Common use of Termination of Loan Agreement Clause in Contracts

Termination of Loan Agreement. Recovery 9.1. Acting as the authorised representative of Lenders, the Operator shall have the right to unilaterally terminate the Loan Agreement effective immediately, and demand payment of the full Loan Amount, Interest and other amounts past due (fines, default interest) specified in the Loan Agreement on the grounds provided for in the Civil Code of the Republic of Lithuania, and payment of fees and charges set in the Service Rates approved by the Operator if: 9.1.1. the Borrower does not pay any amount payable under the Loan Agreement on the terms, in the manner and within the time limit set forth in the Loan Agreement, and does not rectify the violation in full within 14 (fourteen) calendar days from provision of the Operator’s written notice of the defaulted obligation; 9.1.2. the Borrower violates the obligations set out in paragraph 8.1 of these General Terms and does not rectify the violation within 7 (seven) calendar days from provision of the Operator’s written notice of the defaulted obligation; if it is objectively no longer possible (or sensible) to rectify the violation, the Operator shall not grant the time limit of 7 (seven) calendar days, and may rely on this ground for termination of the Loan Agreement immediately; 9.1.3. the Borrower violates any of the obligations set out in paragraph 5.2 or 5.3 of these General Terms; 9.1.4. the Borrower uses the Loan Amount (or any part thereof) for the purpose other than indicated in the Special Terms of the Loan Agreement; 9.1.5. it transpires that any one of the representations and warranties of the Borrower provided in paragraph 8.5 of the General Terms is incorrect, misleading or no longer realisable; 9.1.6. the Borrower and/or Associated Persons has/have committed a material breach of their obligations arising out of the Performance Security transactions or other transactions indicated in the Special Terms of this Loan Agreement and related to this Loan Agreement; 9.1.7. the Borrower or any of its Associated Persons becomes insolvent or declares its insolvency in accordance with the applicable legal acts; 9.1.8. competent authorities take any actions as a result of which the Borrower or any of its Associated Persons becomes unable to perform the obligations arising out of this Loan Agreement, Performance Security transactions or other transactions indicated in the Special Terms of this Loan Agreement in due time and manner; 9.1.9. any judicial, administrative or arbitration procedure is instituted against the Borrower or any of its Associated Persons which, in the Operator’s opinion, may have the essential adverse effect on due performance of the terms of this Loan Agreement; 9.1.10. the full Loan Amount is not paid out until expiry of the time limit stated in paragraph 4.5 of the General Terms of this Loan Agreement; 9.1.11. given the Operator’s reasonable opinion, the Borrower will not perform the Loan Agreement or will perform it inadequately; 9.1.12. the Borrower is not performing or is defectively performing another obligation arising out of this Loan Agreement where non-performance or defective performance of such obligation is considered a material breach in the context of this Loan Agreement. 9.2. The Borrower shall indemnify for all the direct and indirect damages sustained by the Lenders as a result of termination of the Loan Agreement. 9.3. If the Operator (at its own discretion and reasonable assessment) identifies at least one of the grounds for termination of the Loan Agreement discussed in paragraph 9.1 of the General Terms, the Operator shall have the right to give the Borrower written notice terminating the Loan Agreement. In such case the Operator shall be entitled to demand that the Borrower repaid the outstanding Loan Amount in full, pay all the accrued Interest and all the other amounts payable under the Loan Agreement as well as all the fees and charges payable to the Operator based on the Service Rates on the day of termination of the Loan Agreement. In any event the Loan Agreement is considered terminated and the amounts specified herein become payable from the day of receipt of the notice sent by the Operator (or from the later date indicated in the notice where such notice specifies a later day of termination of the Loan Agreement). 