WM Debt Service

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About Instruction Rules

Rules

WebMoney Transfer Debt Service
Terms of Use

For the purpose of the given Terms Of Use, following terms and definitions are being used:
Debt Service – automated online service, functioning in accordance with the given Terms of Use within WebMoney Transfer System.
Paymer - automated online service, accessible via Internet at http://www.paymer.com allowing participants to register their own debt instruments (promissory notes), payable to bearer, as well as to register transfer of the given instruments to any person, accepting them as payment means for rendered goods/services or as transfer of property rights.
Customer - user of the WebMoney Transfer System and its automated online service, any individual or legal entity, being a party to WebMoney transactions (in any of its parts or derived activities), having a right to perform operations within the Service in accordance with the given Terms of Use.
Correspondent – customer of the System, authenticated by the owner of WebMoney Keeper and authorized by him/her for exchanging messages, invoices and transactions.
Offer – a request, sent to the Correspondent via WebMoney Keeper interface, offering Loan Agreement and describing terms and conditions.
Trust limit - total volume of WM title units, stipulated by the Offer, that a Customer can engage as per Loan Agreement, as per amount of the title units, located at the Correspondent’s purses and with account of other valid and not yet fulfilled Loan agreements.
Loan Agreement - document, verifying material (commercial) intentions between Lender and Debtor, registered within the Service and verified by a (digital) Analogue Signature of the participants.
Lender – customer, rendering certain amount of title units for use to the Correspondent on the conditions, stipulated by the Offer, accepted by him.
Debtor – customer, borrowing an amount of title units from the Correspondent on the conditions, stipulated by the Offer, accepted by him.

Clause 1. General

1.1. The given Terms of Use determine terms and conditions for accessing Debt Service (hereinafter referred to as The Service) by WebMoney Transfer customers, concluding and fulfilling obligations as per Lending Agreements, establishing contractual relations between the Service and its Customers, fulfilling mutual customer-to-customer, customer-to-service and service-to-customer liabilities.

1.2. In accordance with the Terms of Use ,Customers hereby can:

Determine trust limit for the Correspondent (forwarding the Offer to the designated Correspondent on condition of repaying the loan upon request);
Change limit conditions for the designated Correspondent;
Receive loan from the designated Correspondent securing it by a guarantee in the Paymer Service format on terms, stipulated by the Correspondent (at this, Loan Agreement, stipulating loam limits is signed by the Correspondents);
Grant a loan to the Correspondent upon his request in accordance with terms, established by the Correspondent and with guarantee, securing debt repayment;
Paying off the debt by the loan debtor in agreed terms.

1.3. Parties assume all responsibilities for the powers of the Service and Paymer system, registering operations done by customers and performing necessary automated actions online. The fact of performing the operation in the Service by the customer serves as an absolute confirmation from the side of the Customer of the Service’s and Paymer System’s power to register operations and of the appropriateness\relevance of the concluded agreements and performed activities.

1.4. In order to use the Service, the Customer hereby agrees to render his\her correspondents a right to view his personal data, logged during his registration in WebMoney Transfer System.

1.5. When concluding a Loan Agreement, Correspondents are obliged to put a cross reference to the given terms of use.

1.6. Every settlement between Customers as per Loan Agreement, concluded in accordance with the Terms of Use, are performed solely between purses, assigned when establishing trust limit.

1.7. On instructions of the Debtor, the Service ensures fulfillment of the obligations of Parties as per Loan Agreement giving Lender a right to:

Receive the amount due at approaching the due date out of the funds, located at any of the Debtor’s purses;
Receive the amount due incase of termination of the Loan Agreement before the due date by concluding and performing Loan Agreement with other active correspondents of the Debtor and on his behalf;
When the above deems to be impossible to fulfill or when agreement conditions are being violated, receive the amount due by means of title units in the Paymer format, belonging to the Debtor and forwarded to the Service.

Clause 2. Procedure for presenting a Loan Offer to the Lender (stipulating limit conditions for the Correspondent)

2.1. Any user of the System within the frameworks of the Service has a right to offer Loan Agreement to any other user, in case they both are authorized Correspondent, that is were added to the each other’s list of authorized correspondents for exchanging messages, invoices and payments. At that, by authorizing each other, customers assume responsibilities as per verifying the identity of another customer when performing operations.

