Common use of Terminating the Contract Clause in Contracts

Terminating the Contract. 1. This Contract shall terminate when the Borrower returns the total borrowed natural gas quantity to MFGT, or MFGT re-enters it into its own stock as per Section VII.3 – except for the cases of termination due to breach of contract or cancellation specified in Section XVI.4. 2. Terminating the Contract by extraordinary termination. a) Either party shall be entitled to terminate the contract in writing, without justification and with immediate effect after becoming aware of the other party’s material breach of contract. b) MFGT may terminate this contract with immediate effect if - Borrower defaults on the own stock transfer deadline as per Chapter VII, Section 1; - Borrower defaults on any date or condition of the return Schedule specified in Chapter VII, Section 2 or Chapter VII, Section 3, or - Borrower returns Natural Gas with energy quantity equal to that of the Natural Gas Lent, deviating from the quality parameters prescribed by Annex No. 11 of the Gas Act Implementation Decree; or - MFGT finds that a material unfavourable change has occurred in the Borrower’s conditions, and the Borrower fails to provide a due collateral to MFGT upon request, or - Borrower obstructs the investigation relating to its solvency, or to the coverage, collateral or implementation of purpose of the Natural Gas Lent, or - the Borrower’s conduct to conceal assets threatens the possibility of Returning the Natural Gas Lent, or - the value or enforceability of any collateral is terminated or significantly decreased, which the Borrower fails to supplement upon MFGT’s request, or - Borrower fails to fulfil its obligations to increase the bank guarantee as set out in Chapter XIV, Section 1 on Guarantee, Subsection 2, or - Borrower delays the fulfilment of any other payment obligation as per the loan contract, and fails to remedy such default when notified, or - if a competent court orders a non-binding winding-up, bankruptcy or liquidation procedure against the Borrower, or if a competent authority suspends or revokes its operational licence, or - due to a breach of contract deemed by MFGT as a material breach. c) Either Party may terminate this contract with immediate effect if deceived by the other Party, and this affected the conclusion or the content of the contract. 3. In the event of termination, Parties shall settle with each other. a) In the event of extraordinary termination and in the case specified in the second paragraph of Section XVI 2c), the loan automatically expires and Borrower shall return the full amount of the Natural Gas Lent to MFGT until the gas day specified in MFGT’s termination, or in the case of the second paragraph of Section XVI 2c), until the date specified by MFGT. If the Borrower fails to return to MFGT the full amount of Natural Gas Lent within this period, MFGT shall become entitled to use the collaterals specified in Chapter XIV. b) In the event of termination due to Mandatory Return, (i) if it occurs before 20…, Parties shall pro-rata temporis settle with each other (on the basis of calendar days), c) In case of extraordinary termination pursuant to Section XVI.2.b, MFGT shall re-transfer the Natural Gas Quantity Lent to its own name – provided it is in the storage facility. In such cases, MFGT shall neither refund the Loan Fee, nor pay any other damages, compensation, cost to the Borrower. In the event that this Contract is cancelled, MFGT shall be entitled – without any obligation to make further notifications – to use the available collaterals set forth in Section XIV to recover the quantity of unreturned Natural Gas Lent and/or compensate for the damage it incurred. 4. Termination of contract by cancellation In cases specified in Section IV.6, MFGT shall be entitled to terminate this contract by cancellation – without any further legal implications. 5. The party in breach of contract shall have full liability for the damage it caused, including particularly but not exclusively any damage (e.g.: public administration fines and third party damage) borne by MFGT due to the delay in or the failure of fulfilling the replacement obligation prescribed by XXXXXX. 6. Parties shall settle with each other when the contract is terminated.

Appears in 4 contracts

Samples: Lending Agreement, Lending Agreement, Lending and Borrowing Agreement

AutoNDA by SimpleDocs

Terminating the Contract. 1. This Contract shall terminate when the Borrower returns the total borrowed natural gas quantity to MFGT, or MFGT re-enters it into its own stock as per Section VII.3 – except for the cases of termination due to breach of contract or cancellation specified in Section XVI.4. 2. Terminating the Contract by extraordinary termination. a) Either party shall be entitled to terminate the contract in writing, without justification and with immediate effect after becoming aware of the other party’s material breach of contract. b) MFGT may terminate this contract with immediate effect if - Borrower defaults on the own stock transfer deadline as per Chapter VII, Section 1; - Borrower defaults on any date or condition of the return Schedule specified in Chapter VII, Section 2 or Chapter VII, Section 3, or - Borrower returns Natural Gas with energy quantity equal to that of the Natural Gas Lent, deviating from the quality parameters prescribed by Annex No. 11 of the Gas Act Implementation Decree; or - MFGT finds that a material unfavourable change has occurred in the Borrower’s conditions, and the Borrower fails to provide a due collateral to MFGT upon request, or - Borrower obstructs the investigation relating to its solvency, or to the coverage, collateral or implementation of purpose of the Natural Gas Lent, or - the Borrower’s conduct to conceal assets threatens the possibility of Returning the Natural Gas Lent, or - the value or enforceability of any collateral is terminated or significantly decreased, which the Borrower fails to supplement upon MFGT’s request, or - Borrower fails to fulfil its obligations to increase the bank guarantee as set out in Chapter XIV, Section 1 on Guarantee, Subsection 2, or - Borrower delays the fulfilment of any other payment obligation as per the loan contract, and fails to remedy such default when notified, or - if a competent court orders a non-binding winding-up, bankruptcy or liquidation procedure against the Borrower, or if a competent authority suspends or revokes its operational licence, or - due to a breach of contract deemed by MFGT as a material breach. c) Either Party may terminate this contract with immediate effect if - if deceived by the other Party, and this affected the conclusion or the content of the contract - the Fixed-Term Contract on Using and Providing Bundled Natural Gas Storage Service between Storage Years is terminated for reasons attributable to neither to the other party or either party, unless the parties conclude a new Fixed-Term Contract on Using and Providing Bundled Natural Gas Storage Service between Storage Years within 48 hours from the termination, under conditions identical to those of the previous contract. 3. In the event of termination, Parties shall settle with each other. a) In the event of extraordinary termination and in the case specified in the second paragraph of Section XVI 2c), the loan automatically expires and Borrower shall return the full amount of the Natural Gas Lent to MFGT until the gas day specified in MFGT’s termination, or in the case of the second paragraph of Section XVI 2c), until the date specified by MFGT. If the Borrower fails to return to MFGT the full amount of Natural Gas with energy quantity equal to that of the Natural Gas Lent within this period, MFGT shall become entitled to use the collaterals specified in Chapter XIV. b) In the event of termination due to Mandatory Return, (i) if it occurs before 20…31 August 2022, Parties shall pro-rata temporis settle with each other (on the basis of calendar days), c) In case of extraordinary termination pursuant to Section XVI.2.b, MFGT shall re-re- transfer the Natural Gas Quantity Lent to its own name – provided it is in the its own storage facility. In such cases, MFGT shall neither refund the Loan Fee, nor pay any other damages, compensation, cost to the Borrower. In the event that this Contract is cancelled, MFGT shall be entitled – without any obligation to make further notifications – to use the available collaterals set forth in Section XIV to recover the quantity of unreturned Natural Gas Lent and/or compensate for the damage it incurred. 4. Termination of contract by cancellation In cases specified in Section IV.6, MFGT shall be entitled to terminate this contract by cancellation – without any further legal implications. 5. The party in breach of contract shall have full liability for the damage it caused, including particularly but not exclusively any damage (e.g.: public administration fines and third party damage) borne by MFGT due to the delay in or the failure of fulfilling the replacement obligation prescribed by XXXXXXHEPURA. 6. Parties shall settle with each other when the contract is terminated.