9.4. Having demanded to repay the Loan Amount before the maturity date of the Loan in the manner set forth in these General Terms, the Operator shall not stop applying default interest and any other applicable fees and charges until the Borrower settles with the Lenders and Operator in full. 9.5. The Lenders and Borrower agree and confirm that, upon termination of the Loan Agreement, the Operator may, at its own discretion: 9.5.1. to assume the Lender’s claim rights in the manner set forth in these General Terms and the Agreement on Use of Crowdfunding Platform Xxxxxxxxxxxx.xx, or 9.5.2. act as the Lender’s representative effecting recovery in accordance with the Loan Agreement with all the rights granted to the Operator by the Law on Crowdfunding of the Republic of Lithuania and/or other legal acts and, where necessary, ensuring the debt recovery. To that end, the Operator shall be also authorised to take any actions necessary for proper representation of the Lenders’ interests and manage repayment of the debt. 9.6. Acting as the representative of Lenders, the Operator shall have all the rights and obligations established in the Law on Crowdfunding of the Republic of Lithuania and/or other legal acts, the Civil Code of the Republic of Lithuania and other legal acts, and no separate power of attorney or another equivalent document in terms of its content shall be executed. 9.7. If the Operator unilaterally terminates the Loan Agreement with the Borrower in the procedure set forth in this Loan Agreement, the Operator (acting as the Lender’s representative) shall have the right to send the Borrower additional reminders to pay all the amounts due (the Loan Amount, Interest, penalties and other charges, indemnify damages, etc.) after the termination notice had been sent and/or to recover such amounts at court or out of court. The Operator shall have the right to delegate to the third parties the authorisation to represent the Lenders’ interests at court and other institutions. 9.8. The Operator shall have full discretion to freely exercise its rights under the Loan Agreement and Performance Security transactions, and use the available documents and information concerning the Borrower. The Operator shall conduct forced recovery from the collateral under the pledge/mortgage transaction, and take all the pertaining actions on the terms and in the manner stipulated in the pledge/mortgage transaction and legal acts of the Republic of Lithuania. 9.9. The Operator shall have the right to transfer recovery of the Borrower’s liabilities to debt collection companies, and in such case the Borrower shall bear the applicable recovery fee and/or all the other costs related to such transfer as incurred by the Operator or debt collection company. 9.10. The Borrower and Lender confirm that the identity of either of them does not have essential significance to each other.

Termination of Loan Agreement. Recovery 9.110.1. Acting as the authorised representative of Lenders, the Operator shall have the right to unilaterally terminate the Loan Agreement effective immediately, and demand payment of the full Loan Amount, Interest and other amounts past due (fines, default interest) specified in the Loan Agreement on the grounds provided for in the Civil Code of the Republic of Lithuania, and payment of fees and charges set in the Service Rates approved by the Operator if: 9.1.110.1.1. the Borrower does not pay any amount payable under the Loan Agreement on the terms, in the manner and within the time limit set forth in the Loan Agreement, and does not rectify the violation in full within 14 (fourteen) calendar days from provision of the Operator’s written notice of the defaulted obligation; 9.1.210.1.2. the Borrower violates the obligations set out in paragraph 8.1 9.1 of these General Terms and does not rectify the violation within 7 (seven) calendar days from provision of the Operator’s written notice of the defaulted obligation; if it is objectively no longer possible (or sensible) to rectify the violation, the Operator shall not grant the time limit of 7 (seven) calendar days, and may rely on this ground for termination of the Loan Agreement immediately; 9.1.310.1.3. the Borrower violates any of the obligations set out in paragraph 5.2 6.2 or 5.3 6.3 of these General Terms; 9.1.410.1.4. the Borrower uses the Loan Amount (or any part thereof) for the purpose other than indicated in the Special Terms of the Loan Agreement; 9.1.510.1.5. it transpires that any one of the representations and warranties of the Borrower provided in paragraph 8.5 9.5 of the General Terms is incorrect, misleading or no longer realisable; 9.1.610.1.6. the Borrower and/or Associated Persons has/have committed a material breach of their obligations arising out of the Performance Security transactions or other transactions indicated in the Special Terms of this Loan Agreement and related to this Loan Agreement; 9.1.710.1.7. the Borrower or any of its Associated Persons becomes insolvent or declares its insolvency in accordance with the applicable legal acts; 9.1.810.1.8. competent authorities take any actions as a result of which the Borrower or any of its Associated Persons becomes unable to perform the obligations arising out of this Loan Agreement, Performance Security transactions or other transactions indicated in the Special Terms of this Loan Agreement in due time