Common use of Platform payment system Clause in Contracts

Platform payment system. 12.1. The Platform shall manage all the payments and receipts via the Paysera platform managed by Paysera LT UAB, where each User must open a Paysera Account. The funds shall be paid from one Paysera Account of the User and to another User’s Paysera Account (e.g. from the Lender’s Paysera Account to the Borrower’s Paysera Account, or where the Borrower is repaying the funds, from the Borrower’s Paysera Account to the Investor’s Paysera Account). The funds shall be credited to the Operator’s account only in cases where the funds belong to the Operator, i.e. the Operator’s fee and other charges. 12.2. The Operator shall not be the manager of the funds of the Investor and/or Borrower. The Operator shall only act as an intermediary which is responsible for the technical performance (administration) of the Users’ functional instructions and their mutually concluded Loan Agreements, and not for the adoption of the specific decisions. 12.3. The Operator shall not be held responsible for the losses incurred by the User, which resulted due to inadequate decision-making on the part of the User and/or incorrect information provided by the Borrower and/or in cases where the User has disclosed and/or lost the unique login information granting access to the Platform, and/or in the event of damages to the system due to the activities of the third party not related to the Operator, the functional crediting and/or debiting operations have been inadequately performed. 12.4. The Operator shall not be granted the proprietary rights to the funds available in the User’s Paysera Account, and which are not subject to legal obligations under the valid Loan Agreements and the present Agreement. 12.5. All transactions made in the User’s Paysera Account shall be registered in the User’s Account and the Paysera system. 12.6. The User shall be obliged to immediately inform the Operator about the funds credited to or transferred (or debited) from the Paysera Account in error. Where there are insufficient funds available on the Paysera Account in order to debit the amounts credited in error, the User shall be obliged to return the erroneously credited funds to the Paysera Account within 5 (five) business days of the request of the Operator. If the User fails, within 5 (five) business days, to repay the funds credited to the User’s Paysera Account in error, the Operator shall retain the right to unilaterally debit this amount from the User’s Paysera Account. 12.7. After the Borrowers and/or Investors have made payments, in some cases they also need to be approved (administered) by the Operator. Therefore, it is highly important that the Users make all the payments on time, by the day and hour specified in payment schedules. In exceptional cases (e.g. when a particularly large number of payments is received at the same time or IT systems malfunction), crediting of funds into accounts of Investors and/or Borrowers may be slightly delayed.

Platform payment system. 12.111.1. The Platform shall manage all the payments and receipts via the Paysera platform managed by Paysera LT UAB, where each User must open a Paysera Account. The funds shall be paid from one Paysera Account of the User and to another User’s Paysera Account (e.g. from the Lender’s Paysera Account to the Borrower’s Paysera Account, or where the Borrower is repaying the funds, from the Borrower’s Paysera Account to the Investor’s Paysera Account). The funds shall be credited to the Operator’s account only in cases where the funds belong to the Operator, i.e. the Operator’s fee and other charges. 12.211.2. The Operator shall not be the manager of the funds of the Investor and/or Borrower. The Operator shall only act as an intermediary which is responsible for the technical performance (administration) of the Users’ functional instructions and their mutually concluded Loan Agreements, and not for the adoption of the specific decisions. 12.311.3. The Operator shall not be held responsible for the losses incurred by the User, which resulted due to inadequate decision-making on the part of the User and/or incorrect information provided by the Borrower and/or in cases where the User has disclosed and/or lost the unique login information granting access to the Platform, and/or in the event of damages to the system due to the activities of the third party not related to the Operator, the functional crediting and/or debiting operations have been inadequately performed. 12.411.4. The Operator shall not be granted the proprietary rights to the funds available in the User’s Paysera Account, and which are not subject to legal obligations under the valid Loan Agreements and the present Agreement. 12.511.5. All transactions made in the User’s Paysera Account shall be registered in the User’s Account and the Paysera system. 12.611.6. The User shall be obliged to immediately inform the Operator about the funds credited to or transferred (or debited) from the Paysera Account in error. Where there are insufficient funds available on the Paysera Account in order to debit the amounts credited in error, the User shall be obliged to return the erroneously credited funds to the Paysera Account within 5 (five) business days of the request of the Operator. If the User fails, within 5 (five) business days, to repay the funds credited to the User’s Paysera Account in error, the Operator shall retain the right to unilaterally debit this amount from the User’s Paysera Account. 12.711.7. After the Borrowers and/or Investors have made payments, in some cases they also need to be approved (administered) by the Operator. Therefore, it is highly important that the Users make all the payments on time, by the day and hour specified in payment schedules. In exceptional cases (e.g. when a particularly large number of payments is received at the same time or IT systems malfunction), crediting of funds into accounts of Investors and/or Borrowers may be slightly delayed.