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User agreement

DEFINITIONS

Agreement/ User Agreement - this agreement available following the link https://kviku.finance/en/documents/agreement concluded between Kviku Finance and User. Please note that AML Policy, Privacy Policy, and Cookie Policy published on the Website kviku.finance are integral parts of this agreement.

Application - User`s application filled in on the Website for Claim purchase.

Assignee - User of Kviku.Finance who purchased a Claim from the Assignor in accordance with the procedure and under the terms of the Assignment Agreement.

Assignee’s bank account - a current account opened in the name of the Assignee with payment institution or a credit institution or its branch.

Assignment Agreement - agreement concluded between the Assignor and the Assignee on purchase of Claim.

Assignor - the Lender, who, under the Assignment Agreement, assigns the Claim to the Assignee.

Assignor’s bank account - a current account opened in the name of the Assignor with payment institution or a credit institution or its branch.

Borrower - natural or legal person that concluded the Loan Agreement with the Lender.

Claim – a Creditor’s rights of claim or a part thereof towards the Borrower, arising from the Loan Agreement. Amount of Claim is always indicated in the Assignment Agreement.

Claim Management - all actions taken by the Lender or Kviku Finance permitted by the Assignment Agreement or other relevant agreements concluded with the Assignee on issues relating to the Claim.

Creditor - Lender or User owns Claim towards the Borrower in full or in part in accordance with conditions of the Loan Agreement and the Assignment Agreement.

Interest rate under the Loan Agreement - remuneration paid by the Borrower for use of the amount of the Loan stipulated in the Loan Agreement, considering that interest is calculated based on the provisions of the Loan Agreement.

Interest rate under the Assignment Agreement - predetermined remuneration defined in the Assignment Agreement that the User receives for the purchased Claim, considering that Interest rate shall not be directly linked to the Interest established in the Loan Agreement and is set separately.

Lender - a legal entity that grants a Loan to the Borrower in accordance with the Loan Agreement.

Loan - amount of funds granted by the Lender to the Borrower under the terms of the Loan Agreement.

Loan Agreement - Loan Agreement concluded between the Lender and the Borrower.

Parties - Kviku Finance and the User.

Price of the Claim - a fee payable by the Assignee to the Assignor for the Claim or its part. It is always indicated in the Assignment Agreement.

Registration Application - an application filled out by a natural or legal person on the https://kviku.finance/to register as a User.

Kviku Finance - Kviku Holding LTD, registration number: HE 382807, registered address: Amerikis, 4, BUILDING B, 3rd floor, Flat/Office 309, Agios Ioannis, 3012, Limassol, Cyprus, email address: support@kviku.finance

Kviku Finance bank account - a current account opened in the name of the KVIKU.FINANCE with a payment institution or a credit institution or its branch.

Kviku Finance Website/Website - Website, which is located at web address https://kviku.finance/, where natural and legal persons can register as Users to use the services provided there.

Kviku Invest - an application available on the Kviku Finance Website which allows Users to fund the Claims listed automatically in accordance with the criteria set by the User.

User - a person registered on the Kviku Finance Website as its user, including an Assignor, an Assignee, and a Creditor.

User’s bank account - a current account opened in the name of the User with payment institution or a credit institution or its branch registered.

User’s profile - the User’s personal profile on the Kviku Finance Website, which is automatically created after the User registers on the Website and is constantly available to the User after entering the User’s email address and password on the Website.

User’s virtual account - a separate account provided for each User by Kviku.Finance which reflects the amounts of funds transferred to the respective virtual account.

