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User agreement

WEBSITE OF KVIKU.FINANCE USER AGREEMENT


1. USED TERMS AND DEFINITIONS


Administration of the Claim - All actions taken by the Lender in connection with the fulfillment of its obligations specified in the Assignment

Agreement - This current Website of KVIKU.FINANCE user agreement, that governs the legal relationship between the User and KVIKU.FINANCE, considering that AML Policy, Personal Data Processing and Privacy Policy, and Assignment Agreement all of which are published on the Website of KVIKU.FINANCE are all integral parts of this agreement.

Application - Application for purchase of the Claim.

Assignee - Natural or legal person, that on the basis of the Agreement and Assignment Agreement has purchased the Claim.

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 Creditor or the Lender, who on the basis of the Assignment Agreement is selling the Claim.

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 enters into the Loan Agreement with the Lender.

Claim - Rights of claim (full or partial with exact amount specified in the Assignment Agreement) towards a particular Borrower arising from the Loan Agreement and the Assignment Agreement.

Creditor - The Lender or the User who has rights of 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.

Laws and regulations - Laws and regulations of the same jurisdiction where KVIKU.FINANCE is registered.

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

Loan - Funds granted to the Borrower by the Lender in accordance with the Loan Agreement.

Loan Agreement - Loan agreement concluded between the Lender and the Borrower, on the basis of which the Lender grants funds (the Loan) to the Borrower whereas the Borrower undertakes to repay the received loan in accordance with terms and conditions of the Loan Agreement.

Parties - KVIKU.FINANCE and the User.

Price of the Claim - A price payable by the Assignee to the Assignor for the Claim or its part. The price of the Claim is indicated in principal conditions of the Assignment Agreement.

Registration application - An application filled out by a natural or legal person on the Website of KVIKU.FINANCE to register as a User.

KVIKU.FINANCE - KVIKU Holding LTD, registration number: HE 382807, registered address: Gladstonos, 124, The Hawk Building, 1 floor, 3032, Limassol, Cyprus, e-mail address: support@kviku.finance

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

KVIKU INVEST - An application of the Website of KVIKU.FINANCE, that functions according to the settings selected and confirmed by the User and which is available on the Website of KVIKU.FINANCE under section “Invest”.

Servicing of the Claim - Any action taken by KVIKU.FINANCE in relation to the Claim, the Agreement, including transfer of funds to the Assignee and other actions stipulated in the Agreement.

Third party - Any natural or legal person that is not the Party of the Agreement.

Transaction - All User’s made transactions within the Website of KVIKU.FINANCE, which KVIKU.FINANCE has made technically and legally possible to execute, including transactions through KVIKU INVEST.

User - Natural or legal person registered on the Website of KVIKU.FINANCE, as well as a natural or legal person that has purchased the Claim or who has sold the Claim.

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 - Electronic profile located at the Website of KVIKU.FINANCE accessible for its Users with their individual login data, where personal data of the User is being kept including made Transactions.

User’s virtual account - User’s virtual account created and maintained by KVIKU.FINANCE for each User available at the User’s profile on the Website of KVIKU.FINANCE which reflect the amounts of funds transferred to the respective virtual account.

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

2. REGISTRATON OF THE USER ON THE WEBSITE OF KVIKU.FINANCE

2.1. Any person applying for the status of a User undertakes to ensure that prior and after becoming a User with registered User’s profile:

2.1.1. The User is a natural person with legal capacity to act or a legal person;

2.1.3. The User has a current account opened in its name with a payment institution, credit institution or its branch;

2.1.4. 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 activities;

2.1.5. The User is the true beneficial owner and Transactions on the Website of KVIKU.FINANCE are performed on behalf of the User;

2.1.6. The User is not under the influence of alcohol, narcotic, psychotropic or any other substances;

2.1.7. The User in not part of an insolvency process and/or bankruptcy and/or liquidation (only applicable to legal persons).

2.2. Upon the successful registration at the Website of KVIKU.FINANCE, User’s profile and User’s virtual account shall be automatically created, and User’s Identification number and password shall be assigned to it.

2.3. By filling out and submitting the Registration application at the Website of KVIKU.FINANCE the User certifies that it has acquainted with the Agreement, and agrees to it. Agreement is deemed to be signed by the Parties and legally binding to the Parties from the moment User’s profile is created and made accessible for the User at Website of KVIKU.FINANCE with User’s login data.

2.4. User is not allowed in any form or manner give third parties access to its login data for the Website of KVIKU.FINANCE.