and manner; 9.1.910.1.9. any judicial, administrative or arbitration procedure is instituted against the Borrower or any of its Associated Persons which, in the Operator’s opinion, may have the essential adverse effect on due performance of the terms of this Loan Agreement; 9.1.1010.1.10. the full Loan Amount is not paid out until expiry of the time limit stated in paragraph 4.5 5.5 of the General Terms of this Loan Agreement; 9.1.1110.1.11. given the Operator’s reasonable opinion, the Borrower will not perform the Loan Agreement or will perform it inadequately; 9.1.1210.1.12. the Borrower is not performing or is defectively performing another obligation arising out of this Loan Agreement where non-performance or defective performance of such obligation is considered a material breach in the context of this Loan Agreement. 9.210.2. The Borrower shall indemnify for all the direct and indirect damages sustained by the Lenders as a result of termination of the Loan Agreement. 9.310.3. If the Operator (at its own discretion and reasonable assessment) identifies at least one of the grounds for termination of the Loan Agreement discussed in paragraph 9.1 10.1 of the General Terms, the Operator shall have the right to give the Borrower written notice terminating the Loan Agreement. In such case the Operator shall be entitled to demand that the Borrower repaid the outstanding Loan Amount in full, pay all the accrued Interest and all the other amounts payable under the Loan Agreement as well as all the fees and charges payable to the Operator based on the Service Rates on the day of termination of the Loan Agreement. In any event the Loan Agreement is considered terminated and the amounts specified herein become payable from the day of receipt of the notice sent by the Operator (or from the later date indicated in the notice where such notice specifies a later day of termination of the Loan Agreement). 9.410.4. Having demanded to repay the Loan Amount before the maturity date of the Loan in the manner set forth in these General Terms, the Operator shall not stop applying default interest and any other applicable fees and charges until the Borrower settles with the Lenders and Operator in full. 9.510.5. The Lenders and Borrower Xxxxxxxx agree and confirm that, upon termination of the Loan Agreement, the Operator may, at its own discretion: 9.5.110.5.1. to assume the Lender’s claim rights in the manner set forth in these General Terms and the Agreement on Use of Crowdfunding Platform Xxxxxxxxxxxx.xxXxxxxxxxXxxxxxxxxxxx.xx, or 9.5.210.5.2. act as the Lender’s representative effecting recovery in accordance with the Loan Agreement with all the rights granted to the Operator by the Law on Crowdfunding of the Republic of Lithuania and/or other legal acts and, where necessary, ensuring the debt recovery. To that end, the Operator shall be also authorised to take any actions necessary for proper representation of the Lenders’ interests and manage repayment of the debt. 9.610.6. Acting as the representative of Lenders, the Operator shall have all the rights and obligations established in the Law on Crowdfunding of the Republic of Lithuania and/or other legal acts, the Civil Code of the Republic of Lithuania and other legal acts, and no separate power of attorney or another equivalent document in terms of its content shall be executed. 9.710.7. If the Operator unilaterally terminates the Loan Agreement with the Borrower in the procedure set forth in this Loan Agreement, the Operator (acting as the Lender’s representative) shall have the right to send the Borrower additional reminders to pay all the amounts due (the Loan Amount, Interest, penalties and other charges, indemnify damages, etc.) after the termination notice had been sent and/or to recover such amounts at court or out of court. The Operator shall have the right to delegate to the third parties the authorisation to represent the Lenders’ interests at court and other institutions. 9.810.8. The Operator shall have full discretion to freely exercise its rights under the Loan Agreement and Performance Security transactions, and use the available documents and information concerning the Borrower. The Operator shall conduct forced recovery from the collateral under the pledge/mortgage transaction, and take all the pertaining actions on the terms and in the manner stipulated in the pledge/mortgage transaction and legal acts of the Republic of Lithuania. 9.910.9. The Operator shall have the right to transfer recovery of the Borrower’s liabilities to debt collection companies, and in such case the Borrower shall bear the applicable recovery fee and/or all the other costs related to such transfer as incurred by the Operator or debt collection company. 9.1010.10. The Borrower and Lender Xxxxxx confirm that the identity of either of them does not have essential significance to each other.