1. User`s registration on the Kviku Finance Website and User`s profile creation

  1. Any person applying for the status of a User undertakes to ensure that prior and after becoming a User with registered User’s profile:
    a) User is a natural person with legal capacity to act or a legal person; b) User has a current account opened in its name with a payment institution, credit institution or its branch; c) User is not subject to any insolvency, bankruptcy, liquidation or likewise administration proceedings in any jurisdiction; d) In acquiring the Claim, the User will not use funds that directly or indirectly have been received as the result of criminal offence or are related to the financing of terrorism or an attempt of such activitie e) User is the true beneficial owner and transactions on the Website are performed on behalf of the User.
  2. The User acknowledges that at the time of submitting the Registration Application and at the time of conclusion of the Agreement he/she/it has full legal capacity to act and is not under the influence of alcohol, drugs, psychoactive, toxic or other intoxicating substances.
  3. The User shall register on the Website, by filling in a Registration Application, performing identification procedures in line with Section 2 of these Agreement, and confirming that User has acquainted with the Agreement, and agrees to it. After the User registration is completed, a User’s Profile and a User’s Virtual Account is automatically created on the Website. Upon registration of the User on the Website, Kviku Finance assigns a unique ID number to each User.
  4. Kviku Finance may refuse the registration of a new User without giving a reason for refusal.
  5. The User’s Profile is private, and only the owner of the User’s Profile (the User) is authorized to enter into and use it.

2. User`s Due Diligence

  1. In order to fulfil the legal obligations under the applicable laws and regulations, before the User may use the services on the Kviku Finance Website and during the cooperation with the User under the Agreement, Kviku Finance performs the due diligence of the User, which includes, but is not limited to, identification of the User, obtaining information on country of residence, citizenship and/or country of birth, the source of funds, the purpose and nature of the business relationship.
  2. Kviku Finance identifies the User remotely in compliance with the terms and conditions of Kviku Finance internal control system, relying on data received during registration and information received from the bank at the moment when the User transfers its own funds from its personal bank account to Kviku Finance bank account in amount that is not less than the amount specified in clause 3.5. of the Agreement. After successful identification, the received funds are made available in User’s virtual account for the purchase of Claims.
  3. In order to identify the User adequately, Kviku Finance may, at its sole discretion, at any time, upon getting in touch with the User, request additional documents or information confirming the User’s identity and unilaterally determine any additional requirements for the User identification. In the User identification process, Kviku Finance reserves the right to request copies of the following documents:
    a) ID or equivalent personal identification document or document with a clearly visible first name, last name, personal code and photo of the User; b) utility bill issued at the address specified by the User; c) taxpayer’s certificate and/or taxpayer’s number; d) any additional document which Kviku Finance might consider necessary for the purpose of proper client identification.
    The copies of documents specified in sub-clauses of clause 2.3 of the Agreement shall be uploaded by the User in the User’s profile on the Website.
  4. In case of any doubt in User's identity, Kviku Finance reserves the right to request the User to upload a photo (selfie) with an identity document or contact the operator via video link (the method is open for discussion) to confirm the identity.
  5. By submitting the Registration application, the User certifies that he/she/it has read conditions of the Agreement, certifies that they are clear and acceptable to the User, and the User wishes to use the Kviku Finance Website and services offered therein pursuant to the terms and conditions of the Agreement.
  6. The User shall be entitled to transfer funds to the Kviku Finance bank account to conduct transactions at the Website only after successful identification and registration of the User by Kviku Finance.
  7. All User’s transactions are kept at User’s profile. Access to the User’s profile and the User’s virtual account is possible by entering User’s login data.
  8. All the User’s activities performed on the Website after entering the User’s email address and password shall be regarded as the User’s signature or acceptance. All payments, payment orders, instructions, applications, agreements, as well as other documents confirmed or submitted by the User on the Website after entering the User’s email address and password as prescribed on the Website shall be binding upon the User and the Kviku Finance.
  9. The password created by the User shall be confidential and the User undertakes not to divulge and shall undertake to prevent that third parties can find it out. The User must keep the User’s password in a secure manner, as well as regularly, however not less frequently than after a period prescribed by the Website, change/update the password.
  10. If the User’s password has become known or may have become known to a third party, the User must immediately inform Kviku Finance about it in writing or by phone, at which time Kviku Finance shall block access to the User’s Profile as soon as possible, until, on the grounds of the User’s application, the User is given a new User’s password and the User has given to Kviku Finance an instruction to unblock the User’s Profile.
  11. In case User fails to enter the correct password to enter User’s Profile 5 (five) times Kviku Finance shall block access to it until the moment Kviku Finance receives User request to unblock the access to its virtual account and request to issue a new password.
  12. Kviku Finance is entitled to, however is not obliged to block User’s virtual account in the following situations:
    a) Kviku Finance has suspicions regarding unauthorized access to the User’s virtual account or according to information received by Kviku Finance User’s password has become known or might have become known to third parties; b) Kviku Finance has suspicions regarding any kind of performance of illegal transactions on part of the User, or Kviku Finance has suspicions about the origin of the funds used by the User; c) the User has violated the terms and conditions of the Assignment Agreement and / or the Agreement, including, if the User tries to contact the Borrower in relation to the Loan Agreement, the Assignment Agreement and the Administration of the Claim; d) the User has provided false on inaccurate information to Kviku Finance; e) the User uses the Website for illegal purposes; f) in any other case with an aim to ensure the security, inviolability and confidentiality of Kviku Finance services provided to its clients, as well as to prevent losses to Kviku Finance or its clients.
  13. Kviku Finance shall be entitled not to confirm User’s transaction in following situations:
    a) the User fails to comply with the conditions of the Agreement; b) Kviku Finance has suspicions regarding the User’s identity and/or Kviku Finance has failed to contact the User in order to confirm a specific transaction; c) User’s order is unclear or distorted due to communication failures; d) in cases specified in clauses 2.12 and 3.8. of the Agreement.
  14. Any transaction made at Website by means of User’s login data shall be deemed as a legally binding transaction made by the User. The User undertakes full responsibility and liability for transactions made by third parties with access to its Kviku Finance Website login data.

