• I. GENERAL PROVISIONS

    • The present rules for the use of the PrivateCrowd crowdfung platform launched by the crowdfunding platform operator, UAB “BOURGEOIS BOHEME FINTECH” (hereinafter referred to as the Rules) shall regulate the terms and procedure for the use of the Platform and the mutual relationships between the Funders, Project Owners and the Operator.
    • Before starting to use the Platform, the User must carefully read these Rules.
    • The announcement of the Project by the Operator or the attribution of the risk to a particular Project shall not be considered to be an investment recommendations or any other confirmation of the Operator regarding the Project Owner‘s financial stability (creditworthiness), the feasibility of the Project, the prospect, the safety of the Project investment, the possibility of the Funders to recover the provided crowdfunding funds, the possibility to earn a return in the form of dividends or interest, etc.
    • The Operator is only crowdfunding Platform’s administrator, which performs only the following functions:
      • administer the Platform;
      • enable Project Owners to receive crowdfunding funds from Funders for the Projects for the implementation of which the Project Owner seeks to attract borrowed funds;
      • enable Funders to conclude Funding Transactions through the Platform;
      • before the commencement of the Project, carry out an assessment of the Project Owner’s creditworthiness and reputation to the extent and under the procedure laid down in the Rules for the Assessment of the reliability of the Project Owners approved by the Operator;
      • enable to announce information about Project Owners and Projects through the Platform;
      • implement the mortgage lender’s rights (when applicable) in the context of securing the performance of the liabilities arising out of the Project.
    • The Operator does not perform any other functions that are not specified in these Rules.
    • The terms used herein shall have the following meanings:

      Account Manager – a person who manages the Project Account.

      Agreements - Agreement of use and Loan agreement.

      Agreement of use – the agreements of use of the PrivateCrowd crowdfunding platform concluded between the Project Owner and the Operator and / or the Funder and the Operator.

      Appropriateness test – a test completed before the conclusion by the Funder of a certain Funding Transaction for the first time aimed at determining whether a particular funding transaction (i.e. the loan agreement or the financial instrument subscription transaction) is appropriate for the Funder.

      Electronic Money Institution – “MANGOPAY SA”, a public limited liability company incorporated in Luxembourg, with registered office at 10 Boulevard Royal, L-2449, Luxembourg, listed under Number B173459 on the Luxembourg Trade and Company Register, approved as an electronic money institution by the Financial Sector Regulater, which provides services related to the issuance of electronic money, and which opens electronic money accounts according to the MANGOPAY PAYMENT SERVICES FRAMEWORK CONTRACT .

      Funder – a person who provides crowdfunding funds to the Project Owner.

      Funder’s Account – an account opened by the Funder with an Electronic Money Institution and/or Credit Institution and linked to the Platform, which is used to transfer, debit or credit the crowdfunding funds and related fees.

      Funding Transaction – a transaction concluded by and between a Funder and a Project Owner under which the Funder provides or undertakes to provide crowdfunding funds to the Project Owner in the form of a loan or in another financial form, and the Project Owner undertakes to repay the funds received from the Funder.

      Credit Institution – an undertaking the business of which is to take deposits or other repayable funds from the public, and which opens an escrow account.

      Minimum Amount – the minimum amount of crowdfunding funds to be collected during the Placement Period for the financing of the Project.

      Means of Security of Obligations – shall mean the following: means of security of performance of the Project Owner’s contractual obligations under the Loan Agreement: (i) pledges and / or mortrage; (ii) third-party suretyship and guarantees, or (iii) other means of security of obligation.

      User – the Funder and/or the Project Owner which is a registered user of the Platform.

      Operator – UAB “BOURGEOIS BOHEME FINTECH", legal entity’s code 304929852, having its registered office at: Mesiniu str. 5 LT-01133, Vilnius, Lithuania .

      Loan Agreement – an agreement concluded by and among the Funder, Operator and the Project Owner where the repayment of the loan is secured (when applicable) by the pledge of real estate or other assets that are acceptable to the Operator.

      Placement Period – a period during which the Minimum Amount intended for the funding of the Project is to be collected.

      Platform – a crowdfunding platform administered by the Operator accessible at the address: https://privatecrowd.banquebobo.com , through which the Funding Transactions are carried out.

      Project – a project prepared for meeting business, professional, scientific, research or other needs, except consumption, announced on the Platform, for the purposes of implementation of which the Project Owner seeks to raise crowdfunding funds.

      Project Account – a Project Owner’s account opened with an Electronic Money Institution and/or Credit Institution and linked to the Platform, which is used to collect crowdfunding funds. The Project Account is intended to pay out the collected crowdfunding funds to the Project Owner under the procedure established for the disbursement of such funds and related fees.

      Project Owner – the person who initiates and announces a project for Funders through the Platform.

      User’s account – an established technique for connecting a User and a Platform through registration process.