Appears in 2 contracts

Samples: Lending and Borrowing Agreement, Lending and Borrowing Agreement

Terminating the Contract. 1. This Contract shall terminate when the Borrower returns the total borrowed natural gas quantity to MFGT, or MFGT re-enters it into its own stock as per Section VII.3 – except for the cases of termination due to breach of contract or cancellation specified in Section XVI.4. 2. Terminating the Contract by extraordinary termination. a) Either party shall be entitled to terminate the contract in writing, without justification and with immediate effect after becoming aware of the other party’s material breach of contract. b) MFGT may terminate this contract with immediate effect if - Borrower defaults on the own stock transfer deadline as per Chapter VII, Section 1; - Borrower defaults on any date or condition of the return Schedule specified in Chapter VII, Section 2 or Chapter VII, Section 3, or - Borrower returns Natural Gas with energy quantity equal to that of the Natural Gas Lent, deviating from the quality parameters prescribed by Annex No. 11 of the Gas Act Implementation Decree; or - MFGT finds that a material unfavourable change has occurred in the Borrower’s conditions, and the Borrower fails to provide a due collateral to MFGT upon request, or - Borrower obstructs the investigation relating to its solvency, or to the coverage, collateral or implementation of purpose of the Natural Gas Lent, or - the Borrower’s conduct to conceal assets threatens the possibility of Returning the Natural Gas Lent, or - the value or enforceability of any collateral is terminated or significantly decreased, which the Borrower fails to supplement upon MFGT’s request, or - Borrower fails to fulfil its obligations to increase the bank guarantee as set out in Chapter XIV, Section 1 on Guarantee, Subsection 2, or - Borrower delays the fulfilment of any other payment obligation as per the loan contract, and fails to remedy such default when notified, or - if a competent court orders a non-binding winding-up, bankruptcy or liquidation procedure against the Borrower, or if a competent authority suspends or revokes its operational licence, or - due to a breach of contract deemed by MFGT as a material breach. c) Either Party may terminate this contract with immediate effect if - if deceived by the other Party, and this affected the conclusion or the content of the contract - the Fixed-Term Contract on Using and Providing Bundled Natural Gas Storage Service between Storage Years is terminated for reasons attributable to neither to the other party or either party, unless the parties conclude a new Fixed-Term Contract on Using and Providing Bundled Natural Gas Storage Service between Storage Years within 48 hours from the termination, under conditions identical to those of the previous contract. 3. In the event of termination, Parties shall settle with each other. a) In the event of extraordinary termination and in the case specified in the second paragraph of Section XVI 2c), the loan automatically expires and Borrower shall return the full amount of the Natural Gas Lent to MFGT until the gas day specified in MFGT’s termination, or in the case of the second paragraph of Section XVI 2c), until the date specified by MFGT. If the Borrower fails to return to MFGT the full amount of Natural Gas with energy quantity equal to that of the Natural Gas Lent within this period, MFGT shall become entitled to use the collaterals specified in Chapter XIV. b) In the event of termination due to Mandatory Return, (i) if it occurs before 20…, Parties shall pro-rata temporis settle with each other (on the basis of calendar days), c) In case of extraordinary termination pursuant to Section XVI.2.b, MFGT shall re-transfer the Natural Gas Quantity Lent to its own name – provided it is in the its own storage facility. In such cases, MFGT shall neither refund the Loan Fee, nor pay any other damages, compensation, cost to the Borrower. In the event that this Contract is cancelled, MFGT shall be entitled – without any obligation to make further notifications – to use the available collaterals set forth in Section XIV to recover the quantity of unreturned Natural Gas Lent and/or compensate for the damage it incurred. 4. Termination of contract by cancellation In cases specified in Section IV.6, MFGT shall be entitled to terminate this contract by cancellation – without any further legal implications. 5. The party in breach of contract shall have full liability for the damage it caused, including particularly but not exclusively any damage (e.g.: public administration fines and third party damage) borne by MFGT due to the delay in or the failure of fulfilling the replacement obligation prescribed by XXXXXXHEPURA. 6. Parties shall settle with each other when the contract is terminated.