Termination of Loan Agreement. Recovery 9.110.1. Acting as the authorised representative of Lenders, the Operator shall have the right to unilaterally terminate the Loan Agreement effective immediately, and demand payment of the full Loan Amount, Interest and other amounts past due (fines, default interest) specified in the Loan Agreement on the grounds provided for in the Civil Code of the Republic of Lithuania, and payment of fees and charges set in the Service Rates approved by the Operator if: 9.1.110.1.1. the Borrower does not pay any amount payable under the Loan Agreement on the terms, in the manner and within the time limit set forth in the Loan Agreement, and does not rectify the violation in full within 14 (fourteen) calendar days from provision of the Operator’s written notice of the defaulted obligation; 9.1.210.1.2. the Borrower violates the obligations set out in paragraph 8.1 9.1 of these General Terms and does not rectify the violation within 7 (seven) calendar days from provision of the Operator’s written notice of the defaulted obligation; if it is objectively no longer possible (or sensible) to rectify the violation, the Operator shall not grant the time limit of 7 (seven) calendar days, and may rely on this ground for termination of the Loan Agreement immediately; 9.1.310.1.3. the Borrower violates any of the obligations set out in paragraph 5.2 6.2 or 5.3 6.3 of these General Terms; 9.1.410.1.4. the Borrower uses the Loan Amount (or any part thereof) for the purpose other than indicated in the Special Terms of the Loan Agreement; 9.1.510.1.5. it transpires that any one of the representations and warranties of the Borrower provided in paragraph 8.5 9.5 of the General Terms is incorrect, misleading or no longer realisable; 9.1.610.1.6. the Borrower and/or Associated Persons has/have committed a material breach of their obligations arising out of the Performance Security transactions or other transactions indicated in the Special Terms of this Loan Agreement and related to this Loan Agreement; 9.1.710.1.7. the Borrower or any of its Associated Persons becomes insolvent or declares its insolvency in accordance with the applicable legal acts; 9.1.810.1.8. competent authorities take any actions as a result of which the Borrower or any of its Associated Persons becomes unable to perform the obligations arising out of this Loan Agreement, Performance Security transactions or other transactions indicated in the Special Terms of this Loan Agreement in due time and manner; 9.1.910.1.9. any judicial, administrative or arbitration procedure is instituted against the Borrower or any of its Associated Persons which, in the Operator’s opinion, may have the essential adverse effect on due performance of the terms of this Loan Agreement; 9.1.1010.1.10. the full Loan Amount is not paid out until expiry of the time limit stated in paragraph 4.5 5.5 of the General Terms of this Loan Agreement; 9.1.1110.1.11. given the Operator’s reasonable opinion, the Borrower will not perform the Loan Agreement or will perform it inadequately; 9.1.1210.1.12. the Borrower is not performing or is defectively performing another obligation arising out of this Loan Agreement where non-performance or defective performance of such obligation is considered a material breach in the context of this Loan Agreement. 9.210.2. The Borrower shall indemnify for all the direct and indirect damages sustained by the Lenders as a result of termination of the Loan Agreement. 9.310.3. If the Operator (at its own discretion and reasonable assessment) identifies at least one of the grounds for termination of the Loan Agreement discussed in paragraph 9.1 10.1 of the General Terms, the Operator shall have the right to give the Borrower written notice terminating the Loan Agreement. In such case the Operator shall be entitled to demand that the Borrower repaid the outstanding Loan Amount in full, pay all the accrued Interest and all the other amounts payable under the Loan Agreement as well as all the fees and charges payable to the Operator based on the Service Rates on the day of termination of the Loan Agreement. In any event the Loan Agreement is considered terminated and the amounts specified herein become payable from the day of receipt of the notice sent by the Operator (or from the later date indicated in the notice where such notice specifies a later day of termination of the Loan Agreement). 