Portal use agreement EN

PORTAL USE AGREEMENT: WWW.FINBEE.CZ

(The “Portal Use Agreement”)

 

BY AND BETWEEN:

FinBee CZ Lending s.r.o., Company reg. no. (IČO): 04339568, with registered office at Lužná 716/2, Vokovice, Praha 6, Postal Code 160 00, incorporated in the Companies Register administered by the Municipal Court in Prague, Section C, File no. 246170 (the “Administrator”);

 

and

 

The User that has concluded the present Portal Use Agreement electronically; the User confirms its agreement with its terms and conditions and its use of the Portal (the “User”).

 

By visiting the web site www.finbee.cz (the “Portal”), and/or by making use of any information, and/or services provided via the Portal, you recognise and confirm that you have been thoroughly and carefully informed about the present Portal Use Agreement, that you duly understand it, and undertake to act in compliance with it. You furthermore represent that the present Portal Use Agreement reflects your free and serious will, and that you have been able to consult and evaluate it with independent legal or financial advisors. You will not be allowed to use the Portal or any other services provided by the Administrator without concluding the present Portal Use Agreement.

 

The present Portal Use Agreement governs the rules applicable to any uses of the Portal, any legal relationships between the User of the Portal and the Administrator, as well as between the Users themselves.

 

The entire Portal and the intellectual property rights to its content will be the property of the Administrator. The User shall not be entitled to save, copy, amend, move, transfer or publish the content of the Portal, with the exception of doing so for its own use.

 

The Administrator will assist the Users of the Portal in providing and accepting loans of financial funds provided to the Users by the other Users, and in concluding electronically loan agreements by and between the Users. The Portal will serve as a go-between assisting any persons/entities interested in obtaining loans and those interested in providing such loans. Any revenue from interests charged on loans, as published on the Administrator’s Portal, represents information that may fluctuate regardless of the will of the Administrator, and it does not serve to guarantee any future income.

 

Any information about the Users has been provided by the Users themselves, therefore the Portal, and/or the Administrator, shall not be liable for any inaccuracies and for the correctness of such information or for any losses, harms or other damage that would be caused or that could be caused in connection with decisions taken on the basis of information published on the Portal.

 

The Administrator does not provide the Users with any guarantee that their loans would be repaid pursuant to the terms and conditions of the loans. The Administrator’s goal is to assess in a reasonable manner the risks and to keep improving the risk-evaluation model in selecting suitable Applications; however, it shall not guarantee quality of the risk-evaluation model and shall not be liable for any losses suffered by the Users if their loans have not be duly repaid. The Users accept voluntarily any risks related to providing their loans. Any losses suffered by the Users will be compensated by way of commitments applied in loan agreements (interest, fines).

 

The titles of the Chapters and their Paragraphs shall not affect the interpretation of the present Portal Use Agreement.

 

1. DEFINITIONS

1.1.      Portal Use Agreement – the present Portal Use Agreement stipulating the terms and conditions of using the Portal; the person/entity intending to use the Portal and any services provided by the Administrator shall be required to agree to such terms and conditions. The present Portal Use Agreement shall determine the rules of using the Portal and it shall also define the legal relationship created between the Administrator and the Users and among Users in respect of the Portal;

1.2.      General Terms and Conditions – the General Terms and Conditions applicable to the Loan [Loan for Consumption] that form an inseparable part of the Loan Agreement;

1.3.      Civil Code – Act no. 89/2012 Collection of Laws (“Coll.”), the Civil Code, as amended by further legislation;

1.4.      Portal – a system placed on the web site www.finbee.cz, supervised and administered by the Administrator, with the help of which the Users that have duly completed their Applications and received confirmations from the Administrator, can receive Loans, and the Users that intend to provide Loans can place their Offers in Auctions, and thus conclude Loan Agreements by and between them. The services provided by the Administrator under the Agreement comprise the administration of the Portal, management of the Loans, and provision of small-scale payment services;

1.5.      Auction – the manner of selecting a suitable contractual partner when the Borrower files an Application that should be approved by the Administrator and then an Auction is held during which the Lenders file their Offers, and the Loan Agreements should be concluded by and between such Borrower and such Lenders that acknowledge the best Offers under the terms and conditions of the Auction, and the Borrower accepts them;

1.6.      User – the User of the Portal, namely, a natural person or a legal entity that acts either in the capacity of the Lender or of the Borrower and that have agreed to the Portal Use Agreement, have been registered in the Portal in compliance with its terms and conditions, and whose identity has been duly verified by the Administrator;

1.7.      User Number – a unique login name and password allocated to each registered User of the Portal by the Administrator, that serve the identification of the User;

1.8.      Users Self-service System – a User’s individual account protected with the help of a unique password and allowing the User to perform certain operations using the Portal, i.e., filing Applications and Offers, provision of Loans, concluding Loan Agreements, showing the history of actions executed by the User, delivery of notifications from the Administrator, and administration of the User Account in any other manner;

1.9.      Application – an Application filed by the Borrower via the Portal for obtaining Offers for the purposes of concluding the Loan Agreement, completed by the Borrower using a form provided for on the Portal, and based on written documents and personal data of the User, confirmed electronically by the Borrower and verified by the Administrator;

1.10.    Loan Agreement – an agreement entered into by the Borrower and the Lender via the Portal, under which the Lender undertakes to provide the Loan to the Borrower, pursuant to the terms and conditions of the present Portal Use Agreement and the Loan Agreement; the Borrower undertakes to repay the Loan so provided, and to pay and reimburse all and any charges related thereto (Administrative Fees, Interest, etc.). The Users are aware that any amendments and appendices to the Loan Agreement shall become inseparable parts of the Loan Agreement and shall be binding upon the contractual parties. The Loan Agreement also comprises the Special Terms and Conditions and the General Terms and Conditions;

1.11.    Special Terms and Conditions – an offer made by the Lender and its Acceptance by the Borrower;

1.12.    Offer – an Offer made by the User wishing to make a Loan to a User that has filed an Application; the sample document by way of which the User accepts and confirms the conditions of such Application is available on the Portal;

1.13.    Acceptance – an acceptance by the User wishing to accept a Loan to be made on the basis of an Offer made by a Lender; the sample document by way of which the User accepts and confirms the terms and conditions of such Offer is available on the Portal;

1.14.    Borrower – a natural person aged 18 years and more, a citizen of a member state of the European Economic Area, and/or a legal entity registered in a register of legal entities in any country of the European Economic Area, that has concluded the Loan Agreement;

1.15.    Lender – a natural person, aged 18 years and more, a citizen of a member state of the European Economic Area or registered for permanent residence in a member state of the European Economic Area, or a natural person or a legal entity duly registered on the Portal, that has concluded the Loan Agreement;

1.16.    Loan Amount – the amount of the Loan provided by a Lender(s) to a Borrower via the Portal, which complies with the Application completed by the Borrower, and which the Borrower has undertaken to repay to the Lender, together with Interest and other charges;

1.17.    Interest – the interest that the Borrower has undertaken to pay to the Lender for the Loan as shown in the Application filed prior to the Auction;

1.18.    Schedule of Payments – the time plan of repayment of the Loan, Interest, and Administrative Fees, which contains a detailed description of the individual instalments (amounts) and their maturity dates;

1.19.    Loan Repayment Term – the term of repayment of the individual instalments in keeping with the Schedule of Payments, including the repayment of the principal of the Loan, Interest and Administrative Fees, until they are redeemed in full;

1.20.    Administrator – FinBee CZ Lending s.r.o., Company reg. no. (IČO): 04339568, with registered office at Lužná 716/2, Vokovice, Praha 6, Postal Code 160 00, incorporated in the Companies Register administered by the Municipal Court in Prague, Section C, File no. 246170;

1.21.    Collection Account – means the Administrator’s collection account no. 2900931942/2010, maintained by Fio banka, a.s., with registered office at V Celnici 10, Praha, Postal Code 117 21, Czech Republic, Company reg. no. (IČO): 61858374 (IBAN: CZ3820100000002900931942, BIC/SWIFT: FIOBCZPPXXX); and

1.22.    Administrative Fees – means the administrative fees as described in the General Terms and Conditions, the Special Terms and Conditions, the Portal Use Agreement, and the Pricelist, as published on the Portal, to be paid by the Users to the Administrator for the processing of their Applications, the use of the Portal, the execution of their Loan Agreements, the administration of their Loans or of their Debts, and the small-scale payment services provided by the Administrator.