3. The User’s Virtual Account And Its Crediting

  1. Each User has a personal sub-page (“Virtual account”) opened in the Kviku Finance Website with the aim of recordkeeping his or her transaction balance and certain other financial actions and claims. The account shall reflect the balance of funds that the User has transferred to the Kviku Finance with the purpose of transactions made or to be made by the user (including for performance of User’s financial obligations).
  2. The User shall transfer the funds it wishes to use for the purchase of Claims in currency acceptable to Kviku Finance, to Kviku Finance bank account, while Kviku Finance ensures that the received sum of funds, excluding any deducted fees (if such occur), is made available in User’s virtual account with a condition that all other conditions are met (minimal amount, payment details which include User’s identification number, etc.). If the User makes a money transfer in a currency other than that accepted by Kviku Finance on the account it received the payment, then Kviku Finance may at its sole discretion, shall have the right to convert the received amount into any currency acceptable to Kviku Finance, according to the currency exchange rate of the payment or credit institution holding the respective account of Kviku Finance. Any costs related to money deposits and currency exchange by the funds deposited by the User shall be borne by the User.
  3. The User has the right to transfer funds to Kviku Finance bank account only from its own bank account.
  4. The User’s funds transferred to the Kviku Finance bank account shall be kept in Kviku Finance bank account separately from the Kviku Finance funds.
  5. The minimal amount of funds assets to be transferred to Kviku Finance bank account is EUR 10 (ten euro).
  6. When transfering funds to his User Account, the User shall have the duty to specify the User ID Number in payment details. If the User has failed to specify the User ID Number in payment details, Kviku Finance shall have the right to deem this transfer of funds as non-received until the identification thereof. After receiving the funds, Kviku Finance shall process and verify the origin of them, which may take up to 5 (five) business days. No interest shall be calculated and paid to the User for the User’s funds kept in Kviku Finance bank account.
  7. The User confirms that the transfer of funds to Kviku Finance bank account is carried out with a purpose of crediting User’s virtual account and such funds are not to be considered as funds of Kviku Finance or as loan to Kviku Finance, and the User shall obtain the right of claim against Kviku Finance in amount reflected in User’s virtual account.
  8. The transfer of funds directly or indirectly received as a result of a criminal offence, related to the financing of terrorism or attempt of any such kind of activities, to Kviku Finance bank account is illegal. If during the registration process of the User or the conclusion of the transaction Kviku Finance has suspicions regarding origin of the money, possible money laundering, financing of terrorism or an attempt of these or similar type of activities determined at sole discretion of Kviku Finance, Kviku Finance shall have the right:
    a) to refuse registration of the User on the Kviku Finance Website; b) not to accept the User’s funds in the Kviku Finance bank account; c) to block and close the User’s virtual account.
  9. Kviku Finance shall have the right to use the User’s transferred funds in accordance with conditions of the Agreement and the Assignment Agreement only, considering that Kviku Finance has the right to transfer received funds and data from its Users to a different company in cases where services available at the Kviku Finance Website are taken over by different company.
  10. If a User has made a transaction to the Portal, the positive balance of the User’s funds reflected on the account is reserved in the necessary extent until any payment arising from or pursuant to such transaction is made, and no other transaction or withdrawal by the User can be made on account of these funds.
  11. Disbursement of funds indicated in clause 3.13. of this Agreement is made to the same account from which the particular funds were initially received, unless repayment is technically impossible due to blocked or closed account, considering that in such case User has to indicated different account opened in its name to complete this transfer of funds. If the User wishes that Kviku Finance disburses the User’s funds existing in its Virtual Account to a different bank account of the User, from which the User has not previously transferred funds to the Virtual Account, before submitting an application on the disbursement of funds stipulated in Clause 3.13, the User shall provide Kviku Finance with all of the information that is necessary to make sure that the indicated new account is opened in the name of the User in a credit institution, which is subject to the provisions of AML/CFT law.
  12. Kviku Finance transfers User’s funds to the Lender in accordance with conditions of the Assignment Agreement, reflecting this transaction in the User’s profile. The sum of virtual funds in the User’s virtual account shall be reduced by the amount of funds paid to the Lender.
  13. The User shall have the right at any time to submit an electronic request to Kviku Finance for disbursement of funds, available in User’s virtual account, considering that the minimal amount is EUR 50 (fifty euro) and the repayment is done within 5 (five) business days
  14. Transfer of assets in User’s virtual account, withdrawal of funds from User’s virtual account, creation and editing of portfolio, as well as purchases of Claim’s are indicated and made accurate with 2 (two) characters after comma. The calculation of interest and the outstanding balance of virtual account are indicated and made accurate with 2 (two) characters after comma. Round-all is made by form of exclusion, instead of mathematical round-all.

