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Section-17 EVENTS OF DEFAULT

1. 
   If one of the events specified in this Section (Events of Default) shall have happened and be continuing then ITFC may, by notice to the Company, declare any or all the whole outstanding Sale Price, and the same shall immediately be, due and payable and terminate the Agreement (anything in this Agreement notwithstanding) without any further notice:
   

1. 
   any default shall have occurred in the payment of any amount due to ITFC or to any of its affiliates, and such default shall have continued for a period of 10 (ten) days;
   
2. 
   any default (other than the default specified in (i) above) shall have occurred in the performance of any obligation of the Company hereunder and any such default shall have continued for a period of 10 (ten) days after notice thereof shall have been given by ITFC to the Company;
   
3. 
   any representation or warranty confirmed or made by the Company in connection with the execution and delivery of this Agreement, or in connection with any request for Utilization hereunder, shall be found to have been incorrect in any material respect and shall continue to be incorrect for a period of 30 (thirty) days after notice thereof shall have been given by ITFC to the Company;
   
4. 
   the Company shall have convened a meeting, or shall have taken any action, for the purpose of making an arrangement or composition with its creditors;
   
5. 
   the Company shall have become unable to pay its debts as they fall due or shall otherwise have become insolvent in each case;
   
6. 
   any provision of this Agreement which becomes invalid or unenforceable following the occurrence of Material Adverse Effect which will materially and adversely affect the interests of ITFC under the Agreement;
   
7. 
   if the Company shall engage itself or through any person acting on its behalf, in any Sanctionable Practices or Other Sanctionable Practices in connection with its business and operations, including the procurement or the execution of any contract relating to the Operation.
   

1. 
   If any Event of Default or any event which, with lapse of time or notice and lapse of time, would become an Event of Default shall have happened, the Company shall immediately give ITFC notice thereof by telex or facsimile, specifying the nature of such Event of Default or such event and any steps the Company is taking to remedy the same.
   
2. 
   No course of dealing, and no delay in exercising, or omission to exercise, any right, power or remedy accruing to ITFC upon any Event of Default hereunder or any other agreement shall impair any such right, power or remedy or be construed to be a waiver thereof or an acquiescence therein; nor shall the action of ITFC in respect of any such Event of Default, or any acquiescence by it therein, affect or impair any right, power or remedy of ITFC in respect of any other default.
   
3. 
   On and at any time after the occurrence of an Event of Default which is continuing ITFC may, by notice to the Line Bank:
   

1. 
   without prejudice to the amounts then outstanding:
   

1. 
   cancel the Aggregate Amount of the Line whereupon the same shall immediately be cancelled (and reduced to zero);
   
2. 
   cancel any part of the Aggregate Amount of the Line (and reduce the Aggregate Amount of the Line accordingly), whereupon the relevant part shall immediately be cancelled (and the Aggregate Amount of the Line shall immediately be reduced accordingly); and/or
   

2. 
   declare that all or part of the Sale Price, together with accrued interest, and all or any other amounts accrued or outstanding under this Agreement and/or relevant Murabaha Agreement and/or relevant Sale Contract, be immediately due and payable, whereupon they shall become immediately due and payable; and/or
   
3. 
   declare that all or part of the Sale Price, together with accrued interest, and all or any other amounts accrued or outstanding under this Agreement and/or relevant Murabaha Agreement and/or relevant Sale Contract, be payable on demand, whereupon they shall immediately become payable on demand by ITFC; and/or
   
4. 
   exercise any or all of its rights, remedies, powers or discretions under this Agreement and/or relevant Murabaha Agreement and/or relevant Sale Contract.