Appears in 2 contracts

Samples: Lending and Borrowing Agreement, Lending and Borrowing Agreement

Terminating the Contract. 1. This Contract shall terminate when the Borrower returns the total borrowed natural gas quantity to MFGT, or MFGT re-enters it into its own stock as per Section VII.3 – except for the cases of termination due to breach of contract or cancellation specified in Section XVI.4. 2. Terminating the Contract by extraordinary termination. a) Either party shall be entitled to terminate the contract in writing, without justification and with immediate effect after becoming aware of the other party’s material breach of contract. b) MFGT may terminate this contract with immediate effect if - Borrower defaults on the own stock transfer deadline as per Chapter VII, Section 1; - Borrower defaults on any date or condition of the return Schedule specified in Chapter VII, Section 2 or Chapter VII, Section 3, or - Borrower returns Natural Gas with energy quantity equal to that of the Natural Gas Lent, deviating from the quality parameters prescribed by Annex No. 11 of the Gas Act Implementation Decree; or - MFGT finds that a material unfavourable change has occurred in the Borrower’s conditions, and the Borrower fails to provide a due collateral to MFGT upon request, or - Borrower obstructs the investigation relating to its solvency, or to the coverage, collateral or implementation of purpose of the Natural Gas Lent, or - the Borrower’s conduct to conceal assets threatens the possibility of Returning the Natural Gas Lent, or - the value or enforceability of any collateral is terminated or significantly decreased, which the Borrower fails to supplement upon MFGT’s request, or - Borrower fails to fulfil its obligations to increase the bank guarantee as set out in Chapter XIV, Section 1 on Guarantee, Subsection 2, or - Borrower delays the fulfilment of any other payment obligation as per the loan contract, and fails to remedy such default when notified, or - if a competent court orders a non-binding winding-up, bankruptcy or liquidation procedure against the Borrower, or if a competent authority suspends or revokes its operational licence, or - due to a breach of contract deemed by MFGT as a material breach. c) Either Party may terminate this contract with immediate effect if - if deceived by the other Party, and this affected the conclusion or the content of the contract - the Fixed-Term Contract on Using and Providing Bundled Natural Gas Storage Service between Storage Years is terminated for reasons attributable to neither to the other party or either party, unless the parties conclude a new Fixed-Term Contract on Using and Providing Bundled Natural Gas Storage Service between Storage Years within 48 hours from the termination, under conditions identical to those of the previous contract. 3. In the event of termination, Parties shall settle with each other. a) In the event of extraordinary termination and in the case specified in the second paragraph of Section XVI 2c), the loan automatically expires and Borrower shall return the full amount of the Natural Gas Lent to MFGT until the gas day specified in MFGT’s termination, or in the case of the second paragraph of Section XVI 2c), until the date specified by MFGT. If the Borrower fails to return to MFGT the full amount of Natural Gas with energy quantity equal to that of the Natural Gas Lent within this period, MFGT shall become entitled to use the collaterals specified in Chapter XIV. b) In the event of termination due to Mandatory Return, (i) if it occurs before 20…31 August 2022, Parties shall pro-rata temporis settle with each other (on the basis of calendar days), c) In case of extraordinary termination pursuant to Section XVI.2.b, MFGT shall re-re- transfer the Natural Gas Quantity Lent to its own name – provided it is in the its own storage facility. In such cases, MFGT shall neither refund the Loan Fee, nor pay any other damages, compensation, cost to the Borrower. In the event that this Contract is cancelled, MFGT shall be entitled – without any obligation to make further notifications – to use the available collaterals set forth in Section XIV to recover the quantity of unreturned Natural Gas Lent and/or compensate for the damage it incurred. 4. Termination of contract by cancellation In cases specified in Section IV.6, MFGT shall be entitled to terminate this contract by cancellation – without any further legal implications. 5. The party in breach of contract shall have full liability for the damage it caused, including particularly but not exclusively any damage (e.g.: public administration fines and third party damage) borne by MFGT due to the delay in or the failure of fulfilling the replacement obligation prescribed by XXXXXX. 6. Parties shall settle with each other when the contract is terminated.

Appears in 1 contract

Samples: Lending and Borrowing Agreement

Terminating the Contract. 1. This Contract shall terminate when the Borrower returns the total borrowed natural gas quantity to MFGT, or MFGT re-enters it into its own stock as per Section VII.3 – except for the cases of termination due to breach of contract or cancellation specified in Section XVI.4IV.7. 2. Terminating the Contract by extraordinary termination. a) Either party shall be entitled to terminate the contract in writing, without justification and with immediate effect after becoming aware of the other party’s material breach of contract. b) MFGT may terminate this contract with immediate effect if - Borrower defaults on the own stock transfer deadline as per Chapter VII, Section 1; - Borrower defaults on any date or condition of the return Schedule specified in Chapter VII, Section 2 or Chapter VII, Section 3, or - Borrower returns Natural Gas with energy quantity equal to that of the Natural Gas Lent, deviating from the quality parameters prescribed by Annex No. 11 of the Gas Act Implementation Decree; or - MFGT finds that a an unfavourable material unfavourable change has occurred in the Borrower’s conditions, and the Borrower fails to provide a due collateral to MFGT upon request, or - Borrower obstructs the investigation relating to its solvency, or to the coverage, collateral or implementation of purpose of the Natural Gas Lent, or - the Borrower’s conduct to conceal assets threatens the possibility of Returning the Natural Gas Lent, or - the value or enforceability of any collateral is terminated or significantly decreased, which the Borrower fails to supplement upon MFGT’s request, or - Borrower fails to fulfil its obligations to increase the bank guarantee as set out in Chapter XIV, Section 1 on Guarantee, Subsection 2, or - Borrower delays the fulfilment of any other payment obligation as per the loan contract, and fails to remedy such default when notified, or - if a competent court orders a non-binding winding-up, bankruptcy or liquidation procedure against the Borrower, or if a competent authority suspends or revokes its operational licence, or - due to a breach of contract deemed by MFGT as a material breach. c) Either Party may terminate this contract with immediate effect if - if deceived by the other Party, and this affected the conclusion or the content of the contract. 3. In the event of termination, Parties shall settle with each otherother when the contract is terminated. a) a. In the event of extraordinary termination and in the case specified in the second paragraph of Section XVI 2c)termination, the loan automatically expires and Borrower shall return the full amount of the Natural Gas Lent to MFGT until the gas day specified in MFGT’s termination, or in the case of the second paragraph of Section XVI 2c), until the date specified by MFGT. If the Borrower Xxxxxxxx fails to return to MFGT the full amount of Natural Gas with energy quantity equal to that of the Natural Gas Lent within this period, MFGT shall become entitled to use the collaterals specified in Chapter XIV. b) b. In the event of termination due to Mandatory Return, (i) if it occurs before 20…31. 03. 2019, Parties shall pro-rata temporis settle with each other (on the basis of calendar days), c, (ii) In case of extraordinary termination pursuant to Section XVI.2.bif it occurs after 31.03.2019, MFGT shall re-transfer the Natural Gas Quantity Lent will not refund any loan fee. Xxxxxxxx represents to its own name – provided it is in the storage facility. In such cases, MFGT shall neither refund the Loan Fee, nor pay any other damages, compensation, cost to the Borrower. In the event that have explicitly understood and accepted this Contract is cancelled, MFGT shall be entitled – without any obligation to make further notifications – to use the available collaterals set forth in Section XIV to recover the quantity of unreturned Natural Gas Lent and/or compensate for the damage it incurredcondition. 4. Termination of contract by cancellation In cases specified in Section IV.6, MFGT shall be entitled to terminate this contract by cancellation – without any further legal implications. 5. The party in breach of contract shall have full liability for the damage it caused, including particularly but not exclusively any damage (e.g.: public administration fines and third party damage) borne by MFGT due to the delay in or the failure of fulfilling the replacement obligation prescribed by XXXXXX. 6. Parties shall settle with each other when the contract is terminated.

