…In the event that your Account or a particular Subscription is terminated or cancelled by Valve for a violation of this Agreement or improper or illegal activity, no refund, including any Subscription fees, will be granted.
C. Termination by Valve.
1. In the case of a recurring payment Subscription (e.g., a monthly subscription), in the event that Valve terminates or cancels your Account or a particular Subscription for convenience, Valve may, but is not obligated to, provide a prorated refund of any prepaid Subscription fees paid to Valve.
2. In the case of a one-time purchase of a product license (e.g., purchase of a single game) from Valve, Valve may choose to terminate or cancel your Subscription in its entirety or may terminate or cancel only a portion of the Subscription (e.g., access to the software via Steam) and Valve may, but is not obligated to, provide access (for a limited period of time) to the download of a stand-alone version of the software and content associated with such one-time purchase.
ie. You don't own your game. If we decide to stop you playing, we can. So tough shit.
Would love to see the whole thing taken up by the Consumers people here in the UK.