Common use of Default and Consequences of Default Clause in Contracts

Default and Consequences of Default. 19.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and a half percent (2.5%) per calendar month (and at M.D.L’s sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment. 19.2 If the Customer owes M.D.L any money the Customer shall indemnify M.D.L from and against all costs and disbursements incurred by M.D.L in recovering the debt (including but not limited to internal administration fees, legal costs on a solicitor and own client basis, M.D.L’s collection agency costs, and bank dishonour fees). 19.3 Further to any other rights or remedies M.D.L may have under this Contract, if a Customer has made payment to M.D.L, and the transaction is subsequently reversed, the Customer shall be liable for the amount of the reversed transaction, in addition to any further costs incurred by M.D.L under this clause 19 where it can be proven that such reversal is found to be illegal, fraudulent or in contravention to the Customer’s obligations under this Contract. 19.4 Without prejudice to M.D.L’s other remedies at law M.D.L shall be entitled to cancel all or any part of any order of the Customer which remains unfulfilled and all amounts owing to M.D.L shall, whether or not due for payment, become immediately payable if: (a) any money payable to M.D.L becomes overdue, or in M.D.L’s opinion the Customer will be unable to make a payment when it falls due; (b) the Customer has exceeded any applicable credit limit provided by M.D.L; (c) the Customer becomes insolvent, convenes a meeting with its creditors or proposes or enters into an arrangement with creditors, or makes an assignment for the benefit of its creditors; or (d) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Customer or any asset of the Customer.

Default and Consequences of Default. 19.1 Interest 14.1 An event of default (“Default Event”) occurs if: (a) any money payable under this Contract is not paid before or on the due date for payment; (b) the Customer fails to observe and perform any of the Customer’s covenants, other than the failure to pay money, and such failure continues for more than three (3) days after BTI had given the Customer notice requiring the Customer to remedy the breach; (c) the Customer, being an individual, commits an act of bankruptcy, is declared mentally ill or is convicted of a criminal offence or dies; (d) a receiver, or an agent in possession for a mortgagee, is appointed in respect of any property of the Customer; (e) a mortgagee takes possession of any property of the Customer; (f) any execution or similar process is made against the property of the Customer; (g) an application is made, a resolution is passed or a meeting is convened for the purpose of considering a resolution for the Customer to be wound up, unless the winding up is for the purpose of reconstruction or amalgamation; (h) a compromise or arrangement is made between the Customer and its creditors; (i) a resolution is passed, or a meeting is convened for the purpose of considering a resolution for the Customer to be placed under official management; (j) the Customer admits in writing its inability to pay its debts; 14.2 On the occurrence of an Default Event: (a) BTI may: (i) take possession of the Goods with, or without notice to the Customer, in accordance with clause 10.3(e); (ii) charge interest on overdue invoices invoices, which shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and a one half percent (2.5%) per calendar month (and at M.D.LBTI’s sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment.; 19.2 If (b) if the Customer owes M.D.L BTI any money money, the Customer shall indemnify M.D.L BTI from and against all costs and disbursements incurred by M.D.L BTI in recovering the debt (including but not limited to internal administration fees, legal costs on a solicitor and own client basis, M.D.LBTI’s collection agency costscontract default fee, and bank dishonour fees).; 19.3 Further (c) further to any other rights or remedies M.D.L BTI may have under this Contract, if a the Customer has made payment to M.D.L, BTI and the transaction is subsequently reversed, the Customer shall be liable for the amount of the reversed transaction, in addition to any further costs incurred by M.D.L BTI under this clause 19 14 where it can be proven that such reversal is found to be illegal, fraudulent or in contravention to the Customer’s obligations under this Contract.; 19.4 Without (d) without prejudice to M.D.LBTI’s other remedies at law M.D.L law, BTI shall be entitled to cancel all cancel, suspend or terminate the supply of Goods and/or Services or any part of any order of the Customer which remains unfulfilled unperformed in addition to and without prejudice to any other remedies BTI may have and all amounts owing to M.D.L BTI shall, whether or not due for payment, become immediately payable if: (a) any money payable payable. BTI will not be liable to M.D.L becomes overdue, or in M.D.L’s opinion the Customer will be unable to make a payment when it falls due; (b) for any loss or damage the Customer suffers because BTI has exceeded any applicable credit limit provided by M.D.L; (c) the Customer becomes insolvent, convenes a meeting with exercised its creditors or proposes or enters into an arrangement with creditors, or makes an assignment for the benefit of its creditors; or (d) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Customer or any asset of the Customerrights under this clause.

