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lessee may terminate the agreement prior to its term in the event the
lessee or its enterprise to which the leased good is allocated is in the
process of liquidation.
In the event the lessor defaults in the payment of the leasing price
and does not make the payment within the thirty-day period (this peri-
od may not be less than sixty days if the agreement grants a purchase
right), which the lessor will grant to the lessee, the lessor may termi-
nate the agreement. Law No. 6361 further regulates that if the lessee is
issued notifications due to non-payment three times, or two times in a
row within the same year, the lessor may terminate the agreement.
Law No. 6361 maintains the provision that if due to violation of
one party it may not be expected for the other party to carry on with
the agreement, the agreement may be terminated. Accordingly, the ter-
mination right shall arise only if one of the parties acts in violation of
the agreement and if this violation results in a situation in which it may
no longer be expected for the other party to be bound by the agreement.
The issue as to whether a financial leasing agreement could be termi-
nated due to a fundamental change of circumstances or based on just
cause, which was not resolved under the Abrogated Law, is therefore
not resolved with the provisions of Law No. 6361 either.
In any event, if the agreement is terminated, the lessee who does
not exercise or who does not have a purchase right shall immediately
return the leased good to the lessor.
The Abrogated Law regulated that in the event the lessor termi-
nates the agreement, the lessee shall be obliged to return the leased
good, pay all undue lease payments and compensate any exceeding
damages. The Law No. 6361 did not preserve this provision. Pursuant
to the new provisions, in the event the lessor (or the lessee, due to liq-
uidation of the lessee or its enterprise) terminates the agreement, the
lessee, who shall return the leased good, may additionally be obliged
to make an additional payment. If the total amount of undue lease pay-
ments of the lessee and the exceeding loss of the lessor is less than the
sale or lease price of the leased good to be sold or financially leased to
a third person by the lessor, the lessee shall pay the difference to the
lessor. Otherwise, the lessor shall pay the lessee the difference. If the
lessee terminates the agreement (other than due to the liquidation of
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