Common use of Rights and Obligations of the Partner Clause in Contracts

Rights and Obligations of the Partner. 5.1. The Partner has no right to dispose of, pledge, assign or otherwise encumber the Security or any portion thereof or to contribute the Security to the share capital of any third party unless written consent of the Lender is obtained. 5.2. The Partner is obligated to ensure that the Lender has a possibility to inspect the condition of the Security at any time, subject to 3 (three)-day prior notice to the Partner. 5.3. The Partner has an obligation to inform the Lender in writing immediately, but no later than within 5 (five) days, if: 5.3.1. the name, legal address or e-mail address of the Partner changes; 5.3.2. the insolvency procedure of the Partner was initiated by the court judgment. 5.4. The Partner shall unconditionally fulfill the contractual obligations and assume the risk of default consequences and incidents in relation thereof. Risk of incidents is assumed by the Partner only if the Partner acts in contrary to the laws and regulations or the terms and conditions of the Agreement. 5.5. The Partner confirms that entering into this Agreement and further Partner’s Loan Agreements shall not violate the rights of any third person, legal acts, permits, judgements or orders of the court or any competent authority that are binding to the Partner or applicable for the commercial activity of the Partner. 5.6. The Partner hereby represents and warrants to the Lender, that the Partner has a good and valid title to the claims arising from the Borrower’s Loan Agreement, free and clear of any and all encumbrances, and that the loan amount specified in the Borrower’s Loan Agreement has been paid to the Borrower.

Rights and Obligations of the Partner. 5.1. The Partner has no right to dispose of, pledge, assign or otherwise encumber the assets subject to the Security or any portion thereof or to contribute the Security to the share capital of any third party unless written consent of the Lender is obtained. 5.2. The Partner is obligated to ensure that the Lender has a possibility to inspect the condition of the Security at any time, subject to 3 (three)-day prior notice to the Partner. 5.3. The Partner has an obligation to inform the Lender in writing immediately, but no later than within 5 (five) days, if: 5.3.1. the name, legal address or e-mail address of the Partner changes; 5.3.2. the insolvency procedure of the Partner was initiated by the court judgment. 5.4. The Partner shall unconditionally fulfill and comply with the contractual obligations obligations, and assume the risk of default consequences and incidents in relation thereof. Risk of incidents is assumed by the Partner only if the Partner acts in contrary to the laws and regulations or the terms and conditions of the Agreement. 5.5. The Partner confirms that entering into this Agreement and further Partner’s Loan Agreements shall not violate the rights of any third person, legal acts, permits, judgements or orders of the court or any competent authority that are binding to the Partner or applicable for the commercial activity of the Partner. 5.6. The Partner hereby represents and warrants to the Lender, that the Partner has a good and valid title to the claims arising from the Borrower’s Loan Agreement, free and clear of any and all encumbrances, and that the loan amount specified in the Borrower’s Loan Agreement has been paid disbursed to the Borrower.