Default and Consequences of Default. 19.1 Interest 24.1 An event of default (“Default Event”) occurs if: (a) any money payable under this Contract is not paid before or on the due date for payment; (b) the Client fails to observe and perform any of the Client’s covenants, other than the failure to pay money, and such failure continues for more than three (3) days after the Supplier had given the Client notice requiring the Client to remedy the breach; (c) the Client, being an individual, commits an act of bankruptcy, is declared mentally ill or is convicted of a criminal offence or dies; (d) a receiver, or an agent in possession for a mortgagee, is appointed in respect of any property of the Client; (e) a mortgagee takes possession of any property of the Client; (f) any execution or similar process is made against the property of the Client; (g) an application is made, a resolution is passed or a meeting is convened for the purpose of considering a resolution for the Client to be wound up, unless the winding up is for the purpose of reconstruction or amalgamation; (h) a compromise or arrangement is made between the Client and its creditors; (i) a resolution is passed, or a meeting is convened for the purpose of considering a resolution for the Client to be placed under official management; (j) the Client admits in writing its inability to pay its debts; 24.2 On the occurrence of a Default Event: (a) the Supplier may: (i) take possession of the Equipment with, or without notice to the Client, in accordance with clause 16.2(c)(vi); (ii) charge interest on overdue invoices invoices, which shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and a one half percent (2.5%) per calendar month (and at M.D.Lthe Supplier’s sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment.; 19.2 If (b) if the Customer Client owes M.D.L the Supplier any money money, the Customer Client shall indemnify M.D.L the Supplier from and against all costs and disbursements incurred by M.D.L the Supplier in recovering the debt (including but not limited to internal administration fees, legal costs on a solicitor and own client basis, M.D.Lthe Supplier’s collection agency costs, costs and/or and bank dishonour fees).; 19.3 Further (c) further to any other rights or remedies M.D.L the Supplier may have under this Contractagreement, if a Customer the Client has made payment to M.D.L, the Supplier and the transaction is subsequently reversed, the Customer Client shall be liable for the amount of the reversed transaction, in addition to any further costs incurred by M.D.L the Supplier under this clause 19 24 where it can be proven that such reversal is found to be illegal, fraudulent or in contravention to the CustomerClient’s obligations under this Contract.; 19.4 Without (d) without prejudice to M.D.Lthe Supplier’s other remedies at law M.D.L law, the Supplier shall be entitled to cancel all cancel, suspend or terminate the supply of Equipment/Goods/Services or any part of any order of the Customer Client which remains unfulfilled unperformed in addition to and without prejudice to any other remedies the Supplier may have and all amounts owing to M.D.L the Supplier shall, whether or not due for payment, become immediately payable if: (a) payable. The Supplier will not be liable to the Client for any money payable to M.D.L becomes overdue, loss or in M.D.L’s opinion damage the Customer will be unable to make a payment when it falls due; (b) Client suffers because the Customer Supplier has exceeded any applicable credit limit provided by M.D.L; (c) the Customer becomes insolvent, convenes a meeting with exercised its creditors or proposes or enters into an arrangement with creditors, or makes an assignment for the benefit of its creditors; or (d) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Customer or any asset of the Customerrights under this clause.

