Obligations of the Borrower. 6.1. The Borrower undertakes: 6.1.1. To pledge the assets specified in the Special Terms and Conditions of the FinoMark Loan Agreement under the mortgage and/or pledge agreements, in order to ensure the conclusion of surety agreements specified in the Special Terms and Conditions of the Loan Agreement, as well as to provide other security measures at the Operator's request; 6.1.2. Conclude an insurance contract for FinoMark's mortgaged property (excluding the land plot) with an insurance company acceptable to FinoMark, according to which the beneficiary would be FinoMark and the sum insured would not be less than the maximum mortgage amount. The pledged property must be insured continuously for the entire term of the Loan Agreement and until the full fulfilment of obligations under this Agreement under the same conditions as on the day of concluding the Loan Agreement; 6.1.3. To use the received Loan only in accordance with the intended purpose provided for in the Special Terms and Conditions of the Loan Agreement, to submit documents and a report on the use of the Loan at the request of the Operator. If the Borrower uses the Loan for a purpose other than the intended purpose, FinoMark shall have the right to demand early repayment of the Loan, Interest and the Monthly Administration Fee for the entire term provided in the Loan Agreement (Payment Period) and other amounts accrued under this Agreement. Interest and the Monthly Administration Fee for the entire term provided for in the Loan Agreement (Payment Period) shall be considered as minimum losses of the Investors and the Operator arising from improper performance of the Loan Agreement and use of the Loan; 6.1.4. To repay the Loan, pay the Interest on the use of the Loan and the Monthly Administration Fee and other payments in accordance with the obligations of the Borrower by the deadline provided in the Loan Repayment Schedule; 6.1.5. To make payments within the terms specified in the Payment Schedule; 6.1.6. In the event of non-repayment of the Loan or a part thereof in accordance with the Payment Schedule, to pay Interest on Delay and other payments to FinoMark and the Lenders in accordance with this Agreement; 6.1.7. Not to provide sureties and guarantees, not to pledge own property to third parties, and not to restrict the property pledged with Encumbrances without the permission of the Operator; 6.1.8. Prior to the granting of the Loan, to provide FinoMark with all information on all valid obligations of the Borrower to third parties, guarantees received and issued, suretyship, security agreements, as well as all other information that may be material to the conclusion, performance, validity and termination of this Agreement; 6.1.9. Without the prior written permission of the Operator, not to guarantee, not to provide sureties for the benefit of third parties, not to assume the debt of third parties, not to fulfil the obligations of third parties, not to ensure the fulfilment of any obligations of third parties with its property; 6.1.10. In the event of a threat that the Loan will not be repaid on time and properly, the debt-to-value ratio decreases or becomes illiquid, the financial condition of the Borrower, surety or guarantor deteriorates, or the Borrower fails to properly perform other obligations under this Agreement, at the request of the Operator, to submit an additional collateral for the fulfilment of the obligation or to repay the Loan and all amounts related thereto and arising therefrom within the term set by the Operator without waiting for the repayment date of the Loan; 6.1.11. To ensure the Operator's ability to check the activities of the Borrower and, upon XxxxXxxx's request, to provide evidence of the use of the Loan in a form and conditions acceptable to FinoMark; 6.1.12. To ensure the possibility for FinoMark (its employees and authorized persons) to inspect the pledged property specified in the Special Terms and Conditions of the agreement by notifying the Borrower in writing within a reasonable term; 6.1.13. To cover all costs incurred by the Operator for the compulsory recovery of obligations – stamp duty, fees applied by notaries, bailiffs, representation costs, etc. 6.2. The Borrower undertakes not to create any Encumbrances on the Borrower's proprietary property, unless such cases where such Encumbrances: 6.2.1. Are properly disclosed prior to the conclusion of this Agreement; 6.2.2. Occur as a result of the operation of the right by the Borrower in the ordinary course of business and is not the result of the Borrower's default or inaction; 6.2.3. Are determined or valid only with the prior notification of the Operator and with its written consent. 6.3. The Borrower shall not sell, transmit, lease, transfer or otherwise transfer (or intend to do so) any or all of its property, or any right to it, without the prior written consent of the Operator, except for: 6.3.1. Trading stocks in the ordinary course of business; 6.3.2. Assets that are exchanged for another asset that is equal to or better than it in its kind, value, and quality. 6.4. The Borrower shall notify FinoMark without undue delay of any current or potential violation or event provided for in Clause 10.1 of the General Terms and Conditions of the Loan Agreement (and any action, if any, taken by the Borrower to correct/eliminate it). 