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The Seller is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware.

The Seller has all requisite corporate power and authority to own and operate its properties and assets, to execute and deliver this Agreement and the Instrument of Transfer, and to carry out the provisions of this Agreement and the Instrument of Transfer and to carry on its business as presently conducted and as presently proposed to be conducted.

The Seller is duly qualified to do business and is in good standing as a foreign corporation in all jurisdictions in which the nature of its activities and of its properties (both owned and leased) makes such qualification necessary, except for those jurisdictions in which failure to do so would not have a Material Adverse Effect.

The Company is a limited liability company duly organized, validly existing and in good standing under the laws of Russia.

The Company has all requisite corporate power and authority to own and operate its properties and assets, to execute and deliver this Agreement, to carry out the provisions of this Agreement and to carry on their business as presently conducted and as presently proposed to be conducted.

The Company is duly qualified to do business and in good standing as a foreign corporation in all jurisdictions in which the nature of its activities and of its properties (both owned and leased) makes such qualification necessary, except for those jurisdictions in which failure to do so would not have a Material Adverse Effect.

To avoid these difficulties, some courts proposed applying the lex loci solutionis or the law of the place of performance of the contract.This produced difficulties in cases where the contract required each party to perform its obligations in a different country, or where the place of performance was dictated by later circumstances.However, as the public policies driven by the theory of freedom of contract evolved, the Doctrine of Proper Law emerged.The proper law of the contract is the main system of law applied to decide the validity of most aspects to the contract including its formation, validity, interpretation, and performance.This does not deny the power of the parties to agree that different aspects of the contract shall be governed by different systems of law.But, in the absence of such express terms, the court will not divide the proper law unless there are unusually compelling circumstances.And note the general rule of the lex fori which applies the provisions of the proper law as it is when the contract is to be performed and not as it was when the contract was made.The parties to a valid contract are bound to do what they have promised.So, to be consistent, the Doctrine of Proper Law examines the parties' intention as to which law is to govern the contract.The claimed advantage of this approach is that it satisfies more abstract considerations of justice if the parties are bound by the law they have chosen.But it raises the question of whether the test is to be subjective, i.e.

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  1. The service specified in this Agreement under any circumstances or for any reason – except to the extent that such damages are due to breach of.

  2. Defined under title III. of the contract/agreement or order confirmation document, in particular if the ordering party is in delay with outstanding.

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