Common use of Warranties Clause in Contracts

Warranties. 9.1 By submitting an application to enter into the Loan Agreement, the Customer, undertakes and agrees that he or she: (i) has provided true, correct and complete information to Ferratum and that he or she will inform Xxxxxxxx without undue delay whenever there is a change to such information or in the event that he or she notices that any information submitted was erroneous or otherwise untrue, incorrect or incomplete; (ii) that the bank account provided to Ferratum for disbursement and repayment purposes is held in the Customer’s own name with a reputable bank established in the European Union. Customer acknowledges and accepts that in case of change in personal bank account details he or she may be requested to verify such details in the manner required by Ferratum; (iii) has entered into this Loan Agreement of his or her free will and has not concluded the Loan Agreement under threat, duress, or in distress or under strikingly unfavourable conditions with regard to his or her personal and financial circumstances; (iv) has read the Loan Agreement and understands the information provided therein; (v) is not a Politically Exposed Person (a natural person who is or has been entrusted with a prominent public function, and includes such individual’s immediate family members or persons known to be close associates of such persons) unless otherwise declared specifically to Ferratum; (vi) is not obtaining the loan for the benefit of or on behalf of somebody else. If the Customer is obtaining the Loan or otherwise acting on behalf of another person, he or she shall inform Xxxxxxxx immediately, in which case the Customer understands that additional measures will have to be applied, and accepts that Ferratum may refuse to enter into the Loan Agreement or grant a Loan or may, if granting a Loan, impose additional conditions on both the Customer and his or her principal; (vii) understands that short-term borrowing may carry with it certain risks since it is designed to suit liquidity needs over short periods of time and may carry higher interest rates than long term borrowing. Consequently using short-term borrowing over a long period of time and to address long-term financial needs may lead to increased financial pressures. 9.2 Without prejudice to the other rights or remedies of Ferratum, the Customer will indemnify and hold harmless Ferratum against any damages or liabilities, which Ferratum may incur as a result of or in relation to any culpable breach of the undertakings contained in this clause or any of the Customer's obligations under this Loan Agreement. This does not apply if the Customer is not responsible for the breach of duty.