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Credit Service Agreement

Credit Service Agreement

WebMoney Transfer system provides unconditional technical implementations of accounting procedures, storage and control over the repayment of debentures payable to bearer in Paymer format, which are rendered by the members of WebMoney Transfer system by the means of WebMoney Transfer Automatic Hardware-Software Complex (AHSC) in the purchase of goods/services at deferred payment with title units of WMZ type, if:

  • You agree to the "Rules of Credit Activity of the WebMoney Transfer system" stated below;
  • You are virtually a holder of the credit transaction electronic attributes (WMD title units) of the WebMoney Transfer system. The status of the virtual holder of WMD title units and, correspondingly, the status of a loan provider (creditor) is certified by your accepting the debentures payable to bearer registered by the Borrower in Paymer format and transferred under the WebMoney Transfer procedures under the terms of the "Agreement on debenture handling" from the other system member (Borrower) as a temporary mortgage payment for the provided goods and services;
  • You acknowledge your full responsibility for actions related to the credit transaction and take all the risks related to the noncompliance of terms of this transaction from the Borrower's side;
  • You establish the identity and solvency of the Borrower with your own methods available to you prior to the very transaction, and acknowledge that the WebMoney Transfer system does not serve as a party of the transaction;
  • You agree to pay for the WebMoney Transfer system services allowing you to enjoy the WebMoney Transfer credit service by means of automatic transfer of 0.1% of the total volume of WMZ title units to the system service account, when the transaction is effected by the Borrower in order to repay the debentures payable to bearer in Paymer format, transferred to you as a temporary mortgage payment.

Rules of Credit Activity within the WebMoney Transfer System

  1. Credit activity means provision of goods or services by one system member to the other at deferred settlement secured by the debentures payable to bearer in Paymer format transferred under the WebMoney Transfer procedures in accordance with the Provisions of Debenture Registration within WebMoney Transfer System Credit Service .
  2. The Provisions of the Credit Agreement entered between the system members requires the Borrower to pay the creditor in full as per the term determined from the moment of the credit transaction, by means of transferring the equivalent amount of WMZ title units to the creditor's account.
  3. Debentures payable to bearer and registered by the Borrower in Paymer format, accounted under the WebMoney Transfer procedures on requisites of WMD type, are the credit transaction tool and are equivalent to the cost of goods and services rendered to their owner based on the transaction results.
  4. Credit activity allows the assignment of the creditor's rights to claim only by means of transfer of the Borrower's debentures to any New Creditor.
  5. Automatic repayment of debentures accepted by the creditor from the system member credited by him is performed only by means of transferring the amount of WMZ title units equivalent to the amount of debentures to the creditor's account within the WebMoney Transfer system from the Borrower's account within the WebMoney Transfer system.
  6. Any issues arising with regard to either full or partial failure to repay the debentures within the term determined by the creditor should be settled by the parties of the credit transaction (by the creditor and the Borrower) in the framework of bilateral relationships by the creditor presenting an outstanding amount of debentures to be paid in Paymer format to the Borrower.

Agreement on Debenture Handling

The WebMoney Transfer system owner provides unconditional technical implementation of procedures of accounting, storage and control over the repayment of debentures payable to bearer in Paymer format, which are rendered by the WebMoney Transfer system members by means of WebMoney Transfer Automatic Hardware-Software Complex (AHSC) in the process of the credit transaction, if:

  • You agree to the "Provisions of Debenture Registration within WebMoney Transfer System Credit Service" stated below;
  • You are virtually a holder of the credit transaction electronic attributes (WMC title units) of the WebMoney Transfer system. The status of the virtual holder of WMC title units and, correspondingly, the status of a credited member (Borrower) is certified by your debentures payable to bearer in Paymer format in the form of WMD title units accepted by another system member (creditor) as a temporary mortgage payment for the provided goods and services;
  • You acknowledge your full responsibility for actions related to the credit transaction and take all the risks related to the repayment of debentures rendered by you and payable to bearer in Paymer format by means of transferring WMZ title units to the creditor's account in the amount and within terms prescribed by the credit transaction entered;
  • You establish the identity and solvency of the creditor, the compliance of the volume and quality of goods and services with the terms of the credit transaction entered, as well as the way of their delivery and receipt, by any means available to you prior to the transaction, and acknowledge that the WebMoney Transfer system does not serve as a party of the transaction;
  • In case of full or partial failure to repay the debentures within the defined term you agree to submit complete information about your personality available within the WebMoney Transfer system to the creditor at his request.
  • In case of full or partial failure to repay the debentures within the defined term you acknowledge civil legal relations established with the presenter of debentures, which are based on full compliance with the obligations taken by the previous creditor and assigned to the presenter of the debentures (new creditor) by means of the WebMoney Transfer System procedures or any other liability accounting system providing for the WebMoney Transfer AHS (Analog of Handwritten Signature) authenticity verification.

Provisions of Debenture Registration within WebMoney Transfer System Credit Service

  1. Registration of your debentures payable to bearer in Paymer format is performed directly and only in the moment of their transfer to another member of the system crediting you with goods or services, and virtually requires you to effect full settlement with this member within the term defined by him from the moment of the credit transaction.
  2. Debentures payable to bearer in Paymer format serving as a credit transaction tool have a quantitative equivalent, which is determined by electronic attributes of the transaction and accounted for you with WMC title units; they are also equivalent to the cost of goods or services rendered to you based on the credit transaction terms and estimated in the volume of the WMZ title units not exceeding your own admissible limit of debentures registered with the WebMoney Transfer system. The total admissible limit of debentures is established for you individually based on the algorithm implemented by the System Owner to restrict maximum responsibility of transaction participants and does not depend on the will of the credit transaction participants.
  3. The debentures transferred by you are accounted with your transaction contractor as WMD title units and exclude the possibility of being presented to you for payment prior to the term defined under the credit transaction.
  4. Automatic repayment of your debentures transferred by you to the creditor is performed only by means of transfer of the amount of WMZ title units corresponding to the amount of debentures to the creditor's account within the WebMoney Transfer system from your own account within the WebMoney Transfer system.
  5. Should you fail to repay the debenture within the term defined under the credit transaction, an automatic alteration of the functioning logic of the WM Keeper used by you is performed. As a result, you lose the possibility to perform transactions with title units within the WebMoney Transfer system with regard to other system members, except for exchanging your title units of any types for WMZ title units via the wm.exchanger.ru exchange service by means of the WM Keeper software you use. The WM Keeper starts operating in the debenture repayment automatic mode, when either one-time or phased transfer of WMZ title units corresponding to the concerned amount of debentures is performed.

See also:
Credit exchange
Credit transactions