Appears in 1 contract

Samples: Lending and Borrowing Agreement

Terminating the Contract. 1. This Contract shall terminate when the Borrower returns the total borrowed natural gas quantity to MFGT, or MFGT re-enters it into its own stock as per Section VII.3 – MFGT- except for the cases of termination due to breach of contract or cancellation specified in Section XVI.4contract. 2. Terminating the Contract by extraordinary termination. a) Either party shall be entitled to terminate the contract in writing, without justification and with immediate effect after becoming aware of the other party’s material breach of contract. b) MFGT may terminate this contract with immediate effect if - Borrower defaults on the own stock transfer deadline as per Chapter VII, Section 1; - Borrower defaults even once on any date or condition of the return Schedule schedule specified in Chapter VII, Section 2 or Chapter VII, Section 3, or - Borrower returns Natural Gas with energy quantity equal to that of the Natural Gas Lent, deviating from the quality parameters prescribed by Annex No. 11 of the Gas Act Implementation Decree; standard MSZ 1648, or - MFGT finds that a material unfavourable change has occurred in the Borrower’s conditions, and the Borrower fails to provide a due collateral to MFGT upon request, or - Borrower has deceived MFGT, which affected the conclusion or the content of the contract, or - Borrower obstructs the investigation relating to its solvency, or to the coverage, collateral or implementation of purpose of the Natural Gas Lent, or - the Borrower’s conduct to conceal assets threatens the possibility of Returning returning the Natural Gas Lent, or - the value or enforceability of any collateral is terminated or significantly decreased, which the Borrower fails to supplement upon MFGT’s request, or - the "CEGH AT VTP Front Month Single Day Select” increases by 5% under the duration of the contract, and the Borrower fails to fulfil its obligations to accordingly increase the amount of the bank guarantee offered as set out in Chapter XIV, Section 1 on Guarantee, Subsection 2, or collateral - Borrower delays the fulfilment of any other its payment obligation as per the loan contract, and fails to remedy such default when notified, or - for any other reasons as per Section 6:38 of the Civil Code, or - if anyone initiates a competent court orders a non-binding winding-up, bankruptcy or liquidation procedure against the Borrower, or if a competent authority suspends or revokes its operational licence, or - due to a breach of contract deemed by MFGT as a material breach. c) Either Party may terminate this contract with immediate effect if deceived by the other Party, and this affected the conclusion or the content of the contract. 3. In the event of extraordinary termination, Parties shall settle with each other. a) In the event of extraordinary termination and in the case specified in the second paragraph of Section XVI 2c), the loan automatically expires and the Borrower shall return the full amount of the Natural Gas Lent to MFGT until the gas day deadline specified in MFGT’s termination, or in the case of the second paragraph of Section XVI 2c), until the date specified by MFGTnotification. If the Borrower fails to return to MFGT the full amount of Natural Gas with energy quantity equal to that of the Natural Gas Lent within this period, MFGT shall become entitled to use the collaterals specified in Chapter XIV. b) In the event of termination due to Mandatory Return, (i) if it occurs before 20…, Parties shall pro-rata temporis settle with each other (on the basis of calendar days), c) In case of extraordinary termination pursuant to Section XVI.2.b, MFGT shall re-transfer the Natural Gas Quantity Lent to its own name – provided it is in the storage facility. In such cases, MFGT shall neither refund the Loan Fee, nor pay any other damages, compensation, cost to the Borrower. In the event that this Contract is cancelled, MFGT shall be entitled – without any obligation to make further notifications – to use the available collaterals set forth in Section XIV to recover the quantity of unreturned Natural Gas Lent and/or compensate for the damage it incurred. 4. Termination of contract by cancellation In cases specified in Section IV.6, MFGT shall be entitled to terminate this contract by cancellation – without any further legal implications. 5. The party in breach of contract shall have full liability for the damage it caused, including particularly but not exclusively any damage (e.g.: public administration fines and third party damage) borne by MFGT due to the delay in or the failure of fulfilling the replacement obligation prescribed by XXXXXX. 65. The Parties shall settle with each other when the contract is terminated.

Appears in 1 contract

Samples: Lending Agreement

Terminating the Contract. 1. This Contract shall terminate when the Borrower returns the total borrowed natural gas quantity to MFGT, or MFGT re-enters it into its own stock as per Section VII.3 – except for the cases of termination due to breach of contract or cancellation specified in Section XVI.4. 2. Terminating the Contract by extraordinary termination. a) Either party shall be entitled to terminate the contract in writing, without justification and with immediate effect after becoming aware of the other party’s material breach of contract. b) MFGT may terminate this contract with immediate effect if - Borrower defaults on the withdrawal or own stock transfer deadline as per Chapter VII, Section 1, that is the energy quantity of the Gas Quantity Lent keeps using the working gas capacity provided by MFGT even after 20 September 2019; - Borrower defaults on any date or condition of the return Schedule specified in Chapter VII, Section 2 or Chapter VII, Section 3, or - Borrower returns Natural Gas with energy quantity equal to that of the Natural Gas Lent, deviating from the quality parameters prescribed by Annex No. 11 of the Gas Act Implementation Decree; or - MFGT finds that a material unfavourable change has occurred in the Borrower’s conditions, and the Borrower fails to provide a due collateral to MFGT upon request, or - Borrower obstructs the investigation relating to its solvency, or to the coverage, collateral or implementation of purpose of the Natural Gas Lent, or - the Borrower’s conduct to conceal assets threatens the possibility of Returning the Natural Gas Lent, or - the value or enforceability of any collateral is terminated or significantly decreased, which the Borrower fails to supplement upon MFGT’s request, or - Borrower fails to fulfil its obligations to increase the bank guarantee as set out in Chapter XIV, Section 1 on Guarantee, Subsection 2, or - Borrower delays the fulfilment of any other payment obligation as per the loan contract, and fails to remedy such default when notified, or - if a competent court orders a non-binding winding-up, bankruptcy or liquidation procedure against the Borrower, or if a competent authority suspends or revokes its operational licence, or - due to a breach of contract deemed by MFGT as a material breach. c) Either Party may terminate this contract with immediate effect if - if deceived by the other Party, and this affected the conclusion or the content of the contract. 3. In the event of termination, Parties shall settle with each other. a) a. In the event of extraordinary termination and in the case specified in the second paragraph of Section XVI 2c)termination, the loan automatically expires and Borrower shall return the full amount of the Natural Gas Lent to MFGT until the gas day specified in MFGT’s termination, or in the case of the second paragraph of Section XVI 2c), until the date specified by MFGT. If the Borrower fails to return to MFGT the full amount of Natural Gas with energy quantity equal to that of the Natural Gas Lent within this period, MFGT shall become entitled to use the collaterals specified in Chapter XIV. b) b. In the event of termination due to Mandatory Return, (i) if it occurs before 20…31.03.2020, Parties shall pro-rata temporis settle with each other (on the basis of calendar days),, (ii) if it occurs after 31.03.2020, MFGT will not refund the Loan Fee. Xxxxxxxx represents to have explicitly understood and accepted this condition. c) c. In case of extraordinary termination pursuant to Section XVI.2.b, MFGT shall re-re- transfer the Natural Gas Quantity Lent to its own name – provided it is in the storage facilityname. In such cases, MFGT shall neither refund the Loan Fee, nor pay any other damages, compensation, cost to the Borrower. In the event that this Contract is cancelled, MFGT shall be entitled – without any obligation to make further notifications – to use the available collaterals set forth in Section XIV to recover the quantity of unreturned Natural Gas Lent and/or compensate for the damage it incurred. 4. Termination of contract by cancellation In cases specified in Section IV.6, MFGT shall be entitled to terminate this contract by cancellation – without any further legal implications. 5. The party in breach of contract shall have full liability for the damage it caused, including particularly but not exclusively any damage (e.g.: public administration fines and third party damage) borne by MFGT due to the delay in or the failure of fulfilling the replacement obligation prescribed by XXXXXX. 6. Parties shall settle with each other when the contract is terminated.