9.410.4. Having demanded to repay the Loan Amount before the maturity date of the Loan in the manner set forth in these General Terms, the Operator shall not stop applying default interest and any other applicable fees and charges until the Borrower settles with the Lenders and Operator in full. 9.510.5. The Lenders and Borrower Xxxxxxxx agree and confirm that, upon termination of the Loan Agreement, the Operator may, at its own discretion: 9.5.110.5.1. to assume the Lender’s claim rights in the manner set forth in these General Terms and the Agreement on Use of Crowdfunding Platform Xxxxxxxxxxxx.xx, or 9.5.210.5.2. act as the Lender’s representative effecting recovery in accordance with the Loan Agreement with all the rights granted to the Operator by the Law on Crowdfunding of the Republic of Lithuania and/or other legal acts and, where necessary, ensuring the debt recovery. To that end, the Operator shall be also authorised to take any actions necessary for proper representation of the Lenders’ interests and manage repayment of the debt. 9.610.6. Acting as the representative of Lenders, the Operator shall have all the rights and obligations established in the Law on Crowdfunding of the Republic of Lithuania and/or other legal acts, the Civil Code of the Republic of Lithuania and other legal acts, and no separate power of attorney or another equivalent document in terms of its content shall be executed. 9.710.7. If the Operator unilaterally terminates the Loan Agreement with the Borrower in the procedure set forth in this Loan Agreement, the Operator (acting as the Lender’s representative) shall have the right to send the Borrower additional reminders to pay all the amounts due (the Loan Amount, Interest, penalties and other charges, indemnify damages, etc.) after the termination notice had been sent and/or to recover such amounts at court or out of court. The Operator shall have the right to delegate to the third parties the authorisation to represent the Lenders’ interests at court and other institutions. 9.810.8. The Operator shall have full discretion to freely exercise its rights under the Loan Agreement and Performance Security transactions, and use the available documents and information concerning the Borrower. The Operator shall conduct forced recovery from the collateral under the pledge/mortgage transaction, and take all the pertaining actions on the terms and in the manner stipulated in the pledge/mortgage transaction and legal acts of the Republic of Lithuania. 9.910.9. The Operator shall have the right to transfer recovery of the Borrower’s liabilities to debt collection companies, and in such case the Borrower shall bear the applicable recovery fee and/or all the other costs related to such transfer as incurred by the Operator or debt collection company. 9.1010.10. The Borrower and Lender Xxxxxx confirm that the identity of either of them does not have essential significance to each other.

Termination of Loan Agreement. Recovery 9.110.1. Acting as the authorised representative of Lenders, the Operator shall have the right to unilaterally terminate the Loan Agreement effective immediately, and demand payment of the full Loan Amount, Interest and other amounts past due (fines, default interest) specified in the Loan Agreement on the grounds provided for in the Civil Code of the Republic of Lithuania, and payment of fees and charges set in the Service Rates approved by the Operator if: 9.1.110.1.1. the Borrower does not pay any amount payable under the Loan Agreement on the terms, in the manner and within the time limit set forth in the Loan Agreement, and does not rectify the violation in full within 14 (fourteen) calendar days from provision of the Operator’s written notice of the defaulted obligation; 9.1.210.1.2. the Borrower violates the obligations set out in paragraph 8.1 9.1. of these General Terms and does not rectify the violation within 7 (seven) calendar days from provision of the Operator’s written notice of the defaulted obligation; if it is objectively no longer possible (or sensible) to rectify the violation, the Operator shall not grant the time limit of 7 (seven) calendar days, and may rely on this ground for termination of the Loan Agreement immediately; 9.1.310.1.3. the Borrower violates any of the obligations set out in paragraph 5.2 6.2. or 5.3 6.3. of these General Terms; 9.1.410.1.4. the Borrower uses the Loan Amount (or any part thereof) for the purpose other than indicated in the Special Terms of the Loan Agreement; 9.1.510.1.5. it transpires that any one of the representations and warranties of the Borrower provided in paragraph 8.5 9.5. of the General Terms is incorrect, misleading or no longer realisable; 9.1.610.1.6. the Borrower and/or Associated Persons has/have committed a material breach of their obligations arising out of the Performance Security transactions or other transactions indicated in the Special Terms of this Loan Agreement and related to this Loan Agreement; 9.1.710.1.7. the Borrower or any of its Associated Persons becomes insolvent or declares its insolvency in accordance with the applicable legal acts; 9.1.810.1.8. competent authorities take any actions as a result of which the Borrower or any of its Associated Persons becomes unable to perform the obligations arising out of this Loan Agreement, Performance Security transactions or other transactions indicated