Buyer’s company take place or a change of the company’s management control, the part of the total purchase price as referred to in clause 4 above that at the time of the disposal of Buyer’s shares has not been paid by Buyer to the Seller for the Equipment, will then become due and payable immediately.
8. Should Buyer lose any of its operating licenses, regardless for what reason, then the part of the total purchase price as referred to in clause 4 above that at the time of the loss of Buyer’s operating licenses has not been paid by Buyer to the Seller for the Equipment, will then become due and payable immediately.
9. The Buyer shall at his own expense insure the Equipment against loss, destruction or the decrease in value, in particular as a result of fire, flooding, natural disasters, theft, damage and the like, within 30 (thirty) days from the date of the receipt of the Equipment. The sum insured shall not be lower than the price of the Equipment defined in this Agreement deducting the amount of the down payment paid by the Buyer, referred to in the § 1 point 3 this Agreement. The period of the insurance term and validity shall at least cover the entire period from the receipt of the Equipment by the Buyer until all instalments for the Equipment have been paid in total. In addition, Buyer will make sure that the insurance policy names the Seller as the beneficiary thereof. Should this not be possible for any reason, the Buyer will cause the insurance policy to be made out in such way that the Seller shall be named at least as the co-beneficiary under the insurance policy.
10. Within 30 days from the conclusion of the Agreement, referred to in section 7 of this paragraph, the Buyer commits himself to make the transfer of his claim against the insurer arising from the insurance to the Seller. In the event of payment of the whole price by the Buyer, the Seller shall make the return transfer of insurance claims back to the Buyer.
11. In the event that the insurance amount received by the Seller is lower than the remaining sale price of the Equipment to be paid, the Buyer shall immediately, but no later than within 14 days from the day of receiving a written call from the Seller, cover the difference in the Equipment’s price missing.
12. In the event that the insurance amount received by the Seller is equal or higher than the remaining Equipment’s sale price to be paid, the ownership right is transferred to the Buyer on the day the insurance amount is credited into the Seller’s bank account.
13. The value of the possible insurance amount which is in excess that has been received by the Seller exceeding the remaining Equipment’s price to be paid by the Buyer, will be transferred to the bank account indicated by the Buyer within 7 days from crediting the Sellers bank account with this excess.
14. The Parties agreed that until the total sale price of the Equipment is paid by the Buyer, the Seller is entitled to inspect, whether the Equipment is used by the Buyer according to its purpose and in the place referred to in § 3 sec. 5 of this Agreement. The Seller may carry out the inspection upon prior notification to the Buyer.
15. In case of the Buyer’s default in payment with 2 (two) consecutive installment payments or in the case the Equipment is not used appropriately to its purpose or used in any