W1TTY Capital Credit Line Agreement

SPECIAL TERMS AND CONDITIONS

GENERAL TERMS AND CONDITIONS

1. DEFINITIONS 1.1. The capitalised terms used in this document shall have the meanings set out below: 1.1.1. Application – the Client’s application submitted to the Lender (including through the Lender’s intermediary W1TTY via W1TTY App) for Credit Line services, in which the Client provides the Lender with KYC, creditworthiness-related and other requested data, information and documents, based on which the Lender assesses the Client’s suitability and eligibility to enter into the Credit Line Agreement. 1.1.2. Business Day – a calendar day, except Saturdays, Sundays and official holidays and days off set by the legal acts of the Republic of Lithuania, when banks are normally open for business in Lithuania unless set by the Lender and notified to the Lender differently. 1.1.3. Client – an individual whose permanent residence is registered in the territory of the Republic of Lithuania, who has an active W1TTY E-Money Account and who enters into the Credit Line Agreement with the Lender for personal purposes (consumer). The Client must pass the Lender’s KYC procedure and creditworthiness assessment in order to become a Client. 1.1.4. Credit – the amount of Credit Limit used by the Client and not yet repaid to the Lender. 1.1.5. Credit Limit – the maximum amount of credit that can be used by the Client under the Credit Line Agreement. The Credit Limit is revolving, meaning that if the Client repays used Credit to the Lender earlier than on the Repayment Date, the Client may borrow and use these funds repeatedly until the Repayment Date, without exceeding the Credit Limit. 1.1.6. Credit Line – a fixed-term consumer credit product provided by the Lender to the Client in accordance with the Law on Consumer Credit of the Republic of Lithuania and the terms and conditions of this Credit Line Agreement. The Credit Line product enables the Client to borrow and use funds from the Lender during the Repayment Term according to the Client’s needs but without exceeding the Credit Limit. 1.1.7. Credit Line Agreement – the agreement concluded between the Client and the Lender regarding the provision of Credit Line services, which consists of: (i) the General Terms and Conditions; (ii) the Special Terms and Conditions; (iii) the Standard European Consumer Credit Information (SECCI) form; any (iv) any subsequent changes made by the Parties, if any. 1.1.8. Decision to Approve Credit Line Application – the decision made by the Lender to enter into the Credit Line Agreement with the Client, subject to the terms and conditions of the Credit Line Agreement. 1.1.9. General Terms and Conditions – these general terms and conditions of the Credit Line Agreement. 1.1.10. Interest – the amount of money calculated based on the applicable Interest Rate that the Client has to pay to the Lender for the use of Credit borrowed under the Credit Line Agreement. The procedure for calculation of Interest is provided in Section 8 of these General Terms and Conditions. 1.1.11. Interest Rate – means the annual percentage rate (APR) of charge specified in the Special Terms and Conditions of the Credit Line Agreement which is applied for calculation of Interest payable by the Client to the Lender for the use of Credit borrowed under the Credit Line Agreement. 1.1.12. KYC – the Lender’s process of verifying the identity of a potential Client and assessing his/her suitability and eligibility to become the Client of the Lender. The Client agrees that the Lender may use the Client’s KYC data, information and documents collected and transferred to the Lender by W1TTY in order to facilitate the Lender’s KYC process. 1.1.13. Late Fees – the fee of 0,05% charged on overdue Monthly Interest Payments and/or overdue repayment of Credit Limit for every day of delay (but for not longer than 180 days for each overdue amount). In case of overdue Monthly Interest Payment, Late Fees are accumulated from the next day after the Interest became due. In case of overdue repayment of Credit Limit, Late Fees are accumulated from the next day after the Repayment Date. The date of full performance of the due obligations is deemed as the end date for calculating Late Fees. 1.1.14. Lender – W1TTY CAPITAL UAB, a legal entity registered in Lithuania with its registration number 305837588, registration address Jogailos St. 9, Vilnius, Lithuania. Corporate data of the Lender is collected and stored with the Register of Legal Entities of the Republic of Lithuania. The Lender is included in the Public List of Consumer Credit Providers administered by the Bank of Lithuania. The Lender as a consumer credit provider is supervised by the Bank of Lithuania, located at Gedimino Av. 6, LT-01103, Vilnius, Lithuania, telephone no. +370 800 50 500. More information about the Bank of Lithuania is available at https://www.lb.lt/en/. 1.1.15. Monthly Interest Payment – an amount of accrued Interest that the Client has to pay to the Lender for the use of Credit borrowed under the Credit Line Agreement on a monthly basis. The procedure for calculation of Monthly Interest Payment is provided in Section 8 of these General Terms and Conditions. 1.1.16. Party or Parties – (i) the Lender; (ii) the Client; (iii) the Lender and Client as the context permits. 1.1.17. Privacy Policy – the Lender’s policy governing the processing of personal data, which is placed at https://legal.w1tty.com/eu-privacy-policy-en. By accepting the terms and conditions of the Credit Line Agreement, the Client also accepts and agrees to the provisions of the Privacy Policy, as amended from time to time. 1.1.18. Repayment Date – the end date of the Repayment Term specified in the Special Terms and Conditions of the Credit Line Agreement until which the Client has to repay the used Credit to the Lender. The due date of the two last Monthly Interest Payments also falls on the same date as the Repayment Date (so that all amounts payable under the Credit Line Agreement would be settled no later than on the Repayment Date). 1.1.19. Repayment Term – 6-months period during which the Client can use the Credit Limit in accordance with the terms and conditions of this Credit Line Agreement and at the end of which the Client has to repay the used Credit to the Lender. Calculation of the 6-months period starts on the date of conclusion of the Credit Line Agreement between the Client and the Lender. The Client is no longer able to use the Credit Limit after the end of 6 months period. 1.1.20. Special Terms and Conditions – a document addressed personally to the Client which indicates specific terms and conditions of the Credit Line Agreement. 1.1.21. Standard European Consumer Credit Information (SECCI) – standard information on the Credit Line, provided to the Client in accordance with the requirements of the Law on Consumer Credit of the Republic of Lithuania. 