16. EVENTS OF DEFAULT

In the event of: -

(a) Failure by the Borrower to make any repayment of principal or payment of interest or other moneys in respect of the Facility(ies) on its due date, or

(b) A breach in the performance of any other term and condition of the Facility(ies) or The Bank’s General Terms & Conditions.

(c) A liquidator, trustee, sequestrator or similar officer being appointed of all or any of the assets of the Borrower, or

(d) 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

(e) 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 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 Facility(ies) or any balance thereof shall cease and the whole amount of the outstanding Facility(ies) and all accrued interest or other amounts owing hereunder will become repayable forthwith on demand in writing made by the Bank at any time. The Borrower shall also provide cash cover on demand for all contingent liabilities of the Borrower to the Bank and for all notes or bills accepted, endorsed or discounted and all bonds, guarantees, indemnities, documentary or other credits or any instruments whatsoever from time to time entered into by the Bank for or at the request of the Borrower.

Any moneys not paid following a demand under this Paragraph shall continue to attract interest at the contracted rate as well after as before judgment or any Bankruptcy or liquidation of the Borrower.