Default and Consequences of Default. 19.1 Interest 22.1 An event of default (“Default Event”) occurs if: (a) any money payable under this Agreement is not paid before or on the due date for payment; (b) the Customer has exceeded any applicable credit limit provided by Smartcall; (c) the Customer fails to observe and perform any of the Customer’s covenants, other than the failure to pay money, and such failure continues for more than 5 Business Days after Smartcall had given the Customer notice requiring the Customer to remedy the breach; (d) the Customer, being an individual, commits an act of bankruptcy, is declared mentally ill or is convicted of a criminal offence or dies; (e) a receiver, or an agent in possession for a mortgagee, is appointed in respect of any property of the Customer; (f) a mortgagee takes possession of any property of the Customer; (g) any execution or similar process is made against the property of the Customer; (h) an application is made, a resolution is passed or a meeting is convened for the purpose of considering a resolution for the Customer to be wound up, unless the winding up is for the purpose of reconstruction or amalgamation; (i) a compromise or arrangement is made between the Customer and its creditors; (j) a resolution is passed, or a meeting is convened for the purpose of considering a resolution for the Customer to be placed under official management; (k) the Customer admits in writing its inability to pay its debts; 22.2 On the occurrence of an Default Event: (a) Smartcall may: (i) take possession of the Goods with, or without notice to the Customer, in accordance with clause 15.3(c); (ii) charge interest on overdue invoices invoices, which shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and a one half percent (2.5%) per calendar month (and at M.D.LSmartcall’s sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment.; 19.2 If (b) if the Customer owes M.D.L Smartcall any money money, the Customer shall indemnify M.D.L Smartcall from and against all costs and disbursements incurred by M.D.L Smartcall in recovering the debt (including but not limited to internal administration fees, legal costs on a solicitor and own client basis, M.D.LSmartcall’s collection agency costs, and bank dishonour fees).; 19.3 Further (c) further to any other rights or remedies M.D.L Smartcall may have under this ContractAgreement, if a the Customer has made payment to M.D.L, Smartcall and the transaction is subsequently reversed, the Customer shall be liable for the amount of the reversed transaction, in addition to any further costs incurred by M.D.L Smartcall under this clause 19 22.2(c) where it can be proven that such reversal is found to be illegal, fraudulent or in contravention to the Customer’s obligations under this ContractAgreement. 19.4 Without prejudice to M.D.L’s other remedies at law M.D.L shall be entitled to cancel all or any part of any order of the Customer which remains unfulfilled and all amounts owing to M.D.L shall, whether or not due for payment, become immediately payable if: (a) any money payable to M.D.L becomes overdue, or in M.D.L’s opinion the Customer will be unable to make a payment when it falls due; (b) the Customer has exceeded any applicable credit limit provided by M.D.L; (c) the Customer becomes insolvent, convenes a meeting with its creditors or proposes or enters into an arrangement with creditors, or makes an assignment for the benefit of its creditors; or (d) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Customer or any asset of the Customer.

Default and Consequences of Default. 19.1 Interest 21.1 An event of default (“Default Event”) occurs if: (a) any money payable under this Contract is not paid before or on the due date for payment; (b) the Client fails to observe and perform any of the Client’s covenants, other than the failure to pay money, and such failure continues for more than three (3) days after Safe Hire Limited had given the Client notice requiring the Client to remedy the breach; (c) the Client, being an individual, commits an act of bankruptcy, is declared mentally ill or is convicted of a criminal offence or dies; (d) a receiver, or an agent in possession for a mortgagee, is appointed in respect of any property of the Client; (e) a mortgagee takes possession of any property of the Client; (f) any execution or similar process is made against the property of the Client; (g) an application is made, a resolution is passed or a meeting is convened for the purpose of considering a resolution for the Client to be wound up, unless the winding up is for the purpose of reconstruction or amalgamation; (h) a compromise or arrangement is made between the Client and its creditors; (i) a resolution is passed, or a meeting is convened for the purpose of considering a resolution for the Client to be placed under official management; (j) the Client admits in writing its inability to pay its debts; 21.2 On the occurrence of an Default Event: (a) Safe Hire Limited may: (i) take possession of the Equipment with, or without notice to the Client, in accordance with clause 12.2(c)(vi); (ii) charge interest on overdue invoices invoices, which shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and a one half percent (2.5%) per calendar month (and at M.D.LSafe Hire Limited’s sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment.; 19.2 If (b) if the Customer Client owes M.D.L Safe Hire Limited any money money, the Customer Client shall indemnify M.D.L Safe Hire Limited from and against all costs and disbursements incurred by M.D.L Safe Hire Limited in recovering the debt (including but not limited to internal administration fees, legal costs on a solicitor and own client basis, M.D.LSafe Hire Limited’s collection agency costs, costs and/or and bank dishonour fees).; 19.3 Further (c) further to any other rights or remedies M.D.L Safe Hire Limited may have under this Contractagreement, if a Customer the Client has made payment to M.D.L, Safe Hire Limited and the transaction is subsequently reversed, the Customer Client shall be liable for the amount of the reversed transaction, in addition to any further costs incurred by M.D.L Safe Hire Limited under this clause 19 21 where it can be proven that such reversal is found to be illegal, fraudulent or in contravention to the CustomerClient’s obligations under this Contract.; 19.4 Without (d) without prejudice to M.D.LSafe Hire Limited’s other remedies at law M.D.L law, Safe Hire Limited shall be entitled to cancel all cancel, suspend or terminate the supply of Equipment/Goods/Services or any part of any order of the Customer Client which remains unfulfilled unperformed in addition to and without prejudice to any other remedies Safe Hire Limited may have and all amounts owing to M.D.L Safe Hire Limited shall, whether or not due for payment, become immediately payable if: (a) payable. Safe Hire Limited will not be liable to the Client for any money payable to M.D.L becomes overdue, loss or in M.D.L’s opinion damage the Customer will be unable to make a payment when it falls due; (b) the Customer Client suffers because Safe Hire Limited has exceeded any applicable credit limit provided by M.D.L; (c) the Customer becomes insolvent, convenes a meeting with exercised its creditors or proposes or enters into an arrangement with creditors, or makes an assignment for the benefit of its creditors; or (d) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Customer or any asset of the Customerrights under this clause.