1.1.22. Third Party – any natural or legal person who is not a Party to the Credit Line Agreement. 1.1.23. Total Payable Amount – the sum of the total amount of used Credit Limit and Interest payable to the Lender throughout the duration of the Credit Line Agreement. The Lender does not apply any fees to the Client, except for Interest and, if applicable, Late Fees. 1.1.24. W1TTY – WITTY GLOBAL UAB, a legal entity registered in Lithuania with its registration number 305433923, registration address Jogailos St. 9, Vilnius, Lithuania. Corporate data of W1TTY is collected and stored with the Register of Legal Entities of the Republic of Lithuania. W1TTY has an electronic money institution licence No. 79 issued by the Bank of Lithuania on 23 December 2020. W1TTY as an electronic money institution is supervised by the Bank of Lithuania, located at Gedimino Av. 6, LT-01103, Vilnius, Lithuania, telephone no. +370 800 50 500. More information about the Bank of Lithuania is available at https://www.lb.lt/en/. In relation to this Credit Line Agreement, W1TTY acts as a dependent consumer credit intermediary of the Lender and is included in the Lender’s Public List of Consumer Credit Intermediaries available at https://legal.w1tty.com/w1tty-capital-uab-public-list-of-consumer-credit-intermediaries. 1.1.25. W1TTY App – the application developed by the Lender’s partner W1TTY and installed by the Client into his/her device (e. g. a smartphone) which enables the Client to manage the electronic money and payment services provided by W1TTY, the Credit Line services provided by the Lender under the Credit Line Agreement and use any additional services provided by W1TTY or its partners from time to time. 1.1.26. W1TTY Card – any payment instrument issued to the Client by W1TTY and linked to the Client’s W1TTY E-Money Account which allows to perform payment transactions. 1.1.27. W1TTY E-Money Account – an electronic money account opened to the Client by W1TTY under a separate agreement concluded by the Client and W1TTY which allows W1TTY to identify the Client, execute payment transactions and contains information on the payment transactions performed by the Client. The Client must have an active W1TTY E-Money Account to be able to use the Credit Line provided by the Lender under the Credit Line Agreement. W1TTY may charge the Client fees and charges for its electronic money and payment services as agreed under a separate agreement concluded by the Client and W1TTY. Information about W1TTY’s fees and charges is available on W1TTY’s website at: https://legal.w1tty.com/eu-prices-limits-en. 1.2. In interpreting the Credit Line Agreement: 1.2.1. all article, clause, schedule and paragraph headings in the Credit Line Agreement are solely for convenience and shall not affect their interpretation; 1.2.2. unless the context clearly indicates otherwise, words denoting one gender include all genders, words denoting individuals or persons include entities and vice versa, words used in the single include the plural and vice versa, and the words “including”, “included”, “in particular” and of any similar expression shall be construed as being by way of illustration only and not as limiting the generality of any words preceding them; 1.2.3. references to a person shall include references to that person’s legal representatives, successors and permitted assigns; 1.2.4. references to any statute, statutory, statutory provision, subordinate legislation under the relevant statute, or European Union (EU) directive or regulation shall include any statute, statutory, statutory provision, subordinate legislation, or EU directive or regulation which amends or replaces it or has amended or replaced it.
2. CREDIT LINE SERVICES 2.1. This Credit Line Agreement regulates the Lender’s provision of Credit Line services to the Client. 2.2. The Lender undertakes to enable the Client to use the Credit Line in accordance with the terms of the Credit Line Agreement. 2.3. The Client undertakes to repay the used Credit, pay Interest and make other payments (such as Late Fees, if any) to the Lender in accordance with the terms of the Credit Line Agreement, as well as properly and timely fulfil all other obligations set out in the Credit Line Agreement. 2.4. This Credit Line Agreement does not regulate electronic money and payment services provided to the Client by W1TTY.
3. USE OF W1TTY APP 3.1. W1TTY App is a mobile app operated by W1TTY which enables the Client to receive W1TTY’s electronic money and payment services, the Lender’s Credit Line services, as well as any other services that may be made available to the Client by W1TTY or its partners from time to time. The Client may apply for and use the Credit Line services offered by the Lender through W1TTY App only if the Client has an active W1TTY E-Money Account. The Client acknowledges that the Credit Line, if provided to the Client by the Lender, is linked to the Client’s W1TTY E-Money Account, i.e. the Client’s W1TTY E-Money Account is used to utilise and administer the Credit as described in the Credit Line Agreement. 3.2. The Client acknowledges that the Credit Line services are offered through W1TTY App by the Lender in cooperation with the Lender’s intermediary W1TTY who is authorised to act on the Lender’s behalf. Electronic money and payment services, including opening of W1TTY E-Money Account, are provided to the Client through W1TTY App by W1TTY in accordance with a separate agreement concluded by the Client and W1TTY. W1TTY (and not the Lender) shall act as the Client’s payment service provider responsible for electronic money and payment services provided to the Client through W1TTY App. 3.3. The Client may be entitled to use additional services provided through W1TTY App by W1TTY or its partners. In such case, the quality and availability of such additional services may be agreed upon in separate agreements concluded by the Client and W1TTY or its partners. 3.4. The Lender shall not act as a payment services provider and (or) as an intermediary for provision of payment services. The Lender is not authorised to issue electronic money or provide payment services and is not responsible for electronic money and payment services provided by W1TTY to the Client through W1TTY App. The Lender shall be responsible to the Client only for the provision of Credit Line services. 3.5. For the purpose of facilitating Credit Line services provided to the Client through W1TTY App, the Lender may cooperate with the Lender’s intermediary W1TTY and share certain functions (such as customer support) with W1TTY. Notwithstanding the above, the Lender shall be solely responsible to the Client for the provision of Credit Line services, whereas W1TTY shall be solely responsible to the Client for the provision of electronic money and payment services through W1TTY App.