6.5. The Borrower shall ensure that any unsecured and non-subordinated obligations and liabilities under the Agreement are and will be equal in the future at least pari passu with its right and priority to all other unsecured and non-subordinated obligations and liabilities, existing or future, actual or contingent, except for those obligations and liabilities which are necessarily given priority under the law applicable to the companies. 6.6. The Borrower shall promptly obtain all necessary consents and permits (and will do whatever is necessary to ensure that they are in full force and effect) in accordance with any applicable law or regulation in order to enable it to fulfil its obligations under the Agreement and to ensure the legality, validity, performance and admissibility of evidence in its State of establishment. 6.7. The Borrower may not enter into a merger, division, amalgamation or reorganisation of the Company. 6.8. The Borrower shall not make any material changes to the nature or scope of its activities and shall carry out the activities as they are performed on the date of this Agreement. 6.9. The Borrower undertakes to provide FinoMark with: 6.9.1. Copies of its audited (if required by law) financial statements for the previous financial year, certified by electronic signature (no later than 180 (one hundred and eighty) days after the end of each financial year) and qualified electronic copies of the financial statements for the financial quarter (not later than within 20 (twenty) days from the end of each quarter of the financial year). Each set of financial statements of the Borrower submitted to the Borrower by XxxxXxxx must be certified by the Borrower's manager as reflecting a true and fair view of the financial position at the date these financial statements are prepared; 6.9.2. Reports of the pledged property specified in the Special Terms and Conditions of the Loan Agreement and confirmations concerning the value of the pledged property signed by the Borrower's manager (shall not apply in case of pledge of real estate). The documents specified in this Clause must be submitted to the Operator every three months; 6.9.3. Upon FinoMark's request, an updated valuation report, valuation certificate or other document proving the value of the collateral specified in the Special Terms and Conditions; 6.9.4. All documents provided by the Borrower to its shareholders (or any class thereof) or normally to its creditors; 6.9.5. Information on any litigation, arbitration or administrative proceedings taking place or might be initiated against the Borrower or any of its managers, if such litigation or proceedings may adversely affect the activities or financial condition of the Borrower; 6.9.6. Any other information about the Borrower's financial condition, business or activities that is reasonably required by FinoMark; 6.9.7. A copy of the document confirming the payment of the insurance premium of each pledged property unit (the original must be submitted at the request of the Operator); 6.10. FinoMark, in accordance with the requirements of the Republic of Lithuania Law on the Prevention of Money Laundering and Terrorist Financing and in order to prevent money laundering and/or terrorist financing, shall evaluate the Borrower, its activities, the origin of the Borrower's funds and beneficial owners. Therefore, in cases where the information required by FinoMark is not available, the Borrower shall immediately, upon FinoMark's request, provide the documents and/or information required to do so, and FinoMark shall perform all necessary assessments or inspections in accordance with applicable laws and regulations. 6.11. The Borrower undertakes to ensure that the ratio of the debt under the Agreement to the value of the pledged property does not exceed the amount specified in the Special Terms and Conditions of the Loan Agreement at any time during the term of this Agreement. 6.12. The Borrower must notify FinoMark in writing immediately, but not later than within 5 (five) calendar days from the occurrence of the relevant circumstances, if: 6.12.1. The Borrower is unable to make any Payments under the Agreement in a timely and proper manner and to properly and timely perform other obligations under the Agreement; 6.12.2. Pledged property is damaged or destroyed, or otherwise impaired in value; 6.12.3. A decision is made to reorganise, rearrange, liquidate, restructure the Borrower, initiate bankruptcy proceedings against the Borrower or initiate out-of-court bankruptcy proceedings. 6.13. The Borrower must cover the conclusion, registration, notary, insurance of contracts for collateral as well as other costs of concluding the Agreement. 6.14. When the Loan is part-financed by the measure Avietė, the Borrower undertakes to allow representatives of the Audit Institutions to enter its premises and to give them access to the documents related to the Loan and its use, to implement the recommendations provided by the Audit Institutions. 6.15. The Borrower undertakes to immediately rectify the Discrepancies specified by the Operator, which have arisen during the implementation of this Agreement, and to inform the Operator about the correction of the Discrepancies. 6.16. The Borrower undertakes to pay the Operator a penalty, the amount of which is specified in the service fee schedule of the Crowdfunding Platform, for non-compliance with the Special and General Terms and Conditions of the Loan Agreement. The penalty may be applied for each identified violation, and its amount is detailed in the service fee table.