    • The processing of the Users personal data shall be performed in compliance with the Operator‘s privacy and cookies policy (hereinafter referred to as the Policy), which is available on the website at https://privatecrowd.banquebobo.com . The Policy shall be an integral part of the present Rules and it shall be complied with in conjunction with these Rules.
    • Before using the Platform, the User shall carefully read these Rules and the Policy. By confirming the registration on the Platform, the User shall simultaneously confirm that he/she has familiarised himself/herself with the Rules and the Policy, and that they are clear, understandable and acceptable.
  • II. REQUIREMENTS FOR THE USER AND ITS REGISTRATION ON THE PLATFORM

    • The Project Owner may only be a legal entity which meets the criteria of impeccable reputation and creditworthiness laid down in the legal acts of the Republic of Lithuania and the Rules for the Assessment of the reliability of the Project Owners approved by the Operator.
    • An assessment of the Project Owner shall be carried out every time before the announcement of a new Project on the Platform. The assessment shall be carried out pursuant to the Rules for the Assessment of the reliability of the Project Owners approved by the Operator. The assessment of the Project Owner may be carried out by third parties as well.
    • The Funder may be a natural person or a legal entity.
    • Before registering a new User on the Platform, the Operator shall assess such person’s eligibility to become a registered User of the Platform.
    • When registering on the Platform, the Project Owner shall provide the following information to the Operator:
      • the legal entity’s name;
      • legal form;
      • the legal entity’s registration number (if such number has been issued);
      • the registered office address / address of actual operation;
      • an extract of registration and its date of issuance;
      • the e-mail address;
      • the telephone number;
      • the identification data of the electronic money account or any other bank account used;
      • data about director of legal entity: name, surname, personal identification code (in the case of an alien – date of birth (where available – personal number or any other unique sequence of symbols granted to that person, intended for personal identification), his citizenship (in the case of a stateless person – the state which issued the identity document);
      • data on the authorised person acting on behalf of the legal entity (the first name and surname, the date of birth, the personal identification code (where available), photograph, signature (except for the cases where it is optional in the identity document), citizenship, limits of authorisations, where applicable) and evidence of representation (power of attorney and evidence of its validity), and other data and information requested by the Operator.
    • When registering on the Platform, the Funder shall provide the following information to the Operator:
      • where the Funder is a natural person:
        • the first name;
        • the surname;
        • the date of birth;
        • the personal identification code (in the case of an alien – date of birth (where available – personal number or any other unique sequence of symbols granted to that person, intended for personal identification);
        • photograph;
        • signature (except for the cases where it is optional in the identity document);
        • citizenship (in the case of a stateless person – the state which issued the identity document);
        • the e-mail address;
        • the telephone number;
        • the identification data of the electronic money account or any another bank account used;
        • as well as other data and information requested by the Operator;
      • where the Funder is a legal entity:
        • the legal entity’s name;
        • legal form;
        • the legal entity’s registration number (if such number has been issued);
        • the registered office address / address of actual operation;
        • an extract of registration and its date of issuance
        • the e-mail address;
        • the telephone number;
        • the identification data of the electronic money account or any other bank account used;
        • data about director of legal entity: name, surname, personal identification code (in the case of an alien – date of birth (where available – personal number or any other unique sequence of symbols granted to that person, intended for personal identification), his citizenship (in the case of a stateless person – the state which issued the identity document);
        • data on the authorised person acting on behalf of the legal entity (the first name and surname, the date of birth, the personal identification code (where available), photograph, signature (except for the cases where it is optional in the identity document), citizenship, limits of authorisations, where applicable) and evidence of representation (power of attorney and evidence of its validity);
        • and other data and information requested by the Operator.
    • The identity of the User may be established by the following methods:
      • By establishing the identity of the User remotely:
        • by a qualified electronic signature supported by a qualified certificate for electronic signature which conforms to the requirements of Regulation (EU) No 910/2014;
        • by electronic means that allow for direct video transmission, in one of the following ways:
          • during the direct video transmission, the original personal identification document or the original permit to reside in the Republic of Lithuania is captured and the identity of the User is approved by using at least an advanced electronic signature complying with the requirements laid down in Article 26 of Regulation (EU) No. 910/2014;
          • during the direct video transmission, the image of the User’s face and the original personal identification document or the equivalent original permit to reside in the Republic of Lithuania produced by him/her are captured.
      • by establishing the User’s identity upon his/her physical appearance at the address of the Operator’s registered office or another location upon physical presence of the representative of the Operator;
      • by other means that are allowed by the Law on the prevention of money laundering and terrorist financing of Rebublic of Lithuania.
    • When registering on the Platform, the Funder shall be provided with instructions on how to establish and verify his/her identity by electronic means that allow for direct image video transmission. The Project owner shall choose one of the aforementioned methods to have his/her identity established.
    • In the event that the Funder, a natural person, submits an application to register him/her as a User of the Platform, the Funder acknowledges the he/she is aware that Operator may collect and process his/her personal data based on the conditions indicated in these Rules and the Policy.
    • The User hereby confirms that:
      • he/she agrees with the present Rules;
      • when concluding Funding Transactions, the Funder shall assess the risk and appropriateness of the transaction for the Funder and, where necessary, take advantage of specialist consultations;
      • the Funder shall pay all applicable taxes related to income received from the concluded Funding Transactions and other applicable taxes. For the sake of clarity, the Funder confirms that he/she understands that the Operator has no duty and will not make any deductions or tax retentions unless it must be done in accordance with the applicable legal acts of the Republic of Lithuania;
      • The User provided detailed and correct information to the Operator and to the Electronic Money Institution by registering for the Platform;
      • The User confirms that he/she agrees with present Rules when concluding the Funding Transaction;
      • The Funder understands that the investment in the Project is related to certain risk factors and the crowdfunding funds allocated by the Funder for the implementation of the Project may be not refunded and/or no return may be earned due to the financial hardships or insolvency incurred by the Project Owner or any other circumstances, and in no case and under no circumstances the Operator shall assume the liability for any losses incurred or income not received by the Funder;
      • The Operator may give an instruction to debit the amounts due from the Funder to the Operator from the Funder‘s account or other accounts held in credit institutions or electronic money institutions in which the Funder holds funds;
      • The conclusion of Funding Transactions does not violate any legal acts, concluded contracts, agreements or court decisions applicable to the Funder;
      • The User understands that the Operator only administrates the Platform and the Operator assumes no responsibility for the funds invested by the Funders to be repaid due to financial difficulties or other circumstances caused by the Project Owner, for which the Project Owner is solely responsible;
      • The Funder, which is a legal entity, hereby confirms that by concluding the Funding Transaction the Funder does not violate any requirements of the applicable legal acts or the company‘s internal documents and has all the necessary decisions and permits for the conclusion of such Funding Transaction, and the legal entity‘s representative acts without exceeding his/her authorisations.
    • The User hereby undertakes:
      • to use the Platform and the Operator’s services in providing only correct, accurate and detailed information;
      • to immediately notify of any changes in the information provided to the Operator;
      • to compensate for any expenses, royalty fees, taxes and charges related to the use of the Platform and/or the Operator’s services which are specified in the Platform;
      • not to transfer or enter into the Platform any data that could contain software viruses or any other codes, files or programmes intended to interfere with, limit or damage the functions of the Platform or its hardware, software or communications equipment, including applications that would automatically track, use and/or save the information stored on and/or submitted to the Platform;
      • not to improve or otherwise impact the Platform with additional systems or use other systems to log in to the Platform or use it;
      • not to promote other identical or similar platforms or other funding sources on the Platform without the written consent of the Operator;
      • to comply with the requirements of legal acts and to use the services of the Platform acting only in the legitimate interest;
      • to pay all applicable fees and charges related to the use of the Platform and / or Operator services;
      • The Funder hereby undertakes not to fund the Project or the Project Owner by any other methods than through the Platform (the commitment is valid as of the date of registration on the Platform);
      • The Funder hereby undertakes to communicate with other parties to the Funding Transaction only using the Platform and/or through the Operator;
    • The Operator shall, at its own discretion, set requirements for the password (i.e. a combination of letters and/or figures) of the Funder’s account on the Platform. The Operator shall also have the right at any time to request the Funders to change the password of the User’s account on the Platform on the safety or other grounds.
    • The name and password of the User as the user of the Platform shall be confidential and the User shall ensure the protection of these data and not to disclose this information to any third parties. It shall be deemed that a person who uses the Funder‘s log-in data for the Platform has all the required authorisations issued by the Funder in compliance with the requirements of the legal acts, which grants the right to such person to use the Platform and the Operator‘s services and participate in the Funding Transactions on behalf of the Funder and in the Funder‘s interests. In all cases the Funder shall be held liable for any actions performed by such person when using the Platform. Any violations of the security, loss, theft or unauthorised use of these data shall be immediately reported to the Operator by electronic mail or telephone using the contact data provided in these Rules.
  • III. FUNDING TRANSACTIONS