4. CONCLUSION OF CREDIT LINE AGREEMENT 4.1. The Credit Line Agreement is considered concluded at the moment when all the following conditions are fulfilled: 4.1.1. the Client submitted a Credit Line Application to the Lender; 4.1.2. the Client successfully passes the Lender’s KYC procedure and creditworthiness assessment in order to become a Client; 4.1.3. the Client is informed about the Lender’s Decision to Approve Credit Line Application; 4.1.4. the Client familiarises and agrees with the terms and conditions of the Credit Line Agreement by checking the relevant box on W1TTY App or otherwise as permitted by the Lender. 4.2. If the Lender decides to reject the Client’s Application for Credit Line, the Lender shall inform the Client of this free of charge through W1TTY App, but shall not be obliged to inform the Client about the reasons of such decision, unless the Application is rejected based on the creditworthiness assessment results. In the latter case, the Client will be able to see the list of registers and information systems used by the Lender for creditworthiness assessment purposes on W1TTY App. The Lender may provide more detailed information about the data collected and used for the Client’s creditworthiness assessment upon Client’s separate request. 4.3. If the Lender adopts a Decision to Approve Credit Line Application, the Lender informs the Client about it and provides the Client with the terms and conditions of the Credit Line Agreement. The Client must familiarise with these terms and conditions before agreeing and entering into the Credit Line Agreement. 4.4. The Client may familiarise with the latest version of the Credit Line Agreement at any time free of charge via W1TTY App or using other agreed means of communication provided in Section 18 of these General Terms and Conditions. 4.5. The Lender shall have the right to periodically check the Client’s data in Third Party registers, systems and databases as well as reassess creditworthiness of the Client and perform ongoing KYC and due diligence processes as prescribed in applicable law and the Lender’s internal rules or procedures. 4.6. If there are any changes in the provided data or documents including (but not limited to) circumstances that could have a material adverse effect on the Client’s ability to meet financial obligations under the Credit Line Agreement and (or) the Client’s solvency and financial situation, the Client agrees to provide updated information to the Lender as soon as possible, but not later than 5 (five) Business Days after the changes have occurred.
5. REPRESENTATIONS OF THE CLIENT 5.1. The Client acknowledges that by enabling the Client to submit an Application to the Lender, the Lender does not commit to enter into the Credit Line Agreement with the Client. 5.2. The Client confirms that at the date of submission of Application to the Lender and (or) entering into the Credit Line Agreement with the Lender: 5.2.1. the Client is not involved in any judicial or non-judicial dispute that could negatively affect the Client’s solvency; 5.2.2. the Client is not involved in any proceedings regarding limitation of the Client’s civil capacity; 5.2.3. there are no circumstances that could negatively affect the Client’s solvency or prevent the Client from fulfilling the obligations arising out from the Credit Line Agreement, e.g. there are no investigations, restrictions in civil or criminal proceedings, no consent is needed for the Client to borrow funds, etc.; 5.2.4. the Client has applied for Credit Line and enters into the Credit Line Agreement on the Client’s free will and not due to influence of Third Parties; 5.2.5. the Client has provided the Lender with correct and complete information for creditworthiness assessment purposes; 5.2.6. in the Client’s view, the Client’s financial situation allows the Client to enter into the Credit Line Agreement and undertake the obligations arising from it; 5.2.7. the Client has carefully read and understood the terms and conditions of the Credit Line Agreement and is aware of the right to receive more detailed (additional) information about the Credit Line Agreement from the Lender; 5.2.8. if the Client is married, the Client confirms that he/she undertakes financial obligations stemming from this Credit Line Agreement as personal obligation (and not as joint spousal obligation) and will use the Credit Line for personal purposes (and not for family purposes).
6. USE OF CREDIT LINE 6.1. The Client may use the Credit Line by way of utilising Credit (not exceeding the Credit Limit at any time) from the Lender to cover the amount of payment transactions initiated by the Client which cannot be covered from the Client’s own funds in W1TTY E-Money Account. Credit shall be deemed utilised at the moment of the Client’s authorisation of payment transaction from the Client’s W1TTY E-Money Account provided via W1TTY App, by using W1TTY Card or otherwise as permitted by W1TTY, if the Client does not have sufficient balance of Euros in W1TTY E-Money Account, but has sufficient available Credit Limit, for executing such payment transaction. In such case, the Client agrees that the authorised payment will be automatically executed as follows: (i) firstly, by using the Client’s own funds held in Euros on W1TTY E Money Account; and (ii) then, by using available Credit Limit (to the extent that the Client’s balance of funds held in W1TTY E-Money Account is not sufficient). The Lender will never allow larger Credit amount than needed to cover the rest of the payment transaction that cannot be covered by the Client’s own funds held in Euros on W1TTY E-Money Account and the available Credit Limit. 6.2. The Lender shall be responsible to the Client for proper provision of the Credit amount needed to cover the payment transaction, whereas W1TTY shall be responsible to the Client for proper execution of the payment transaction and transfer of funds to the respective payee. 6.3. The Lender will provide information about the amount of used Credit to the Client and the Client is able to check such information at any time and free of charge upon logging into his/her W1TTY E Money Account on W1TTY App. 6.4. The Credit Limit provided under the Credit Line Agreement is revolving, i.e. the repaid Credit amount can be used by the Client repeatedly until the Repayment Date but without exceeding the Credit Limit at any given time. The Lender reserves the right to unilaterally determine the conditions applicable for utilisation of Credit Limit (e.g. requirement for the Client to have an active W1TTY E-Money Account, etc.). In order to use the Credit Line, the Client must fulfil all such conditions. The Credit amount utilised by the Client is immediately deducted from the Credit Limit, and the outstanding Credit amount is increased by the amount utilised. The outstanding amount of Credit used by the Client will not exceed the Credit Limit at any given time. The Lender will reject the Client’s attempted payment transaction if the amount of payment transaction exceeds the available Credit Limit.