Appears in 3 contracts
Samples: Loan Agreement, Loan Agreement, Loan Agreement
Obligations of the Borrower. 6.19.1. The Borrower undertakesshall be obliged to:
6.1.19.1.1. To pledge pledge/mortgage the assets assets/property, specified in the Special Terms and Conditions of the FinoMark Iban Online Loan Agreement under the mortgage and/or pledge agreements, in order to ensure the conclusion of surety agreements agreements, specified in the Special Terms and Conditions terms of the Loan Agreement, as well as to provide other security measures (collateral means) at the Operator's request;
6.1.29.1.2. Conclude conclude an insurance contract for FinoMark's mortgaged mortgaged/pledged property (excluding the land plotland) to Iban Online with an insurance company acceptable to FinoMarkthe Operator, according to under which the beneficiary would be FinoMark Iban Online and the sum insured would not be less than the maximum mortgage amount. The pledged property must be insured continuously for throughout the entire term of the Loan Agreement and until the moment of full fulfilment of obligations under this Agreement under the same conditions as on the day of concluding the Loan Agreement;
6.1.39.1.3. To use the received Loan only in accordance with the intended purpose Special Purpose, provided for herein and/or in the Special Terms and Conditions of the Loan Agreement, to submit documents and a report on the use of the Loan at the request of the Operator. If the Borrower uses the Loan for a purpose other than the intended purpose, FinoMark shall have Iban Online has the right to demand early repayment of the LoanLoan Amount, paid by the Borrower, Interest and the Monthly Administration Fee for the entire term provided specified in the Loan Agreement (Payment Repayment Period) and other amounts accrued under this Agreement. Interest and the Monthly Administration Fee for the entire term provided for in the Loan Agreement (Payment Repayment Period) shall are considered to be considered as the minimum losses of the Investors and the Operator arising from improper performance of the Loan Agreement and use of the Loan;
6.1.49.1.4. To repay the LoanLoan Amount by the Loan Repayment Schedule, pay the Loan Interest on the use of the Loan and the Monthly Administration Fee and other payments in accordance with the Borrower's obligations in accordance with the procedure, provided for in this Agreement;
9.1.5. ensure the appropriate balance of the Borrower by the deadline provided funds in the Loan Repayment Schedule;
6.1.5. To make payments Account within the terms specified in the Payment Repayment Schedule;
6.1.69.1.6. In in the event of non-repayment of the Loan or a part thereof in accordance with the Payment Repayment Schedule, to pay Late Interest on Delay and other payments to FinoMark the Operator and the Lenders Investors in accordance with this Agreement;
6.1.79.1.7. Not not to provide sureties and guarantees, not to pledge own its property to third parties, and not to restrict the property pledged with the Encumbrances without the a prior written permission of the Operator;
6.1.89.1.8. Prior prior to the granting of the Loan, to provide FinoMark the Operator with all information on all valid obligations of the Borrower to third parties, guarantees received and issued, suretyship, security agreements, as well as all other information that may be material to the conclusion, performance, validity and termination of this Agreement;
6.1.99.1.9. Without the without a prior written permission of the Operator, not to guarantee/give surety, not to provide sureties ensure for the benefit of third parties, not to assume execute the debt of third parties, not to fulfil the obligations of third parties, not to ensure the fulfilment of any obligations of third parties with its property; also, notify the Operator about the new loans desired to be granted and not conclude any new loan agreements/contracts without a prior written consent of the Operator;