4. Purchase Of Claims

  1. Purchase of Claims in a manual form
  2. The possibility for the User to purchase Claims in a manual form on the Kviku Finance Website, instead of using Kviku Invest (see sub-clauses of clause 4.8. “Purchase of Claims through Kviku Invest”) for such actions, is not a guaranteed technical feature at the Website, but if made available by Kviku Finance, clauses set forth in sub-clauses of clause 4.1. of this Agreement shall be applied.
  3. After User’s identification and creation of User’s Profile in accordance with conditions of the Agreement User has the right to purchase Claims offered through the Kviku Finance Website with funds transferred to its virtual account (if there are any), by complying with the following conditions:
    a) The User selects to purchase Claim for a particular loan or its part published on the Website of together with all other key conditions such as loan issuance date, last repayment date and Interest rate under the Assignment Agreement payable to the User if he/she/it select to purchase Claim for a particular loan or its part; b) User has enough funds in the User’s virtual account for paying the Price of the Claim.
  4. Kviku Finance shall register and execute received Applications on its Website in chronological order. Kviku Finance shall have the right to unilaterally amend and supplement the order of execution of the Applications without prior notification of the User.
  5. After the Application has been received Kviku Finance shall prepare a summary of information of all received Applications available for the User at the Website. The User shall verify the indicated information and if it conforms to the will expressed by the User, the User shall confirm the conclusion of the Assignment Agreements in order specified on its Website.
  6. After confirmation the Assignment Agreement is deemed to be binding for the User, and Kviku Finance shall immediately transfer the funds specified in the Assignment Agreement from the User’s virtual account to the seller of the Claim. The Claim shall be deemed as transferred to the User after the funds were transferred from the User’s (Assignee’s) virtual account to the corresponding Assignor’s account in accordance with conditions of the Assignment Agreement.
  7. By submitting the Application, the User authorizes Kviku Finance to carry out the transfer of funds indicated in the Application from the User’s virtual account to the corresponding Assignor in compliance with the Agreement and the Assignment Agreement.
  8. Purchase of Claims through Kviku Invest
  9. The User has the right to use the Kviku Invest (available at the Kviku Finance Website in section “Invest”) application for purchasing Claims on Kviku Finance Website.
  10. Kviku Invest functions according to the settings selected and confirmed by the User, thus implementing the User’s chosen strategy for purchases of Claims. By offering the Kviku Invest application Kviku Finance is not giving any recommendations or advice to the User regarding the purchase of Claims. The User shall be held fully responsible for the settings selected and confirmed by it, as well as for consequences resulting from such actions while using the Kviku Invest.
  11. In order to use the Kviku Invest, the User must ensure sufficient funds in the User's virtual account.
  12. Each time a User purchases a certain Claim on the Website, Kviku Finance shall transfer funds from the User’s virtual account to the corresponding Assignor’s account in accordance with the provisions of the Assignment Agreement, considering that for each such purchase of Claim a legally binding Assignment Agreement is generated with the particular creditor and is made available at User’s profile.
  13. The User may find all information on concluded transactions in its User’s profile. Kviku Finance shall have the right, but not an obligation, to send the information mentioned above to User’s email specified in the User’s profile.
  14. The User shall be entitled to change settings confirmed by it at Kviku Invest, as well as temporarily or permanently suspend its activity at any time during the period of validity of the Agreement.