7. SUSPENSION OF CREDIT LINE SERVICES 7.1. The Lender reserves the right to suspend the Client’s possibility to use the Credit Line (including to suspend further use of the Credit Limit): 7.1.1. if the Lender becomes aware that the Client provided the Lender with incorrect, inaccurate or misleading information about the Client’s identity, solvency or other material circumstances, including when such information was provided in the Credit Line Application and the Lender provided the Client with the Credit Line based on this information (i.e. provided information led to incorrect assessment of creditworthiness); 7.1.2. if the Lender has grounds to suspect or has been notified by the Client that the Client’s security credentials linked to W1TTY E-Money Account or W1TTY Card have been lost, stolen, misappropriated, used without authorisation or otherwise compromised, and (or) the Client’s W1TTY E Money Account or W1TTY Card is used by unauthorised persons, for fraudulent purposes, or because for other objectively justified reasons relating to the security of W1TTY E-Money Account or W1TTY Card; 7.1.3. until the Client completes, to the Lender’s satisfaction, due diligence and creditworthiness assessment procedures periodically carried out under the Credit Line Agreement; 7.1.4. during operational maintenance, update, upgrade or errors of W1TTY App, as well as in case of illegal intervention, viruses or other malware suffered by W1TTY App; 7.1.5. in case of abnormal and unforeseeable circumstances beyond the Lender’s control; 7.1.6. if the Client engages or the Lender has grounds to suspect that the Client may be involved in prohibited activities such as fraud, money laundering, terrorist financing or other criminal or illegal activity; 7.1.7. if the Client breaches or the Lender has grounds to suspect that the Client may be in breach of the provisions of the Credit Line Agreement; 7.1.8. if the Client no longer has an active W1TTY E-Money Account and (or) possibility to log into W1TTY App (e.g. security credentials are blocked), including where W1TTY lawfully suspends (limits) the Client’s access to the Client’s W1TTY E Money Account; 7.1.9. if the Lender is required to do so by law, including under the requirement of the competent authorities; 7.1.10. the Client has overdue and (or) defaulted payments to the Lender under the Credit Line Agreement; 7.1.11. the Lender is informed about the Client’s death and (or) intention to file for bankruptcy; 7.1.12. the Lender considers that the Client’s risk of defaulting on payments to the Lender payable under the Credit Line Agreement significantly increases and (or) will increase. This may include (but shall not be limited to) the following circumstances: 7.1.12.1. the Client’s financial situation deteriorates or, in the Lender’s reasonable opinion, will deteriorate, which may have a material adverse effect on the Client’s ability to meet financial obligations under the Credit Line Agreement, including if the Client becomes insolvent before the entry into force of the Credit Line Agreement, but the Lender becomes aware of this only afterwards; 7.1.12.2. the Client has filed for bankruptcy or informed the Lender or Third Parties about possible bankruptcy; 7.1.12.3. the data provided in the registers or systems of the Lender or Third Parties contain information negatively affecting the Client’s creditworthiness; 7.1.12.4. the Client no longer has a place of residence in the Republic of Lithuania, or the Client informs the Lender about permanent departure from the Republic of Lithuania; 7.1.12.5. the Client’s contact details become invalid, for example, correspondence addressed to the Client is returned the Lender as undelivered, and the Client did not notify the Lender of a change in the Client’s contact details. 7.2. The Lender will inform the Client of the suspension of Credit Line services and reasons for it by e-mail at the Client’s verified e-mail address and on W1TTY App, where possible, before the Credit Line is suspended and at the latest immediately thereafter, unless providing such information would compromise objectively justified security reasons or is prohibited by law.