2.5. KVIKU.FINANCE has the right to reject registration of a new User without specifying the reason.


3. IDENTIFICATION OF THE USER

3.1. KVIKU.FINANCE identifies any person applying for User status after Registration application is received on the Website of KVIKU.FINANCE.

3.2. 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 4.3. of the Agreement. After successful identification, the received funds are made available in User’s virtual account for the purchase of Claims.

3.3. During the identification process KVIKU.FINANCE shall have the right to request the copies of the following documents that will be reviewed within 24 hours from the date of submission

3.3.1. passport or equivalent personal identification document or document valid for travel with a clearly visible first name, last name, personal code (or an equivalent identification number issued by the User’s country of origin) and photo of the User;

3.3.2. heating, power supply or other utility invoice issued at the address specified by the User;

3.3.3. taxpayer’s certificate and/or taxpayer’s number;

3.3.4. 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 3.3 of the Agreement shall be uploaded by the User using special interface in the User’s profile.

3.4. For the sake of complete User identification KVIKU.FINANCE has the right to contact the User and require submission of additional

documents and/or information certifying the User’s identity at any time at its discretion, freely determine additional requirements for the identification of the User, as well as supplement the process of identification. In addition to aforesaid, if KVIKU.FINANCE has any suspicions regarding the User's identity, KVIKU.FINANCE has the right to request the User to submit its photo (selfie) with passport or other equivalent personal identification document, which the User uploads to the Website of KVIKU.FINANCE, or offer to contact the KVIKU.FINANCE operator by using video chat.

3.5. By submitting the Registration application, the User certifies that it has read conditions of the Agreement, certifies that they are clear and acceptable to the User, and the User wishes to use the Website of KVIKU.FINANCE and services offered therein pursuant to the terms and conditions of the Agreement.

3.6. The User shall be entitled to transfer funds to the KVIKU.FINANCE bank account to conduct Transactions at the Website of KVIKU.FINANCE only after successful registration of the User by KVIKU.FINANCE.

3.7. All User’s Transactions are kept at User’s profile.

3.8. Access to the User’s profile and the User’s virtual account is possible by entering User’s login data.

3.9. All actions conducted by the User, including payments, orders, notices, etc. shall be binding to the Parties after their submission through the Website of KVIKU.FINANCE.

3.10. The password created by the User shall be confidential and the User undertakes not to disclose User’s Profile access data to the third parties.

3.11. In case User’s password has become known to a third party:

3.11.1. the User shall immediately change its password in its User’s profile;

3.11.2. the User shall notify KVIKU.FINANCE immediately, but not later than then the moment when such information had become known to the User, in writing or by phone.

3.12. Immediately after receiving of such information, KVIKU.FINANCE shall block access to the User’s virtual account until the moment KVIKU.FINANCE receives User request to unblock the access to its virtual account and request to issue new password.

3.13. In case User fails to enter 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 new password.

3.14. KVIKU.FINANCE has the right to block User’s virtual account in the following situations:

3.14.1. 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;

3.14.2. 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;

3.14.3. 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;

3.14.4. the User has provided false on inaccurate information to KVIKU.FINANCE;

3.14.5. the User uses the Website of KVIKU.FINANCE for illegal purposes;

3.14.6. in any other case with an aim to ensure the security, inviolability and confidentiality of services provided to the clients of KVIKU.FINANCE, as well as to prevent losses to KVIKU.FINANCE or its clients.

3.15. KVIKU.FINANCE shall be entitled not to confirm User’s Transaction in following situations:

3.15.1. the User fails to comply with the conditions of the Agreement;

3.15.2. 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;

3.15.3. User’s order is unclear or distorted due to communication failures;

3.15.4. in cases specified in clause 4.8. of the Agreement.

3.16. Any Transaction made at Website of KVIKU.FINANCE by means of User’s login data for the Website of KVIKU.FINANCE shall be deemed as a legally binding Transaction made by the User.

3.17. The User undertakes full responsibility and liability for Transactions made by third parties with access to its login data for the Website of KVIKU.FINANCE.


4. THE USER’S VIRTUAL ACCOUNT AND ITS CREDITING

4.1. 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 transfer of funds to KVIKU.FINANCE in a currency that is not acceptable to KVIKU.FINANCE, KVIKU.FINANCE 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. All expenses related to the conversion of funds are covered by the User.

