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¶
- 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 .
- 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.
- 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.
- 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.
- 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.
- 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.