8. CREDIT REPAYMENT. INTEREST AND LATE FEES Credit Repayment 8.1. The Client undertakes to repay used Credit to the Lender no later than on the Repayment Date, which is the last day of the Repayment Term. 8.2. If the Client does not repay the used Credit by the end of the Repayment Date, it will be considered that the Client has breached the Credit Line Agreement and the Client shall continue to accumulate Interest for the further use of non-repaid Credit amount until it is repaid to the Lender as well as Late Fees will accumulate daily on the overdue Credit amount for up to 180 days. Interest 8.3. The Client undertakes to pay Interest to the Lender for the use of Credit under the Credit Line Agreement. Interest is accumulated for used Credit daily starting from the date the Credit was used until the date when the Client repays such used Credit to the Lender. 8.4. Interest is calculated according to the Interest Rate specified in the Special Terms and Conditions, taking into account the actual number of days in a respective month (i.e. daily). 8.5. The amount of Interest that is accumulated during a specific month is called “Monthly Interest Payment” which the Client undertakes to pay to the Lender within 1 (one) month following the end of a specific month during which that amount of Interest has accumulated. However, the due date of the last two Monthly Interest Payments for the Interest which accrues during the last two months of Repayment Term shall be the same date as the Repayment Date (so that all payable amounts would be settled no later than on the last day of Repayment Term). 8.6. If the Client does not pay the Monthly Interest Payment until its due date, it will be considered that the Client has breached the Credit Line Agreement and the Late Fees will accumulate daily on the overdue Monthly Interest Payment for up to 180 days. Late Fees 8.7. If the Client does not repay the used Credit until the end of Repayment Date and/or does not pay Monthly Interest Payment until its due date, it will be considered that the Client has breached the Credit Line Agreement and the Client shall pay to the Lender the Late Fees for each day of delay. Such Late Fees are considered as the Lender’s minimum losses. 8.8. The Late Fees are accumulated and charged on the overdue amount daily, starting from the next calendar day after the Client has breached the Credit Line Agreement under the Clause above, for every day of delay (but for not longer than 180 days). For the reasons of clarity, in case the Late Fees are applied due to the fact that the Client has not repaid the used Credit until the end of Repayment Date, the Late Fees will be calculated in addition to accruing of Interest on the outstanding Credit amount. 8.9. The Lender reserves a right to report Client’s overdue payments that arise under the Credit Line Agreement to Third Parties that maintain records of defaulting debtors, including credit bureaus. Method of Settlement 8.10. The Client agrees that his/her payments to the Lender that arise from the Credit Line Agreement will be made by the Client as follows: 8.10.1. by settling the outstanding payments from the Client’s own funds held in the Client’s W1TTY E-Money Account – the Client, by accepting the terms and conditions, agrees that W1TTY, acting for the benefit of the Lender, can perform unilateral settlements (set-offs) of any outstanding amounts of the Client that arise from the Credit Line Agreement from the Client’s W1TTY E-Money Account (i.e. outstanding Credit, accumulated Interest and Late Fees, regardless of their due date) as soon as the Client receives any funds on his/her W1TTY E Money Account (e.g. by way of top up or other incoming payment) until the Client’s payments to the Lender that arise under the Credit Line Agreement are fully settled; 8.10.2. by way of the Client himself/herself transferring funds from his/her payment account of choice to the Lender’s bank account – if the Client’s W1TTY E-Money Account is suspended or closed before the termination of the Credit Line Agreement and the Client still has outstanding payments to the Lender that arise from the Credit Line Agreement. 8.11. The Client’s payments to the Lender that arise from the Credit Line Agreement shall be made in Euros. On and/or after the Repayment Date, if the Client has available balance on his/her W1TTY E-Money Account in another currency, the Client agrees that the amount payable to the Lender under the Credit Line Agreement will be automatically converted to Euros by W1TTY at the Client’s expense (e.g. currency conversion fees may be applied) before it is deducted by W1TTY and transferred to the Lender. 8.12. The Client may be required to pay commission fees to W1TTY or other payment service providers servicing the Client, if any, for payment transactions intended for repayment of used Credit, payment of Interest or Late Fees under this Credit Line Agreement. The Lender shall not be responsible for covering such commission fees payable by the Client to W1TTY or other payment service providers servicing the Client. 8.13. The Client is able to check the outstanding Credit amount, accumulated Interest (Monthly Interest Payments) and Late Fees (including information on due dates) at any time and free of charge upon logging into the Client’s W1TTY E-Money Account on W1TTY App. If the Lender properly provides the respective information to the Client following the methods agreed upon in the Credit Line Agreement (e.g. makes it available to the Client on W1TTY App), the mere fact that the Client has not received and (or) has not opened the received information shall not release the Client from the obligation to repay the used Credit, pay Interest and (or) Late Fees in a timely manner. Order of Settlement 8.14. The Lender settles the funds received from the Client under the Credit Line Agreement in the following order: 8.14.1. firstly, the amount received is used to cover overdue payments to the Lender, if any (and if the received amount is not sufficient to cover all such payments – firstly, such amount is used for payment of Late Fees, then – for overdue Monthly Interest Payments (including any Interest that accrues after Repayment Date, if any), lastly – for overdue repayment of used Credit); 8.14.2. secondly, the amount paid is used to cover other outstanding payments to the Lender, if any (and if the received amount is not sufficient to cover all such payments – firstly, such amount is used for payment of Monthly Interest Payments that are not yet overdue, then – for repayment of used Credit); 8.14.3. lastly, the amount paid is used to cover any expenses incurred by the Lender for the judicial or non-judicial process of recovery of the Client’s debt, if any.
9. DATA PROTECTION 9.1. For more details regarding the data protection and processing, please refer to the Privacy Policy.
10. CONFIDENTIALITY 10.1. The Client undertakes to keep confidential the technical and commercial information which has become known to the Client during contractual relations with the Lender, except for publicly available information. The Client shall not transfer such information to any third party without the Lender’s prior written consent.
11. INTELLECTUAL PROPERTY 11.1. The Client acknowledges and agrees that any and all titles, interests and intellectual property rights that exist now, and all such titles, interests and rights subsequently acquired by the Lender or its partners to W1TTY App or other systems used for facilitation of Credit Line services in their entirety, including without limitation to all information, content and material contained therein, are owned or licenced by the Lender or its partners and are protected by intellectual property laws and (or) international treaty provisions. 11.2. Nothing in this Credit Line Agreement grants the Client any legal rights to W1TTY App or other systems used for facilitation of Credit Line services in their entirety other than as necessary to enable the Client to use the Credit Line services. 11.3. The Client acknowledges that, under no circumstances, the Client will acquire any title or interest to any part of W1TTY App or other systems used for facilitation of Credit Line services and (or) their contents. The Client may not reproduce, store, share, distribute or use any of the information, content and material contained on W1TTY App or other systems used for facilitation of Credit Line services, either in whole or in part, without the Lender’s or the respective owner’s prior written consent. 11.4. “W1TTY” name and logos are trademarks of the Lender, W1TTY and (or) their affiliates. Other marks, graphics, icons, names and logos used or displayed on or through W1TTY App or other systems used for facilitation of Credit Line services and the described or offered products or services are trademarks, trade dress and (or) service marks of the Lender, W1TTY and (or) their affiliates or otherwise are the property of their respective owners, who may or may not be affiliated with, connected to, or sponsored by the Lender. 11.5. The Client must not copy or use any of the abovementioned trademarks, trade dress and (or) service marks, in whole or in part, without the Lender’s and the respective owner’s prior written consent.
