Common use of Termination of the Loan Agreement Clause in Contracts

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. 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 for 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.