 

2. OBLIGATIONS AND LIABILITIES OF THE USER

2.1.      The User shall:

2.1.1.      not perform any illegal activities on the Portal (including without limitation, any money laundering, legitimisation of proceeds of crime, etc.); communicate with the Administrator and other Users in keeping with the generally acceptable rules of conduct;

2.1.2.      provide only truthful information, both in accepting and in providing the Loans, as well as in the course of communication with the other Users of the Portal;

2.1.3.      keep confidential the login information to the Portal, and not to disclose it in any event to any third parties. The User shall be liable for all and any losses or harm caused by any disclosure of the login information to the Portal to any third party, in particular, if a Loan Agreement has been concluded, in which case the User shall be fully liable as regards any contractual relationships created by the execution of such Loan Agreement due to any misuse of such login information. The User represents that all Loan Agreements concluded via the User’s Self-service System constitute the expression of such User’s true and right will and shall be binding upon such User under any circumstances (including without limitation, under such circumstances when any third party that could have obtained such User’s login information would have concluded a Loan Agreement in the name of such User; the same shall apply in cases when the User should disclose its login information to any third party voluntarily, etc.);

2.1.4.      inform the Administrator about any changes as regards any previously submitted information;

2.1.5.      inform the Administrator of any unauthorised disclosure of any information pursuant to Paragraph 2.1.3. The User shall be liable for any damage and losses resulting from an authorised person having gained access to any information pursuant to Paragraph 2.1.3, and the User is aware that such unauthorised person, making use of such information, might conclude on behalf of the User a legally binding Loan Agreement that the User will have to honour;

2.1.6.      change the login information to the Portal in the event of any suspicion that any third party could have obtained such login information;

2.1.7.      not collect any contact information, e-mail addresses or any other personal data of the Users of the Portal, unless relevant for the Loan Agreement;

2.1.8.      not attempt to contact any Users outside the Portal for the purposes of providing or accepting the Loans;

2.1.9.      not promote or support on the Portal entrepreneurs, products or services without a written consent from the Administrator;

2.1.10.    not transfer or enter any data that could contain software viruses or any other codes, files or programmes designed to cause interference, limitation of or damage to any functions of the Portal or its facilities, software or apparatuses serving communication;

2.1.11.    not place on the Portal any links to any other portals without a written consent from the Administrator;

2.1.12.    not breach any requirements placed by the bank where the Administrator has opened its Collection Account;

2.1.13.    comply with the rules set up by the Administrator in respect of money laundering, measures serving prevention of financing of terrorism, and any other legal provisions pursuant to Act no. 253/2008 Coll., on selected measures against legitimisation of proceeds of crime and financing of terrorism, as amended by further legislation.

2.2.      The Administrator may restrict the User’s right to use the Portal, including total prevention of access by the User to the Portal, and it may take any other measures that the Administrator would consider necessary, including without limitation, suspend the performance or discontinue the exercising of certain rights and performance of certain duties of the Administrator, as long as such act or not acting of the Administrator will have been considered necessary in order to ensure uninterrupted and continuous operation of the Portal, and/or any other rights and duties of the User.

2.3.      The Administrator shall be entitled under all and any circumstances to suspend the User’s registration to the Portal or to remove it from the Portal at all, if:

2.3.1.      the User fails to fulfil its duties, and/or liabilities, it has provided or keeps providing incorrect, inaccurate, erroneous, untruthful, misleading, and/or incomplete information; and/or

2.3.2.      the User’s conduct in respect of other Users does not fit with the generally acceptable rules of conduct; and/or

2.3.3.      a reasonable suspicion exists that the User’s activities have been contrary to the legislation.

2.4.      In all cases when the Administrator may reasonably believe that the User has provided untruthful information about itself, and/or unlawfully makes use of any personal data that do not belong to such User, the Administrator reserves the right to inform thereof any relevant authorities in charge of resolving such cases.

 

3. USES OF THE PORTAL

3.1.      Any persons wishing to make use of the services offered by the Portal must be registered. Such registered persons will become the Users of the Portal and they shall be entitled to provide and accept Loans, file Offers and Applications at their own discretion, and enter into Loan Agreements.

3.2.      Only registered Users who have opted to conclude the present Portal Use Agreement may make use of the services offered by the Portal.

3.3.      Any time when the User wishes to perform any transaction via the Portal, they shall log in with the help of the unique User Number.

3.4.      The present Agreement shall be deemed duly concluded when the User confirms electronically its consent to the Portal Use Agreement. The User at the same time agrees that its personal data disclosed as part of its registration to the Portal may be duly processed. The Portal Use Agreement (the User shall confirm the execution of the Portal Use Agreement by checking/ticking the relevant box and by clicking on the “Souhlasím” (Agree) button, or by entering the User Number, or by sending a text message (in Czech: SMS), or by such User’s payment identified with the help of a special code, and/or its Birth Registration Number (in Czech: rodné číslo) or the unique login name allocated to the User, by identifying the e-mail of the User, by providing a recording of the relevant telephone conversation, or by an extract from the Portal regarding such User’s actions in the User’s Self-service System on the Portal) will be deemed as duly executed by the User pursuant to Section 7 of Act no. 297/2016 Coll., on trust services for electronic transactions, and the Users represent that the Portal Use Agreement concluded in this manner equals a document made in writing, and that it shall result in identical legal consequences as if such document has been executed with the help of the User’s own signature.

3.5.      Following such registration, the Administrator shall send a notification addressed to the User to such User’s identified e-mail. The User represents that that it agrees that such notification will be deemed as duly delivered 24 hours after dispatch.

 

4. IDENTIFICATION OF THE USER

4.1.      The User wishing to become the Borrower or the Lender shall initially identify their identity to the Administrator.

4.2.      As part of such due identification, the User shall make a verification payment from its personal bank account, such payment to be identified with the help of a special code generated by the Portal, and/or the Birth Registration Number of the User, and/or the unique login name of the User. The User shall be supplied the relevant payment terms of such verification payment on the Portal upon completion of the registration form.

4.3.      The User shall be entitled to become the Borrower or the Lender and to complete other transactions on the Portal upon confirming its identity.

4.4.      The Administrator reserves the right to verify the User’s identity also in any other manner.

 

5. CONDITIONS OF LOANS AND APPLICATIONS

5.1.      The Loan Agreement shall be concluded in the course of the Auction held on the Portal: The User will file its Application to be approved by the Administrator; the Lender will submit its Offer during such Auction; as soon as the Borrower accepts the Offer (Acceptance) and the User agrees to the General Terms and Conditions, the Loan Agreement shall be deemed as concluded. The basic conditions of the conclusion of any Loan Agreements include [the identification of] the Loan Amount, the Interest, and the Loan Repayment Term.

5.2.      Requirements regarding the Loan Amount:

5.2.1.      the Loans will be provided and accepted via the Portal in currencies as specified in the Application;

5.2.2.      the Administrator may recommend that the User should reduce the Loan Amount. If the User fails to reduce its requested Loan Amount, the Administrator may refuse to approve the Application and refuse the Auction to take place.

5.3.      The Lenders provide the Loans for such Interest as specified by the Borrower in the Application.

5.4.      The User may set up its required Loan Repayment Term that shall not be shorter or longer than the term approved by the Administrator at the time of the completion of the Application as the shortest and the longest terms.

5.5.      A unique preliminary Schedule of Payments will be generated for the User, reflecting the Loan Amount, the Interest, and the Loan Repayment Term as stipulated by the User, also containing all Administrative Fees that should be paid by the User, as well as any other important information.

5.6.      The User wishing to file an Application in keeping with such preliminary information, shall complete the relevant form on the Portal and disclose the following information:

5.6.1.      the User’s personal data (first name, surname, address, contact information, etc.);

5.6.2.      the User’s monthly income and, upon request, the monthly income of its household;

5.6.3.      the User’s and, upon request, its family’s monthly spending;

5.6.4.      consent to the processing of their personal data;

5.6.5.      consent with the General Terms and Conditions.

5.7.      The Administrator may request the User at the stage of the filing of the Application to submit a statement from its bank account covering the past four months, as long as the Administrator deems it necessary. Information contained in such bank account statement shall not be disclosed to any other User under any circumstances and it will be applied exclusively for the purpose of verifying the correctness of any information provided in the Application.

5.8.      As soon as the User completes the form, the Portal will automatically generate the relevant Application. The User shall confirm such Application electronically. The Application shall be deemed as binding upon all Users and the Auction will be deemed launched as soon as the User in the capacity of the Borrower confirms electronically the Application and the Administrator approves it.

5.9.      Upon the delivery of such electronically confirmed Application, the Administrator will asses it, and it may further:

5.9.1.      approve such Application and transfer it to the section ‘Auction’;

5.9.2.      if the Borrower fails to submit its bank account statement, as long as the Administrator deems the delivery of such document necessary, and/or the submitted information is not accurate, and/or the Administrator requests any additional information from the Borrower, the Administrator may contact the Borrower using its contact information and the telephone number disclosed by the Borrower, in order to obtain such missing information;

5.9.3.      if the Borrower submits any incorrect or incomplete information in the Applications, and/or in any other cases, the Administrator may, at its own discretion, refuse to approve the Application and it would not transfer it to the section ‘Auction’;

5.9.4.      if the Administrator rules on the basis of information submitted by the Borrower that either the Loan Amount, and/or the Interest, and/or the Loan Repayment Term should be modified, a new Application will be generated and the User will be notified thereof. The User may reject such new Application. In such cases, the Administrator may refuse to approve the original Application and fail to transfer it to the section ‘Auction’.