Default and Consequences of Default. 19.1 30.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and a half percent (2.5%) per calendar month (and at M.D.Lthe Provider’s sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment. 19.2 30.2 If the Customer owes M.D.L the Provider any money money, the Customer shall indemnify M.D.L the Provider from and against all costs and disbursements disbursements: (a) incurred; and/or (b) which would be incurred and/or (c) for which by M.D.L the Customer would be liable; in recovering the debt (including but not limited regard to internal administration fees, legal costs on a solicitor and own client basis, M.D.Linternal administration fees, the Provider’s collection agency costscontract fees owing for breach of these terms and conditions’, and including, but not limited to, contract default fees and/or recovery costs (if applicable), as well as bank dishonour fees). 19.3 30.3 Further to any other rights or remedies M.D.L the Provider may have under this Contract, if a Customer has made payment to M.D.Lthe Provider, and the transaction is subsequently reversed, the Customer shall be liable for the amount of the reversed transaction, in addition to any further costs incurred by M.D.L the Provider under this clause 19 30 where it can be proven that such reversal is found to be illegal, fraudulent or in contravention to the Customer’s obligations under this Contract. 19.4 30.4 Without prejudice to M.D.Lthe Provider’s other remedies at law M.D.L the Provider shall be entitled to cancel all or any part of any order of the Customer which remains unfulfilled and all amounts owing to M.D.L the Provider shall, whether or not due for payment, become immediately payable if: (a) any money payable to M.D.L the Provider becomes overdue, or in M.D.Lthe Provider’s opinion the Customer will be unable to make a payment when it falls due; (b) the Customer has exceeded any applicable credit limit provided by M.D.Lthe Provider; (c) the Customer becomes insolvent, convenes a meeting with its creditors or proposes or enters into an arrangement with creditors, or makes an assignment for the benefit of its creditors; or (d) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Customer or any asset of the Customer.

Default and Consequences of Default. 19.1 Interest on overdue invoices 4.1 In case that there is an occurrence of each or any of the following events, it shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and a half percent (2.5%) per calendar month (and at M.D.L’s sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment. 19.2 If be deemed that the Customer owes M.D.L any money the Customer shall indemnify M.D.L from and against all costs and disbursements incurred by M.D.L is in recovering the debt (including but not limited to internal administration fees, legal costs on a solicitor and own client basis, M.D.L’s collection agency costs, and bank dishonour fees). 19.3 Further to any other rights default or remedies M.D.L may have under breach of this Contract, if a Customer has made payment to M.D.L, and the transaction is subsequently reversed, the Customer shall be liable for the amount of the reversed transaction, in addition to any further costs incurred by M.D.L under this clause 19 where it can be proven that such reversal is found to be illegal, fraudulent or in contravention to the Customer’s obligations under this Contract. 19.4 Without prejudice to M.D.L’s other remedies at law M.D.L shall be entitled to cancel all or any part of any order of the Customer which remains unfulfilled and all amounts owing to M.D.L shall, whether or not due for payment, become immediately payable ifAgreement: (a) any money payable to M.D.L becomes overdue, or in M.D.L’s opinion the Customer will be unable to make a payment when it falls duebreaches any provisions of this Agreement and/or breaches any credit facility agreement entered with the Bank; (b) the Customer has exceeded provided any applicable credit limit provided by M.D.Linformation or details, which are false statement, to the Bank, and such information and details are significant and have an adverse effect in terms of the approval of the Bank for granting the Facility to the Customer; (c) the Customer ceases or dissolves its business or becomes insolvent, convenes a meeting with insolvent or has been administrated or its creditors business is in rehabilitation proceedings or proposes is in death or enters into an arrangement with creditors, has been ordered by the court to be incompetent or makes an assignment for the benefit of its creditors; orquasi-incompetent person; (d) the Customer has been in execution proceedings or its assets has been seized, attached or distressed according to the court judgment or any other laws or has been sued to the court which, in the opinion of the Bank, shall affect the capability of the Customer in performing its duties and obligations of this Agreement or any credit facility agreement entered with the Bank; (e) the value and creditability of the collateral, which the Customer provided to the Bank under this Agreement, or any credit facility