Appears in 1 contract

Samples: Lending Agreement

Terminating the Contract. 1. This Contract shall terminate when the Borrower returns the total borrowed natural gas quantity to MFGT, or MFGT re-enters it into its own stock as per Section VII.3 – except for the cases of termination due to breach of contract or cancellation specified in Section XVI.4. 2. Terminating the Contract by extraordinary termination. a) Either party shall be entitled to terminate the contract in writing, without justification and with immediate effect after becoming aware of the other party’s material breach of contract. b) MFGT may terminate this contract with immediate effect if - Borrower defaults on the own stock transfer deadline as per Chapter VII, Section 1; - Borrower defaults on any date or condition of the return Schedule specified in Chapter VII, Section 2 or Chapter VII, Section 3, or - Borrower returns Natural Gas with energy quantity equal to that of the Natural Gas Lent, deviating from the quality parameters prescribed by Annex No. 11 of the Gas Act Implementation Decree; or - MFGT finds that a material unfavourable change has occurred in the Borrower’s conditions, and the Borrower fails to provide a due collateral to MFGT upon request, or - Borrower obstructs the investigation relating to its solvency, or to the coverage, collateral or implementation of purpose of the Natural Gas Lent, or - the Borrower’s conduct to conceal assets threatens the possibility of Returning the Natural Gas Lent, or - the value or enforceability of any collateral is terminated or significantly decreased, which the Borrower fails to supplement upon MFGT’s request, or - Borrower fails to fulfil its obligations to increase the bank guarantee as set out in Chapter XIV, Section 1 on Guarantee, Subsection 2, or - Borrower delays the fulfilment of any other payment obligation as per the loan contract, and fails to remedy such default when notified, or - if a competent court orders a non-binding winding-up, bankruptcy or liquidation procedure against the Borrower, or if a competent authority suspends or revokes its operational licence, or - due to a breach of contract deemed by MFGT as a material breach. c) Either Party may terminate this contract with immediate effect if - if deceived by the other Party, and this affected the conclusion or the content of the contract - the Fixed-Term Contract on Using and Providing Bundled Natural Gas Storage Service between Storage Years is terminated for reasons attributable to neither to the other party or either party, unless the parties conclude a new Fixed-Term Contract on Using and Providing Bundled Natural Gas Storage Service between Storage Years within 48 hours from the termination, under conditions identical to those of the previous contract. 3. In the event of termination, Parties shall settle with each other. a) In the event of extraordinary termination and in the case specified in the second paragraph of Section XVI 2c), the loan automatically expires and Borrower shall return the full amount of the Natural Gas Lent to MFGT until the gas day specified in MFGT’s termination, or in the case of the second paragraph of Section XVI 2c), until the date specified by MFGT. If the Borrower fails to return to MFGT the full amount of Natural Gas with energy quantity equal to that of the Natural Gas Lent within this period, MFGT shall become entitled to use the collaterals specified in Chapter XIV. b) In the event of termination due to Mandatory Return, (i) if it occurs before 20…, Parties shall pro-rata temporis settle with each other (on the basis of calendar days), c) In case of extraordinary termination pursuant to Section XVI.2.b, MFGT shall re-transfer the Natural Gas Quantity Lent to its own name – provided it is in the its own storage facility. In such cases, MFGT shall neither refund the Loan Fee, nor pay any other damages, compensation, cost to the Borrower. In the event that this Contract is cancelled, MFGT shall be entitled – without any obligation to make further notifications – to use the available collaterals set forth in Section XIV to recover the quantity of unreturned Natural Gas Lent and/or compensate for the damage it incurred. 4. Termination of contract by cancellation In cases specified in Section IV.6, MFGT shall be entitled to terminate this contract by cancellation – without any further legal implications. 5. The party in breach of contract shall have full liability for the damage it caused, including particularly but not exclusively any damage (e.g.: public administration fines and third party damage) borne by MFGT due to the delay in or the failure of fulfilling the replacement obligation prescribed by XXXXXX. 6. Parties shall settle with each other when the contract is terminated.