  15. Kviku Finance shall hold no responsibility whatsoever about any losses that are or might be incurred upon the User in relation to the use of its Website and services available therein, including losses incurred from the use of the Kviku Invest. The User must independently study the information on rights and obligations arising from the transactions concluded within the Kviku Invest.

5. Conclusion And Execution Of The Assignment Agreement

  1. The Assignment Agreement shall be deemed as concluded from the moment when the Price of the Claim is transferred from the User’s (Assignee’s) virtual account to the corresponding Assignor’s account in accordance with conditions of the Assignment Agreement.
  2. The User in its User’s profile can review the content of concluded Assignment Agreements, information on the purchased Claims, as well as the Schedule (if any) of repayment of the Loan and Interest payment from the moment of entering into the Assignment Agreement and during its effective period.
  3. The Loan Agreement and other documents related to the Claim shall not be transferred to the User after Assignment Agreement’s entry into force and shall be stored by Kviku Finance or the Lender.
  4. The Borrower shall repay the Loan and pay the Interest in accordance with conditions of the Loan Agreement and the Schedule (if any). The Lender transfers all payments received from the Borrower to the Kviku Finance pursuant the Assignment Agreement, excluding the part of the Interest, which the Lender does not assign. Funds received from the Borrower, Kviku Finance transfers to the User (Assignee).
  5. After receiving the Borrower’s payment from the Lender, Kviku Finance shall distribute all received funds among all Assignees, who have acquired rights of claim against the Borrower in the following order: the principal amount of the Loan paid by the Borrower shall be distributed proportionally to the amount of the Claim of each Assignee and number of days passed from the moment of purchase of the Claim until the moment when the Loan is repaid (or until the Lender has repurchased the Claim).
  6. Kviku Finance shall transfer funds equivalent to each User’s part of the Claim to the Users’ virtual accounts immediately after allotment of received parts.
  7. The User’s rights of claim shall be extended to:
    a) the principal amount of the Loan, paid by the Borrower pursuant to the Loan repayment Schedule (if any); b) Interest rate under the Assignment Agreement.
  8. The User is informed and agrees that the Interest, legal penalty and other ancillary claims payable pursuant to the Agreement and Assignment Agreement shall be calculated assuming that one calendar year consists of 365 or 366 days according to the actual number of days in relevant year, when the Agreement or the Assignment Agreement has been concluded.
  9. Considering that the provisions of Assignment Agreement include User’s (Assignee) authorization to the Lender to act as the person which ensures Administration of the Claim, the Lender shall undertake to make all the necessary and permissible activities to facilitate the timely and full recovery of the Loan without involving the User.
  10. In instances where the Borrower delays fulfilment of its obligations for more than 30 (thirty) calendar days, the Lender undertakes to repurchase the Claim from the User.
  11. All principal conditions on purchase of the Claim, payment of the Price of the Claim and repayment of the principal amount of the Claim are specified in the Assignment Agreement.
  12. The User agrees that the Lender has the right unilaterally to extend the Loan repayment period without prior harmonization with the User.
  13. The Parties agree that in case the Lender has extended the Loan repayment period under the Loan Agreement, it is considered, that the Borrower has delayed the Loan repayment period and the Lender shall repurchase the User’s (Assignee’s) Claim in accordance with conditions of the Assignment Agreement.

