is legally binding and enforceable upon
the parties and the validity of this Agreement shall not be challenged on any ground(s)
whatsoever, including its mode of execution being electronic in nature.

13.7 In case of the death of the Borrower/s, where the Borrower is an individual the legal
representative of the Borrower shall do the following:
i)Apply under the Motor Vehicles Act, 1988 to get the vehicle transferred in his name.
ii)Replace the post-dated cheques, insurance premium or any other mode of payment, fees, charges
and residual cheques signed by the deceased borrower, in the same manner as provided in this
Agreement as if he were the borrower in the first Instance.
iii)Execute a fresh agreement and such other documents as required by the Lender.
Provided that the Lender shall be entitled to exercise its sole discretion in determining whether or not to
enter into an agreement etc
with the legal representative and subject to further, the legal representative meeting the Lender’s credit
criteria and other requirements from time to time. In case the legal representative does not or refuses
to follow the above procedure or does not meet with the Lender’s credit and other requirements the
Lender shall be entitled to, at its sole discretion repossess/ dispose off/ sell/ transfer the Vehicle/Asset
to any third party or to any third party which the Lender shall nominate and the short fall on such
recovery shall be recovered from the legal representative.

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13.8 The Borrower declares that the information and data furnished by the Borrower to the
Lender are true and correct.

13.9 All documents in relation to this Loan shall be provided to the Borrower by the Lender on the
Email Address of the Borrower provided in the Schedule of this Agreement. In case the Email
Address is not provided in this Agreement, the same can be collected from the nearest branch
office of the Lender.

13.10 Appointment of agencies for verification and collection - The Borrower expressly recognizes
and accepts that the Lender shall, without prejudice to its right to perform such activities itself or
through its officers or servants, appoint one or more third parties of the Lender’s choice for
verifying the physical premises of the Borrower residence/office or otherwise, collect/attempt to
collect the Installments hereunder reserved and/or any other amounts due to the Lender on behalf
of the Lender, repossess/attempt to repossess the Vehicle and to perform and execute all acts,
deeds, matters and things connected therewith or incidental thereto including sending notices of
demand, and generally performing all lawful acts as third parties may consider appropriate for the
purpose.

13.11 The net proceeds of sale, realization, recovery and/or insurance claim proceeds relating to
the Vehicle on receipt by the Lender shall be applied at its absolute discretion in the manner it
thinks fit. The Borrower shall continue to be liable for any deficiency in the amount due to the
Lender by the Borrower after adjustment of the net proceeds of sale, realization, recovery and/or
insurance claim as above. However, no retrospective changes in the terms and conditions will be
carried out by the Lender.

13.12 The Borrower undertakes to furnish to the Lender, any such information called for by the
Lender during the pendency of the Loan and shall not in any way keep the same in abeyance. The
Borrower agrees that it shall be discretionary on the part of the Lender to consider such non-
furnishing of information to be an Event of Default on part of the Borrower.

13.13 Notwithstanding any other provisions of this Agreement and any rights available to the
Lender under the applicable laws, Lenders in compliance with RBI’s Clarification on
Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to
Advances dated November 12, 2021 as amended from time to time and /or as required/ directed
by RBI (“RBI IRACP Norms”), shall classify and notify the Facility as an overdue account under
day-end processes on the Due Date as per Lender’s internal processes.

13.14 Additionally, subject to the RBI IRACP Norms and applicable laws, Lender(s) shall classify
the Facility as SMA or NPA on the relevant Due Date in accordance with the day-end process
followed by the Lender(s). The SMA or NPA classification date and asset classification status of
the Facility shall be as on the date of the Lender(s) day-end process for the said Facility.

13.15 For the purpose of clarity stating below an example:

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If the due date of a loan account is March 31, 2021, and full dues are not received before the
lending institution runs the day-end process for this date, the date of overdue shall be March 31,
2021. If it continues to remain overdue, then this account shall get tagged as SMA-1 upon running
the day-end process on April 30, 2021 i.e. upon completion of 30 days of being continuously
overdue. Accordingly, the date of SMA-1 classification for that account shall be April 30, 2021.
Similarly, if the account continues to remain overdue, it shall get tagged as SMA- 2 upon running
day-end process on May 30, 2021 and if it continues to remain overdue further, it shall get
classified as NPA upon running day-end process on June 29, 2021."