5.10.    Upon the approval of the Application by the Administrator, the Application will be transferred to the section ‘Auction’ for the term of up to 15 days.

5.11.    If the Application has been fully granted within a term shorter than for which it was transferred to the section ‘Auction’, the Borrower may accept any Offer(s) by any Lender(s) without waiting for the end of the Auction.

5.12.    Unless the Application has been fully granted within the term of 15 days, the Auction will be deemed as invalid and it will not create any legal effects between the Borrower and the Lender(s).

5.13.    Any Offers made by the Lenders and any Acceptances made by the Borrowers shall be irrevocable and unalterable.

5.14.    The Administrator shall not be liable if no Auction is held; nor shall it be deemed as any breach of its duties.

5.15.    The Administrator, upon transferring the Application for Auction and in the course of such Auction, may publish information about the Borrower – its place of permanent residence, its profession (occupation), its spending, type of spending, its income, type of income, its wealth, education, professional experience that has been reasonably required by the Lenders in order to asses the Application in compliance with its terms and conditions, and confirmation of their Offers; nevertheless, the Administrator shall not disclose as part of the Auction the first name, the name, the Birth Registration Number, the Company Number (IČO) or the exact address of the Borrower.

5.16.    Each User is entitled to follow any submitted Offers in real time in the course of the Auction.

5.17.    The Lenders may file their Offers in the course of the Auction in various Loan Amounts; however, they are not allowed to bid any conditions of the Loan other than those stipulated by the Borrower in the Application. Any Offers filed by the Lenders shall not be less than CZK 250 and more than CZK 25,000, and they shall not exceed the Loan Amount as stipulated by the Borrower in the Application.

5.18.    After the end of the Auction, the Borrower has 48 (forty eight) hours to accept the Offers made by the Lenders. If the Borrower fails to accept the Offers made by the Lenders during this term, such Offers filed by the Lenders shall be deemed as rejected and the Auction shall be deemed as not held at all.

5.19.    The Lenders shall not bid any amount(s) higher than those deposited by such Lenders on the Administrator’s Collection Account. As soon as a Lender confirms any specific Loan Amount that it would be willing to lend to the Borrower in the course of the Auction, such relevant Loan Amount shall be reserved on the Collection Account for such specific Loan.

5.20.    The Lender shall confirm its Offer in the Auction by stating electronically that it agrees to the terms and conditions of the Loan Agreements, i.e., by checking/ticking the relevant box and by clicking on the “Souhlasím” (Agree) button, thus expressing its official consent to the conclusion of the Loan Agreement. The Offer remains valid until the end of the Auction.

5.21.    The Lender that has filed an Offer may not file any new Offer up to the sum of any reserved pecuniary funds, and/or transfer such amount to any of its other accounts, with the exception of cases when the Administrator cancels such reservation if the Borrower fails to accept such Offer.

5.22.    The Administrator shall cancel a reservation of any pecuniary funds belonging to a Lender, if (i) the Auction does not take place, or (ii) the Borrower fails to accept the Offer. In such cases, the User may again freely dispose of such reserved pecuniary funds deposited on its Collection Account.

5.23.    The Administrator, when supervising the Auction, may restrict any Applications filed by the Borrowers, and/or any Offers made by the Lenders, even without any prior warning.

 

6. AUCTION, CONCLUSION OF LOAN AGREEMENTS

6.1.      The Lender wishing to partake in an Auction must initially disclose its identity and have its pecuniary funds available on the Collection Account.

6.2.      The Loan Agreement shall be deemed as duly concluded at the moment when the Borrower, via the Portal, and/or the Administrator on behalf of the Borrower, accepts the Offer made by the Lenders, and transfers the pecuniary funds to the Borrower’s bank account.

6.3.      The Administrator shall record and register all Offers filed in the Auction in a chronological order. Such order shall reflect the time shown on the Portal.

6.4.      Those Lenders will be considered as the winners of the Auction that would file their Offers as the first before any other Lenders, prior to the end of the Auction, as long as the Borrower has been offered the pecuniary funds (the Loan Amount) in full and the Borrower chooses to accept such Offer.

6.5.      The Lender shall not cancel its Offer once filed.

6.6.      If no Offers covering the entire Loan Amount as stipulated in the Application are filed in the course of the Auction, the Auction will be deemed as not held at all.

6.7.      Upon the end of the Auction and upon the Acceptance by the Borrower of the Offers made by the Lenders, the Portal shall automatically notify all participants in the Auction about the outcome of such Auction, identifying the Lenders (by the unique login name of the Users) who have won the Auction, as well as the Offers on the basis of which the Loan Agreement has been concluded.

6.8.      When the Auction is completed and the Borrower accepts the Offers from the Lenders, the Administrator shall take the following steps: it shall (i) assign a unique identification number to the Loan Agreement; (ii) generate a specific Schedule of Payments for the Borrower; and (iii) credit the pecuniary funds to the Borrower’s bank account.

6.9.      The Lender represents that the Administrator may credit the amount as specified in the Offer to the Borrower’s bank account, subject to compliance with all of the above-described terms and conditions.

6.10.    Upon the completion of the Auction, the Lenders will also be able to get acquainted in real time with the Schedule of Payments generated in respect of the relevant Loan Agreement, the state of payments made, the existing balance, and any other information. The Users may be identified either by their User Numbers, and/or by way of a special code generated by the Portal, and/or their genuine first names and surnames, and/or their Birth Registration Numbers (and/or by their Company Number/IČO).

 

7. PAYMENTS MADE UNDER THE LOAN AGREEMENT

7.1.      The Borrower shall pay the Loan Amount, the Interest, and the Administrative Fees in keeping with the approved Schedule of Payments.

7.2.      The Interest shall be accrued commencing at the moment of the conclusion of the Loan Agreement and the provision of the Loan.

7.3.      The amount payable by the Borrower shall comprise the following: the Loan Amount, the Interest, and any other fines (if applicable) payable to the benefit of the Lenders, and the Administrative Fees payable to the benefit of the Administrator, as stipulated in the Special Terms and Conditions, the Schedule of Payments, and in the Pricelist issued by the Administrator, as published on the Portal.

7.4.      The Borrower shall pay to the Administrator a fee for the conclusion of the Agreement according to the Pricelist issued by the Administrator, as published on the Portal. The Administrator may deduct such amount from the pecuniary funds deposited on the Collection Account, prior to transferring any pecuniary funds to the Borrower’s account, and transfer such amount equal to the Agreement Execution Fee to the Administrator’s bank account.

7.5.      The Borrower undertakes to repay the Loan Amount and the Interest as stipulated in the Special Terms and Conditions pursuant to the Schedule of Payments and in compliance with the instructions contained in the order of payment issued by the Administrator. If the instructions contained in the order of payment should differ from information stipulated in the Schedule of Payments and recorded on the unique Users Account, the User shall make the payments as stipulated in the Schedule of Payments. The Borrower shall pay the Administrative Fees and any other payment accordingly.

7.6.      The Borrower shall replenish the Collection Account from which the Administrator distributes the relevant pecuniary funds to the Lenders and to the Administrator. The Users hereby grant the Administrator consent to distribute such pecuniary funds, so that the Administrator can duly provide its payment services required in order to ensure due repayment of the Borrower’s debts, that the Borrower has undertaken to repay in the Loan Agreement. If the Borrower should withdraw such consent, the Administrator will no longer be capable of automatically deducting any payments regarding the Loan, which will be considered a material breach of the Portal Use Agreement. In such cases, the Administrator may terminate the Portal Use Agreement at any time (including cases when no default in any of the repayments has occurred as yet) and also terminate the Loan Agreement on behalf of the Lender; thereby the entire debt would become payable and the Borrower shall be required to repay the balance of the Loan, the Interest, and the Administrative Fees in full, in the same manner as the Borrower would have been required to repay them at the end of the Loan Repayment Term as if no case of default has occurred.

7.7.      The Borrower shall be required to transfer the pecuniary funds to the Collection Account in such a manner so that they should be credited thereto not later than on the date of the deduction of any relevant payments (i.e., on the date of repayment of any instalments of the Loan and any other related payments pursuant to the Schedule of Payments).

7.8.      Unless the Administrator can record on the Collection Account all required payments of the instalments of the Loan pursuant to the Schedule of Payments, it means that the Borrower has missed the payment of such instalment and thus is in default, and it shall be required in such cases to pay a late fine (fine for default) and other payments as stipulated in the present Portal Use Agreement, in the General Terms and Conditions, in the Pricelist issued by the Administrator, as published on the Portal, or in the Special Terms and Conditions.

7.9.      Income from the Interest obtained by the Lenders for the provision of the Loans via the Portal shall be taxable and the Lenders shall be required to file any relevant tax returns in respect of such income pursuant to the applicable tax legislation according to the tax residency of the Lenders. The Administrator is not and cannot be held liable for any failure in the due compliance with the obligations regarding their income tax.