6.1.109.1.10. In in the event of a threat that the Loan will not be repaid on time and properly, properly due to the debt-to-value ratio decreases increases or becomes illiquid, in the event of a deterioration in the financial and economic condition of the Borrower, surety guarantor or guarantor deterioratesbail, or due to the Borrower fails Borrower's failure to properly perform other obligations under this Agreement, at the request of the Operator, to the Borrower shall submit an additional collateral security for the fulfilment of the obligation or to repay the Loan and all amounts related thereto and arising therefrom within the term set by the Operator without waiting for the repayment date of the Loan;
6.1.119.1.11. To ensure the Operator's ability to check inspect the Borrower's activities of the Borrower and, upon XxxxXxxx's the Operator’s request, to provide evidence of the use of the Loan in a form and conditions acceptable to FinoMarkthe Operator;
6.1.129.1.12. To ensure the possibility for FinoMark Iban Online (its employees and authorized and/or authorised persons) to inspect the pledged property pledged/mortgaged property, specified in the Special Terms and Conditions conditions of the agreement Agreement by notifying the Borrower in writing within a reasonable term2 (two) working days;
6.1.139.1.13. To cover all the costs of compulsory recovery of obligations, incurred by the Operator for the compulsory recovery of obligations – - stamp duty, fees applied by notaries, bailiffs, representation costs, etc.
6.29.2. The Borrower undertakes not to create any Encumbrances on the Borrower's proprietary property, unless such cases where such Encumbrances:
6.2.1. Are : a) is properly disclosed prior to the conclusion of this Agreement;
6.2.2. Occur as a result of the operation of the right by the Borrower in the ordinary course of business and is not the result of the Borrower's default or inaction;
6.2.3. Are determined or valid only with the prior notification of the Operator and with its written consent.
6.3. The Borrower shall not sell, transmit, lease, transfer or otherwise transfer (or intend to do so) any or all of its property, or any right to it, without the prior written consent of the Operator, except for:
6.3.1. Trading stocks in the ordinary course of business;
6.3.2. Assets that are exchanged for another asset that is equal to or better than it in its kind, value, and quality.
6.4. The Borrower shall notify FinoMark without undue delay of any current or potential violation or event provided for in Clause 10.1 of the General Terms and Conditions of the Loan Agreement (and any action, if any, taken by the Borrower to correct/eliminate it).
6.5. The Borrower shall ensure that any unsecured and non-subordinated obligations and liabilities under the Agreement are and will be equal in the future at least pari passu with its right and priority to all other unsecured and non-subordinated obligations and liabilities, existing or future, actual or contingent, except for those obligations and liabilities which are necessarily given priority under the law applicable to the companies.
6.6. The Borrower shall promptly obtain all necessary consents and permits (and will do whatever is necessary to ensure that they are in full force and effect) in accordance with any applicable law or regulation in order to enable it to fulfil its obligations under the Agreement and to ensure the legality, validity, performance and admissibility of evidence in its State of establishment.
6.7. The Borrower may not enter into a merger, division, amalgamation or reorganisation of the Company.
6.8. The Borrower shall not make any material changes to the nature or scope of its activities and shall carry out the activities as they are performed on the date of this Agreement.
