Common use of Repayment Clause in Contracts

Repayment. 8.1 The Loan together with all applicable fees and charges must be repaid in Czech Republic Crown within the agreed term, as specified on the invoice, which shall commence to run from the date on which the Loan is transferred to the bank account indicated by the Customer or the date on which the Loan is disbursed to the Customer. Disbursements made via the Post Office shall, for this purpose, be considered to have been made three calendar days after acceptance of the Loan Application by Ferratum. If the Customer performs its payment obligations in any other currency, he or she shall cover all costs related to the exchange of such currency to the Czech Republic Crown. 8.2 The invoice shall, until the amounts indicated thereon are still due, be available at all times on the Account and may be saved in pdf file format. Each Customer may request the invoice to be sent to his/her personal e-mail or by post free of charge. In case of an extension, a new invoice shall be sent. Failure to receive the invoice does not relieve the Customer of the obligation to pay the amount due. In case no invoice is received within 5 calendar days as of Loan disbursement or extension, the Customer shall notify Ferratum thereof. Non receipt of the invoice does not relieve the Customer from the obligation to make repayments. 8.3 The invoice shall indicate the total amount to be repaid, which amount shall further be broken down into the principal Loan amount and the Loan Fee. The invoice shall furthermore include the Loan term, the monthly repayment amounts, if any, and the date on which the payment/s are due as well as the bank account number to which payments have to be made. 8.4 The repayment shall be made to any one of the bank accounts indicated on the invoice. The fee imposed by the relevant service provider for the transfer shall be incurred by the Customer. Where Customers have received the Loan via bank transfer to their own personal accounts, the repayments have to be made through a personal bank account of the Customer. Ferratum reserves the right to reject any payment which is not made through an account held in the Customer’s own name at the Customer’s expense. 8.5 The Customer shall indicate the invoice number in the payment details of the bank transfer. If this is not done and Ferratum is unable to identify the payment, then the payment is considered not to have been received and the Customer shall be liable to pay the default penalty or interest in terms of these Standard Terms. 8.6 The Customer is entitled to repay the Loan before due date. In such case, only a part of the Loan Fee(s) shall be due, calculated as a proportion of the time during which the Loan was actually used (i.e. which accrued until the date of repayment). In case the Customer is unsure about the latter amount, the relevant information is available by calling or e-mailing Ferratum. Ferratum shall additionally have the right to claim compensation which is equal to 0.5% of the Loan repaid early; provided that Ferratum shall have the right to claim a higher compensation amount if the loss suffered from the early repayment exceeds such amount. 8.7 In case of insufficient payments, the order of allotment shall be the following: (1) Extension Fee (2) Payment Schedule Fee (3) any costs of recovery of any amounts due; (4) default penalty; (5) the Loan Fee and the principal amount of Loan, and, (6) any other amounts owed by the Customer. 8.8 Any amount shall be considered to have been paid when it is received in the bank account indicated by Ferratum subject to the right of Ferratum to refuse payment as further specified in these Standard Terms. 8.9 Any amounts due in terms of the Loan Agreement shall be considered to fall due immediately and the Customer shall lose any benefit of time granted to him or her if s/he become insolvent, or if his/her condition has so changed as to endanger the payment of the amounts due hereunder, or in case of death of the Customer.