Business loan with personal guarantee

The general terms and conditions of our loans are valid as of December 7, 2018.

Parties

These general terms and conditions are part of and apply to a loan issued by Qred Yrityslaina Oy, Finnish branch company code 2868615-5 (”Lender“) has, after an approved loan application, issued to a corporate client (the “Customer”).

General

These general terms and conditions apply to the agreement between the Customer and the Lender by which the Lender has granted the Customer a loan (the “Loan”) and are part of it (the “Loan Agreement”). A loan agreement is created when the Client who has the right to write the name of the Client accepts the terms and conditions of the Loan Agreement and these general terms and conditions and the Lender accepts the loan application. The Loan Agreement and these General Terms and Conditions together define the terms of the Loan.

Information about the company and its activities

The lender is a company registered in the Finnish Trade Register that provides loans to Finnish companies.

Loan application

The loan application is made via the Internet on the Lender's website at the address indicated by the Lender. The Lender may request further information from the Client electronically or by telephone. The Lender informs the Customer of the loan decision electronically. In order to be able to conclude a loan agreement and obtain a positive loan decision, the Customer must be a Finnish entity, represented by the person (s) duly entitled to its name designation. The Client is responsible for ensuring that the information provided by him to the Lender is correct and, if necessary, provides his representative's proxy. The person entitled to the name of the customer and the guarantor must prove their identity either by presenting a valid identity document or by identifying themselves with bank IDs or other means indicated by the Lender.

Creditworthiness assessment

The granting of the loan is preceded by a creditworthiness assessment and the granting of the Loan is decided unilaterally by the Lender. The Customer consents that the Lender may obtain information necessary for granting a loan from third parties and from registers maintained by third parties, such as the credit data register. The loan can only be granted if the Client, in the opinion of the Lender, has the financial conditions to fulfill the obligations under the Loan Agreement. The lender reserves the right in an individual case not to issue a loan or to offer a loan less than the one applied for.

Loan

The Loan Agreement shall enter into force after the Loan Application has been accepted and ends when the Loan has been repaid in full. Due dates can be found on the Lender's website in the “My Pages” tab. The Loan Issued means that the Customer has the right to borrow the loan amount agreed in the Loan Agreement, which the Lender pays to the bank account indicated by the Customer. Payment is made on a business day. The Lender may grant the Customer a new loan based on a new application and a new credit assessment.

Repayment and shortening

The loan must be repaid in full according to the agreed payment schedule. The Customer shall shorten the Loan monthly by the amount specified in the Loan Agreement. The amount of the amortization (plus the monthly payment) must be paid to the bank account indicated by the Lender no later than the due date. Late payment may make it difficult to obtain a loan from the Lender in the future.

Due dates, the amount to be paid and the Lender's bank account can be found, among other things, in the “My Pages” tab on the Lender's website.

Monthly payment

The Client pays the Lender a fixed monthly fee, the amount of which is reflected in the Loan Agreement. The monthly payment shall be the same throughout the term of the Loan Agreement until the loan is due in full for repayment, but in such a way that the Lender has the right to modify the monthly payment in accordance with paragraph 19. The monthly fee will be paid throughout the term of the Loan Agreement.

Delay interest and delay-related expenses

In the event of a delay in the loan repayment or monthly payment, the Customer shall pay interest on the outstanding amount from the due date to the actual date of payment. In addition, the Customer will be charged a reminder fee and any collection costs in accordance with the law. The amount of interest on arrears is specified in the Loan Agreement. The amount of other charges to be collected is specified on Qred's Own Website.

The Lender has the right at any time during the term of the Loan Agreement to change the amount of interest on arrears. If this change is unfavorable to the Customer, the Customer shall be notified of the change by e-mail and on the Lender's website at least two (2) months before the change takes effect.

Order of settlement, acknowledgement and deduction of overdue credit

The Lender has the right to allocate the payments paid by the Customer first as payment of the overdue Loan monthly payments, other expenses and interest on arrears before the loan principal is amortized. If the Customer has past due, unpaid, monthly payments and/or other unpaid expenses on previous loans, the Lender will allocate the new Loan issued to pay these payments at the same time as the subsequent Loan Agreement enters into force.