Article 14: Arbitration

14.1 All disputes, differences, claims and questions whatsoever arising out of or relating to or
connected with this Agreement between the Parties and/or their respective representatives
touching and concerning these presents or anything herein contained or in anyway relating to or
arising from these presents including the construction or operation of this Agreement, the
respective rights and obligations of the parties shall be referred to arbitration under the Arbitration
and Conciliation Act, 1996 or any statutory modification or reenactment thereof at that time in force
to a sole arbitrator to be appointed by the Lender. The venue of the arbitration shall be in Kolkata
or such other jurisdiction as the Lender may, in its sole discretion decides. The Borrower will bear
the entire cost of arbitration without having any right to claim any reimbursement from the said
Lender.
14.2 The Arbitrator shall have all the powers of an Arbitrator under the existing laws including
powers to pass interim orders and interim awards.
14.3 The parties to the present Agreement expressly agree that the Arbitrator will not be
required to give any reasons in support of his award.
14.4 If any Arbitrator appointed as above refuses to act as Arbitrator or withdraws from his office
as Arbitrator or vacates his office or is unable or unwilling to perform his functions as Arbitrator for
any reason whatsoever or dies or in the opinion of the Lender fails to act properly, the said Lender
shall appoint new Arbitrator to act in his place. Such reconstituted Arbitrator shall proceed with the
reference from the State at which it was left by the previous Arbitrator.

Article 15: Jurisdiction

All disputes and differences arising out of and/or relating to and/or connected with this Agreement
including any collateral document shall be subject to the jurisdiction of competent Courts in Kolkata or
such other jurisdiction as the Lender may, in its sole discretion decides.

Article 16: Covenants on Environmental, Social and Governance (ESG) practices by the
Borrower:

16.1 The Borrower agrees and undertakes to act, to the extent and as applicable, in compliance and
consistent with the “LTFS Code of Conduct” as may be amended from time to time by LTFS as
provided on the official website of LTFS (www.ltfs.com) in the manner and to the satisfaction of
LTFS, and applicable laws of the jurisdiction of the Borrower.
16.2 The Borrower understands that compliance with as provided under this clause is essential to the
terms of the Facility granted by the Lender.

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Article 17: Declaration

In view of the digital execution of this document, signature affixed at the bottom of the page.

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Agreement Details
Date of Agreement 14/12/2022 Place of agreement KOLKATA

Borrower Details
Borrower Co-Borrower
Name Kundan Kumar
Name of Father /Husband SO Sunil sharma
Address harjan Dharamshala gere road,-,
(including Pin Code/ PO/ PS/ Manpur po buniyad ganj ps
District) buniyad ganj,Gaya,Bihar,823003
Email Address
Mobile no/ whatsapp no. 9113391162

Asset Details
Description of Asset Two Wheeler Make Honda SP
Registration No. Model SP 125
Chassis No. Engine No.

Loan Details
Cost of Asset Rs. 104505.00 Rate of Interest % p.a. 7.99 % p.a.
(Flat Rate)
Effective ROI % p.a ** 14.67% p.a
Loan Amount (in figures) Rs. 75180.00 Tenure 24 months
Loan Amount (in words) Rs. Seventy Five Thousand One Hundred Eighty Rupees Only only

Mode of Repayment ECS No. of Monthly 24

installments
First Due Date 3/2/2023 Last Due Date 3/1/2025
No. of Advance 0 No. of security PDCs 1
Installments
Exact Due Date for As per Repayment Frequency of Repayment As per Repayment
Repayment of Loan Schedule Schedule
Breakup between As per Repayment Example of SMA/NPA More particularly
Principal and Interest Schedule Classification mentioned under
“Classification of Assets”
under the head
“Miscellaneous”
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The exact date of commencement of repayment of As per Repayment Schedule

Loans with moratorium facility

REPAYMENT SCHEDULE

Installment Installment Installment Principal Interest Closing Balance

Number Date Amount Amount Amount Amount

This Repayment Schedule is only indicative in nature. The Final Repayment Schedule shall be communicated
to the Borrower at a later stage.

Charges
Charges (in PF Charge:799.00 Doc Charge: 0.00 ECS Charge: 500.00
Rs.)
BPC: 1000.00 Service Charge: RSA:
CLI: 1026.00 CII: Others (If Any) : (())
Prepayment charges plus GST* 5% of the prepaid amount
Additional Interest 3% p.m.
Charges as applicable under article 10.1 Rs.350/- (Rupees Three Hundred Fifty Only ) + GST

Cheque Swap Charges Rs.500/- (Rupees Five Hundred Only) + GST

Nature of Use For purchase of two wheeler vehicle

*Prepayment if within 6 months from date of disbursement, interest on Loan amount for 6months plus
prepayment charges.
** Effective rate will vary +0.5% depending on actual date of disbursement.”
** Charges may change as per the discretion of the company.’
** any advance EMI/EMIs collected will be adjusted against the future EMIs."

IN WITNESS WHEREOF, the Borrowers and Co-Borrowers hereby set their hands to digitally execute
these presents the day and year first hereinabove written.

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*This is a system generated agreement, hence no signatures are needed.

L&T Finance Limited

Corporate Office: Brindavan, Plot No. 177 Vidyanagari Marg, CST Road, Kalina, Santacruz (East),
Mumbai 400 098 CIN: U65910WB1993FLC060810

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