2.2 Loan offer is performed by customers by means of forwarding a formal request to his correspondents – establishing trust limit. In the offer body , at any moment of acceting the document by another party, a customer, who suggests to conclude a loan agreement, establishes trust limit, volume of a loan, mature period and way of repaying the loan, indemnity rules and interest rate, as well as stipulates a purse, from which a loan will be paid out. Interface for performing the above is available to every user in the “Correspondents” menu of the WM Keeper Classic.

2.3 Upon receiving an offer, a Customer has a right either to reject or accept it. At that, both offer from the initiating party and its acceptance by the correspondent re registered in the Service.

2.4 Accepting an offer by the customer means his agreement to the conditions of the Loan Agreement, offered by the initiating party, in case an offer is accepted. Additionally, accepting the offer means that a customer agrees to fulfill loan conditions with the initiator in case the Service provides for fulfillment of another loan which was terminated by another Lender or not repaid in time by the customer.

2.5 The obligatory condition for concluding the Loan Agreement between the parties is that a Debtor, as a guarantee of fulfillment of his liabilities should present to the Service promissory note in the Paymer format that guarantees repayment of an amount, equal to double loan amount for the whole period of the Loan use. By presenting an offer to his Correspondent the customer fully agrees that the Service transfers equivalent amount to another party in case the Debtor doesn’t fulfill his obligations.

2.6 A Customer has a right to recall his Offer at any time or to suggest a new offer on other conditions. At that conditions of the active offers do not undergo any changes.

2.7 The accepted Offer is registered in the Service. Service Log is an official confirmation of the parties agreement and is considered by parties as a confirmation of acceptance of their liabilities. Transactions protocols are stored in the electronic log of the Service and can be forwarded to parties upon their request .

2.8 When Loan Agreement is concluded to the part of the offer’s amount only, it is to be executed by a separate agreement. Same procedure can be repeated for the remaining amount as long as the whole offer volume is settled.

2.9 Agreement is considered to be concluded staring form the moment when a Debtor receives at his purse a loan or part of it form the Lender’s purse and as soon as he secures a loan repayment in Paymer format.

2.10 Concluded Agreements are verified by the parties with the help of analogue (digital) signature, offered by WebMoney Transfer System.

Clause 3. Procedures For Concluding And Fulfilling Loan Agreement By A Debtor

3.1 Within the service a Customer can conclude Loan Agreements only with authorized correspondents, whose identity was verified by the Customer himself and from whom he had received and accepted Loan Offer.

3.2 Agreement is concluded at Debtor’s request, but on conditions, stipulated in the Offer from the Lender. At that Debtor should guarantee loan repayment by means of registering double loan amount in Paymer format and forward these promissory notes to the Service.

3.3 Loan Agreement is considered to be concluded starting from the moment when, upon a request from the Debtor, the Service performs a transaction transferring title units from the Lender’s Purse, stated in the Offer to the Debtor’s Purse assigned when initiating the loan procedure.

3.4 Loan Agreement is registered by the Service only provided that the Debtor presents to the Service promissory note in the Paymer format that guarantees repayment of an amount, equal to double loan amount for the whole period of the Loan use.

3.5 When concluding the Loan Agreement, a Debtor authorizes the Service to perform the following activities:

Make all necessary transactions from the Purse, mentioned in the in the Loan Agreement to the Debtor in accordance with Agreement’s conditions
Register promissory notes as cleared (redeemed) where liabilities as to repaying the Loan ad paying the interest were fulfilled in accordance with Loan Agreement.
If the Agreement is terminated earlier by the Lender and if an efficient amount of title units is located at the Debtor’s purse, Service can authorize the Lender to deduct remaining (outstanding) Loan amount from the Debtor’s purse. At that the Lender hereby waives his rights for the interest, payable for Loan use.
If the Agreement is terminated earlier by the Debtor and if there are not enough title units located at the Debtor’s purse, Service renders the Lender an interface in order to obtain outstanding Loan amount by means of concluding new Loan Agreement with the Debtor’s correspondents covering it with promissory notes in Paymer format , stored at the Service.
Where it is impossible to fulfill liabilities in terms, determined by the Loan Agreement and if the Debtor has no other secured offers from different correspondents, Service transfers necessary amount guaranteed by a promissory note upon a request from the Lender
Performs all transactions on behalf of the Debtor signing them by an analogue (digital) signature.