agreement, which the Customer entered with the Bank, has been depreciated or such collateral has been, seized, attached or distressed by any third person, or the Bank is unable to enforce such collateral; (f) there is any significant event which, in the opinion of the Bank, is reasonably likely to have a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect material adverse effect to the business of the Customer or any asset the ability of the CustomerCustomer to repay the debt under this Agreement. In case of any event of default or breach of the Agreement as mentioned above and the Customer fails to remedy such event if capable within 30 (thirty) days after becoming known of such occurrences, the Customer agrees that it shall be deemed to be default or breach of this Agreement and therefore consents the Bank, at its sole discretion, to proceed or act any of the followings: (a) reserve or separate any type of loans or credits, which the Customer entered with the Bank, in whole or in part, in order for the Bank to bring any outstanding amount from other type of loans or credits including interests, compensations and liabilities, which are accessory to the obligations, to record as the total outstanding amount in such reserved loans or credits so that it will become the outstanding amount owed by the Customer to the Bank under this Agreement. Any document or evidence prepared by the Bank in whatever forms shall be deemed an integral part of this Agreement; and/or (b) suspend or cancel the unutilized Facility Amount; and/or (c) terminate this Agreement or any credit agreement, which the Customer entered with the Bank, and demand the Customer to pay within 7 (seven) days the outstanding amount in full under this Agreement or the credit facility agreement which the Customer entered with the Bank including may enforce either wholly or partially on the rights of the collateral provided by the Customer to the Bank under this Agreement or any credit facility agreement entered with the Bank. Provided, however, that the termination of this Agreement as mentioned above shall not affect the cancellation or wiping out any right of claim or demand of the Bank and also liabilities and obligations of the Customer for any damage, fine, expense and any monies specified in this Agreement or the credit facility agreement, which the Customer entered with the Bank or the Customer is required to pay by laws. 4.2 In case that the Customer fails to pay any amount payable by it under this Agreement, the Customer consents that the Bank has the right to calculate and collect from the Customer the interests on the overdue amount at the Default Interest Rate commencing from the date of default until the Bank shall have been paid under this Agreement in full or until the Customer shall have resolved or remedied the event of such default or breach to the satisfactory of the Bank.

Default and Consequences of Default. 19.1 Interest 24.1 An event of default (“Default Event”) occurs if: (a) any money payable under this Contract is not paid before or on the due date for payment; (b) the Client fails to observe and perform any of the Client’s covenants, other than the failure to pay money, and such failure continues for more than three (3) days after the Supplier had given the Client notice requiring the Client to remedy the breach; (c) the Client, being an individual, commits an act of bankruptcy, is declared mentally ill or is convicted of a criminal offence or dies; (d) a receiver, or an agent in possession for a mortgagee, is appointed in respect of any property of the Client; (e) a mortgagee takes possession of any property of the Client; (f) any execution or similar process is made against the property of the Client; (g) an application is made, a resolution is passed or a meeting is convened for the purpose of considering a resolution for the Client to be wound up, unless the winding up is for the purpose of reconstruction or amalgamation; (h) a compromise or arrangement is made between the Client and its creditors; (i) a resolution is passed, or a meeting is convened for the purpose of considering a resolution for the Client to be placed under official management; (j) the Client admits in writing its inability to pay its debts; 24.2 On the occurrence of an Default Event: (a) the Supplier may: (i) take possession of the Equipment with, or without notice to the Client, in accordance with clause 16.2(c)(vi); (ii) charge interest on overdue invoices invoices, which shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and a one half percent (2.5%) per calendar month (and at M.D.Lthe Supplier’s sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment.; 19.2 If (b) if the Customer Client owes M.D.L the Supplier any money money, the Customer Client shall indemnify M.D.L the Supplier from and against all costs and disbursements incurred by M.D.L the Supplier in recovering the debt (including but not limited to internal administration fees, legal costs on a solicitor and own client basis, M.D.Lthe Supplier’s collection agency costs, costs and/or and bank dishonour fees).; 19.3 Further (c) further to any other