1.DEFINITIONS:

In this Agreement, unless the context requires otherwise:

1. Agreement means the Borrower’s application when duly approved by the Bank and these terms and conditions as may be revised, supplemented, enhanced and restated or otherwise notified.
2. Applicable Law means, with respect to a given person on a given date, any constitution, statute, law, rule, regulation, ordinance, judgment, order, decree, consent of a governmental authority, or any published directive, guideline, requirement, international treaty obligation or other governmental or inter-governmental restriction that has the force of law, any determination by, or interpretation of any of the foregoing by, any judicial authority, that is binding on such person whether in effect as of the date hereof or as of any date thereafter.
3. Approved means the acceptance by the Bank of the Short-Term Facility(ies) applied for or such lesser sum as it may in its sole discretion agree to advance to the Borrower including any terms of such approval as to the cost and the applicable interest rate or otherwise “Approval” shall have a corresponding meaning.
4. Borrower means the applicant specified in the application and their personal representatives and assigns.
5. Bank means I&M Bank Limited.
6. Corrupt Practices Law means any other Applicable Law relating to bribery, kick-backs, or similar business
7. Disbursement means the crediting of the approved loan into the Borrower’s current account.
8. Events of Default means any event or circumstance specified as such in Paragraph 15 (Events of Default).
9. Existing Liabilities means the Existing Financial Indebtedness set out in (Existing Liabilities) clause of this
10. Financial Indebtedness means, with respect to any given person at any date, total liabilities as defined by the IFRS and any obligation created, issued, incurred, or assumed by such person for borrowed money or arising out of any credit facility(ies), financial accommodation or hedge Agreement, all guaranties by such entity of liabilities or indebtedness of any other person, liabilities or Indebtedness of any other entity or person secured by any assets or revenue of such entity.
11. IFRS means international accounting standards within the meaning of the International Accounting Standards (IAS) Regulation 1606/2002 or IFRS for SMEs to the extent applicable to the relevant financial statements.
12. OTG App means the I&M Bank mobile and web application;
13. Tax means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the