SECTION 11

(1) In case of non-compliance with a repayment term, the credit provider shall send a reminder letter to the borrower, requesting regularization ofhis/her situation within 30 (thirty) days ofreceipt of the reminder. (2) Where the borrower fails to regularize the situation after the 30-day period, the credit provider shall serve the borrower a formai notice through a bailiff or by registered mail with acknowledgment of receipt, requesting the borrower to honour his/her commitment within a second period of 8 ( eight) days from the date of receipt. (3) Where the borrower still fails to honour his/her commitment, the credit provider shall proceed with the legal closure of accounts and institute legal action for enforced collection of the debt due. ( 4) The lending credit provider shall be exempted from the prerequisites under Sections (1), (2) and (3) above in the event of payment default of a restructured or rescheduled loan. (5) Where such default concems a collateralized loan, the lending credit provider may redeem the collateral under the terms of the Revised OHADA Uniform Act on the Organization of Collateral. 6 PRESIDENCE DE LAÏtÈPÜsuQüË-- PRESIDENCY OF THE REP SECRETARIAT G SERVICE OU ~ICHIER TIF ET REGLEMEN IRE LEGISLATIVE AN TORY AFFAIRS CARO INDEX S VICE PIE CERTIFIEE CONFORME CERfiFIED TRUE COPY