Appears in 1 contract

Samples: Lending and Borrowing Agreement

AutoNDA by SimpleDocs

Terminating the Contract. 1. This Contract shall terminate when the Borrower returns the total borrowed natural gas quantity to MFGT, or MFGT re-enters it into its own stock as per Section VII.3 – MFGT- except for the cases of termination due to breach of contract or cancellation specified in Section XVI.4contract. 2. Terminating the Contract by extraordinary termination. a) Either party shall be entitled to terminate the contract in writing, without justification and with immediate effect after becoming aware of the other party’s material breach of contract. b) MFGT may terminate this contract with immediate effect if - Borrower defaults on the own stock transfer deadline as per Chapter VII, Section 1; - Borrower defaults even once on any date or condition of the return Schedule schedule specified in Chapter VII, Section Clause 2 or Chapter VII, Section Clause 3, or - Borrower returns Natural Gas with energy quantity equal to that of the Natural Gas Lent, deviating from the quality parameters prescribed by Annex No. 11 of the Gas Act Implementation Decree; standard MSZ 1648, or - MFGT finds that a material unfavourable change has occurred in the Borrower’s conditions, and the Borrower fails to provide a due collateral to MFGT upon request, or - Borrower has deceived MFGT, which affected the conclusion or the content of the contract, or - Borrower obstructs the investigation relating to its solvency, or to the coverage, collateral or implementation of purpose of the Natural Gas Lent, or - the Borrower’s conduct to conceal assets threatens the possibility of Returning returning the Natural Gas Lent, or - the value or enforceability of any the collateral is terminated or significantly decreased, which the Borrower fails to supplement upon MFGT’s request, or - the "CEGH AT VTP Front Month Single Day Select" price increases by 5% under the duration of the contract, and the Borrower fails to fulfil its obligations to accordingly increase the amount of the bank guarantee offered as set out in Chapter XIV, Section 1 on Guarantee, Subsection 2, or collateral - Borrower delays the fulfilment of any other its payment obligation as per the loan contract, and fails to remedy such default when notified, or - for any other reasons as per Section 6:38 of the Civil Code, or - if anyone initiates a competent court orders a non-binding winding-up, bankruptcy or liquidation procedure against the Borrower, or if a competent authority suspends or revokes its operational licence, or - due to a breach of contract deemed by MFGT as a material breach. c) Either Party may terminate this contract with immediate effect if deceived by the other Party, and this affected the conclusion or the content of the contract. 3. In the event of extraordinary termination, Parties shall settle with each other. a) In the event of extraordinary termination and in the case specified in the second paragraph of Section XVI 2c), the loan automatically expires and the Borrower shall return the full amount of the Natural Gas Lent within 30 days to MFGT until the gas day specified in MFGT’s termination, or in the case of the second paragraph of Section XVI 2c), until the date specified by MFGT. If the Borrower fails to return to MFGT the full amount of Natural Gas with energy quantity equal to that of the Natural Gas Lent within this period, MFGT shall become entitled to use the collaterals specified in Chapter XIV. b) In the event of termination due to Mandatory Return, (i) if it occurs before 20…, Parties shall pro-rata temporis settle with each other (on the basis of calendar days), c) In case of extraordinary termination pursuant to Section XVI.2.b, MFGT shall re-transfer the Natural Gas Quantity Lent to its own name – provided it is in the storage facility. In such cases, MFGT shall neither refund the Loan Fee, nor pay any other damages, compensation, cost to the Borrower. In the event that this Contract is cancelled, MFGT shall be entitled – without any obligation to make further notifications – to use the available collaterals set forth in Section XIV to recover the quantity of unreturned Natural Gas Lent and/or compensate for the damage it incurred. 4. Termination of contract by cancellation In cases specified in Section IV.6, MFGT shall be entitled to terminate this contract by cancellation – without any further legal implications. 5. The party in breach of contract shall have full liability for the damage it caused, including particularly but not exclusively any damage (e.g.: public administration fines and third party damage) borne by MFGT due to the delay in or the failure of fulfilling the replacement obligation prescribed by XXXXXX. 65. The Parties shall settle with each other when the contract is terminated.

Appears in 1 contract

Samples: Lending and Borrowing Agreement

Terminating the Contract. 1. This Contract shall terminate when the Borrower returns the total borrowed natural gas quantity to MFGT, or MFGT re-enters it into its own stock as per Section VII.3 – except for the cases of termination due to breach of contract or cancellation specified in Section XVI.4. 2. Terminating the Contract by extraordinary termination. a) Either party shall be entitled to terminate the contract in writing, without justification and with immediate effect after becoming aware of the other party’s material breach of contract. b) MFGT may terminate this contract with immediate effect if - Borrower defaults on the own stock transfer deadline as per Chapter VII, Section 1; - Borrower defaults on any date or condition of the return Schedule specified in Chapter VII, Section 2 or Chapter VII, Section 3, or - Borrower returns Natural Gas with energy quantity equal to that of the Natural Gas Lent, deviating from the quality parameters prescribed by Annex No. 11 of the Gas Act Implementation Decree; or - MFGT finds that a material unfavourable change has occurred in the Borrower’s conditions, and the Borrower fails to provide a due collateral to MFGT upon request, or - Borrower obstructs the investigation relating to its solvency, or to the coverage, collateral or implementation of purpose of the Natural Gas Lent, or - the Borrower’s conduct to conceal assets threatens the possibility of Returning the Natural Gas Lent, or - the value or enforceability of any collateral is terminated or significantly decreased, which the Borrower fails to supplement upon MFGT’s request, or - Borrower fails to fulfil its obligations to increase the bank guarantee as set out in Chapter XIV, Section 1 on Guarantee, Subsection 2, or - Borrower delays the fulfilment of any other payment obligation as per the loan contract, and fails to remedy such default when notified, or - if a competent court orders a non-binding winding-up, bankruptcy or liquidation procedure against the Borrower, or if a competent authority suspends or revokes its operational licence, or - due to a breach of contract deemed by MFGT as a material breach. c) Either Party may terminate this contract with immediate effect if - if deceived by the other Party, and this affected the conclusion or the content of the contract - the Fixed-Term Contract on Using and Providing Bundled Natural Gas Storage Service between Storage Years is terminated for reasons attributable to neither to the other party or either party, unless the parties conclude a new Fixed-Term Contract on Using and Providing Bundled Natural Gas Storage Service between Storage Years within 48 hours from the termination, under conditions identical to those of the previous contract. 3. In the event of termination, Parties shall settle with each other. a) In the event of extraordinary termination and in the case specified in the second paragraph of Section XVI 2c), the loan automatically expires and Borrower shall return the full amount of the Natural Gas Lent to MFGT until the gas day specified in MFGT’s termination, or in the case of the second paragraph of Section XVI 2c), until the date specified by MFGT. If the Borrower fails to return to MFGT the full amount of Natural Gas with energy quantity equal to that of the Natural Gas Lent within this period, MFGT shall become entitled to use the collaterals specified in Chapter XIV. b) In the event of termination due to Mandatory Return, (i) if it occurs before 20…202_, Parties shall pro-rata temporis settle with each other (on the basis of calendar days), c) In case of extraordinary termination pursuant to Section XVI.2.b, MFGT shall re-transfer the Natural Gas Quantity Lent to its own name – provided it is in the its own storage facility. In such cases, MFGT shall neither refund the Loan Fee, nor pay any other damages, compensation, cost to the Borrower. In the event that this Contract is cancelled, MFGT shall be entitled – without any obligation to make further notifications – to use the available collaterals set forth in Section XIV to recover the quantity of unreturned Natural Gas Lent and/or compensate for the damage it incurred. 4. Termination of contract by cancellation In cases specified in Section IV.6, MFGT shall be entitled to terminate this contract by cancellation – without any further legal implications. 5. The party in breach of contract shall have full liability for the damage it caused, including particularly but not exclusively any damage (e.g.: public administration fines and third party damage) borne by MFGT due to the delay in or the failure of fulfilling the replacement obligation prescribed by XXXXXX. 6. Parties shall settle with each other when the contract is terminated.