12. LIMITATION OF LIABILITY 12.1. To the extent permitted by applicable laws, the Lender’s liability to the Client under the Credit Line Agreement shall be limited to direct losses incurred by the Client and not exceed the total amount of Interest and Late Fees paid by the Client to the Lender during the 3 (three) months of cooperation preceding the day the damages arise. To the extent permitted by applicable laws, the Lender shall be liable only due to its wilful misconduct. 12.2. The Party shall be exempted from the liability for non-performance of obligations under the Credit Line Agreement if it can prove that non-performance of obligations is caused by force majeure (any of the following events, which cannot be prevented or overcame by reasonable means, including but not limited to war, civil unrest, the entry into force of regulations of state and government and other actions of government agencies and organisations, moratoriums, epidemics, blockades, embargoes, earthquakes, floods, fires or other disasters, acts of God, strikes, lockouts or similar labour disturbance) circumstances which are proven according to the applicable laws.
13. WITHDRAWAL FROM THE CREDIT LINE AGREEMENT Cooling-off period 13.1. The Client has the right to cancel the Credit Line Agreement, without giving any reasons, within the cooling-off period of 2 (two) calendar days and not pay Interest or any other fees. 13.2. The period of 2 (two) calendar days is calculated from the date of first drawdown (usage) of Credit from the Credit Limit made by the Client under the Credit Line Agreement. 13.3. The Client who wishes to exercise the right of cancellation of the Credit Line Agreement should notify the Lender of this through W1TTY App or otherwise in accordance with Section 18 of these General Terms and Conditions. 13.4. The Client who exercises the right to cancel the Credit Line Agreement must repay to the Lender the used Credit amount on or before the cooling-off period but does not need to pay Interest or any other fees. 13.5. If the Client does not repay the utilised Credit to the Lender as specified above until the end of the cooling-off period, the Client’s cancellation of the Credit Line Agreement shall be deemed invalid. 13.6. In any case, upon receipt of the Client’s notification of cancellation, the Lender shall have the right to unilaterally suspend the Client’s further use of the Credit Line. Withdrawal period 13.7. The Client has the right to withdraw from the Credit Line Agreement within 14 (fourteen) calendar days. 13.8. The period of 14 (fourteen) calendar days is calculated from the date of conclusion of the Credit Line Agreement. 13.9. The Client who wishes to exercise the right of withdrawal from the Credit Line Agreement as specified above should notify the Lender of this through W1TTY App or otherwise in accordance with Section 18 of these General Terms and Conditions. 13.10. The Client who exercises the right to withdraw from the Credit Line Agreement must repay to the Lender the used Credit amount and Interest accumulated from the day the Credit was utilised until the day the Credit is repaid to the Lender. 13.11. If the Client does not repay the used Credit and accumulated Interest to the Lender as specified above within 30 (thirty) calendar days following the date of withdrawal notification, the Client’s withdrawal from the Credit Line Agreement shall be deemed invalid. 13.12. In any case, upon receipt of the Client’s notification of withdrawal, the Lender shall have the right to unilaterally suspend the Client’s further use of the Credit Line. Withdrawal due to shortcomings 13.13. If the Client believes that the Credit Line Agreement did not contain all the information required by law, or that the information provided in the Credit Line Agreement is misleading and this had a significant impact on the Client’s decision to enter into the Credit Line Agreement that the Client would not have entered into otherwise, the Client has the right to withdraw from the Credit Line Agreement. 13.14. The Client who wishes to exercise the right of withdrawal from the Credit Line Agreement as specified above should notify the Lender of this through W1TTY App or otherwise in accordance with Section 18 of these General Terms and Conditions. 13.15. In such case, the Client’s notification must contain the exact provisions of law that have been omitted and (or) misleading provisions of the Credit Line Agreement. 13.16. If the Client’s notification is duly justified, the Client has an obligation to repay to the Lender the used Credit amount in accordance with the terms provided in Section 8 of this Credit Line Agreement but does not need to pay Interest or any other costs. 13.17. In any case, upon receipt of the Client’s notification of withdrawal, the Lender shall have the right to unilaterally suspend the Client’s further use of the Credit Line.
