Termination of the Loan Agreement. 14.1. The rights of each party to terminate the agreement are subject to applicable law. The Customers rights to terminate the agreement are subject to section 489 BGB for Micro Loans and subject to section 489 and 500 BGB for Consumer Loans. Accordingly the Customer is generally not entitled to terminate a Loan Agreement within the fixed term if the interest rate is fixed. The Customer may however pay any obligation under a Loan Agreement prematurely.
14.2. Without prejudice to its rights in terms of these Credit Terms or in accordance with the law, Novum shall have the right to terminate the Agreement at any time in the event of good cause (aus wichtigem Grund). In this case all amounts due under the Agreement shall be considered due and payable. Good cause is assumed, inter alia, for material breaches pertaining to the identification and verification of the Customer.
14.3. This clause shall survive the termination of the Agreement.
Termination of the Loan Agreement. 13.1. In addition to his right to early repayment (Clause 9.7), the Customer is entitled to terminate any Loan Agreement in any form at any time. Whilst termination is free of charge, in case of such termination, all outstanding amounts will be immediately due and payable.
13.2. Novum and the Customer are entitled to terminate the contract for important cause (“wichtiger Grund”) at any time with immediate effect when that cause renders continuance of the contract unreasonable (“unzumutbar”) for the terminating party (“außerordentliche Kündigung”). A cause entitling Novum to terminate pursuant to this Clause can (but need not) be given especially if:
13.2.1. the financial situation of the Customer or of another person liable for repayment of a Loan deteriorates, this development endangering fulfilment of Novum’s claims under the contract;
13.2.2. the Customer made incorrect statements concerning his/her financial situation, identity, bank account or other material information; or if
13.2.3. the Customer fails to comply with an obligation to provide Novum with collateral or increase the existing collateral.
13.3. In the case of Instalment Loans, “Terminsverlust” may occur if the Customer falls into arrears for at least six weeks with either a full month’s instalment or with parts of instalments and/or ancillary payments totalling at least a full month’s instalment. Enforcing a “Terminsverlust” presupposes further (a) that Novum fully performed its obligations under the contract (= disbursed the loan in due manner) and (b) sent the Customer a payment reminder threatening “Terminsverlust” and granting a grace period of at least two weeks. The latter reminder may already be sent within the six weeks’ default period.
Termination of the Loan Agreement. 14.1. The Customer is entitled to terminate the Agreement at any time with a written and signed notice to Novum. However, in case of such termination, Novum may demand the immediate repayment of all sums that will be considered immediately due and payable. The Customer’s obligations in terms of the Agreement shall survive its termination until all amounts owed by the Customer to Novum have been repaid.
14.2. Without prejudice to its rights in terms of these Credit Terms or in accordance with the law, Novum shall have the right to terminate the Agreement at any time for good cause (aus wichtigem Grund), in which case all amounts due under the Agreement shall be considered due and payable. Good cause would, inter alia, include material breaches pertaining to the identification and verification of the Customer, the provision of erroneous/wrong repayment channels by the Customer or in the case of any other material breach by the Customer of his or her obligations under the Agreement.
14.3. The Agreement may be terminated in line with applicable laws (including German customer protection law). Default interest may continue to accrue until all amounts have been repaid.
14.4. This clause shall survive the termination of the Agreement.
Termination of the Loan Agreement. 30.1. The Customer is entitled to terminate a Loan Agreement in text form (e.g. email) and a Consumer Loan Agreement with a written and signed notice to Novum at any time. However, in case of such termination, Novum may demand the immediate repayment of all sums that will be considered immediately due and payable.
30.2. Without prejudice to its rights in terms of these Credit Terms or in accordance with the law, Novum shall have the right to terminate the Agreement at any time for good cause (aus wichtigem Grund), in which case all amounts due under the Agreement shall be considered due and payable. Good cause would, inter alia, include material breaches pertaining to the identification and verification of the Customer, the provision of erroneous/wrong repayment channels by the Customer or in the case of any other breach by the Customer of his or her obligations under the Agreement.
30.3. This clause shall survive the termination of the Agreement.