7.10.    The Borrower is entitled to repay early the Loan, and/or its balance, the Interest, and the Administrative Fees, by way of repaying any outstanding balance of the principle of the Loan, including Interest, and 30 percent of the total amount of the Administrative Fees determined until the end of the Loan Repayment Term pursuant to the Schedule of Payments; it shall first inform the Administrator thereof, which will notify it of the entire outstanding amount.

7.11.    All payments deposited by the Borrower on the Collection Account will be duly set-off to pay for any liabilities in the following order: 1. to reimburse any costs of enforcement of any liabilities (if any); 2. proportionally to pay any contractual penalty (if assessed), the Interest, the principal of the Loan, to the benefit of the Lenders, and the Administrative Fees to the benefit of the Administrator.

7.12.    If a third party repays a debt on behalf of the Borrower and the Administrator cannot duly identify the Borrower, such repayment of the Borrower’s debt shall not be deemed as due performance, and the Borrower will therefore be required to pay the Interest, and any other charges/late fines (fines for default) payable in respect of the term in question. The Administrator shall return any such received amounts that the Administrator is unable to identify to the bank account from which the payment has been made, and/or return it to such third party as long as it is possible to duly identify such third party.

7.13.    The Borrower may not assign any rights and duties under the Loan Agreement to any third party without the consent from the Lender.

7.14.    The Administrator is entitled unilaterally to terminate the present Portal Use Agreement and also to terminate any Loan Agreement on behalf of the Lender, and to require immediate repayment of any outstanding principal of the Loan, the Interest, the Administrative Fees, and any other payments for default (penalties, fines for default), as well as in the cases when the Borrower evinces that it is not going to meet its obligations or that it intentionally evades its obligations, as well as in such cases when signs of fraudulent or deceptive behaviour may occur on the part of the Borrower, and the Administrator, against such indications, may declare the Borrower to be in a material breach of the Loan Agreement (a material breach of the Agreement). The Administrator shall send to the Borrower via e-mail or by registered post to the address shown in the Special Terms and Conditions, a notification regarding (i) payments to be made in respect of any default, and (ii) the termination of the Loan Agreements, not later than 14 days prior to the intended date of the termination of the Loan Agreement. Such notification shall be deemed as duly delivered after five days of its dispatch.

 

8. SYSTEM OF PAYMENTS OF THE PORTAL

8.1.      The Administrator shall make all payments and crediting of funds via the Collection Account. Any pecuniary funds will be credited to the Administrator only if it is entitled to receive them, i.e., only if they constitute payable Administrative Fees and any other payments pursuant to the Loan Agreement, the Portal Use Agreement, and the Pricelist issued by the Administrator and published on the Portal.

8.2.      The Administrator shall credit and transfer such funds via the Portal.

8.3.      The Administrator acts as a mere go-between in charge of the due implementation of instructions issued by the Users; however, it shall not be entitled to take any specific decisions.

8.4.      The Administrator shall not be held liable for any losses incurred by the User and caused by any erroneous decision made by the User, and/or any incorrect information provided by the Borrower, and/or in such cases when the User passes to a third party, and/or loses, its unique User Number, and/or in such cases when such crediting or transfer of funds has been executed in an incorrect manner due to activities pursued by a third party that has no relationship to the Administrator, and in any cases of unauthorised interventions in the system.

8.5.      The Administrator shall hold no ownership titles to any pecuniary funds available on the Collection Account.

8.6.      All and any transfers performed via the Collection Account will be recorded on the Users Account on the Portal.

8.7.      The User shall inform the Administrator immediately about any funds credited to or debited from the Collection Account in an incorrect manner.

 

9. DEBT OF THE USER

9.1.      In the event of any default on the part of the Borrower in the payment of any instalments pursuant to the Schedule of Payments, the Lender shall be entitled to receive a late interest calculated from the outstanding amount in respect of which the Borrower has been in default, in such amount that equals the interest rate agreed in the Loan Agreement.

9.2.      If the Borrower fails to transfer any pecuniary funds to the Collection Account on time pursuant to the Schedule of Payments, it will be deemed to have been in default in meeting its obligations, and it will be required to pay to the Administrator the following Administrative Fees for the management of the Debt:

9.2.1.      in the event of default equal to or in excess of one day: a fee for the administration of such default in the amount of CZK 300 per each such defaulted instalment;

9.2.2.      the Borrower will be notified of such default in the payment of such instalment by way of a text message (in Czech: SMS), and/or e-mail, and/or by telephone, and/or by a letter. The Borrower shall pay to the Administrator the relevant Reminder Fees in the amount of CZK 50 per each such reminder delivered via e-mail, CZK 50 per such reminder delivered via a text message, CZK 150 per each such reminder delivered by the telephone, and CZK 500 per each such reminder delivered by a letter; at the same time, the Administrator may deliver up to 10 reminders via e-mail, 10 reminders via text messages, 10 reminders by the telephone, and 3 reminders by a letter. However, the Borrower shall not be released of its duty to meet its obligations even in such cases that it has not been reminded about its defaults pursuant to the present paragraph.

9.3.      The Loan Agreement may be terminated by way of a unilateral notice of termination filed by the Administrator in cases as stipulated in the General Terms and Conditions and in the present Portal Use Agreement.

9.4.      The Administrator shall not be held liable for any failure on the part of the Borrower to meet its obligations, including any defaults in payments of instalments of any debts of the Borrower towards the Lender.

9.5.      The Borrower represents that it has not been related in any manner to the Lender, and the Lender represents that it has not been related in any manner to the Borrower.

9.6.      The Lender assigns to the Administrator its receivables in respect of the payment of all and any outstanding amounts under the Loan Agreement concluded by and between the Lender and the Borrower (the “Receivable”). Such assignment of the Receivable shall be qualified by the fulfilment of a condition precedent that would be met upon the emergence of the Lender’s title to a contractual penalty pursuant to Paragraph 8.4. of the General Terms and Conditions. It is agreed for the elimination of any doubt that the Receivable, including its accessories and the rights related to such Receivable, and including its hedging, shall be assigned to the Administrator at the moment of the emergence of the Lender’s title to such contractual penalty. The Lender hereby authorises the Administrator to notify the Borrower about the assignment of the Receivable, such notification being delivered by the Administrator to the Borrower to its e-mail address as shown in the database of the Portal or to its last known address of residence.

9.7.      The fee for the assignment of the Receivable shall be determined by way of an agreement of the parties in such a manner that the Administrator, upon deduction of any costs incurred in connection with the recovery of the Receivable, will pay to the Lender an amount equal to the recovered Loan, including Interest, and/or their outstanding portions, in respect of which the Borrower was in default. Such fee shall be paid and payable at the moment of the successful recovery of such outstanding amount. If such outstanding amount has been recovered only in part, first of all the Administrator’s title to the costs of recovering the Receivable will be satisfied.

9.8.      The Borrower, in such cases and in keeping with the procedures as stipulated in the General Terms and Conditions, may address the Administrator in writing, requesting the postponement of the deadlines of individual instalment payments, by way of a modification of the plan of such instalments contained in the Schedule of Payments.

9.9.      If the Borrower is in default in any instalment payment, the amount paid subsequently by the Borrower will be distributed proportionally to cover the individual instalment payments to be paid by the Borrower under the Schedule of Payments, as well as pursuant to the present Portal Use Agreement, and/or the General Terms and Conditions, and/or specified in the Pricelist issued by the Administrator on the Portal.

 

10. PRICELIST

10.1.    All and any fees, charges, and costs paid and payable by the User to the Administrator have been stipulated in the present Portal Use Agreement, and/or published on the Portal in the Pricelist issued by the Administrator (in the form of rates for services that have been in force at the given moment), and/or stipulated in the General Terms and Conditions, and/or in the Special Terms and Conditions.

10.2.    The User will further pay any fees charged by any financial institutions for the transfer of financial funds between the bank account of the User and the Collection Account.

10.3.    If any date of maturity of any instalment of the Loan and of any other instalments paid and payable by the Borrower should fall on a bank holiday, such maturity date shall be shifted to the next subsequent business day.

 

11. PERSONAL DATA OF THE USER

11.1.    In connection with the conclusion of the present Portal Use Agreement, and for the purposes of making use of the Portal and any services provided by the Administrator, the User acknowledges that the Administrator will process its personal data in keeping with the present Portal Use Agreement and the General Terms and Conditions. The User grants to the Administrator the right to process its personal data for the purposes and to such extent as stipulated in the Portal Use Agreement and the General Terms and Conditions, as well as subject to the legislation and in a manner as stipulated therein. The Users that constitute natural persons may at any time request that any processing of their personal data should be discontinued, and any collected personal data should be destroyed or made unavailable, unless there exist any valid legal or contractual relationships among the User and other Users of the Portal, and/or the Administrator, and unless the Administrator is required to store such information.

11.2.    The Administrator may process all data belonging to the Users that will have been disclosed to it during the provision of any services to the Users under the present Portal Use Agreement. The Administrator may also search for and collect data about the Users from any public domains.