Appears in 1 contract

Samples: Lending and Borrowing Agreement

Terminating the Contract. 1. This Contract shall terminate when the Borrower returns the total borrowed natural gas quantity to MFGT, or MFGT re-enters it into its own stock as per Section VII.3 – except for the cases of termination due to breach of contract or cancellation specified in Section XVI.4. 2. Terminating the Contract by extraordinary termination. a) Either party shall be entitled to terminate the contract in writing, without justification and with immediate effect after becoming aware of the other party’s material breach of contract. b) MFGT may terminate this contract with immediate effect if - Borrower defaults on the own stock transfer deadline as per Chapter VII, Section 1; - Borrower defaults on any date or condition of the return Schedule specified in Chapter VII, Section 2 or Chapter VII, Section 3, or - Borrower returns Natural Gas with energy quantity equal to that of the Natural Gas Lent, deviating from the quality parameters prescribed by Annex No. 11 of the Gas Act Implementation Decree; or - MFGT finds that a material unfavourable change has occurred in the Borrower’s conditions, and the Borrower fails to provide a due collateral to MFGT upon request, or - Borrower obstructs the investigation relating to its solvency, or to the coverage, collateral or implementation of purpose of the Natural Gas Lent, or - the Borrower’s conduct to conceal assets threatens the possibility of Returning the Natural Gas Lent, or - the value or enforceability of any collateral is terminated or significantly decreased, which the Borrower fails to supplement upon MFGT’s request, or - Borrower fails to fulfil its obligations to increase the bank guarantee as set out in Chapter XIV, Section 1 on Guarantee, Subsection 2, or - Borrower delays the fulfilment of any other payment obligation as per the loan contract, and fails to remedy such default when notified, or - if a competent court orders a non-binding winding-up, bankruptcy or liquidation procedure against the Borrower, or if a competent authority suspends or revokes its operational licence, or - due to a breach of contract deemed by MFGT as a material breach. c) Either Party may terminate this contract with immediate effect if - if deceived by the other Party, and this affected the conclusion or the content of the contract - the Contract on Using and Providing Bundled Seasonal Basic Natural Gas Storage Service is terminated for reasons attributable to neither to the other party or either party, unless the parties conclude a new Contract on Using and Providing Bundled Seasonal Basic Natural Gas Storage Service within 48 hours from the termination, under conditions identical to those of the previous contract. 3. In the event of termination, Parties shall settle with each other. a) In the event of extraordinary termination and in the case specified in the second paragraph of Section XVI 2c), the loan automatically expires and Borrower shall return the full amount of the Natural Gas Lent to MFGT until the gas day specified in MFGT’s termination, or in the case of the second paragraph of Section XVI 2c), until the date specified by MFGT. If the Borrower fails to return to MFGT the full amount of Natural Gas with energy quantity equal to that of the Natural Gas Lent within this period, MFGT shall become entitled to use the collaterals specified in Chapter XIV. b) In the event of termination due to Mandatory Return, (i) if it occurs before 31 March 20[], Parties shall pro-rata temporis settle with each other (on the basis of calendar days), c) In case of extraordinary termination pursuant to Section XVI.2.b, MFGT shall re-re- transfer the Natural Gas Quantity Lent to its own name – provided it is in the its own storage facility. In such cases, MFGT shall neither refund the Loan Fee, nor pay any other damages, compensation, cost to the Borrower. In the event that this Contract is cancelled, MFGT shall be entitled – without any obligation to make further notifications – to use the available collaterals set forth in Section XIV to recover the quantity of unreturned Natural Gas Lent and/or compensate for the damage it incurred. 4. Termination of contract by cancellation In cases specified in Section IV.6, MFGT shall be entitled to terminate this contract by cancellation – without any further legal implications. 5. The party in breach of contract shall have full liability for the damage it caused, including particularly but not exclusively any damage (e.g.: public administration fines and third party damage) borne by MFGT due to the delay in or the failure of fulfilling the replacement obligation prescribed by XXXXXXHEPURA. 6. Parties shall settle with each other when the contract is terminated.

