Variation to Loan Facility Agreement
The Bank offers you a moratorium of …3 ……(three)……….months in respect of the payment of the principal amount and interest component of the installment of your Loan. This moratorium shall take effect from the end of April 2020, for a period of 3 (three) months up to the end of July 2020.
Please note that during this period interest will continue to accumulate at the same rate as contracted for under the Main Agreement. The loan tenor will be extended by 3 (three) months until the Loan is repaid in full.
Save as is herein varied and provided, all other terms and conditions contained in the Main Agreement remain the same. This letter does not preclude the Bank from exercising any of its rights under the Main Agreement, neither does it preclude you from fulfilling all the other obligations under the same, by law or by contract. This variation shall have effect as if it incorporates all the other provisions of the Main Agreement.
You, indemnify and hold harmless the Bank, its agents and partners, from and against any and all claims, losses or damages, costs, liens, judgments, penalties, expenses and/or liabilities arising out of, involving, or in dealing with, this moratorium.
You agree to be bound by the terms herein contained insofar as they relate to the moratorium.