11.3.    The User acknowledges that the Administrator will make use of the Birth Registration Number/Company number (IČO) of the User, and that it also will receive its personal data and process them for the following purposes: identification of the User, verification of its personal data, provision of small-scale payment services, assessment of Applications for Loans, and their publication in Auctions for the purposes of concluding Loan Agreements by and between the Users, review of compliance with obligations under Loan Agreements, and execution of transactions, keeping the books related to the Portal Use Agreement and any customers (financial, accounting, statistical), prevention of financial losses, protection of the rights and justified interests of the Administrator, debt management, due provision of services for any other purposes in connection with the subject matter of Loan Agreements and the Portal Use Agreement. The User agrees that the Administrator may obtain, collect, process, and store all and any personal data that have been available from public sources.

11.4.    The Administrator may process any data belonging to the Users to such extent as required in order to provide services to the User under the present Portal Use Agreement, including without limitation, data required for the performance and hedging of Loan Agreements concluded via the Portal. They include the following data (without limitation):

11.4.1.    any personal data of the User, i.e., first name, surname, date of birth, Birth Registration Number (Company number – IČO), family status, information of identification documents, etc.;

11.4.2.    contact information of the User, i.e., its address of residence, e-mail, telephone number, etc.;

11.4.3.    the User’s occupation, education, i.e., the highest education level achieved, position on its job, profession, employment, etc.;

11.4.4.    financial position of the User, i.e., income, spending, wealth, debts, ownership of real property, existing indebtedness on the Portal, etc.;

11.4.5.    general information about the User, i.e., information about accuracy in repaying debts, its frequency of visits of the Portal, its activities on the forum on the Portal, its involvement in the activities pursued on the Portal, etc.;

11.4.6.    any personal data about the User derived from social networks, in such cases when the User gives its consent, and to such extent as consented to via the social networks (Facebook, Twitter, Linkedin, etc.) for the purposes of concluding the Loan Agreement.

11.5.    The Administrator will process the data belonging to the Users and make use of them in order for the Administrator to be able to provide duly services of the Portal to the Users, and to supervise the state of fulfilment of the Loan Agreement.

11.6.    The Administrator may use anonymised data of the User for the purposes of analysing them with the help of various statistical methods in order to perform financial and statistical analyses with the goal of improving the quality of services, reduction of risks, etc. The Administrator may publish such anonymised statistical analyses of such data and make use of them for marketing or other purposes.

11.7.    The Administrator may disclose such data about the User (in such cases when it is not possible to evade such disclosure of the data or in such cases when it is justifiable necessary):

11.7.1.    to the service providers of the Administrator, where it is not possible to evade the disclosure of the data of the Users due to a specific nature of such provided services (accountants offering accounting services, providers of IT services, lawyers, judges, arbitrators, distrainers, administrators of databases, etc.); or

11.7.2.    when the Administrator is so required under the existing legislation.

11.8.    The Administrator may use any contact information provided by the User for the purposes of contacting such User for the complementation of information, and/or any other necessary matters, and also for the purposes of offering new services provided by the Administrator to the User, i.e., direct marketing. The User may inform the Administrator if it does not agree with the use of its data for direct marketing.

11.9.    The Administrator may record any data obtained from the User in the course of mutual communication (via post, the telephone, e-mail, etc.).

11.10. The User guarantees that all and any data provided to the Administrator in making use of the services of the Portal are correct.

11.11. If the User provides any erroneous information, such User shall be liable for losses incurred by the Administrator, and/or any other Users in connection with such information, including without limitation, such cases when the other Users should conclude a Loan Agreement with the User that has provided any erroneous information, believing that such information was correct.

11.12. The User shall notify the Administrator within five calendar days in writing about the following:

11.12.1. any changes in the personal data, specifically any modifications of the contact information;

11.12.2. any sudden deterioration of its economic position and any circumstances that hamper or could hamper the solvency of the Borrower;

11.12.3. using of any Loan for any other purposes that as stated in the Application;

11.12.4. any circumstances that has exacerbated or could exacerbate the ability of the Borrower to fulfil duly its accepted obligations, and any circumstances that has exacerbated or could exacerbate the future financial position of the Borrower (e.g., any new accepted debt (new consumer contracts, leasing, etc.));

11.12.5. any arbitration, judicial, and/or any other proceedings (enforcement, insolvency, etc.) initiated by the Borrower or against the Borrower, if it could exacerbate its position.

11.13. If the User fails to provide any information pursuant to Paragraph 11.12 and the Administrator is informed about the existence of any such circumstances and omissions on the part of the User to inform thereof, the Administrator may consider it as a material breach of the Portal Use Agreement, and it may adopt any appropriate measures, including without limitation, to terminate the Portal Use Agreement, to suspend the User Account, and/or to exclude the User from the Portal, etc.

11.14. The User agrees that its anonymised data will be published on the Portal in the course of the Auction, after it has completed and confirmed the Application.

11.15. The User hereby acknowledges that:

11.15.1. the Administrator may obtain the User’s personal data from any third parties in respect of which the User has failed to meet its financial or property obligations, as well as from data controllers that collect data on debtors in cases and in accordance with the procedure laid down by law;

11.15.2. the Administrator shall obtain information about the User in the course of its registration, identification, submission of the Applications and Offers, communication, and during its entire term as the User of the Portal.

11.16. The User is aware and acknowledges that the Loan Agreement shall be concluded by and between the Borrower and the Lender. Subject to the present provision, the Lender is entitled to know the identity of the person (first name and surname), to which the Loan has been provided, and the Borrower is entitled to know the identity of the person (first name and surname) that has provided the Loan and to whom the Loan is supposed to be repaid. The Lender and the Borrower are also entitled to obtain any further identification information about their counterparty. The Users agree and do not object that such information is available to the parties to the Loan Agreement.

11.17. The User undertakes not to disclose to any third parties any information obtained under the Loan Agreement, including without limitation, information about the other party to such Loan Agreement (first name, surname, Birth Registration Number/Company number (IČO), the Loan Amount, the Interest, the Loan Repayment Term, the pecuniary funds received from a specific Lender, information about failures to meet any Borrower’s obligations, the Schedule of Payments, the information of recovery of any payable Receivable by the Lenders in respect of the Loan, etc.). Any person that should breach such confidentiality duty shall pay to the injured party a fine equal to the Loan Amount, and to the Administrator a fine equal to the Loan Amount (which shall be deemed to equal the costs incurred by the Administrator and the Lender), and also reimburse all and any direct and indirect losses and damage, unless covered by the fine.

11.18. Neither the Lender nor the Borrower may use any information obtained pursuant to Paragraphs 11.14 and 11.16 in order to satisfy any unrelated requirements, including without limitation, in order to obtain any option of postponement or early repayment of any portion of the Loan or in order to offer any services to another, etc.

 

12. INSOLVENCY OF THE ADMINISTRATOR

12.1.    In the event of any insolvency proceedings in respect of the Administrator, all Auctions will be terminated and no new Loans will be allowed.

12.2.    All information must be made available to the insolvency administrator [receiver] or any other authorised person so that they can duly implement the Portal Use Agreement, ensure continuity of recovery of any existing Receivable, and any other activities required in order to guarantee due continuation of the legal relationship.

12.3.    The Administrator’s bankruptcy shall not affect any existing Loan Agreements and these Loan Agreements will remain in effect.

 

13. LIMITATION OF THE ADMINISTRATOR’S LIABILITY

13.1.    The Administrator shall not be held liable in respect of:

13.1.1.    correctness and the genuine nature of any information submitted by the User to the Administrator and to the other Users;

13.1.2.    any illegal activities pursued by the User, and/or any breaches of the Portal Use Agreement, the fulfilment of any liabilities and obligations under the Loan Agreement and/or Special conditions and/or General Terms and Conditions;

13.1.3.    validity and legitimacy of the Loan and any other agreements conclude via the Portal;

13.1.4.    any losses, if caused by force majeure, including actions by any third parties, same as failures of communication transfers, electronic data exchanges, and electronic payment systems.

13.2.    The Users conclude their Loan Agreement with the other Users directly on the Portal at their own responsibility and at their own risk, and they are required to act as the parties to such Loan Agreement.

13.3.    The Users accept the risk and liability for using those forms of agreement as made available on the Portal, and they are required to notify the Administrator if they discover any inaccuracies or incorrectness.

13.4.    The Administrator shall not be held liable for any liabilities caused on the part of the Borrower, and/or the Lender, in the conclusion, and/or performance of the Loan Agreement via the Portal.

 

14. ASSIGNMENT OF THE LOAN AGREEMENT

14.1.    The User may assign the rights and duties under the Loan Agreement (the “Assignment of Agreement”) on the Portal to another User using the procedure as described in this part. The User shall be entitled to dispose freely of all of its rights and duties under the Loan Agreement.

14.2.    In order to execute such Assignment of Agreement, the User shall mark so the Loan Agreement that it wishes to transfer in the User’s Self-service System and confirm such Offer for Assignment of Agreement.

14.3.    The User may assign its rights and duties under the Agreement for a higher or for a lower price than the value of the relevant Receivable. Such amount shall be deemed as payment to be made by one User to another User for the Assignment of Agreement.

