Common use of Responsibility of the Parties Clause in Contracts

Responsibility of the Parties. The Parties undertake to indemnify each other against any loss (damage) incurred as a result of partial or full non-fulfillment or improper fulfillment of the Agreement, while compensation of loss (damage) does not exempt the Parties from fulfilment/payment of obligations assumed under the Agreement. In case of several overdue debts under the Agreement on the Secured Claims, the Bank is authorized to, with the purpose of meeting the Bank’s claims with the money received as a result of the foreclosure, determine the sequence and order of priority of existing payables. Communication between the Parties Any official relations between the Parties shall be in writing. A written notice for a Party can be delivered personally or sent by courier (including international courier) or mail (including insured mail). For the purpose to save time and taking into account the provisions outlined below, except submitting to the Owner of a claim on fulfillment ahead of term of financial liabilities arising out of the Agreement or/and the Agreement on the Secured Claims or notice on full or partial termination of the Agreement, a notice to the other Party may be delivered through email or other electronic means (including mobile banking, Internet banking), provided that in case of request of the other Party, the written notice will be delivered in the reasonable time as well. A notice shall be deemed delivered on the delivery date if a recipient confirms such delivery (including through electronic document, receipt, other relevant means of communication, etc.). If the receipt of a notice is not confirmed by the recipient, any such notice shall be deemed duly sent and received: In case of sending a written notice by courier or insured post – on the date of confirmation of delivery; In case of sending a notice through email and/or other electronic means – on the Banking day following the date of sending. A notice shall be deemed received in case the sending Party receives back a notice due to absence of the receiving Party at the given address/contact data, the recipient refuses to accept the notice or avoids receiving a notice. The Parties shall establish relations at the addresses/contact data outlined in the Agreement (or at any other address/contact data which one Party will inform the other in writing). A Party shall notify the other Party in a timely manner on change of the above address or any of the data, otherwise communications carried out at the address provided by the Party (sending notices, etc.) shall be deemed duly performed.

Responsibility of the Parties. The Parties undertake to indemnify each other against any loss (damage) incurred as a result of partial or full non-fulfillment or improper fulfillment of the Agreement, while compensation of loss (damage) does not exempt the Parties from fulfilment/payment of obligations assumed under the Agreement. In case of several overdue debts under the Agreement on the Secured Claims, the Bank is authorized to, with the purpose of meeting the Bank’s claims with the money received as a result of the foreclosure, determine the sequence and order of priority of existing payables. Communication between the Parties Any official relations between the Parties shall be in writing. A written notice for a Party can be delivered personally or sent by courier (including international courier) or mail (including insured mail). For the purpose to save time and taking into account the provisions outlined below, except submitting to the Owner Pledgor of a claim on fulfillment ahead of term of financial liabilities arising out of the Agreement or/and the Agreement on the Secured Claims or notice on full or partial termination of the Agreement, a notice to the other Party may be delivered through email or other electronic means (including mobile banking, Internet banking), provided that in case of request of the other Party, the written notice will be delivered in the reasonable time as well. A notice shall be deemed delivered on the delivery date if a recipient confirms such delivery (including through electronic document, receipt, other relevant means of communication, etc.). If the receipt of a notice is not confirmed by the recipient, any such notice shall be deemed duly sent and received: In case of sending a written notice by courier or insured post – on the date of confirmation of delivery; In case of sending a notice through email and/or other electronic means – on the Banking day following the date of sending. A notice shall be deemed received in case the sending Party receives back a notice due to absence of the receiving Party at the given address/contact data, the recipient refuses to accept the notice or avoids receiving a notice. The Parties shall establish relations at the addresses/contact data outlined in the Agreement (or at any other address/contact data which one Party will inform the other in writing). A Party shall notify the other Party in a timely manner on change of the above address or any of the data, otherwise communications carried out at the address provided by the Party (sending notices, etc.) shall be deemed duly performed.

Responsibility of the Parties. The Parties undertake to indemnify each other against any loss (damage) incurred as a result of partial or full non-fulfillment or improper fulfillment of the Agreement, while compensation of loss (damage) does not exempt the Parties from fulfilment/payment of obligations assumed under the Agreement. In case of several overdue debts under the Agreement on the Secured Claims, the Bank is authorized to, with the purpose of meeting the Bank’s claims with the money received as a result of the foreclosure, determine the sequence and order of priority of existing payables. Communication between the Parties Any official relations between the Parties shall be in writing. A written notice for a Party can be delivered personally or sent by courier (including international courier) or mail (including insured mail). For the purpose to save time and taking into account the provisions outlined below, except submitting to the Owner Pledgor of a claim on fulfillment ahead of term of financial liabilities arising out of the Agreement or/and the Agreement on the Secured Claims or notice on full or partial termination of the Agreement, a notice to the other Party may be delivered through email or other electronic means (including mobile banking, Internet banking), provided that in case of request of the other Party, the written notice will be delivered in the reasonable time as well. A notice shall be deemed delivered on the delivery date if a recipient confirms such delivery (including through electronic document, receipt, other relevant means of communication, etc.). If the receipt of a notice is not confirmed by the recipient, any such notice shall be deemed duly sent and received: In case of sending a written notice by courier or insured post – on the date of confirmation of delivery; In case of sending a notice through email and/or other electronic means – on the Banking day following the date of sending. A notice shall be deemed received in case the sending Party receives back a notice due to absence of the receiving Party at the given address/contact data, the recipient refuses to accept the notice or avoids receiving a notice. The Parties shall establish relations at the addresses/contact data outlined in the Agreement (or at any other address/contact data which one Party will inform the other in writing). A Party shall notify the other Party in a timely manner on change of the above address or any of the data, otherwise communications carried out at the address provided by the Party (sending notices, etc.) shall be deemed duly performed. In case a contact person of the Pledgor (hereinafter referred to as the Contact Person) is indicated in this Agreement and/or other document associated thereto and/or in an application submitted by the Pledgor to the Bank in its regard, the Bank is entitled to carry out communication of any kind and content (including but not limited to, regarding the volume of the Secured Claims and other conditions of the Agreement) under this Agreement (including but not limited to the cases of breaches of contractual obligations by the Pledgor and in order to collect the Secured Claims from the Pledgor in accordance with the terms and conditions of the Agreement) without any restrictions, towards both the Pledgor as well as the Contact Person. The Pledgor confirms that the Pledgor has obtained all permits and consents from the Contact Person on the transfer of personal data of the Contact Person to the Bank and its processing and the Contact Person is informed about the authority of the Bank specified in this Paragraph.