Appears in 1 contract

Samples: Lending and Borrowing Agreement

Terminating the Contract. 1. This Contract shall terminate when the Borrower returns the total borrowed natural gas quantity to MFGT, or MFGT re-enters it into its own stock as per Section VII.3 – except for the cases of termination due to breach of contract or cancellation specified in Section XVI.4. 2. Terminating the Contract by extraordinary termination. a) Either party shall be entitled to terminate the contract in writing, without justification and with immediate effect after becoming aware of the other party’s material breach of contract. b) MFGT may terminate this contract with immediate effect if - Borrower defaults on the own stock transfer deadline as per Chapter VII, Section 1; - Borrower defaults on any date or condition of the return Schedule specified in Chapter VII, Section 2 or Chapter VII, Section 3, or - Borrower returns Natural Gas with energy quantity equal to that of the Natural Gas Lent, deviating from the quality parameters prescribed by Annex No. 11 of the Gas Act Implementation Decree; or - MFGT finds that a material unfavourable change has occurred in the Borrower’s conditions, and the Borrower fails to provide a due collateral to MFGT upon request, or - Borrower obstructs the investigation relating to its solvency, or to the coverage, collateral or implementation of purpose of the Natural Gas Lent, or - the Borrower’s conduct to conceal assets threatens the possibility of Returning the Natural Gas Lent, or - the value or enforceability of any collateral is terminated or significantly decreased, which the Borrower fails to supplement upon MFGT’s request, or - Borrower fails to fulfil its obligations to increase the bank guarantee as set out in Chapter XIV, Section 1 on Guarantee, Subsection 2, or - Borrower delays the fulfilment of any other payment obligation as per the loan contract, and fails to remedy such default when notified, or - if a competent court orders a non-binding winding-up, bankruptcy or liquidation procedure against the Borrower, or if a competent authority suspends or revokes its operational licence, or - due to a breach of contract deemed by MFGT as a material breach. c) Either Party may terminate this contract with immediate effect if - if deceived by the other Party, and this affected the conclusion or the content of the contract - the Contract on Using and Providing Bundled Seasonal Basic Natural Gas Storage Service is terminated for reasons attributable to neither to the other party or either party, unless the parties conclude a new Contract on Using and Providing Bundled Seasonal Basic Natural Gas Storage Service within 48 hours from the termination, under conditions identical to those of the previous contract. 3. In the event of termination, Parties shall settle with each other. a) In the event of extraordinary termination and in the case specified in the second paragraph of Section XVI 2c), the loan automatically expires and Borrower shall return the full amount of the Natural Gas Lent to MFGT until the gas day specified in MFGT’s termination, or in the case of the second paragraph of Section XVI 2c), until the date specified by MFGT. If the Borrower fails to return to MFGT the full amount of Natural Gas with energy quantity equal to that of the Natural Gas Lent within this period, MFGT shall become entitled to use the collaterals specified in Chapter XIV. b) In the event of termination due to Mandatory Return, (i) if it occurs before 20…31 March 2021, Parties shall pro-rata temporis settle with each other (on the basis of calendar days), c) In case of extraordinary termination pursuant to Section XVI.2.b, MFGT shall re-re- transfer the Natural Gas Quantity Lent to its own name – provided it is in the its own storage facility. In such cases, MFGT shall neither refund the Loan Fee, nor pay any other damages, compensation, cost to the Borrower. In the event that this Contract is cancelled, MFGT shall be entitled – without any obligation to make further notifications – to use the available collaterals set forth in Section XIV to recover the quantity of unreturned Natural Gas Lent and/or compensate for the damage it incurred. 4. Termination of contract by cancellation In cases specified in Section IV.6, MFGT shall be entitled to terminate this contract by cancellation – without any further legal implications. 5. The party in breach of contract shall have full liability for the damage it caused, including particularly but not exclusively any damage (e.g.: public administration fines and third party damage) borne by MFGT due to the delay in or the failure of fulfilling the replacement obligation prescribed by XXXXXXHEPURA. 6. Parties shall settle with each other when the contract is terminated.

Appears in 1 contract

Samples: Lending and Borrowing Agreement

Terminating the Contract. 1. This Contract shall terminate when the Borrower returns the total borrowed natural gas quantity to MFGT, or MFGT re-enters it into its own stock as per Section VII.3 – MFGT- except for the cases of termination due to breach of contract or cancellation specified in Section XVI.4contract. 2. Terminating the Contract by extraordinary termination. a) Either party shall be entitled to terminate the contract in writing, without justification and with immediate effect after becoming aware of the other party’s material breach of contract. b) MFGT may terminate this contract with immediate effect if - Borrower defaults on the own stock transfer deadline as per Chapter VII, Section 1; - Borrower defaults even once on any date or condition of the return Schedule schedule specified in Chapter VII, Section 2 or Chapter VII, Section 3, or - Borrower returns Natural Gas with energy quantity equal to that of the Natural Gas Lent, deviating from the quality parameters prescribed by Annex No. 11 of the Gas Act Implementation Decree; or - MFGT finds that a material unfavourable change has occurred in the Borrower’s conditions, and the Borrower fails to provide a due collateral to MFGT upon request, or - Borrower obstructs the investigation relating to its solvency, or to the coverage, collateral or implementation of purpose of the Natural Gas Lent, or - the Borrower’s conduct to conceal assets threatens the possibility of Returning returning the Natural Gas Lent, or - the value or enforceability of any collateral is terminated or significantly decreased, which the Borrower fails to supplement upon MFGT’s request, or - Borrower fails to fulfil its obligations to increase the bank guarantee as set out in Chapter XIV, Section 1 on Guarantee, Subsection 2, or - Borrower delays the fulfilment of any other its payment obligation as per the loan contract, and fails to remedy such default when notified, or - if anyone initiates a competent court orders a non-binding winding-up, bankruptcy or liquidation procedure against the Borrower, or if a competent authority suspends or revokes its operational licence, or - due to a breach of contract deemed by MFGT as a material breach. c) Either Party may terminate this contract with immediate effect if - if deceived by the other Party, and this affected the conclusion or the content of the contract. 3. In the event of extraordinary termination, Parties shall settle with each other. a) In the event of extraordinary termination and in the case specified in the second paragraph of Section XVI 2c), the loan automatically expires and the Borrower shall return the full amount of the Natural Gas Lent to MFGT until the gas day deadline specified in MFGT’s termination, or in the case of the second paragraph of Section XVI 2c), until the date specified by MFGTnotification. If the Borrower fails to return to MFGT the full amount of Natural Gas with energy quantity equal to that of the Natural Gas Lent within this period, MFGT shall become entitled to use the collaterals specified in Chapter XIV. b) In the event of termination due to Mandatory Return, (i) if it occurs before 20…, Parties shall pro-rata temporis settle with each other (on the basis of calendar days), c) In case of extraordinary termination pursuant to Section XVI.2.b, MFGT shall re-transfer the Natural Gas Quantity Lent to its own name – provided it is in the storage facility. In such cases, MFGT shall neither refund the Loan Fee, nor pay any other damages, compensation, cost to the Borrower. In the event that this Contract is cancelled, MFGT shall be entitled – without any obligation to make further notifications – to use the available collaterals set forth in Section XIV to recover the quantity of unreturned Natural Gas Lent and/or compensate for the damage it incurred. 4. Termination of contract by cancellation In cases specified in Section IV.6, MFGT shall be entitled to terminate this contract by cancellation – without any further legal implications. 5. The party in breach of contract shall have full liability for the damage it caused, including particularly but not exclusively any damage (e.g.: public administration fines and third party damage) borne by MFGT due to the delay in or the failure of fulfilling the replacement obligation prescribed by XXXXXX. 65. The Parties shall settle with each other when the contract is terminated.

Appears in 1 contract

Samples: Lending Agreement

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!