Costs that could not have been foreseen

In the event that the Lender's activities incur unexpected or otherwise unforeseeable costs resulting from decisions of the authorities, changes in the law, monetary policy actions, changes in fundraising costs, or other circumstances beyond the Lender's control or which the Lender could not reasonably have foreseen at the time of the conclusion of the Loan Agreement, the Lender has the right to change the month payment with immediate effect. Any such change in monthly payment will be notified to the Customer by e-mail and on the Lender's website at least two (2) months before the change takes effect.

Payment schedule

The Customer has the right to receive, at no cost, upon request, a summary of when the loan amount and the monthly payment will be paid during the term of the Loan Agreement. This information is also available in the “My Pages” tab on the Lender's website.

Invoicing and payment

The Lender sends the Customer an invoice every month electronically. The invoice will be sent no later than eight (8) days before the due date. The invoice contains information about the Loan amount, the monthly payment and the total amount to be paid monthly. Payment must be made to the bank account indicated by the Lender no later than the due date stated on the invoice.

Currency

The Customer must pay the monthly fee, any interest on late payment, the loan amortization and any other costs and fees related to the Loan and Loan Agreement in euros. This also applies to early repayment of the Loan in accordance with paragraph 17

Affirmations

The client provides the assurances mentioned below. The insurance policies are valid from the moment the loan agreement is signed for the duration of the loan agreement.

The status

The customer is a legal person registered under Finnish law and has the authority to carry out activities in accordance with its registered branch of business. The Client declares that the Loan will be used to conduct business related to its industry.

Legal Obligations

The competent bodies of the Client have decided on the acceptance of the Loan and the commitment to the Loan Agreement and the Customer has the right to commit to the Loan Agreement. The loan agreement is binding on the Customer and the obligations arising from it are enforceable against it. The commitment to the loan agreement and the fulfillment of the obligations arising from it is not and will not be contrary to the Client's Articles of Association or the terms of the contract binding it.

Permits

The Client has obtained all consents, decisions and authorizations necessary for the commitment to the Loan Agreement and the fulfillment of the obligations arising therefrom, and all such consents, decisions and authorizations shall be in continuous effect.

Details

All information provided by the Customer to the Lender is correct, missing nothing or misleading.

Money Laundering and Terrorist Financing

The information provided by the Customer is correct, appropriate and so clarifying that the Lender can comply with the obligations of the Money Laundering Act.

The right of the lender to terminate the loan for repayment before the due date

The Lender has the right to terminate the Loan for repayment before the due date at the time specified by the Lender if any of the following occurs:

1. The Customer has failed to fulfill its obligations to the Lender under the Loan Agreement or other obligations to the Lender;
2. there are reasonable grounds for suspecting that the Customer will not fulfill its payment obligation to the Lender;
3. it is apparent that the Customer, by hiding, concealing property or otherwise, is evading his obligation to pay;
4. The customer is insolvent or is legally deemed to be insolvent or admits to being unable to perform its obligations when they become due, terminates its payments or enters into negotiations with a creditor regarding a settlement, corporate restructuring or debt settlement;
5. Customer has provided an incorrect or misleading statement or information about its circumstances and is not corrected (where rectification is possible) within ten (10) days after Customer became aware of the matter; or
6. The loan agreement shall be deemed to be either partially or wholly invalid or unenforceable. The lender informs the client 10 days before the early termination of the loan. In case of early termination of the loan, the entire outstanding debt becomes payable and interest and expenses are capitalized. In case of termination of the loan in accordance with paragraph 16, these general terms and conditions shall apply until the debt is repaid.
   

Early repayment

The Customer has the right, without any particular reason, to repay the Loan in full before the due date. If the Loan is repaid before the due date, the Customer is obliged to pay the agreed monthly payment up to and including the month during which the repayment takes place.