3.6 The Debtor personally returns a loan to the Lender in accordance with the Loan Agreement. In case of violating agreed terms the Service renders the Lender a “Loan repayment interface”

3.7 Loan settlement is considered to be completed and Agreement fulfilled only when Debtor returns complete loan amount and interest on top of that to Lender’s purse stipulated in the Agreement. Where payment fulfillment is delayed , no fines or penalties are charged.

3.8 If it is impossible to perform current payments in time, the Debtor authorizes the Service to provide the Lender with the interfaces that allow to return the debt by means of concluding new Loan Agreement on behalf of the Debtor with his other correspondents and securing it by promissory notes in Paymer format, that are stored by the Service.

3.9 If there are outstanding amounts left after the due date and when these outstandings are impossible to be covered by means of concluding Loan Agreements with other correspondents, the Lender has a right to demand payment of the amount, stated in the promissory notes, that will considered the final Debt repayment. Upon receiving such a demand, the guarantee amount in Paymer format is immediately forwarded to the Lender and Loan Agreement is considered to be fulfilled.

Clause 4. Procedures For Concluding And Fulfilling Loan Agreement By A Service

4.1 The Service registers concluded Agreements between the Parties and performs transactions from Lender’s purse to the Debtor only if the following is fulfilled:

both parties have verified each other by means of adding to the correspondents’ list in accordance with WebMoney Keeper procedures;
parties have exchanged offers containing loan conditions and agreed to them by means of accepting them via WebMoney Keeper interface (have established trust limit);
parties have authorized the Service to perform activities on their behalf in accordance with the given Terms of Use;
The Debtor has accepted Loan Agreement, signed by the Lender and forwarded to the Debtor in the form of offer;
The Debtor has secured Loan repayment by promissory notes in Paymer format equal to the double loan amount and has forwarded in to the Service;
The Debtor has authorized the Service to perform clearance of the promissory notes in Paymer format when repaying the debt as per Loan Agreement;
The Lender has agreed to accept amount, secured by a promissory note in Paymer format, towards loan repayment in case the Debtor cannot repay loaned amount.

4.2 Date of the Loan Agreement is a day when title units are transferred from the Lender’s Purse to the Debtor. The Agreements is considered to be fulfilled when the Lender receives all outstanding amounts as per Agreement. In cases when outstanding amounts were repaid by a Service as per promissory notes, Agreement is considered fulfilled when all debts are cleared using promissory notes.

4.3 Interest (if any) is charged to the actual loan amount starting from the moment following the Loan date and lasts up to full repayment date.

4.4 Interest is paid by the Debtor together with payments towards the principal on conditions and in terms stated in the Loan Agreement and accepted trust limit. In case loan is repaid ahead of the agreed schedule, interest rates are not changing.

4.5 Loan is repaid in accordance with trust limit as per agreed schedule.

4.6 Loan can be repaid ahead of the agreed schedule only if the Debtor pays all applicable interest charges agreed between him and the Lender.

4.7 Loan is repaid by means of transferring an amount due, including the principal and interest to the Lender’s purse in terms, agreed by the Parties when signing the Loan Agreement. Loan is repaid via interfaces, rendered by the Service. Repayment notification is sent via internal mail.

4.8 If the Debtor doesn’t return the Loan in agreed terms, the Lender can arrange a Loan repayment on his own and via the interface, rendered by the Service, using “request repayment” option. If there are not enough funds, located at the Debtor’s purses, the Lender has a right to return it by means of concluding Loan Agreements with other Debtor’s correspondents; at that agreement is concluded automatically and on behalf of the Debtor. The priority is given to those correspondents, who have announced the lowest interest rate.

Clause 5. Fulfilling Liabilities As Per Loan Agreement In Case Of Its Early Termination Form The Side Of The Lender.

5.1 The Lender has aright to demand Loan repayment at any time. In this case, the Debtor repays only the principal and the Lender refuses cancels interest charges. AT that, if interest charges were partially paid before, they are not calculated towards the principal amount during early termination.

5.2 The Lender terminates the Agreement by means of activating “request repayment” option via Service interface as described in clause 4.8 of the given document.

