Common use of Default of the Borrower Clause in Contracts

Default of the Borrower. 9.1. In case of default of the Borrower, incl. violation of any of the Borrower’s payments obligations arising from the Financing agreement, which entitle the Lender to submit a request to cancel the Financing agreement, the Lender shall be obliged to cancel (terminate) the Financing agreement. 9.2. In the event of the Borrower’s default, the Lender does not have an obligation to repay to the Acquirer back its paid Claim Price or a part thereof. 9.3. Scramble shall not be responsible for the default of the Borrower, including for late payments. The Acquirer acknowledges that the Acquirer shall bear the financial risks related to any defaults in the performance of the Claim, including if ▇▇▇▇▇▇▇▇ does not succeed in enforcement of the Claim in accordance with Section 6.2 of the General Terms of this Agreement. The Lender shall perform all necessary and allowed actions to facilitate timely and full recovery of the Claim without an involvement of the Acquirer. 9.4. In case the Borrower is in default, Scramble may require the Acquirer to assign the Claim to Scramble or any third party designated by Scramble to facilitate timely and full recovery of the Claim. In such case Scramble and the Acquirer shall enter into a separate assignment agreement.