3. The Bank notes that on the basis of the audited financial statements (signed off by PricewaterhouseCoopers Zhong Tian LLP on 18 June 2021) provided by the Borrower for the year ended 31 December 2020 the Event of Default set out in clause 13.5(b) (Insolvency) of the CreditTerms has occurred and is continuing under the Agreement ("Continuing Event of Default").