5.3 In case it iis impossible to repay the Loan ahead of agreed schedule because the Debtor doesn’t have the requested amount at his Purse and offers from other Correspondents, the Loan cannot be repaid by a clearing amounts, secured by promissory notes in Paymer format. This can be done only after the due date or if the loan cannot be repaid by any other means.

5.4 The Service should notify the Debtor about any activities related to the early termination.

Clause 6. Fulfilling Liabilities As Per Loan Agreement In Case Of Its Non-Fulfillment Form The Side Of The Lender.

6.1 The given Clause states grounds and conditions for performing special activities in case of improper fulfillment of the liabilities from the side of the Debtor.

6.2 In case of improper fulfillment of the liabilities from the side of the Debtor, the following procedures are in place:

6.2.1 The Debtor authorizes the Service to allow transactions from his Purse towards repaying the loan on behalf of the Debtor using specially assigned interfaces. At that, the Debtor acknowledges these transactions as performed on his behalf and signed by a digital analogue of his signature.

6.2.2 When there are no more title units left at the Debtor’s purse, he hereby authorizes the Service to arrange loan repayment as per Loan Agreement by concluding agreements with other correspondents. Agreement is concluded automatically on behalf of the Debtor. The priority is given to those correspondents, who have announced the lowest interest rate.

6.2.3 When it is impossible to repay the loan after the due date in accordance with points 6.2.1 and 6.2.2 of the given document, the Debtor authorizes the Service to repay the Loan by a clearing amounts, secured by promissory notes in Paymer format.

6.3 The Service immediately notifies the Parties about all activities.

6.4 No fines, penalties or claims , except those stipulated by the Agreement are charged for Loan repayment delays.

Clause 7. Liabilities of the Parties and the Service.

7.1 The concluded Loan Agreement act as verification of property relations between the Lender and the Debtor, registered in the Service and verified by the digital analogues of their own signatures. Party hereby assume responsibility in accordance with the legislation in force and local laws at the country, where they are registered.

7.2 The functionality of the Service doesn’t allow any deviations from the given Terms of Use from both Lender and Debtor.

7.2.1 Violations of the terms and conditions from the side of the Debtor only leads to changing the functionality of his purses and rendering loan repayment interfaces to the Lender in accordance with the given Terms of Use.

7.2.2 If, at the moment of concluding the Loan Agreement, there are no enough title units at the Lender’s purse, the Agreement cannot be concluded. At that the Lender is not liable for not rendering loan amount in accordance with the chosen lending limit.

7.3 Ever Customer is fully liable for his activities within the Service, as well as for those, held on behalf of the Customers in case of losing control over his WebMoney Keeper or of unauthorized access at the Customers’ fault

7.4 The Service is not liable for repaying the Loan to the Lender out of title units, stored at the Debtor’s purse when the Debtor was refused from servicing and support as per arbitration decision in a way, stipulated by System’s Codex or due to other reasons, foreseen by the Agreement on Property Rights Transfer.

7.5 After termination of the conditions, mentioned in point 7.3, the Parties are obliged to continue fulfillment of their obligations as per Agreement if the Lender didn’t use his right to return an amount loaned by clearing the promissory notes.

Clause 8. Solving disputes arising out of Loan Agreements.

8.1 All disputes, arising during fulfillment of the given Terms of Use, including transactions and settlements, are to be solved by Parties by means of negotiations. Any the dispute, that wasn’t solved peacefully, is to be forwarded to the WebMoney Transfer Arbitration Service, except cases, stipulated by point 8.2. Arbitration decision is final for both Parties.

8.2 All disputes between Parties and the Service, arising out of the given Terms of Use are to be solved in the Arbitration Court at the country of Service Registration.

Clause 9. Miscellaneous

9.1 All changes and annexes to the given Terms of Use are to be accepted as the new revision of these Terms.

9.2 New revision is to be validated by the Service Holder’s decision.

9.3 New revision comes into force in seven calendar days after its publishing at the official Service’s web-site at debt.wmtransfer.com

Clause 10. Supplements to the Terms of Use

Supplement 1: Offer to conclude Loan Agreement
Supplement 2: Loan Agreement

Supplement 1.

