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6. In default of payment when due of any moneys advanced to or for me/us and/or of any such interest, commission and other charges or expenses as aforesaid, or in the event of my/our suspending payment or being declared a defaulter or defaulters or being adjudicated bankrupt, or a winding up, or receiving order being made against me/us or my/our going into liquidation or compromising or arranging with creditors you are hereby authorized for reimbursement thereof to realize, sell or dispose of such property or any part of same without notice and at such times and in such manner and on such terms as you in your absolute discretion shall deem fit either by public auction or private contract and in such lot or lots as you may decide, and 1/we undertake to pay you on demand any difference between the net proceeds and the amount due to you in respect of principal, interest and all charges and expenses of realization and all insurance expenses, 1f any.

7. T/we further authorize you, or any of your Agents, whether the aforesaid Power of Sale shall or shall not have arisen, at any time before the maturity of any Bill, to accept payment from the Drawees or Acceptors thereof, and on payment to deliver the Bills of Lading and Shipping or other Documents to such Drawees or Acceptors, and in that event, you are at liberty to allow a discount thereon, in conformity with the usual conditions ruling in the place on which the Bills are drawn.

8. In case the Drawees or Acceptors should wish to take delivery of any portion of the goods held as collateral security against Bills before maturity thereof, or in case the Consignees or Purchasers should wish to take or make delivery of any portion of the goods held as security against advances to me/us on shipping or other documents, you are authorized (but not so as to make it imperative) to make such partial deliveries on receiving payment of a proportionate part of such Bills or of such

advatices, and to endorse any such shipping or other documents for us and in our name,

9. Your holding collateral or other securities shall not prejudice your Banker’s lien and/or vour rights on any Balls in case of dishonour, nor shall any recourse or pro: ceedings taken on anv Bills, or your giving time or other indulgence, or entering into any composition or arrangement prejudice or affect your title to such securities or my/our liability to you. [t is also agréed that vou are not to be responsible for the default or négligence of any Warehouse-keeper, Broker, Auctioneer or other Agent or person employed or engaged by you for any purpose in the ordinary course of business.

10. Tf in the bona-fide opinion of yourselves and/or your agents any emergency shall arise in reference to any mercantile documents and/or goods, you and/or they are at liberty to take at my/our risk and expense such steps in relation to such emergency as you and/or they may consider reasonable, and neither vou nor they are to be under any responsibility for any loss suffered by reason of such steps if and so long as you and/or they shall have acted in good faith.

11; AI the rights and authorities hereby given to vou shall extend to, and may be exercised by, the holders for the time being of any Bills and/or shipping and other documents.

12. It is also agreed that this security 1s subject, and shall be construed according, to English law and shall continue operative notwithstanding any change in my/our firin or company and shall bind the members of the firm or company for the time being, and their respective executors, administrators or assigns, as if a separate similar memorandum wére signed on the occasion of each transaction. '

13. AI communications, notices and process of law shall be deemed to have been dulÿ served 1f and when despatched by prepaid registered letter post to me/us at my/our