6. Rights And Obligations Of The User

  1. The User undertakes:
    a) not to use the Kviku Finance Website for carrying out illegal transactions, including fraud and money laundering; b) to provide true information about itself upon registering on the Kviku Finance Website and while using services available at the Kviku Finance Website; c) to use only secure means and devices of electronic communication and data transmission; d) immediately, but no later than within 3 (three) business days notify Kviku Finance in writing of any changes to the User’s first name, last name, email address, User’s bank account or other information kept on the Kviku Finance Website; e) in communication with Kviku Finance to act in a polite manner, observing the norms of behavior generally accepted by the public.
  2. By accepting User Agreement, the User certifies that it is capable of making individual decisions regarding Claim purchase and conclusion of the Assignment Agreement, as well as understands all risks, including the risk of failure to recover the Loan or its part.
  3. The User undertakes to ensure in its User’s virtual account sufficient amount of funds for conclusion of transactions. If there are not enough funds in the User’s virtual account, Kviku Finance does not execute the payment and/or transaction. Kviku Finance bears no liability for the losses incurred to the User due to the situation mentioned above. If for any reason User’s virtual account has a negative account balance, User has the duty to immediately but not later than within 3 (three) business days credit the account in the amount necessary for the User’s virtual account to reach positive account balance.
  4. The User is informed and acknowledges that Kviku Finance and the Lender have the duty to ensure confidentiality of the Borrower’s personal data and pursuant to the Assignment Agreement both at their own discretion may provide the Assignee only with limited information on the Borrower or no information at all. The User shall not claim any additional information relating to the Borrower from the Kviku Finance or the Lender, as well as submit any claims in relation thereof.
  5. During the effective period of the Assignment Agreement, the Assignee undertakes not to contact or meet the Borrower in relation to the concluded Assignment Agreement and the Claim, as well as not to visit the Borrower in its address or place of work, not to contact it without Kviku Finance or the Lender’s mediation, not to demand making of payments, not to initiate court or arbitration court proceedings against the Borrower.
  6. In case the User’s virtual account had been mistakenly credited or debited due to any kind of technical issue at the Website, Kviku Finance has the right to unilaterally debit or to credit the User’s virtual account to resolve the issue.
  7. In connection with processing of User’s personal data, every User has the rights stipulated in section “Your rights and obligations related to the personal information” of the Privacy policy in accordance with the provisions of the General Data Protection Regulation (EU) 2016/679, the processing is done in accordance with applicable laws or under an explicit consent of the User.

7. Payment For Use Of Services At The Website Of Kviku.Finance

  1. Kviku Finance is allowed to unilaterally debit User’s virtual account for any due fee(if any) applied by Kviku Finance or fees Kviku Finance incurred by executing User’s fund disbursement requests.
  2. The User realizes and understands that in accordance with applicable tax laws, the revenue received by the User is subject to income tax and Kviku Finance does not ensure payments of applicable taxes on behalf of its Users.