rights or remedies M.D.L the Supplier may have under this Contractagreement, if a Customer the Client has made payment to M.D.L, the Supplier and the transaction is subsequently reversed, the Customer Client shall be liable for the amount of the reversed transaction, in addition to any further costs incurred by M.D.L the Supplier under this clause 19 24 where it can be proven that such reversal is found to be illegal, fraudulent or in contravention to the CustomerClient’s obligations under this Contract.; 19.4 Without (d) without prejudice to M.D.Lthe Supplier’s other remedies at law M.D.L law, the Supplier shall be entitled to cancel all cancel, suspend or terminate the supply of Equipment/Goods/Services or any part of any order of the Customer Client which remains unfulfilled unperformed in addition to and without prejudice to any other remedies the Supplier may have and all amounts owing to M.D.L the Supplier shall, whether or not due for payment, become immediately payable if: (a) payable. The Supplier will not be liable to the Client for any money payable to M.D.L becomes overdue, loss or in M.D.L’s opinion damage the Customer will be unable to make a payment when it falls due; (b) Client suffers because the Customer Supplier has exceeded any applicable credit limit provided by M.D.L; (c) the Customer becomes insolvent, convenes a meeting with exercised its creditors or proposes or enters into an arrangement with creditors, or makes an assignment for the benefit of its creditors; or (d) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Customer or any asset of the Customerrights under this clause.

Default and Consequences of Default. 19.1 Interest 18.1 An event of default (“Default Event”) occurs if: (a) any money payable under this Contract is not paid before or on the due date for payment; (b) the Client has exceeded any applicable credit limit provided by ITJEDI; (c) the Client fails to observe and perform any of the Client’s covenants, other than the failure to pay money, and such failure continues for more than five (5) days after ITJEDI had given the Client notice requiring the Client to remedy the breach; (d) the Client, being an individual, commits an act of bankruptcy, is declared mentally ill or is convicted of a criminal offence or dies; (e) a receiver, or an agent in possession for a mortgagee, is appointed in respect of any property of the Client; (f) a mortgagee takes possession of any property of the Client; (g) any execution or similar process is made against the property of the Client; (h) an application is made, a resolution is passed or a meeting is convened for the purpose of considering a resolution for the Client to be wound up, unless the winding up is for the purpose of reconstruction or amalgamation; (i) a compromise or arrangement is made between the Client and its creditors; (j) a resolution is passed, or a meeting is convened for the purpose of considering a resolution for the Client to be placed under official management; (k) the Client admits in writing its inability to pay its debts; 18.2 On the occurrence of an Default Event: (a) ITJEDI may: (i) take possession of the Goods with, or without notice to the Client, in accordance with clause 11.3(c); (ii) charge interest on overdue invoices invoices, which shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and a one half percent (2.5%) per calendar month (and at M.D.LITJEDI’s sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment.; 19.2 If (b) if the Customer Client owes M.D.L ITJEDI any money money, the Customer Client shall indemnify M.D.L ITJEDI from and against all costs and disbursements incurred by M.D.L ITJEDI in recovering the debt (including but not limited to internal administration fees, legal costs on a solicitor and own client basis, M.D.LITJEDI’s collection agency costs, and bank dishonour fees).; 19.3 Further (c) further to any other rights or remedies M.D.L ITJEDI may have under this Contract, if a Customer the Client has made payment to M.D.L, ITJEDI and the transaction is subsequently reversed, the Customer Client shall be liable for the amount of the reversed transaction, in addition to any further costs incurred by M.D.L ITJEDI under this clause 19 18.2(c) where it can be proven that such reversal is found to be illegal, fraudulent or in contravention to the CustomerClient’s obligations under this Contract. 19.4 Without prejudice to M.D.L’s other remedies at law M.D.L shall be entitled to cancel all or any part of any order of the Customer which remains unfulfilled and all amounts owing to M.D.L shall, whether or not due for payment, become immediately payable if: (a) any money payable to M.D.L becomes overdue, or in M.D.L’s opinion the Customer will be unable to make a payment when it falls due; (b) the Customer has exceeded any applicable credit limit provided by M.D.L; (c) the Customer becomes insolvent, convenes a meeting with its creditors or proposes or enters into an arrangement with creditors, or makes an assignment for the benefit of its creditors; or (d) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Customer or any asset of the Customer.