14.4.    Such User’s Offer for the Assignment of Agreement shall be deemed as a public and binding Offer for the Assignment of Agreement commencing from the moment of its confirmation, and the Offer may be accepted by the other Users starting at that moment.

14.5.    The Users may obtain any anonymised information about the Borrower pursuant to Paragraph 5.15 of the present Portal Use Agreement; nevertheless, the Administrator may not publish such personal data prior to the effect of the Assignment of Agreement.

14.6.    The User shall be entitled to obtain the Assignment of Agreement against an amount equal to the sum of available financial funds of the User (not reserved) available on the Collection Account.

14.7.    In order to execute such Assignment of Agreement, the User must select such required Loan Agreement from a list published on the Portal, on the basis of which it obtained the Receivable towards the Borrower, and click on it for confirmation. Then, the User accepts the Offer (Acceptance) and doing so, it shall obtain the rights and duties under the Loan Agreement.

14.8.    Any such concluded Agreement on the Assignment of Agreement will be performed in such a way that the financial funds from the User, to whom the rights and duties under the Loan Agreement have been assigned, will be allocated to the User that has obtained, against payment, the rights and duties under the Loan Agreement.

14.9.    The name of the assignee of the rights and duties under the Loan Agreement shall be changed on the Portal commencing on the date of the performance of the Agreement on the Assignment of Agreement and the new assignee will be entitled to receive all and any future payments and the exercise the rights in keeping with the Loan Agreement.

14.10. The User to whom the rights and duties under the Loan Agreement have been assigned will become a party to the legal relationship between itself and the Borrower to an extent identical to that existing in respect of the User that has assigned its rights and duties under the Loan Agreement, and it thus enters into all rights and duties of the User under the Loan Agreement.

14.11. The Borrower hereby agrees that the Lender may assign the rights and duties under the Loan Agreement to another User (pursuant to Section 1895, et seq., of the Civil Code). Following the execution of the Assignment of Agreement, the Administrator shall notify the Borrower about the change of the Lender, using the e-mail notified in the database kept on the Portal or via a notification on the Borrower’s User Account, which shall be deemed as a proper notification of the debtor about the Assignment of Agreement.

14.12. The Administrator may refuse to approve such Assignment of Agreement if the Borrower is in default in the repayment of any instalments pursuant to the Schedule of Payments.

 

15. AUTOMATIC INVESTMENT INSTRUMENTS

15.1.    The Lenders, using automatic investment instruments, may pre-set investment parameters, partake in Auctions, invest automatically on the basis of their Applications, and file Offers making use of such previous settings. The User may modify the parameters of such automatic investment instruments in the User’s Self-service System.

15.2.    The Offer filed by a Lender using such automatic investment instruments shall be equal to the Offer filed by the User in person, and they posses identical rights and duties under the present Portal Use Agreement.

15.3.    The Users accept the risk and liability for using such automatic investment instruments, setting up of their parameters, same as the rating of their Applications in which they wish to invest, and the risk of potential failure to perform on the part of the Borrower.

 

16. FINAL PROVISIONS

16.1.    The Administrator may propose on the Portal modifications of the present Portal Use Agreement. If the User disagrees to such modifications of the Portal Use Agreement, the Administrator may terminate the present Portal Use Agreement. Any modifications to the Portal Use Agreement shall become effective on the date of notification on the Portal and confirmation by the Users.

16.2.    Also, the User may terminate the Portal Use Agreement, if it does not agree to such modifications. Such termination shall not affect any rights and duties of the User related to any Loan Agreement concluded via the Portal, to which the User has been a party.

16.3.    The User may terminate the present Portal Use Agreement via e-mail at any time, subject to the fulfilment of all liabilities and obligations under the Loan Agreements concluded via the Portal towards any other Users and the Administrator, as long as it does not intend to use the Portal any longer.

16.4.    The Administrator may terminate the Portal Use Agreement at any time, if the User should breach it in any material manner, and/or in any other cases when such termination is necessary (without any fault on the part of the User). In such cases, the Administrator shall limit the User’s access to the Portal.

16.5.    The Portal Use Agreement shall come into force at the moment when the User electronically confirms it by clicking on the Portal, and it shall be effective, including all modifications and amendments, until the complete fulfilment of all rights and duties under the Loan Agreement, and/or for the terms of using the Portal by the User.

16.6.    The present Portal Use Agreement shall be governed by the laws of the Czech Republic.

16.7.       All and any disputes between the User and the Administrator will be settled by way of conciliation. If no agreement can be reached, such disputes will be referred for resolution to the courts of justice in the Czech Republic.

 

 

GENERAL TERMS AND CONDITIONS

(The “General Terms and Conditions”)

The present General Terms and Conditions have been adopted pursuant to Section 1751 of Act no. 89/2012 Coll., the Civil Code, as amended (the “Civil Code”), and, together with the Portal Use Agreement, they govern the rights and duties relating to all legal relationships existing among the Borrower, the Lender, and the Administrator. The Loan Agreement, beside the present General Terms and Conditions and the Special Terms and Conditions, shall be further governed by the relevant provisions of the Civil Code.

The present General Terms and Conditions form an inseparable part of the Loan Agreement concluded by and between the Lender and the Borrower. The emergence of any relationship between the Lender and the Borrower shall be conditioned by consents expressed by the Borrower and the Lender to the present General Terms and Conditions.

The Loan Agreement (the “Agreement”) shall be concluded by and between the Lender and the Borrower as listed in the Special Terms and Conditions.

 

1. DEFINITIONS

1.1.      The terms used in the present General Terms and Conditions shall be defined as described below. Further definitions of any terms used are contained in the Portal Use Agreement, in the Offer or in the Acceptance, and they can be applied in the present General Terms and Conditions by analogy;

General Terms and Conditions means the present General Terms and Conditions of the Loan [Loan for Consumption];

Civil Code means Act no. 89/2012 Coll., the Civil Code, as amended by further legislation;

Portal means the system placed on the web site: www.finbee.cz, supervised and administered by the Administrator, with the help of which the Users that have duly completed their Applications and received confirmations from the Administrator can receive Loans, and the Users that intend to provide Loans can place their Offers in the Auctions, and thus conclude Loan Agreements by and between them. Services provided by the Administrator under the Agreement comprise the administration of the Portal, management of the Loans, and provision of small-scale payment services;

User means the User of the Portal, a natural person or a legal entity that acts either in the capacity of the Lender or of the Borrower, that have accepted the Portal Use Agreement, that have been registered in the Portal in compliance with its terms and conditions, and whose identity has been duly verified by the Administrator;

Portal Use Agreement means an agreement executed by and between the User and the Administrator, governing the conditions of using the Portal, to which any person wishing to use the services of the Portal www.finbee.cz and the services of the Administrator shall agree. The Portal Use Agreement determines the rules of using the Portal and it also defines the legal relationship created between the Administrator and the User in respect of the Portal;

Special Terms and Conditions means the Offer made by the Lender and its Acceptance by the Borrower;

Application means an application filed by the User via the Portal for obtaining Offers for the purposes of concluding the Loan Agreement, completed by the User with the help of a form provided for on the Portal, and based on written documents and the personal data of the User, verified electronically by the Borrower and the Administrator;

Borrower means a natural person aged 18 years and more, a citizen of a member state of the European Economic Area, and/or a legal entity registered in a register of legal entities in any country of the European Economic Area, that have concluded the Loan Agreement;

Lender means a natural person, aged 18 years and more, a citizen of a member state of the European Economic Area or registered for permanent residence in a member state of the European Economic Area, or a natural person or a legal entity duly registered on the Portal, that have concluded the Loan Agreement;

Administrator means FinBee CZ Lending s.r.o., Company reg. no. (IČO): 04339568, with registered office at Lužná 716/2, Vokovice, Prague 6, Postal Code 160 00, incorporated in the Companies Register administered by the Municipal Court in Prague, Section C, File no. 246170;

Administrative Fees means the administrative fees as described in the General Terms and Conditions, the Special Terms and Conditions, the Portal Use Agreement, and the Pricelist, as published on the Portal, to be paid by the Users to the Administrator for the processing of their Applications, the use of the Portal, the execution of their Loan Agreements, the administration of their Loan or the administration of their Debt, and small-scale payment services provided by the Administrator;

Schedule of Payments means the time plan of repayment of the Loan, the Interest, and the Administrative Fees, which contains a detailed description of the individual instalments (amounts) and their maturity dates;

Loan Repayment Term means the term of repayment of the individual instalments in keeping with the Schedule of Payments, including the repayment of the principal of the Loan, the Interest and the Administrative Fees, until their full repayment; and

Collection Account means the Administrator’s Collection Account no. 2900931942/2010, maintained with Fio banka, a.s., with registered office at V Celnici 10, Prague 1, Postal Code 117 21, Czech Republic, Company reg. no. (IČO): 61858374 (IBAN: CZ3820100000002900931942, BIC/SWIFT: FIOBCZPPXXX).

