The Lender may by written notice to the Borrower declare the outstanding principal amount of the Loan Facility to be immediately due and payable, together with accrued interest, and/or cancel any undrawn Loan Instalment or Tranche if:

the Borrower fails or shall fail to pay on the relevant Due Date any amount of principal or Costs of Funding or Costs of Service or Cost of Liquidity Management, or any other amounts due under this Loan Agreement on their due dates, whether in whole or in part, in the manner as agreed in this Loan Agreement, in respect of any Loan Instalment or Tranche; or

the Borrower defaults or shall default in the performance of any obligation under this Loan Agreement other than that referred to in

Article 13

(1)(a) (including the obligation set out in

Article 2

(4) to use the Loan Facility in accordance with the terms of the Reform Agenda, the Facility Agreement and this Loan Agreement), and such default shall continue for a period of one month after written notice thereof shall have been given to the Borrower by the Lender; or

the Lender sends the Borrower a declaration of default in circumstances where the Borrower’s obligations under this Loan Agreement are declared by a court of competent jurisdiction not to be binding on or enforceable against the Borrower or are declared by a court of competent jurisdiction to be illegal; or

the Lender sends the Borrower a declaration of default in circumstances where (i) it has been established that in relation to this Loan Agreement, or the Facility Agreement, the Borrower has engaged in any act of fraud or corruption, or any other illegal activity detrimental to the financial interests of the Lender or (ii) any representation or warranty made by the Borrower under this Loan Agreement or the Facility Agreement is inaccurate, untrue or misleading and which in the opinion of the Lender could have a negative impact on the capacity of the Borrower to fulfil its obligations under this Loan Agreement or on the rights of the Lender under it; or

any loan agreement between the Borrower and the Lender or any EU institution or body, regardless of the amount, is subject of a declaration of default or there is a default on any payment obligation of any kind towards the Lender or any EU institution or body by the Borrower which gives rise to a declaration of default; or

the Borrower does not comply with the Reform Agenda as approved by the Commission Implementing Decision, and/or the Facility Agreement, and/or a Contribution Arrangement, and/or if the Facility Agreement is terminated;

a selected investment project listed in a Contribution Arrangement is cancelled, or the Beneficiary fails to provide the proof of payment to the EWBJF;

the Borrower fails or shall fail to pay any amount of guarantee call under any guarantee by which the Borrower guarantees to the Lender the fulfilment of payment obligations of another party towards the Lender; or

External Indebtedness of the Borrower having an aggregate principal amount in excess of EUR 50 million is the subject of a declaration of default as defined in any instrument governing or evidencing such indebtedness and as a result of such a declaration of default there is an acceleration of such indebtedness or a de facto moratorium on payments; or

the Borrower does not make timely repurchases from the IMF in relation to the IMF Arrangement and is subject of a declaration of default; or

the Borrower does not pay a substantial portion of its External Indebtedness as it falls due or declares or imposes a moratorium on the payment of its External Indebtedness or of External Indebtedness assumed or guaranteed by it.