8. Liability

  1. The User’s liability:
    a) The User shall be liable for all losses incurred as a result of unauthorized access to its User data and User’s Profile. b) All of User’s concluded transactions on the Kviku Finance Website, including Kviku Invest, constitute a legally binding legal relationship between the respective parties of the particular transaction. c) User hereby agrees that the entrance of its login data (password and email) when accessing services available at Kviku Finance Website of shall be deemed sufficient evidence to prove that the person conducting transactions is the User.
  2. Kviku Finance liability:
    a) If as a result of Kviku Finance illicit activity the User suffers losses, Kviku Finance shall reimburse all direct losses inflicted upon the User. The extent of damages to be reimbursed is restricted with the amount of funds present in the User’s virtual account at the time when such losses incurred. b) Kviku Finance is not liable for the accuracy of information provided by the Borrower and/or the Lender. c) Kviku Finance is not liable towards the User for any losses that the User has or might suffer as a result of using the Kviku Finance Website and services available at it, including in situations where: ․ the User has failed to comply with the provisions of the Agreement; ․ third party gets hold of User’s login data, until the moment when the User’s profile has been blocked; ․ that occur due to interrupted communications and other interruptions or obstacles that are not dependent on Kviku Finance; ․ User’s profile has been blocked; ․ there is illicit conduct on Borrower’s part, including Borrower’s failure to comply with the provisions of the Loan Agreement; ․ User fails to fulfill its obligations under the Assignment Agreement.
  3. Kviku Finance has no obligation to repay to the User for the Claim or any other payment under the Assignment Agreement till the moment when:
    a) the Lender has received such payment from the relevant Borrower in accordance with conditions of the Loan Agreement; b) term of the Lender’s repurchase right realization in accordance with conditions of the Agreement and the Assignment Agreement has not set in.
  4. Kviku Finance and the Lender have no obligation to reimburse to the User the Price of Claim (in whole or in part) till the Loan maturity date in accordance with the Loan Agreement, unless indicated otherwise in the Agreement or Assignment Agreement.
  5. The Parties shall not be liable for failure to fulfil their obligations if the non-fulfilment has occurred due to force majeure circumstances, which the Parties could not have predicted or afflicted, including power outages, adopted Laws and regulations, strikes, military activities, natural calamities, or other circumstances, which the Parties could not have prevented or predicted. The Party suffering from force majeure circumstances shall have the right to refer to them only and solely in case if it has taken all steps that depend on it in order to fulfil the obligations under the Agreement. Once the force majeure circumstances no longer occur, the Parties must immediately resume the performance of their obligations under the Agreement.
  6. As the Parties use electronic means of communications during the performance of the Agreement, Kviku Finance shall not be held responsible for any losses incurred due to interrupted service of any kind of electronic means of communications.

9. User’s Personal Data

  1. The User gives its consent for the processing of its personal data (both electronically and manually) by Kviku Finance and its group companies during registration process at the Kviku Finance Website by getting acquainted and agreeing to the posted document available at the link (Privacy Policy), which is one of integral parts of the Agreement.
  2. The purpose of processing the User’s personal data is identifying the User, concluding and fulfilling the Agreement, keeping client records, offering, rendering and maintaining services, financial and statistical analysis, exercising and protection of the rights of Kviku Finance and/or User arising from the Agreement in accordance with the Privacy Policy.
  3. Upon conclusion of this Agreement, the User confirms that he/she has read and understood the Privacy Policy.