 

2. REPRESENTATIONS AND CONFIRMATIONS OF THE BORROWER

2.1.      The Borrower represents and warrants that:

2.1.1.   the information and confirmation submitted by the Borrower is correct, accurate and complete;

2.1.2.   prior to the execution of the Agreement, it has been acquainted in detail with and agrees to the Portal Use Agreement as published on the Portal;

2.1.3.   it agrees to pay all Administrative Fees to the benefit of the Administrator, as stipulated in the Special Terms and Conditions, in the Schedule of Payments, in the Portal Use Agreement, and in the Pricelist issued by the Administrator, as published on the Portal;

2.1.4.   it agrees that the Administrator may process its personal data in keeping with the procedures and conditions as stipulated in the Portal Use Agreement;

2.1.5.   it has been acquainted with the terms and conditions of the Agreement, understands them, and by acting in a manner as described in the present Agreement it expresses clearly that it agrees out of its free will with the terms and conditions of the Agreement, understands its obligations and undertakes to fulfil them;

2.1.6.   it has decided to conclude the Agreement free of any pressure, with discretion and responsibility, and declares that it has been able to consult and has consulted the conclusion of the Agreement and the fulfilment of its duties set out therein with independent legal and financial advisers;

2.1.7.   it is capable of accepting the financial liability constituted by the present Agreement and fulfil it, together with its existing financial liabilities;

2.1.8.   it is solvent and is not aware of any circumstances that could affect its solvency in any negative manner, so that it would become incapable of fulfilling its obligations accepted under the present Agreement;

2.1.9.   at the time of the execution of the present Agreement, it has been a fully legally capable natural person, member of European Economic Area, with permanent residence in the Czech Republic, fully capable of understanding the consequences of its actions;

2.1.10. any duties accepted by the Borrower under the present Agreement shall not intervene in any rights or justified interests of any third parties, they do not contradict the legislation, the terms and conditions of the Agreement to which the Borrower has become a party, nor they contradict any rulings of any court of justice, any arbitrator or any other authorised body, that is binding upon the Borrower; at the same time, the present Agreement has been concluded with the consent of or permission from the spouse or with a statutory permission;

2.1.11. it undertakes to inform the Administrator in writing, not later than within five calendar days, about the following: (i) all and any changes in the personal data and any contact information; (ii) any sudden deterioration in its economic position and any circumstances that hamper or could hamper the solvency of the Borrower; (iii) using of any Loan for any other purposes that as stated in the Application; (iv) any circumstances that have exacerbated or could exacerbate the ability of the Borrower to fulfil duly its accepted obligations, and any circumstances that have exacerbated or could exacerbate the future financial position of the Borrower (e.g., any new accepted debt (new consumer contracts, leasing, etc.)); (v) any arbitration, judicial, and/or any other proceedings (enforcement, insolvency, etc.) initiated by the Borrower or against the Borrower;

2.1.12. it undertakes to use the Loan as provided exclusively for the purposes as described in the Application as submitted, and/or as described in the Offer filed by the Lender;

2.1.13. the pecuniary funds used for the repayment of the Loan and the Administrative Fees will not derive from any criminal activity listed in Act no. 253/2008 Coll., on selected measures against legitimisation of proceeds of crime and financing of terrorism, as income derived from criminal activity.

2.2.      The Administrator, in holding the Auction on the Portal, and the Lender in providing the Loans, have considered all of the above-described representations and warranties of the Borrower, and they deem them as material conditions of the present Agreement. The Administrator, upon an authorisation from the Lender, may terminate the Agreement if the above-described representations turn out to be false, and/or if the Borrower has provided untruthful, misleading or incomplete information, if it has committed any fraudulent behaviour in connection with the Applications for the Loan or the Acceptance of the Loan, and/or otherwise violated in a material manner the Agreement; than such Borrower’s conduct would be considered to be a material breach of the Agreement. The termination shall be effective upon the notification of such termination to the Borrower.

 

3. REPRESENTATIONS AND CONFIRMATIONS OF THE LENDER

3.1.      The Lender represents and warrants that:

3.1.1.   the information and confirmation submitted by the Lender is correct, accurate and complete;

3.1.2.   prior to the execution of the Agreement, it has been acquainted in detail with and agrees to the Portal Use Agreement as published on the Portal;

3.1.3.   it agrees to pay all Administrative Fees to the benefit of the Administrator as stipulated in the Special Terms and Conditions, in the Schedule of Payments, in the Portal Use Agreement, and in the Pricelist issued by the Administrator, as published on the Portal;

3.1.4.   it agrees that the Administrator may process its personal data in keeping with the procedures and conditions as stipulated in the Portal Use Agreement;

3.1.5.   it has been acquainted with the terms and conditions of the Agreement, understands them, and by acting in a manner as described in the present Agreement, it expresses clearly that it agrees out of its free will with the terms and conditions of the Agreement, understands its obligations, and undertakes to fulfil them;

3.1.6.   the Loan will not be provided as part of its business activities or as part of the performance of its occupation;

3.1.7.   the pecuniary funds used for the repayment of the Loan and the Administrative Fees will not derive from any criminal activity listed in Act no. 253/2008 Coll., on selected measures against legitimisation of proceeds of crime and financing of terrorism, as income derived from criminal activity.

3.2.      The Administrator, in holding the Auction on the Portal, and the Borrower in accepting the Loan, have considered all of the above-described representations and warranties of the Lender, and they deem them as material conditions of the present Agreement.

 

4. AUCTION AND CONCLUSION OF THE LOAN AGREEMENT

4.1.      The Offer submitted by the Lender in the Auction and the Acceptance of such Offer by the Borrower (the Special Terms and Conditions), the present General Terms and Conditions, the Portal Use Agreement, and the Pricelist issued by the Administrator, as published on the Portal, constitute inseparable parts of the Agreement.

4.2.      Auction: Those Lenders will be considered as the winners of the Auction that would file their Offers as the first before any other Lenders, prior to the end of the Auction, as long as the Borrower has been offered the pecuniary funds (the Loan Amount) in full and the Borrower chooses to accept such Offer (Acceptance).

4.3.      The Applications may be filed by each and every person registered as the User of the Portal.

4.4.      Any Borrower wishing to obtain the Loan shall file an Application for such Loan in keeping with the procedures as contained in the Agreement and in the Portal Use Agreement. The Administrator may approve or reject any such Application. If the Administrator approves such Application, it will publish it for the Auction.

4.5.      The parties agree that any steps taken and any information provided by the Borrower when filing its Application (by entering the User Number, by making a payment identified with the help of a special code, and/or the Birth Registration Number (in Czech: rodné číslo) or the unique login name of the User, by a text message (in Czech: SMS), via the User’s e-mail, by providing a recording of the relevant telephone conversation, or by an extract from the Portal regarding such User’s actions in the User’s Self-service System on the Portal) and any Application, any Offer, and any Acceptance filed with the intention of concluding the Agreement, will be deemed to be duly executed by the User, pursuant to Section 7 of Act no. 297/2016 Coll., on trust services for electronic transactions, and will equal a document concluded in writing, and that it shall result in identical legal consequences as if such document has been executed with the help of the User’s own signature.

4.6.      Upon the delivery of the Application, the Administrator may, and the Borrower shall be obligated, upon an invitation from the Administrator, to provide all information and documents required for the due verification of information provided by the Borrower.

4.7.      The Administrator will notify the Borrower about decisions made in respect of the approval/rejection of the Application by way of a brief notice sent via e-mail, a text message or a telephone conversation made to the mobile/cellular number entered by the Borrower in the database of the Administrator, and/or via a notification placed on the Borrower’s User Account.

4.8.      The maximum Loan Amount and the Loan Repayment Term shall be determined in keeping with the requirements of the Borrower as stated in the Application, the minimum and the maximum limits as described on the Portal, and the outcome of the Auction.

4.9.      After the Auction, the Agreement will be concluded by way of the Acceptance of the Offer, containing the personal data of the Lender, by the Administrator on behalf of the Borrower, to which act the Borrower hereby grants its power of attorney; thereby, the Agreement will become binding upon the Lender and the Borrower. The Administrator will assign the Agreement a unique identification number and it will transfer without delay the pecuniary funds to the Borrower’s bank account.

4.10.    The Borrower undertakes to pay all and any fees (if any) charged by any financial institutions for the execution of any payments made from or to the Collection Account in connection with the Agreement as concluded.

4.11.    The parties may modify or amend the present Agreement by way of concluding an amendment on the basis of a mutual agreement.

 

5. REPAYMENT OF LOANS

5.1.      The Borrower shall repay the Loan Amount, pay the Interest and the Administrative Fees, as stipulated in the Special Terms and Conditions, in the Schedule of Payments, and in keeping with the instructions contained in the order of payment issued by the Administrator. The Borrower shall be entitled to receive the Schedule of Payments at any time during the life of the Agreement and free of charge.

