11. EVENTS OF DEFAULT
- In the event of: -
- Failure by the Borrower to make any repayment of the Outstanding Debt in respect of the Short-Term Facility(ies) on its due date, or
- A breach in the performance of any other terms and conditions of the Short-Term Facility(ies) or the Bank’s General Terms &
- A liquidator, trustee, sequestrator or similar officer being appointed of all or any of the assets of the Borrower, or
- A distress, execution or other legal process being levied against any of the assets of the Borrower and not being discharged or paid within 7 days, or
- Any indebtedness of the Borrower becoming immediately due or payable or capable of being in default on the part of any person, or the Borrower failing to discharge any indebtedness on its due date, or any representation or warranty made by the Borrower hereunder or for the purpose of obtaining the Short-Term Facility(ies) being incorrect in any material respect as of the date of which it is made or deemed to be made, or there being any material adverse change of the position as set out in such representation of warranty, then the Bank’s commitment to advance the Short-Term Facility(ies) shall cease and the whole amount of the outstanding Short-Term Facility(ies) or other amounts owing hereunder will become repayable forthwith on demand in writing made by the Bank at any