Offer to conclude Loan Agreement

«____»___________200_

I. I hereby offer you to conclude Loan Agreement in accordance with Terms of Use and procedures for performing transactions in the Loan Service of WebMoney Transfer System on the following conditions:
Loan amount - ___________ title units of ____ type.
Loan period - ___________ days since the date, when loan receipt.
Interest rate - ____% per days .
Repayment intervals - _______________
Lending from purse – Z____________

II. Loan is given on condition, that the Debtor guarantees its repayment by placing promissory notes in Paymer format; the amount is to be calculated in accordance with the given offer.

III. The Offer comes into force starting from the moment of its accepting and up to its recalling or signing Loan Agreement.

Supplement 2

Loan Agreement

"__"_______200_ https://debt.wmtransfer.com

Customer of the WebMoney Transfer System, WMID___________________, who has supplied the following personal data:
First Name __________________________
Mid Name ______________________
Last Name ______________________
Registration address ______________
e-mail ________________
Telephone ______________________
Named hereafter as “The Lender” and Customer of the WebMoney Transfer System, WMID___________________ , who has supplied the following personal data:
First Name __________________________
Mid Name ______________________
Last Name ______________________
Registration address ______________
e-mail ________________
Telephone ______________________
Named hereafter as “The Debtor” have concluded the given agreement regarding the following:

1. Subject of the Agreement

1.1 The Lender lends to the Debtor title units in the amount of ____ (_________) WM_, while the Debtor promises to repay this amount together with the interest rate of ____________ WM____ not later than in ______ days after the Loan receipt. Repayment schedule is as agreed to be:

# Date Amount
1.______ ______
2.______ ______
3.______ ______
4.______ ______
5.______ ______

1.2 The Agreement comes into force when the Lender transfers the loan amount to the Debtor’s purse, which is guaranteed by securing Loan Repayment with promissory notes in Paymer format, forwarded by a Debtor to the Service in accordance with WebMoney Transfer procedures for Debt Service.

1.3 Parties hereby accept the Loan amount in WM to be equal to___________ USD.

1.4. The Loan is considered to be repaid when the Debtor returns to the Lender all borrowed amount of WMZ units, mentioned in point 1.1 of the given Agreement by means of transferring them to the Lender’s account in WebMoney Transfer System using the Debt Service interface in accordance with WebMoney Transfer Debt Service Terms of Use.

2. Rights and responsibilities of Parties

2.1 The Lender has a right to demand loan repayment from the Debtor on conditions and by means, stipulated at WebMoney Transfer Debt Service Terms of Use.

2.2 The Debtor is obliged to return WM title units in the amount of________ WM__ to the Lender not later than in_______ days after the loan receipt in accordance with repayment schedule, stipulated in point 1.1 of the given Agreement. The Debtor has a right to repay any part of the borrowed amount earlier using procedures and interfaces, provided by the Service in accordance with WebMoney Transfer Debt Service Terms of Use.

3. Liabilities

3.1 If the Loan amount is not returned in agreed terms either in full, the Debtor authorizes the Service to re-function his WM Keeper software and provide “request repayment” interface to the Lender in accordance with WebMoney Transfer Debt Service Terms of Use.

3.2 If the Loan amount is not returned either in full after 24 hours since the due date, the Lender has a right to address the Debt Service in order to return the amount by clearing promissory notes in Paymer format. The clearing will be treated as full and final loan repayment.

3.3 Parties accept documents in electronic form , concluded with the help of WebMoney Transfer System (that including acts, agreements, records and logs), signed by a digital analogue of the signature.

3.4 Parties acknowledge that all transactions, performed by WMID via Debt Service are registered electronically are considered to be declarations of Parties’ intent to establish or terminate legal relations for concluding or terminating transactions. Verified and registered transaction protocols can be used for verifying transactions and activities, as well as serve as evidence in courts, when solving civil disputes, and verify their validity legal force.

3.5 Parties identify each other themselves when exchanging and accepting offers as per given Agreement. Parties acknowledge that the identity of the counteragent as per given Agreement as well his registration and banking details are known to them in case of further disputes solving in the countries of their registration.

4. Validity period and termination.

4.1 The Agreement is considered to be fulfilled when all liabilities of both parties as per given Agreement are fulfilled.

5. Miscellaneous

5.1 All other issues, not described in the given Agreement, Parties should agree in accordance with the Legislation in force at the county of Lender’s residence.

Parties Details

The Lender:

The Debtor: