PROCEDURE AND CONDITIONS FOR THE PAYMENT OF THE LOAN. 3.1. Within 14 (fourteen) calendar days from the date of concluding the Loan Agreement, the Operator shall submit to the Borrower a unilateral statement indicating whether the Operator agrees to pay the Loan amount to the Borrower or refuses to do so. If the Operator declares that it refuses to pay the Loan amount, this Loan Agreement shall be deemed terminated. If the Operator declares that it agrees to pay the Loan amount, the Operator shall pay the Loan amount as specified in Section 3 of the Loan Agreement. 3.2. The Operator's statement to pay the Loan amount or not to pay it, as specified in Clause 3.1. of the Loan Agreement, shall be considered to be a unilateral transaction that give rise to the rights and obligations only for the Operator and determines the further performance or termination of this Loan Agreement. 3.3. The Operator's statement to the Borrower stating that the Operator refuses to pay the funds under the Loan Agreement, as set forth in Clause 3.1. of the Loan Agreement, shall not be considered as termination of the Loan Agreement. This is the basis for the termination of the Loan Agreement upon its proper performance. Upon such declaration, the Loan Agreement shall terminate and the Parties shall not have any property or non-property claims against each other under this Loan Agreement. 3.4. The Operator shall pay the Loan (after deducting the fees payable by the Borrower to the Operator for the provision of services of the crowdfunding platform operator) to the Borrower's Account specified in the Special Terms and Conditions within 3 (three) business days when all the following conditions are met (the Operator has the right to refuse to demand the fulfilment of any of the following conditions at its own discretion, 3.4.1. A period of 4 (four) days has passed since the Borrower has been fully funded, which is designated as a pre-contractual reflection period for inexperienced investors, during which they have the right to withdraw their proposal to finance the Borrower. 3.4.2. All statements and warranties of the Borrower and Related Persons are accurate, true and valid;
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement
PROCEDURE AND CONDITIONS FOR THE PAYMENT OF THE LOAN. 3.1. Within 14 (fourteen) calendar days from the date of concluding the Loan Agreement, the Operator shall submit to the Borrower a unilateral statement indicating whether the Operator agrees to pay the Loan amount to the Borrower or refuses to do so. If the Operator declares that it refuses to pay the Loan amount, this Loan Agreement shall be deemed terminated. If the Operator declares that it agrees to pay the Loan amount, the Operator shall pay the Loan amount as specified in Section 3 of the Loan Agreement.
3.2. The Operator's statement to pay the Loan amount or not to pay it, as specified in Clause 3.1. of the Loan Agreement, shall be considered to be a unilateral transaction that give rise to the rights and obligations only for the Operator and determines the further performance or termination of this Loan Agreement.
3.3. The Operator's statement to the Borrower stating that the Operator refuses to pay the funds under the Loan Agreement, as set forth in Clause 3.1. of the Loan Agreement, shall not be considered as termination of the Loan Agreement. This is the basis for the termination of the Loan Agreement upon its proper performance. Upon such declaration, the Loan Agreement shall terminate and the Parties shall not have any property or non-property claims against each other under this Loan Agreement.
3.4. The Operator shall pay the Loan (after deducting the fees payable by the Borrower to the Operator for the provision of services of the crowdfunding platform operator) to the Borrower's Account specified in the Special Terms and Conditions within 3 (three) business days when all the following conditions are met (the Operator has the right to refuse to demand the fulfilment of any of the following conditions at its own discretion,
3.4.1. A period of 4 (four) days has passed since the Borrower has been fully funded, which is designated as a pre-contractual reflection period for inexperienced investors, during which they have the right to withdraw their proposal to finance the Borrower.
3.4.2. All statements and warranties of the Borrower and Related Persons are accurate, true and valid;
3.4.3. Copies of the Borrower's founding documents and managers' personal documents provided by FinoMark;
3.4.4. FinoMark has provided copies of the decisions duly taken by the Borrower's Manager (Board) which:
a) decide that the Borrower shall enter into the Loan Agreement;
b) authorise the person or persons to sign the Loan Agreement on behalf of the Borrower and to perform all other actions related to the receipt of the Loan;
c) confirm that the conclusion of the Loan Agreement is in accordance with the commercial objectives of the Borrower and the reasons for such decision.
3.4.5. There is no violation or event specified in Clause 10.1 of the General Terms and Conditions of the Loan Agreement, regardless of when it became apparent, and in the opinion of the Operator there is no reason to believe that any such violation or event may occur in the future;
3.4.6. All security measures for the fulfilment of obligations under the Loan Agreement have been duly executed and registered (if required) and the supporting documents have been submitted to FinoMark, which are acceptable to it in their content and form;
3.4.7. The Lender has concluded the insurance contracts required by the Operator and provided it with documents and evidence that the insurance specified in the insurance contracts is valid;
3.4.8. The Borrower has provided copies of the documents for the acquisition of the mortgaged property of FinoMark (in case the mortgaged real estate is used as collateral) and the documents issued by the State Enterprise Centre of Registers confirming the rights to the mortgaged real estate (in case of mortgaged real estate);
3.4.9. The Borrower has provided documents to the satisfaction of the Operator confirming full and complete information on the sources of income required for payments under the Agreement, as well as the income and sources of the Borrower, surety or guarantor, or the Borrower and/or the surety, or the guarantor has given appropriate consent to FinoMark to receive such information from SE Centre of Registers or other databases used to assess creditworthiness, and the Operator has received such information;
3.4.10. The Borrower has submitted an assessment of the pledged property of XxxxXxxx, performed by a valuer of assets acceptable to FinoMark, if the Operator so requests;
3.4.11. The Borrower has provided a copy of any other power of attorney, document, draft, permit, opinion or approval that the Operator deems necessary to enter into and perform the Agreement;
3.4.12. There are no current or future Encumbrances on FinoMark's pledged assets, unless otherwise provided in the terms and conditions of the agreement;
3.4.13. Other obligations of the Borrower under the User Agreement and other agreements concluded between the Operator, the Lenders and the Borrower shall be duly performed.
3.5. The loan may be combined with non-repayable subsidies and other financial instruments provided by the European Union Structural Funds or Lithuanian state or municipal institutions, but together all forms of financing may not be used to finance more than 100 (one hundred) percent of these costs and State aid requirements may not be infringed.
3.6. If any of the conditions specified in this Agreement is not duly fulfilled within 14 (fourteen) calendar days from the unilateral statement specified in Clause 3.1. of the Loan Agreement by which the Operator agrees to pay the Loan amount to the Borrower, the Operator shall have the right to demand the Borrower to pay the fee specified in the FinoMark Platform service fees for non-fulfilment of the Loan disbursement conditions and/or to terminate this Agreement without any consequences by notifying the Borrower in writing (by e-mail) or via the Platform.
3.7. The Operator shall have the right not to pay (delay) the disbursement of the Loan until and only if the Operator's representative has checked the information provided by the Borrower and is convinced that it is true and reflects the real situation.
Appears in 1 contract
Samples: Loan Agreement
PROCEDURE AND CONDITIONS FOR THE PAYMENT OF THE LOAN. 3.1. Within 14 (fourteen) calendar days from the date of concluding the Loan Agreement, the Operator shall submit to the Borrower a unilateral statement indicating whether the Operator agrees to pay the Loan amount to the Borrower or refuses to do so. If the Operator declares that it refuses to pay the Loan amount, this Loan Agreement shall be deemed terminated. If the Operator declares that it agrees to pay the Loan amount, the Operator shall pay the Loan amount as specified in Section 3 of the Loan Agreement.
3.2. The Operator's statement to pay the Loan amount or not to pay it, as specified in Clause 3.1. of the Loan Agreement, shall be considered to be a unilateral transaction that give rise to the rights and obligations only for the Operator and determines the further performance or termination of this Loan Agreement.
3.3. The Operator's statement to the Borrower stating that the Operator refuses to pay the funds under the Loan Agreement, as set forth in Clause 3.1. of the Loan Agreement, shall not be considered as termination of the Loan Agreement. This is the basis for the termination of the Loan Agreement upon its proper performance. Upon such declaration, the Loan Agreement shall terminate and the Parties shall not have any property or non-property claims against each other under this Loan Agreement.
3.4. The Operator shall pay the Loan (after deducting the fees payable by the Borrower to the Operator for the provision of services of the crowdfunding platform operator) to the Borrower's Account specified in the Special Terms and Conditions within 3 (three) business days when all the following conditions are met (the Operator has the right to refuse to demand the fulfilment of any of the following conditions at its own discretion,):
3.4.1. A period of 4 (four) days has passed since the Borrower has been fully funded, which is designated as a pre-contractual reflection period for inexperienced investors, during which they have the right to withdraw their proposal to finance the Borrower.
3.4.2. All statements and warranties of the Borrower and Related Persons are accurate, true and valid;
3.4.2. Copies of the Borrower's founding documents and managers' personal documents provided by FinoMark;
3.4.3. FinoMark has provided copies of the decisions duly taken by the Borrower's Manager (Board) which:
a) decide that the Borrower shall enter into the Loan Agreement;
b) authorise the person or persons to sign the Loan Agreement on behalf of the Borrower and to perform all other actions related to the receipt of the Loan;
c) confirm that the conclusion of the Loan Agreement is in accordance with the commercial objectives of the Borrower and the reasons for such decision.
3.4.4. There is no violation or event specified in Clause 10.1 of the General Terms and Conditions of the Loan Agreement, regardless of when it became apparent, and in the opinion of the Operator there is no reason to believe that any such violation or event may occur in the future;
3.4.5. All security measures for the fulfilment of obligations under the Loan Agreement have been duly executed and registered (if required) and the supporting documents have been submitted to FinoMark, which are acceptable to it in their content and form;
3.4.6. The Lender has concluded the insurance contracts required by the Operator and provided it with documents and evidence that the insurance specified in the insurance contracts is valid;
3.4.7. The Borrower has provided copies of the documents for the acquisition of the mortgaged property of FinoMark (in case the mortgaged real estate is used as collateral) and the documents issued by the State Enterprise Centre of Registers confirming the rights to the mortgaged real estate (in case of mortgaged real estate);
3.4.8. The Borrower has provided documents to the satisfaction of the Operator confirming full and complete information on the sources of income required for payments under the Agreement, as well as the income and sources of the Borrower, surety or guarantor, or the Borrower and/or the surety, or the guarantor has given appropriate consent to FinoMark to receive such information from SE Centre of Registers or other databases used to assess creditworthiness, and the Operator has received such information;
3.4.9. The Borrower has submitted an assessment of the pledged property of FinoMark, performed by a valuer of assets acceptable to FinoMark, if the Operator so requests;
3.4.10. The Borrower has provided a copy of any other power of attorney, document, draft, permit, opinion or approval that the Operator deems necessary to enter into and perform the Agreement;
3.4.11. There are no current or future Encumbrances on FinoMark's pledged assets, unless otherwise provided in the terms and conditions of the agreement;
3.4.12. Other obligations of the Borrower under the User Agreement and other agreements concluded between the Operator, the Lenders and the Borrower shall be duly performed.
3.5. The loan may be combined with non-repayable subsidies and other financial instruments provided by the European Union Structural Funds or Lithuanian state or municipal institutions, but together all forms of financing may not be used to finance more than 100 (one hundred) percent of these costs and State aid requirements may not be infringed.
3.6. If any of the conditions specified in this Agreement is not duly fulfilled within 14 (fourteen) calendar days from the unilateral statement specified in Clause 3.1. of the Loan Agreement by which the Operator agrees to pay the Loan amount to the Borrower, the Operator shall have the right to demand the Borrower to pay the fee specified in the FinoMark Platform service fees for non-fulfilment of the Loan disbursement conditions and/or to terminate this Agreement without any consequences by notifying the Borrower in writing (by e-mail) or via the Platform.
3.7. The Operator shall have the right not to pay (delay) the disbursement of the Loan until and only if the Operator's representative has checked the information provided by the Borrower and is convinced that it is true and reflects the real situation.
Appears in 1 contract
Samples: Loan Agreement