14. CHANGES TO THE CREDIT LINE AGREEMENT; DEFERMENT OF PAYMENTS Changes requested by the Client 14.1. The Client may request the Lender to change the terms of the Credit Line Agreement (e.g. request to increase the Credit Limit, etc.). Such Client’s request should be submitted through W1TTY App or otherwise in accordance with Section 18 of these General Terms and Conditions. 14.2. In some cases, e.g. if the Client wishes to increase the Credit Limit, the Client may need to submit a new Application to the Lender together with the request to change the terms of the Credit Line Agreement and the Lender may reassess the Client’s creditworthiness. 14.3. The Client’s request does not oblige the Lender to change the terms of the Credit Line Agreement. 14.4. If the Lender decides to approve the Client’s request, a new version of the Credit Line Agreement will be provided to the Client which will enter into force only upon the Client approves such new version of the Credit Line Agreement in the same way as in case of entering into a new Credit Line Agreement. Deferment of Repayment Date 14.5. The Client may request the Lender for deferment of Repayment Date for a period of no longer than 3 (three) months, extending the Repayment Term accordingly. 14.6. The Client’s request for deferment of Repayment Date should be submitted through W1TTY App or otherwise in accordance with Section 18 of these General Terms and Conditions. 14.7. In the request, the Client must detail the circumstances that led to the deterioration of the Client’s financial situation, and the Lender reserves the right to ask the Client to submit documents proving these circumstances. 14.8. If the Lender approves the Client’s request, the Client will be notified of this and the Lender will update the Client’s Repayment Date. 14.9. During the period of deferral of the Repayment Term, the Client will be required to pay Interest to the Lender and their payment will not be deferred, unless agreed otherwise. The Client can check the information on accumulated Interest and due Monthly Interest Payments at any time and free of charge upon logging into his/her E-Money Account on W1TTY App. 14.10. The extension of Repayment Term is calculated from the date of the Lender’s decision to defer the Client’s Repayment Date. Changes made by the Lender 14.11. The Lender reserves the right to unilaterally change the terms of the Credit Line Agreement at any time for any of the following reasons (without limitation): 14.11.1. changes are favourable for the Client; 14.11.2. changes are expected to make provisions of the Credit Line Agreement clearer and easier to the Client’s understanding; 14.11.3. changes are required to reflect amendments or expected amendments to the Lender’s internal policies or applicable laws and regulations, or to reflect a relevant demand, decision or recommendation of any court, regulator or other competent authority; 14.11.4. changes need to cover security improvements to W1TTY App, improvements to the services provided through W1TTY App, introduction of a new and (or) replacement or withdrawal of an existing service provided through W1TTY App; 14.11.5. changes needed to reflect amendments in services provided by the Lender’s partners or intermediaries and (or) changes in the Lender’s partners or intermediaries altogether; 14.11.6. changes are required to reflect increase of or introduction of additional associated costs, and (or) to reflect changes or expected changes in costs the Lender incurs when providing Credit Line service to the Client. 14.12. If the Lender decides to change the terms of the Credit Line Agreement as specified in the Clause above, a new version of the Credit Line Agreement will be provided to the Client at least 60 (sixty) calendar days before their proposed date of application. 14.13. If the Client does not notify the Lender that changes to the Credit Line Agreement are not accepted by the Client before the proposed date of their entry in force, the Client will be deemed to have accepted such changes and be bound by the updated or amended Credit Line Agreement. 14.14. In the event that the Client disagrees with the proposed changes to the Credit Line Agreement, the Client has the right to terminate the Credit Line Agreement free of charge and with effect at any time until the date of their proposed date of entry into force in accordance with Section 15 of these General Terms and Conditions, provided that the Client has no outstanding payments to the Lender that arise from the Credit Line Agreement (i.e. the Client has repaid all used Credit and paid all Interest and Late Fees, if any, to the Lender).
15. VALIDITY AND TERMINATION OF THE CREDIT LINE AGREEMENT 15.1. The Credit Line Agreement shall be valid until the Client fulfils all his/her payments to the Lender that arise from the Credit Line Agreement, but not earlier than on the Repayment Date (unless terminated earlier). If at the end of the Repayment Date, the Client has no outstanding payments to the Lender that arise from the Credit Line Agreement, it is deemed that the Credit Line Agreement expires on the Repayment Date. In any case, the Client is no longer able to use the Credit Limit after the end of the Repayment Term. 15.2. The Client may terminate the Credit Line Agreement at any time by giving notice to the Lender through W1TTY App or otherwise in accordance with Section 18 of these General Terms and Conditions, provided the Client has no outstanding payments to the Lender that arise from the Credit Line Agreement (i.e. the Client has repaid all used Credit and paid all Interest and Late Fees, if any, to the Lender). 15.3. The Lender shall have the right to unilaterally terminate the Credit Line Agreement and request the Client to immediately repay the remaining part of used Credit, pay Interest and other amounts due (such as Late Fees) to the Lender, if all of the following conditions are met: 15.3.1. the Client is notified about an overdue payment in accordance with Section 18 of these General Terms and Conditions; 15.3.2. the payment is overdue for a period longer than 1 (one) month and the overdue amount is not less than 10 % (ten percent) of the outstanding Credit amount, or the payment is overdue for a period longer than 3 (three) consecutive months; 15.3.3. the Client does not cover the overdue amount within 2 (two) weeks from receipt of additional notification about an overdue payment made in accordance with Section 18 of these General Terms and Conditions.
16. ASSIGNMENT 16.1. The Client may not novate, assign, transfer, sub-contract or otherwise grant any rights, obligations, claims or legal interest under the Credit Line Agreement. 16.2. The Lender reserves the right to assign the rights and obligations under the Credit Line Agreement to any subsidiaries, intermediaries, affiliates or any third parties at any time without the Client’s consent, provided that such an assignment will be in compliance with the applicable laws and regulations. 16.3. The Lender reserves the right to pledge or securitise the claim rights arising from the Credit Line Agreement against the Client to a Third Party chosen by the Lender without the Client’s consent, provided that such pledge or securitisation will be in compliance with the applicable laws and regulations. In any case, the pledge or securitisation of the claim rights shall not violate the rights of the Client specified in the Credit Line Agreement.