6.9. The Borrower undertakes to provide FinoMark with:
6.9.1. Copies of its audited (if required by law) financial statements for the previous financial year, certified by electronic signature (no later than 180 (one hundred and eighty) days after the end of each financial year) and qualified electronic copies of the financial statements for the financial quarter (not later than within 20 (twenty) days from the end of each quarter of the financial year). Each set of financial statements of the Borrower submitted to the Borrower by XxxxXxxx must be certified by the Borrower's manager as reflecting a true and fair view of the financial position at the date these financial statements are prepared;
6.9.2. Reports of the pledged property specified in the Special Terms and Conditions of the Loan Agreement and confirmations concerning the value of the pledged property signed by the Borrower's manager (shall not apply in case of pledge of real estate). The documents specified in this Clause must be submitted to the Operator every three months;
6.9.3. Upon FinoMark's request, an updated valuation report, valuation certificate or other document proving the value of the collateral specified in the Special Terms and Conditions;
6.9.4. All documents provided by the Borrower to its shareholders (or any class thereof) or normally to its creditors;
6.9.5. Information on any litigation, arbitration or administrative proceedings taking place or might be initiated against the Borrower or any of its managers, if such litigation or proceedings may adversely affect the activities or financial condition of the Borrower;
6.9.6. Any other information about the Borrower's financial condition, business or activities that is reasonably required by FinoMark;
6.9.7. A copy of the document confirming the payment of the insurance premium of each pledged property unit (the original must be submitted at the request of the Operator);
6.10. FinoMark, in accordance with the requirements of the Republic of Lithuania Law on the Prevention of Money Laundering and Terrorist Financing and in order to prevent money laundering and/or terrorist financing, shall evaluate the Borrower, its activities, the origin of the Borrower's funds and beneficial owners. Therefore, in cases where the information required by FinoMark is not available, the Borrower shall immediately, upon FinoMark's request, provide the documents and/or information required to do so, and FinoMark shall perform all necessary assessments or inspections in accordance with applicable laws and regulations.
6.11. The Borrower undertakes to ensure that the ratio of the debt under the Agreement to the value of the pledged property does not exceed the amount specified in the Special Terms and Conditions of the Loan Agreement at any time during the term of this Agreement.
6.12. The Borrower must notify FinoMark in writing immediately, but not later than within 5 (five) calendar days from the occurrence of the relevant circumstances, if:
6.12.1. The Borrower is unable to make any Payments under the Agreement in a timely and proper manner and to properly and timely perform other obligations under the Agreement;
6.12.2. Pledged property is damaged or destroyed, or otherwise impaired in value;
6.12.3. A decision is made to reorganise, rearrange, liquidate, restructure the Borrower, initiate bankruptcy proceedings against the Borrower or initiate out-of-court bankruptcy proceedings.
6.13. The Borrower must cover the conclusion, registration, notary, insurance of contracts for collateral as well as other costs of concluding the Agreement.
6.14. When the Loan is part-financed by the measure Avietė, the Borrower undertakes to allow representatives of the Audit Institutions to enter its premises and to give them access to the documents related to the Loan and its use, to implement the recommendations provided by the Audit Institutions.
6.15. The Borrower undertakes to immediately rectify the Discrepancies specified by the Operator, which have arisen during the implementation of this Agreement, and to inform the Operator about the correction of the Discrepancies.
6.16. The Borrower undertakes to pay the Operator a penalty, the amount of which is specified in the service fee schedule of the Crowdfunding Platform, for non-compliance with the Special and General Terms and Conditions of the Loan Agreement. The penalty may be applied for each identified violation, and its amount is detailed in the service fee table.
