[1] The plaintiff by this application seeks summary judgment against the four named defendants. Vide letter of offer dated 1 October 2004 and a confirming agreement dated 5 October 2004, the first defendant applied for and was granted confirming facilities by the plaintiff. The second, third and fourth defendants are guarantors and indemnifiers under a letter of guarantee and indemnity dated 5 October 2004. They are the directors of the first defendant.

[2] The plaintiff's cause of action against the defendants arose when the first defendant breached the confirming agreement by failing to settle outstanding bills of exchange under the confirming facility on the due dates. The plaintiff through its solicitors issued a letter of demand dated 30 April 2008, to which it received no reply. It is relevant that monthly statements of accounts were sent to and receiv