17. LANGUAGE 17.1. The formal language of the Credit Line Agreement, information and documents to be provided by the Client under the Credit Line Agreement, as well as communication between the parties is Lithuanian and (or) English. The provisions of this Credit Line Agreement are in Lithuanian and (or) English. In case of discrepancies between the two versions, the Lithuanian version shall prevail. Using in communication with the Client of any other language is exclusively for informal purposes and in no way shall alter, change or modify the terms of the Credit Line Agreement. 17.2. Unless otherwise provided by the applicable laws, the language of communication between the Client and the Lender is Lithuanian and (or) English or another language if the Lender and the Client agrees so.
18. COMMUNICATIONS 18.1. Notifications, requests and any other communications related to the Credit Line services shall be transmitted to the Client by posting them on W1TTY App and (or) by e-mail or phone at the Client’s verified e-mail address or phone number. 18.2. Notifications, requests and any other communications shall be deemed transmitted to the Client when posted or sent (as established in Clause above) by the Lender and shall be deemed received by the Client personally. 18.3. If the Client wishes to submit any notifications, requests or other communications related to the Credit Line services to the Lender, the Client should do so using any of the following means: 18.3.1. E-mail: contact@w1tty.com; 18.3.2. Phone: +37066587253; 18.3.3. Office: Didžioji St. 18, LT-01128 Vilnius, Lithuania; 18.3.4. Live chat support on W1TTY App. 18.4. The Client is required to check W1TTY App, the Client’s verified e-mail address and (or) phone number regularly in order to timely be acquainted with any notifications and other communications provided to the Client. The Client accepts that the Client’s failure to comply with this requirement may result in loss of notifications that may impact the Client’s rights and obligations under the Credit Line Agreement. The Lender shall not be liable for any losses or damages arising out of the Client’s failure to comply with the above requirement. 18.5. The Client shall immediately but not later than within 3 (three) Business Days inform the Lender of any changes to the Client’s address, e-mail, phone number or other contact details. The Lender shall not be liable for any losses or damages arising out of the Client’s failure to comply with the above requirement.
19. NO WAIVER 19.1. Failure or delay by the Lender to exercise any right, power or remedy under the Credit Line Agreement or to require or enforce strict performance by the Client of any provision of the Credit Line Agreement and any supplemental or incorporated documents or policies shall not be regarded as a waiver or relinquishment of any such right, power or remedy.
20. GOVERNING LAW 20.1. The construction, validity and performance of the Credit Line Agreement, as well as any rights, obligations, claims or disputes arising out of them shall be governed in all respects by the laws of the Republic of Lithuania without recourse to the conflict of laws rules regardless of the venue or jurisdiction in which a dispute arises.
21. COMPLAINTS AND DISPUTES 21.1. Any complaint the Client sends will be considered and settled in accordance with complaint resolution procedures established by the Lender. 21.2. A complaint sent shall contain a detailed description of circumstances and reference to the documents which are the basis for the complaint. The Client shall submit any complaint the Client may have 3 (three) months after the Client becomes aware that the Client’s rights have been violated. 21.3. The Lender investigates such complaints regarding the Credit Line and (or) Credit Line Agreement no later than within 15 (fifteen) Business Days from the receipt of the complaint. The Lender provides the Client with the response to the Client’s complaint in writing or another durable medium, e.g. email. 21.4. In exceptional cases where the Lender’s response cannot be given within the time set in Clause above due to reasons beyond the Lender’s control, the Lender has the right to provide the Client with an interim (i.e. not final) response, by clearly stating the reasons for the delay of the final response and the term by which the Client will receive a final reply. In any case the final response must be provided within 35 (thirty-five) Business Days from the receipt of the Client’s complaint. The Client’s complaint is investigated free of charge. 21.5. The Client who is not satisfied with the Lender’s answer or does not receive the answer within the time frames specified in Clauses above has the right to bring the claim to the court of the Republic of Lithuania or, within 1 (one) year from the day of applying to the Lender, to submit a request to the out of-court dispute settlement institution – Bank of Lithuania (website: www.lb.lt). The complaint to the Bank of Lithuania may be submitted as follows: 21.5.1. via the electronic dispute settlement facility e-government gateway; 21.5.2. by sending complaint to the Bank of Lithuania, Totorių St. 4, LT-01121 Vilnius, Lithuania or by e-mail prieziura@lb.lt. 21.6. Examination of the complaint at the Bank of Lithuania is free of charge. More information is provided on the Bank of Lithuania’s website: https://www.lb.lt/lt/daugiau-apie-gincus-su-finansiniu-paslaugu-teikeju. 21.7. The Client has also the right to submit a request or a complaint to the Bank of Lithuania. Information and procedure for submitting a request or a complaint is provided on the website of the Bank of Lithuania (https://www.lb.lt/lt/kontaktai#group-464). Requests or complaints can be filed in writing or via e-mail and submitted to these addresses: Totorių St. 4, 01121 Vilnius, info@lb.lt, and Žalgirio St. 90, 09303 Vilnius, prieziura@lb.lt.
22. ILLUSTRATIVE EXAMPLE 22.1. For illustration purposes, the calculation of Monthly Interest Payment and Total Payable Amount is provided below in the table assuming that a Client: 22.1.1. has accepted the Credit Line Agreement on 01st March 2023; 22.1.2. has the Repayment Date of 31st August 2023 under the Credit Line Agreement; 22.1.3. has been given a Credit Limit of EUR 200 by the Lender; 22.1.4. uses all Credit Limit on the first day (i.e., 01st March 2023) of the Credit Line Agreement; 22.1.5. does not make any repayment of the used Credit (except Monthly Interest Payment) during the Repayment Term; 22.1.6. pays interest on used Credit monthly and assuming that each month has 30 days; and 22.1.7. repays all used Credit on the Repayment Date. 22.2. If the Client does not use all Credit Limit or if the Client repays Credit earlier, then less Interest will accrue, and the Total Payable Amount will be lower.