Appears in 1 contract
Samples: Loan Agreement
Obligations of the Borrower. 6.1. The Borrower undertakes:
6.1.1. To pledge the assets specified in the Special Terms and Conditions of the FinoMark Loan Agreement under the mortgage and/or pledge agreements, in order to ensure the conclusion of surety agreements specified in the Special Terms and Conditions of the Loan Agreement, as well as to provide other security measures at the Operator's request;
6.1.2. Conclude an insurance contract for FinoMark's mortgaged property (excluding the land plot) with an insurance company acceptable to FinoMark, according to which the beneficiary would be FinoMark and the sum insured would not be less than the maximum mortgage amount. The pledged property must be insured continuously for the entire term of the Loan Agreement and until the full fulfilment of obligations under this Agreement under the same conditions as on the day of concluding the Loan Agreement;
6.1.3. To use the received Loan only in accordance with the intended purpose provided for in the Special Terms and Conditions of the Loan Agreement, to submit documents and a report on the use of the Loan at the request of the Operator. If the Borrower uses the Loan for a purpose other than the intended purpose, FinoMark shall have the right to demand early repayment of the Loan, Interest and the Monthly Administration Fee for the entire term provided in the Loan Agreement (Payment Period) and other amounts accrued under this Agreement. Interest and the Monthly Administration Fee for the entire term provided for in the Loan Agreement (Payment Period) shall be considered as minimum losses of the Investors and the Operator arising from improper performance of the Loan Agreement and use of the Loan;
6.1.4. To repay the Loan, pay the Interest on the use of the Loan and the Monthly Administration Fee and other payments in accordance with the obligations of the Borrower by the deadline provided in the Loan Repayment Schedule;
6.1.5. To make payments within the terms specified in the Payment Schedule;
6.1.6. In the event of non-repayment of the Loan or a part thereof in accordance with the Payment Schedule, to pay Interest on Delay and other payments to FinoMark and the Lenders in accordance with this Agreement;
6.1.7. Not to provide sureties and guarantees, not to pledge own property to third parties, and not to restrict the property pledged with Encumbrances without the permission of the Operator;
6.1.8. Prior to the granting of the Loan, to provide FinoMark with all information on all valid obligations of the Borrower to third parties, guarantees received and issued, suretyship, security agreements, as well as all other information that may be material to the conclusion, performance, validity and termination of this Agreement;
6.1.9. Without the prior written permission of the Operator, not to guarantee, not to provide sureties for the benefit of third parties, not to assume the debt of third parties, not to fulfil the obligations of third parties, not to ensure the fulfilment of any obligations of third parties with its property;
6.1.10. In the event of a threat that the Loan will not be repaid on time and properly, the debt-to-value ratio decreases or becomes illiquid, the financial condition of the Borrower, surety or guarantor deteriorates, or the Borrower fails to properly perform other obligations under this Agreement, at the request of the Operator, to submit an additional collateral for the fulfilment of the obligation or to repay the Loan and all amounts related thereto and arising therefrom within the term set by the Operator without waiting for the repayment date of the Loan;
6.1.11. To ensure the Operator's ability to check the activities of the Borrower and, upon XxxxXxxxFinoMark's request, to provide evidence of the use of the Loan in a form and conditions acceptable to FinoMark;
6.1.12. To ensure the possibility for FinoMark (its employees and authorized persons) to inspect the pledged property specified in the Special Terms and Conditions of the agreement by notifying the Borrower in writing within a reasonable term;
6.1.13. To cover all costs incurred by the Operator for the compulsory recovery of obligations – stamp duty, fees applied by notaries, bailiffs, representation costs, etc.
6.2. The Borrower undertakes not to create any Encumbrances on the Borrower's proprietary property, unless such cases where such Encumbrances:
6.2.1. Are properly disclosed prior to the conclusion of this Agreement;
6.2.2. Occur as a result of the operation of the right by the Borrower in the ordinary course of business and is not the result of the Borrower's default or inaction;
6.2.3. Are determined or valid only with the prior notification of the Operator and with its written consent.
6.3. The Borrower shall not sell, transmit, lease, transfer or otherwise transfer (or intend to do so) any or all of its property, or any right to it, without the prior written consent of the Operator, except for:
6.3.1. Trading stocks in the ordinary course of business;
6.3.2. Assets that are exchanged for another asset that is equal to or better than it in its kind, value, and quality.
6.4. The Borrower shall notify FinoMark without undue delay of any current or potential violation or event provided for in Clause 10.1 of the General Terms and Conditions of the Loan Agreement (and any action, if any, taken by the Borrower to correct/eliminate it).
6.5. The Borrower shall ensure that any unsecured and non-subordinated obligations and liabilities under the Agreement are and will be equal in the future at least pari passu with its right and priority to all other unsecured and non-subordinated obligations and liabilities, existing or future, actual or contingent, except for those obligations and liabilities which are necessarily given priority under the law applicable to the companies.
6.6. The Borrower shall promptly obtain all necessary consents and permits (and will do whatever is necessary to ensure that they are in full force and effect) in accordance with any applicable law or regulation in order to enable it to fulfil its obligations under the Agreement and to ensure the legality, validity, performance and admissibility of evidence in its State of establishment.