in the Special Terms of this Loan Agreement in due time and manner; 9.1.910.1.9. any judicial, administrative or arbitration procedure is instituted against the Borrower or any of its Associated Persons which, in the Operator’s opinion, may have the essential adverse effect on due performance of the terms of this Loan Agreement; 9.1.1010.1.10. the full Loan Amount is not paid out until expiry of the time limit stated in paragraph 4.5 5.5. of the General Terms of this Loan Agreement; 9.1.1110.1.11. given the Operator’s reasonable opinion, the Borrower will not perform the Loan Agreement or will perform it inadequately; 9.1.1210.1.12. the Borrower is not performing or is defectively performing another obligation arising out of this Loan Agreement where non-performance or defective performance of such obligation is considered a material breach in the context of this Loan Agreement. 9.210.2. The Borrower shall indemnify for all the direct and indirect damages sustained by the Lenders as a result of termination of the Loan Agreement. 9.310.3. If the Operator (at its own discretion and reasonable assessment) identifies at least one of the grounds for termination of the Loan Agreement discussed in paragraph 9.1 10.1. of the General Terms, the Operator shall have the right to give the Borrower written notice terminating the Loan Agreement. In such case the Operator shall be entitled to demand that the Borrower repaid the outstanding Loan Amount in full, pay all the accrued Interest and all the other amounts payable under the Loan Agreement as well as all the fees and charges payable to the Operator based on the Service Rates on the day of termination of the Loan Agreement. In any event the Loan Agreement is considered terminated and the amounts specified herein become payable from the day of receipt of the notice sent by the Operator (or from the later date indicated in the notice where such notice specifies a later day of termination of the Loan Agreement). 9.410.4. Having demanded to repay the Loan Amount before the maturity date of the Loan in the manner set forth in these General Terms, the Operator shall not stop applying default interest and any other applicable fees and charges until the Borrower settles with the Lenders and Operator in full. 9.510.5. The Lenders and Borrower agree and confirm that, upon termination of the Loan Agreement, the Operator may, at its own discretion: 9.5.110.5.1. to assume the Lender’s claim rights in the manner set forth in these General Terms and the Agreement on Use of Crowdfunding Platform Xxxxxxxxxxxx.xx, or 9.5.210.5.2. act as the Lender’s representative effecting recovery in accordance with the Loan Agreement with all the rights granted to the Operator by the Law on Crowdfunding of the Republic of Lithuania and/or other legal acts and, where necessary, ensuring the debt recovery. To that end, the Operator shall be also authorised to take any actions necessary for proper representation of the Lenders’ interests and manage repayment of the debt. 9.610.6. Acting as the representative of Lenders, the Operator shall have all the rights and obligations established in the Law on Crowdfunding of the Republic of Lithuania and/or other legal acts, the Civil Code of the Republic of Lithuania and other legal acts, and no separate power of attorney or another equivalent document in terms of its content shall be executed. 9.710.7. If the Operator unilaterally terminates the Loan Agreement with the Borrower in the procedure set forth in this Loan Agreement, the Operator (acting as the Lender’s representative) shall have the right to send the Borrower additional reminders to pay all the amounts due (the Loan Amount, Interest, penalties and other charges, indemnify damages, etc.) after the termination notice had been sent and/or to recover such amounts at court or out of court. The Operator shall have the right to delegate to the third parties the authorisation to represent the Lenders’ interests at court and other institutions. 9.810.8. The Operator shall have full discretion to freely exercise its rights under the Loan Agreement and Performance Security transactions, and use the available documents and information concerning the Borrower. The Operator shall conduct forced recovery from the collateral under the pledge/mortgage transaction, and take all the pertaining actions on the terms and in the manner stipulated in the pledge/mortgage transaction and legal acts of the Republic of Lithuania. 9.910.9. The Operator shall have the right to transfer recovery of the Borrower’s liabilities to debt collection companies, and in such case the Borrower shall bear the applicable recovery fee and/or all the other costs related to such transfer as incurred by the Operator or debt collection company. 9.1010.10. The Borrower and Lender confirm that the identity of either of them does not have essential significance to each other.