5.2.      The Schedule of Payments represents an inseparable part of the Agreement; the Administrator shall generate such Schedule of Payments upon the completion of the Auction, and list in it the individual instalments of the Loan, the Administrative Fees, and the Loan Repayment Term. The contracting parties may agree to change or modify the Schedule of Payments where, subject to a mutual agreement, the acceptance of a new Schedule of Payments would result in the modification of the terms and conditions of the Agreement, and such new Schedule of Payments shall be deemed to constitute an amendment to the Agreement. The Lender hereby authorises the Administrator to conduct all and any legal negotiations in arranging for any such changes or modifications of the Schedule of Payments by the Borrower, and its subsequent acceptance, given that the Administrator shall be authorised to extend the maturity of the Loan, including Interest, by a term not exceeding 60 months of the execution date of the original Loan Agreement. It is agreed for the elimination of any doubts that the Administrator may not change the Loan Amount, and/or the Interest.

5.3.      The Borrower’s repayment obligation shall be deemed to be complied with when the due amount is credited to the Collection Account. The Administrator’s system on the Portal, upon the crediting of the amount paid by the Borrower to the Collection Account, will automatically allocate the relevant individual amounts to the separate Lenders that have provided the Loan, not later than on the date as stipulated in the Schedule of Payments.

5.4.      All and any payments received from the Borrower to the Collection Account will be set off to repay the receivables as follows: 1. to reimburse the costs of recovery of such receivable (if any); 2. proportionally, to pay any contractual penalty (if assessed), the Interest, the principal of the Loans and the Administrative Fees.

5.5.      The Borrower acknowledges that, in the event of any enforcement of any outstanding amounts, the Borrower shall also reimburse all and any costs incurred in any arbitration and enforcement proceedings, as well as all and any costs of legal representation in such proceedings.

 

6. INTEREST RATE

6.1.      The Borrower shall pay the Interest as stipulated in the Special Terms and Conditions.

6.2.      The Interest shall be accrued commencing on the execution date of the Agreement (inclusive) until the date when the Borrower is supposed to have repaid in full the Loan to the Lenders, in compliance with the Schedule of Payments.

 

7. TERMINATION OF THE AGREEMENT

7.1.      The Agreement shall be executed for a definite term, namely, until the time of the repayment in full of the amount of the Loan as provided, the Interest, and the Administrative Fees. Since the Offers filed by the Lenders, and the Borrower’s Acceptance, are irrevocable and unalterable, the Borrower and the Lender recognise that they may not withdraw from the Agreement.

7.2.      The Borrower may fulfil all and any of its obligations under the Agreement at any time. The Borrower shall fulfil its obligations in keeping with the procedure as stipulated in Paragraph 5.3 of the present General Terms and Conditions, namely, by repaying any so far outstanding portion of the Loan, including Interest, and 30 percent of the total amount of the Administrative Fees determined until the end of the Loan Repayment Term pursuant to the Schedule of Payments; it shall first inform the Administrator thereof, which will notify it of the entire outstanding amount.

7.3.      The Borrower may exercise the right as stipulated in Paragraph 7.2 of the present General Terms and Conditions by way of submitting a written notification, stating the number assigned to the Agreement, any information as contained in the Special Terms and Conditions Agreement, and information of the date of repayment of the Loan, the Interest, and the Administrative Fees, to the e-mail address of the Administrator. The Administrator and the Lender represent that they will not require any additional compensation for early repayment of the Loan by the Borrower.

 

8. BREACHES OF THE AGREEMENT

8.1.      In the event of any default on the part of the Borrower in the payment of any instalments pursuant to the Schedule of Payments, the Lender shall become entitled to receive a late interest on the outstanding amount in respect of which the Borrower has been in default, in such amount that equals the interest rate agreed in the Agreement.

8.2.      If the Borrower fails to transfer any pecuniary funds to the Collection Account on time pursuant to the Schedule of Payments, it will be deemed to have been in default in meeting its obligations, and it will be required to pay to the Administrator Administrative Fees for the management of the Debt pursuant to the Portal Use Agreement and the Pricelist issued by the Administrator, as published on the Portal.

8.3.      If the Borrower is in default in the payment of any instalments for a term in excess of 60 days, the Loan shall become payable in full without any further action on the next subsequent day, and the Borrower shall be deprived of the advantage of instalment payments. In such cases, the Borrower shall pay to the Lender the debt in the amount of the still outstanding portion of the Loan, including Interest that would have been accrued to the benefit of the Lender until the end of the due Loan Repayment Term pursuant to the Schedule of Payments, within five days of the occurrence of the event as described in the previous sentence.

8.4.      If the Borrower is in default in the payment of any outstanding amount pursuant to Paragraph 8.3. in excess of five days, it shall pay to the Lender a once-off contractual penalty in the amount of 30 percent of the total outstanding amount, which will serve to cover all and any direct and indirect losses and damage incurred by the Lender.

8.5.      The Administrator, within 90 days of the date of any default on the part of the Borrower, may submit the case for enforcement by a counsel, to be appointed by the Administrator at its sole discretion. The Borrower acknowledges that, in the case of any such enforcement, it shall reimburse both the costs of any arbitration and any related enforcement proceedings, if any, as well as the costs of any legal representation in both of the above-described proceedings.

8.6.      The Borrower agrees that, if in default in any payments under the present Agreement for the term of at least 35 day, the Administrator may provide the Borrower’s personal data to the data controllers that collect information about debtors, and all other third parties possessing any justifiable interest therein.

 

9. ASSIGNMENT OF THE RECEIVABLE

9.1.      The Lender assigns to the Administrator the receivable in respect of the payment of all outstanding amounts under the Loan Agreements by and between the Lender and the Borrower (the “Receivable”). Such assignment of the Receivable shall be qualified by the fulfilment of a condition precedent that would be met upon the moment of the emergence of the Lender’s title to a contractual penalty pursuant to Paragraph 8.4. of the General Terms and Conditions. It is agreed for the elimination of any doubt that the Receivable, including its accessories and the rights related to such Receivable, and including its hedging, shall be assigned at the moment of the emergence of the Lender’s title to such contractual penalty. The Lender hereby authorises the Administrator to notify the Borrower about the assignment of the Receivable, such notification to be delivered by the Administrator to the Borrower to its e-mail address as shown in the database of the Portal or to its last known address of residence.

9.2.      The fee for the assignment of the Receivable shall be determined by way of an agreement of the parties in such a manner that the Administrator, upon deduction of the costs incurred in connection with the recovery of the Receivable, will pay to the Lender an amount equal to the recovered Loan, including Interest, and/or their outstanding portions, in respect of which the Borrower was in default. Such fee shall be paid and payable at the moment of the successful recovery of such outstanding amount. If such outstanding amount has been recovered only in part, the Administrator’s title to the cost of recovering the Receivable will be satisfied as the first.

 

10. AUTHORITY TO RESOLVE DISPUTES

10.1.    The present Agreement shall be governed by the laws of the Czech Republic.

10.2.    The present Agreement shall be executed in the English language.

10.3.    The contracting parties agree that all and any property disputes between the parties, which would arise in the future in connection with the present Agreement, including issues of legal validity of such relationships, and disputes related to such property rights, will be settled in arbitration proceedings, with the exclusion of the jurisdiction of general courts of justice, by a single, independent and impartial arbitrator that will never be deemed as a representative of any of the parties, namely, JUDr. Martin Šenkýř, Attorney-at-law, with registered office at Na Viničních horách 1834/24, Prague 6, Postal Code 160 00, Registration number 41, entered in the List of Arbitrators maintained by the Ministry of Justice, or Mgr. Lubomír Pánik, Attorney-at-law, with registered office at Na Viničních horách 1834/24, Prague 6, Postal Code 160 00, Registration number 528, pursuant to Act no. 216/1994 Coll., on arbitration proceedings and on enforcement of arbitration awards, as amended by further legislation, and the Ad Hoc Arbitration Rules issued by the arbitrator, publicly available on the web site of the arbitrator. The contracting parties agree that, in the interest of a speedy settlement of any potential disputes, they would accept arbitration proceedings without oral hearing, solely on the basis of written evidence. The arbitration fee (fee for the arbitrator) shall amount to CZK 5,000 plus VAT, if the disputed value is less than CZK 100,000; CZK 8,000 plus VAT, if the disputed value is less than CZK 250,000; and CZK 10,000 plus VAT, in all other cases.

 

11. ASSIGNMENT OF AGREEMENT

11.1.    The Lender may assign the rights and duties under the Agreement (the “Assignment of Agreement”) for a fee to another User at any time, in keeping with the procedure and terms and conditions as contained in the Portal Use Agreement and the Civil Code.

11.2.    The Borrower agrees that the Lender may assign the rights and duties under the Agreement to another User. Following such Assignment of Agreement, the Administrator shall notify the Borrower about the change in the person that has acquired the rights and duties under the Agreement, to its e-mail address as recorded in the database on the Portal or via a notification in the User’s Self-service System on the Portal. Such notification made pursuant to the previous sentence shall be deemed as due notification of such Assignment of Agreement.

 

12. FINAL PROVISIONS

12.1.       Any matters not covered by the present General Terms and Conditions shall be governed by the Portal Use Agreement or the provisions of the Civil Code.