4.2. The User has the right to transfer funds to KVIKU.FINANCE bank account only from its own bank account.

4.3. The minimal amount of funds assets to be transferred to KVIKU.FINANCE bank account is EUR 10 (ten euro).

4.4. The maximum amount of funds to be transferred to KVIKU.FINANCE bank account within a period of one calendar year is EUR 100 000 (one hundred thousand euro).

4.5. In order for the User’s virtual account to be successfully credited the User has to indicate its User identification number within the payment order when making the transfer of funds from its bank account to KVIKU.FINANCE bank account considering that KVIKU.FINANCE shall have the right to deem such payment as non-received until the identification thereof.

4.6. After receiving the funds, KVIKU.FINANCE shall process and verify the origin of them, which may take up to 5 (five) business days.

4.7. 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.

4.8. 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:

4.8.1. to refuse registration of the User on the Website of KVIKU.FINANCE;

4.8.2. not to accept the User’s funds in the KVIKU.FINANCE bank account;

4.8.3. to block and close the User’s virtual account.

4.10. No interest shall be calculated and paid to the User for the User’s funds kept in KVIKU.FINANCE bank account.

4.11. 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 date from its User’s to a different company in cases where services available at the Website of KVIKU.FINANCE are taken over by different company.

4.12. 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.

4.13. 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, considering that in cases where the User makes a payment to KVIKU.FINANCE bank account in currency that is not acceptable to KVIKU.FINANCE, KVIKU.FINANCE has 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.

4.14. The User shall have the right at any time to submit an electronic request to KVIKU.FINANCE for repayment of funds, available in User’s virtual account, considering that the minimal amount is EUR 10 (ten euro) and the repayment is done within 5 (five) business days

4.15. Repayment of funds indicated in clause 4.14. 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.

4.16. 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.


5. PURCHASE OF CLAIMS

5.1. Purchase of Claims in a manual form

5.1.1. The possibility for the User to use to purchase Claims in a manual form on the Website of KVIKU.FINANCE, instead of using KVIKU INVEST (see sub-clauses of clause 5.2. “Purchase of Claims through KVIKU INVEST”) for such actions, is not a guaranteed technical feature at the Website of KVIKU.FINANCE, but if made available by KVIKU.FINANCE, clauses set forth in sub-clauses of clause 5.1. of this Agreement shall be applied.

5.1.2. 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 Website of KVIKU.FINANCE with funds transferred to its virtual account (if there are any), by complying with the following conditions:

5.1.2.1. The User selects to purchase Claim for a particular loan or its part published on the Website of KVIKU.FINANCE 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 it select to purchase Claim for a particular loan or its part;


5.1.2.2. User has enough funds in the User’s virtual account for paying the Price of the Claim.

5.1.3. KVIKU.FINANCE shall register and execute received Applications on the Website of KVIKU.FINANCE 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.

5.1.4. After the Application has been received KVIKU.FINANCE shall prepare a summary of information of all received Applications available for the User at Website of KVIKU.FINANCE. 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 the Website of KVIKU.FINANCE.

5.1.5. 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.

5.1.6. 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.


5.2. Purchase and sale of Claims through KVIKU INVEST

5.2.1. The User has the right to use the KVIKU INVEST (available at the Website of KVIKU.FINANCE in section “Invest”) application for purchasing Claims on the Website of KVIKU.FINANCE.

5.2.2. 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.

5.2.3. 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.

5.2.4. In order to use the KVIKU INVEST, the User must ensure sufficient funds in User’s virtual account.

5.2.5. Each time a User purchases a certain Claim on the Website of KVIKU.FINANCE, 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.

5.2.6. 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 e-mail specified in the User’s profile.

5.2.7. The User shall be entitled to change settings confirmed by it at KVIKU INVEST, as well as temporally or permanently suspend its activity at any time during the period of validity of the Agreement.

5.2.8. 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 the Website of KVIKU.FINANCE and services available therein, including losses incurred from the use of the KVIKU INVEST.

5.2.9. The User must independently study the information on rights and obligations arising from the Transactions concluded within the KVIKU INVEST.

5.2.10. User has the right to sell certain Claims by choosing option “SELL” if such option is made available by KVIKU.FINANCE at the Website of KVIKU.FINANCE in section “My investments”, hereinafter – Option to Sell.

5.2.11. In case User executes Option to Sell feature the respective Claim is automatically made available for other KVIKU.FINANCE users for purchase, hereinafter – Repurchase of Claim. Within 14 (fourteen) days after Option to Sell is executed User will receive full refund equal to the respective Claim amount plus calculated Interest rate under the Assignment Agreement for the respective time period not depending whether Repurchase of Claim is actually made by any other user, i.e. KVIKU.FINANCE guarantees that such refund will be made.