10. Termination Of The Agreement

  1. Kviku Finance is entitled to restrict the User’s right to use the its Website and/or terminate the Agreement and delete the User’s profile if:
    a) the User breaches conditions of the Agreement or the Assignment Agreement or illicitly uses the resources of the Website; b) the User has provided false or misleading information or counterfeit documents; c) if Kviku Finance suspects money laundering, terrorism financing or an attempt of such activities with the involvement of the User or the User’s profile.
  2. Kviku Finance has the right to unilaterally terminate the Agreement at any time during the validity period of the Agreement, by sending a notice to the User’s email at least 10 (ten) business days prior. As of the moment of sending the notice, the User is forbidden to conclude new Assignment Agreements and purchase new Claims, as well as to use the User’s profile. In this case Kviku Finance continues to serve all of the User’s Claims purchased before the mentioned notice on unilateral termination of the Agreement is sent.
  3. The User at any time during the validity period of the Agreement is entitled to request termination of the Agreement and deletion of its User’s Profile on a condition that the User does not own any Claim served by Kviku Finance and has no outstanding payment liabilities towards Kviku Finance or any party to a made transaction. In such a case, the Agreement will be considered void from the moment Kviku Finance receives such request from the User and finds that there are no circumstances which would exclude the possibility to terminate the Agreement immediately.
  4. If the User wishes to delete the User’s profile and terminate the Agreement, the User sends a relevant notification from the User’s email address to Kviku Finance or fills in the relevant notification on the User’s profile and confirms it according to the procedures stipulated on the Website.
  5. If the Agreement is terminated, Kviku Finance shall transfer all funds that are available on the User’s virtual account to the User’s bank account no later than within 3 (three) business days from the moment of the termination of the Agreement, unless not allowed by applicable laws.

11. Actions In Case Of Kviku Finance Insolvency

  1. In case of Kviku Finance insolvency conclusion of all new Assignment Agreements on the Website shall be stopped immediately. All funds available on the Virtual account shall be returned to the User and the Lender unless not allowed by applicable laws.
  2. In case of insolvency, Kviku Finance provides the User with full information on transactions concluded within the Website from the Website database.
  3. Insolvency of Kviku Finance does not affect the legal status of agreement signed between the User and the Lender.

12. Other Conditions

  1. All transactions concluded within the Kviku Finance Website shall be made in Euro or any other currency acceptable to Kviku Finance.
  2. In case of discrepancy between digits and their description in words, the description provided in words shall prevail.
  3. Issues that are not covered by the Agreement shall be settled in accordance with the conditions and procedure published on the Website.
  4. All notifications of Parties must be put in writing and sent to the other Party within the Website, by mail or email, to the address indicated in the User’s profile. Correspondence sent in mail shall be deemed received on the 5th (fifth) calendar day following the date indicated on the stamp by the postal service provider on the acceptance of a registered letter. Notifications sent to the User’s email address shall be deemed received within 24 (twenty-four) hours after the dispatch.
  5. Kviku Finance is entitled to unilaterally amend the Agreement, hereinafter - Amendments. Kviku Finance notifies its Users on made Amendments by posting them at its Website 10 (tens) days before such amendments enter into force. Kviku Finance at its own discretion has the right to inform its Users on Amendments by using different forms of communication, including email, text messages to mobile phone and notifications to User’s Profile.
  6. Notwithstanding the conditions of clause 12.5. Kviku Finance is entitled to make Amendments without posting them at the Website of KVIKU.FINANCE in cases where the Amendments are made
    a) for the benefit of the User and / or Amendments which do not affect existing rights of the User; b) due to a new service and / or a new feature being introduced; c) in order to make technical / fine-tuning corrections or any kind of Amendments of that nature.
  7. Any User disagreeing with the made Amendments can exercise its right to unilaterally terminate the Agreement as provided in sub-clauses of clause 10 of this Agreement.
  8. KVIKU.FINANCE has the right to unilaterally terminate the Agreement in case KVIKU.FINANCE does not receive User’s acceptance to the Amendments within 10 (ten) days after Amendments are published on the Kviku Finance Website.
  9. The Parties agree not to divulge the information arising from the Agreement to the third parties, except as prescribed in the Agreement, including in Privacy Policy available at the Kviku Finance Website, and in applicable laws and regulations.
  10. Parties agree that any dispute arising out of the Agreement, which cannot be settled through mutual negotiations, shall be settled in court of the Republic of Cyprus, considering that the applicable law is the law and regulations of the Republic of Cyprus.