6.7. The Borrower may not enter into a merger, division, amalgamation or reorganisation of the Company.
6.8. The Borrower shall not make any material changes to the nature or scope of its activities and shall carry out the activities as they are performed on the date of this Agreement.
6.9. The Borrower undertakes to provide FinoMark with:
6.9.1. Copies of its audited (if required by law) financial statements for the previous financial year, certified by electronic signature (no later than 180 (one hundred and eighty) days after the end of each financial year) and qualified electronic copies of the financial statements for the financial quarter (not later than within 20 (twenty) days from the end of each quarter of the financial year). Each set of financial statements of the Borrower submitted to the Borrower by XxxxXxxx FinoMark must be certified by the Borrower's manager as reflecting a true and fair view of the financial position at the date these financial statements are prepared;
6.9.2. Reports of the pledged property specified in the Special Terms and Conditions of the Loan Agreement and confirmations concerning the value of the pledged property signed by the Borrower's manager (shall not apply in case of pledge of real estate). The documents specified in this Clause must be submitted to the Operator every three months;
6.9.3. Upon FinoMark's request, an updated valuation report, valuation certificate or other document proving the value of the collateral specified in the Special Terms and Conditions;
6.9.4. All documents provided by the Borrower to its shareholders (or any class thereof) or normally to its creditors;
6.9.5. Information on any litigation, arbitration or administrative proceedings taking place or might be initiated against the Borrower or any of its managers, if such litigation or proceedings may adversely affect the activities or financial condition of the Borrower;
6.9.6. Any other information about the Borrower's financial condition, business or activities that is reasonably required by FinoMark;
6.9.7. A copy of the document confirming the payment of the insurance premium of each pledged property unit (the original must be submitted at the request of the Operator);
6.10. FinoMark, in accordance with the requirements of the Republic of Lithuania Law on the Prevention of Money Laundering and Terrorist Financing and in order to prevent money laundering and/or terrorist financing, shall evaluate the Borrower, its activities, the origin of the Borrower's funds and beneficial owners. Therefore, in cases where the information required by FinoMark is not available, the Borrower shall immediately, upon FinoMark's request, provide the documents and/or information required to do so, and FinoMark shall perform all necessary assessments or inspections in accordance with applicable laws and regulations.
6.11. The Borrower undertakes to ensure that the ratio of the debt under the Agreement to the value of the pledged property does not exceed the amount specified in the Special Terms and Conditions of the Loan Agreement at any time during the term of this Agreement.
6.12. The Borrower must notify FinoMark in writing immediately, but not later than within 5 (five) calendar days from the occurrence of the relevant circumstances, if:
6.12.1. The Borrower is unable to make any Payments under the Agreement in a timely and proper manner and to properly and timely perform other obligations under the Agreement;
6.12.2. Pledged property is damaged or destroyed, or otherwise impaired in value;
6.12.3. A decision is made to reorganise, rearrange, liquidate, restructure the Borrower, initiate bankruptcy proceedings against the Borrower or initiate out-of-court bankruptcy proceedings.
6.13. The Borrower must cover the conclusion, registration, notary, insurance of contracts for collateral as well as other costs of concluding the Agreement.
6.14. When the Loan is part-financed by the measure Avietė, the Borrower undertakes to allow representatives of the Audit Institutions to enter its premises and to give them access to the documents related to the Loan and its use, to implement the recommendations provided by the Audit Institutions.
6.15. The Borrower undertakes to immediately rectify the Discrepancies specified by the Operator, which have arisen during the implementation of this Agreement, and to inform the Operator about the correction of the Discrepancies.
6.16. The Borrower undertakes to pay the Operator a penalty, the amount of which is specified in the service fee schedule of the Crowdfunding Platform, for non-compliance with the Special and General Terms and Conditions of the Loan Agreement. The penalty may be applied for each identified violation, and its amount is detailed in the service fee table.
Appears in 1 contract
Samples: Loan Agreement