Transfer of a loan

The Lender has the right to transfer, assign or pledge its rights under the Loan Agreement without seeking the Customer's approval. The customer will be notified of such assignment, transfer or pledge. The Client is not entitled to transfer, assign or pledge his obligations or rights under the Loan Agreement without the consent of the Lender.

Modification of the Terms

The Lender has the right to amend these general terms and conditions without seeking the Customer's approval. If the change in the terms and conditions made is material, the Lender will notify the Customer of the change no later than one month before the change takes effect. If the Customer does not accept the amendment, he/she has the right to terminate the Loan immediately and repay the Loan without charge in accordance with section 17. If the Loan has not been terminated prior to the entry into force of the change in terms, the Customer shall be deemed to have accepted the change. Changes to the monthly payment and interest on arrears have been agreed in paragraphs 9 and 11 of the Loan Agreement.

Limitation of Lender Liability

The Lender shall not be liable for damage caused by changes in Finnish or other legislation, the action of the authorities, military action, strike, blockade, boycott, lockout, natural disaster, damage, disruption of postal telephone, fax or e-mail traffic, electricity distribution or any other similar event outside the Lender's sphere of influence (so-called force majeure) even in the event that a strike, blockade, boycott, lockout or similar event concerns the Lender. Under no circumstances shall the Lender be liable for any indirect or indirect damage, consequential damage or loss of profit.

Payments from the guarantor

If the Guarantor makes a payment to the Lender on the basis of its guarantee, the Guarantor shall expressly inform the Lender separately that the payment has been made in his capacity as guarantor.

Changes in contact information, etc.

The Client and the Guarantor shall notify the Lender without delay of any change in their name, address, telephone number, e-mail address or other information relevant to the Lender. If the information required under the Money Laundering Act changes (see section 27), the Customer must immediately inform the Lender thereof.

Ownership relationships

If there is a change in the ownership of the Customer, the Customer must notify the Lender of the change without delay and provide the Lender with the information requested by the Client regarding the change. The Customer must also disclose to the Lender information about the entity or entities that directly or indirectly own at least 25% of the Customer's shares or votes or otherwise exercise control over the Customer. The Lender has the right to terminate the Loan due immediately for repayment if the Customer's ownership changes.

Listings

The Lender will send notices to the Customer in accordance with these terms and conditions to the e-mail address provided by the Customer or, if the Lender deems appropriate, by other means, also on the Lender's website.

The notice shall be deemed to have been received by the Customer when it has been sent in accordance with the above, or in any case no later than seven (7) days after it has been posted or published on the “My Pages” tab on the Lender's website.

Complaints and Dispute Resolution

Complaints concerning the loan or the activities of the Lender can be reported to the Lender's customer service at the telephone number 09-424 503 99 or by sending an e-mail to the Lender's e-mail address asiakaspalvelu@qred.com or by mail to Qred Yrityslaina Oy, Finland branch, Korkeavuorenkatu 30, 00130 Helsinki. In accordance with Finnish law, disputes arising out of a credit or loan agreement are dealt with in the Helsinki District Court at first instance. The lender has the right to sue in another court as well. The loan agreement, including these general terms and conditions, is governed by the law of Finland.

Data protection and processing of personal data

Personal data will be processed in accordance with existing law. The information is mainly used to determine the identity of the Loan Applicant, for loan evaluation and for the Lender to comply with the obligations set out in the Money Laundering Act. More detailed information about the measures can be found in the Lender Privacy Policy. By accepting the Agreement, the Customer confirms that he has received and read the Privacy Policy.

Money Laundering

In the course of its activities, the lender is obliged to comply with the Law on the Prevention of Money Laundering and the Financing of Terrorism (444/2017). Under the Act, the Lender is obliged to take risk-based measures to ensure the identification and identification of the customer in order to prevent money laundering and terrorist financing. According to the strict requirements, the Lender must have good information about Customers and their transactions, which requires asking Customers for information. On a case-by-case basis, this may require additional information to verify, for example, the origin of the money and the purpose of the loan.

By accepting the Agreement, the Customer agrees to provide the information requested by the Lender in order to comply with applicable laws. The Lender is entitled to terminate or not offer a loan to the Client for whom such information is not available.