Loan Amount php 6000 Loan Term 125 days Release Date

14. EXEMPTION FROM LIABILITIES
To the extent not contrary to applicable law, the LENDER shall not be responsible for any losses
or damages which the BORROWER or any other person(s) may suffer or incur due to any delay
or refusal of the LENDER to grant or to continue to grant the whole or part of the Loan to the
BORROWER and shall not be obliged to give any reason for such delay or refusal. Without
prejudice to the foregoing, and to the extent not contrary to applicable law, the LENDER shall not
in any event be responsible for or liable to the BORROWER for any losses or damages which
the BORROWER may suffer in respect of any revision of the amount, suspension or termination
of the Loan, changes to any of these Terms and Conditions or any other exercise of the
LENDER's rights under these Terms and Conditions, at law or in equity.
15. EVENT OF DEFAULT
Without prejudice to any other terms in the Loan Agreement and the LENDER’s right to demand
immediate repayment of the Loan which is repayable on demand, the BORROWER shall
immediately repay, on demand, and without need for notice or demand from the LENDER, the
Loan, and applicable charges and fees, which are outstanding and unpaid, and all other
expenses and moneys payable in relation to the Loan, upon any of the following events of default
happening (the “Events of Default”):
Any other money that the BORROWER owes the LENDER under the Loan is not paid
when due;
●
The BORROWER fails to pay on the due date any amount that the BORROWER must pay
under this Agreement or does not comply with any obligation of the BORROWER under
this Agreement or any guarantee document.
●
The BORROWER breaches its obligations of payment, when due;
●
Proceedings are taken against the BORROWER or the BORROWER's property, or the
criminal case is conducted against the BORROWER, which in the opinion of the LENDER,
may have a significant adverse effect on the BORROWER's ability to perform its
obligations under this Agreement;
●
The BORROWER commits or threatens to commit a breach of any of the terms and
conditions of the Agreement;
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The BORROWER becomes insolvent or the BORROWER has taken any step for making
of a bankruptcy petition or bankruptcy order against the BORROWER;
●
The BORROWER dies or becomes loss of capacity for civil act;
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Any of the BORROWER’s declaration or representation set out in these Terms and
Conditions or the Loan Agreement relating to the Loan, as varied from time to time, is or
becomes untrue;
●
If any governmental authority condemns, nationalizes, seizes or otherwise expropriates, or
seals, blocks or freezes, or uses for public purposes or for the purposes of national
defense or security and other similar special circumstances, all or any substantial part of
the property or other assets of the BORROWER;
●
If any provision of these Terms and Conditions governing the Loan Agreement is, or is
alleged by the BORROWER to be, or is declared by any governmental authority or court to
be, ineffective, invalid, illegal or void, in whole or in part;
●
If a court of competent jurisdiction issues a judgment or decision against the
BORROWER; or an arbitration body of competent jurisdiction issues an award against the
BORROWER; or
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An event occurs or circumstances arise which gives the LENDER reasonable grounds to
believe that the BORROWER may not be able to perform or comply with any of
obligations.
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