6. CONCLUSION AND EXECUTION OF THE ASSIGNMENT AGREEMENT

6.1. 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.

6.2. 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.

6.3. 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.

6.4. 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).

6.5. 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).

6.6. 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.

6.7. The User’s rights of claim shall be extended to:

6.7.1. the principal amount of the Loan, paid by the Borrower pursuant to the Loan repayment Schedule (if any);

6.7.2. Interest rate under the Assignment Agreement.

6.8. 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 360 days according to the actual number of days in relevant year, when the Agreement or the Assignment Agreement has been concluded.

6.9. 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.

6.10. In instance 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.

6.11. All principal conditions on purchase the Claim, payment of the Price of the Claim and repayment of the principal amount of the Claim are specified in the Assignment Agreement.

6.12. The User agrees that the Lender has the right unilaterally to extend the Loan repayment period without prior harmonization with the User.

6.13. 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.


7. RIGHTS AND OBLIGATIONS OF THE USER

7.1. The User undertakes:

7.1.1. not to use the Website of KVIKU.FINANCE for carrying out illegal transactions, including fraud and money laundering;

7.1.2. to provide true information about itself upon registering on the Website of KVIKU.FINANCE and while using services available at the Website of KVIKU.FINANCE;

7.1.3. to use only secure means and devices of electronic communication and data transmission;

7.1.4. 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, e-mail address, User’s bank account or other information kept on the Website of KVIKU.FINANCE;

7.1.5. in communication with KVIKU.FINANCE to act in a polite manner, observing the norms of behavior generally accepted by the public.

7.2. By accepting terms and conditions of the Agreement, the User certifies that it is capable of making individual decisions regarding purchase the Claim and conclusion of the Assignment Agreement, as well as understands all risks, including the risk of failure to recover the Loan or its part.

7.3. 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 situation mentioned above. If for any reason User’s virtual account has negative account balance, User has the duty to immediately but not later than within 3 (three) business days credit the account in amount necessary for the User’s virtual account to reach positive account balance.

7.4. 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 KVIKU.FINANCE and the Lender 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.

7.5. 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.

7.6. In case the User’s virtual account had been mistakenly credited or debited due to any kind of technical issue at Website’s of KVIKU.FINANCE, KVIKU.FINANCE has the right to unilaterally debit or to credit the User’s virtual account to resolve the issue.


8. PAYMENT FOR USE OF SERVICES AT THE WEBSITE OF KVIKU.FINANCE

8.1. KVIKU.FINANCE is allowed to unilaterally debit User’s virtual account for any due fee applied by KVIKU.FINANCE or fees KVIKU.FINANCE incurred by executing User’s fund transfer requests.

8.2. The User realizes and understands that in accordance with applicable tax laws, the revenue received by the User is a subject to income tax and KVIKU.FINANCE does not ensure payments of applicable taxes on behalf of its Users.


9. LIABILITY OF THE PARTIES

9.1. The User’s liability:

9.1.1. The User shall be liable for all losses incurred as a result of unauthorized access to its User data and User’s Profile.

9.1.2. All of User’s concluded Transactions on the Website of KVIKU.FINANCE, including KVIKU INVEST, constitute a legally binding legal relationship between the respective parties of the particular Transaction.

9.1.3. User hereby agrees that entrance of its login data (password and e-mail) when accessing services available at Website of KVIKU.FINANCE shall be deemed a sufficient evidence to prove that the person conducting Transactions is the User.


9.2. KVIKU.FINANCE liability:

9.2.1. If as result of an illicit activity of KVIKU.FINANCE the User suffers losses, KVIKU.FINANCE shall reimburse all direct losses inflicted upon the User. The extent of damages to be reimbursed by KVIKU.FINANCE is restricted with the amount of funds present in the User’s virtual account at the time when such losses incurred.

9.2.2. KVIKU.FINANCE is not liable for the accuracy of information provided by the Borrower and/or the Lender.

9.2.3. KVIKU.FINANCE is not liable towards the User for any losses that the User has or might suffer as a result of using the Website of KVIKU.FINANCE and services available at it, including in situations:

9.2.3.1. where the User has failed to comply with the provisions of the Agreement;

9.2.3.2. where third party gets hold of User’s login data, until the moment when the User’s profile has been blocked;

9.2.3.3. that occur due to interrupted communications and other interruptions or obstacles that are not dependent on KVIKU.FINANCE;

9.2.3.4. where User’s profile has been blocked;

9.2.3.5. where there is illicit conduct on Borrower’s part, including Borrower’s failure to comply with the provisions of the Loan Agreement;

9.2.3.6. where User fails to fulfill its obligations under the Assignment Agreement.

9.2.4. 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:

9.2.4.1. the Lender has received such payment from the relevant Borrower in accordance with conditions of the Loan Agreement;

9.2.4.2. term of the Lender’s repurchase right realization in accordance with conditions of the Agreement and the Assignment Agreement has not set in.

9.2.5. KVIKU.FINANCE and the Lender has 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.

9.3. 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.

9.4. 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.


10. CONFIDANTIALITY AND USER’S PERSONAL DATA

10.1. 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 Website of KVIKU.FINANCE by getting acquainted and agreeing to the posted document available at the Website of KVIKU.FINANCE (Personal Data Processing and Privacy Policy), which is one of integral parts of the Agreement.


11. TERMINATION OF THE AGREEMENT

11.1. KVIKU.FINANCE is entitled to restrict the User’s right to use the Website of KVIKU.FINANCE and/or terminate the Agreement and delete the User’s profile if:

11.1.1. the User breaches conditions of the Agreement or the Assignment Agreement or illicitly uses the resources of the Website of KVIKU.FINANCE;

11.1.2. the User has provided false or misleading information or counterfeit documents;

11.1.3. 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.

11.2. 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 e-mail 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 KVIKU.FINANCE.

11.3. 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 of the party to a made Transaction. In such 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 without delay.

11.4. If the User wishes to delete the User’s profile and terminate the Agreement, the User sends a relevant notification from the User’s e-mail 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 of KVIKU.FINANCE.

11.5. If the Agreement is terminated, KVIKU.FINANCE transfers 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.


12. ACTIONS IN CASE OF INSOLVENCY OF KVIKU.FINANCE

12.1. In case of insolvency of KVIKU.FINANCE conclusion of all new Assignment Agreements on the Website of KVIKU.FINANCE 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.

12.2. In case of insolvency, KVIKU.FINANCE provides the User with full information on Transactions concluded within the Website of KVIKU.FINANCE from the Website of KVIKU.FINANCE database.

12.3. Insolvency of KVIKU.FINANCE does not affect the legal status of agreement signed between the User and the Lender.


13. DISPUTES SETTLEMENT AND APPLICABLE LAW

13.1. 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 in accordance with the rule of competence, considering that the applicable law is the law and regulations of the Republic of Cyprus.


14. OTHER CONDITIONS

14.1. All Transactions concluded on the Website of KVIKU.FINANCE shall be made in Euro or any other currency acceptable to KVIKU.FINANCE.

14.2. In case of discrepancy between digits and their description in words, the description provided in words shall prevail.

14.3. Issues that are not covered by the Agreement shall be settled in accordance with the conditions and procedure published on the Website of KVIKU.FINANCE.

14.4. All notifications of Parties must be put in writing and sent to the other Party within the Website of KVIKU.FINANCE, by mail or e-mail, 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 e-mail address shall be deemed received within 24 (twenty-four) hours after the dispatch.

14.5. KVIKU.FINANCE is entitled to unilaterally amend the Agreement, hereinafter - Amendments. KVIKU.FINANCE notifies its Users on made Amendments by posting them at the Website of KVIKU.FINANCE 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 e-mail, text messages to mobile phone and notifications to User’s Profile.

14.6. Notwithstanding the conditions of clause 14.5. KVIKU.FINANCE is entitled to make Amendments without posting them at the Website of KVIKU.FINANCE in cases where the Amendments are made:


14.6.1. for the benefit of the User and / or Amendments which do not affect existing rights of the User;

14.6.2. due to a new service and / or a new feature being introduced;

14.6.3. in order to make technical / fine-tuning corrections or any kind of Amendments of that nature.

14.7. Any User disagreeing with the made Amendments can exercise its right to unilaterally terminate the Agreement as provided in sub-clauses of clause 11 of this Agreement.

14.8. 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 Website of KVIKU.FINANCE.

14.9. The Parties agree not to divulge the information arising from the Agreement to the third parties, except as prescribed in the Agreement, including in Personal Data Processing and Privacy Policy available at the Website of KVIKU.FINANCE, and in applicable laws and regulations.