    • Funding Transactions may be concluded only by registered Users. The Funder may start funding the Projects provided on the Platform only following the successful registration on the Platform and after opening a Funder’s account.
    • The Project Owner shall use the Platform to seek that the Project is funded from the loans granted by the Funders.
    • When concluding the Funding Transaction of the respective type for the first time, the Funder shall complete the Appropriateness Test intended to determine whether this type of Funding Transaction is appropriate for the Funder.
    • The Appropriateness Test shall be completed by the Funder giving answers to the questions which serve as the basis for the assessment of the Funder‘s accumulated investment experience and knowledge about the risks assumed upon conclusions of the Funding Transaction.
    • When determining the appropriateness of crowdfunding transactions, the Operator shall rely on the information provided by the Funder.
    • By completing the Appropriateness Test, the Funder hereby undertakes not to use the assistance of any other persons (or not to delegate this task to any other persons). By completing the Appropriateness Test, the Funder shall confirm that he/she has completed it independently, based on his/her knowledge and experience.
    • Should the results of the Appropriateness Test show that the Funding Transactions are not appropriate for the Funder, the Operator shall notify the Funder thereof and repeatedly provide information about investment-related risks, including the information about the potential total or partial loss of the funds intended for the Project, the risk that the Funder may not earn anticipated profits, the financial liquidity risk as well as other typical risks characteristic of crowdfunding financing by providing the descriptions thereof.
    • After the additional notices by the Operator of potential risks related to the Funding Transactions which are specified pursuant to the requirements laid down in paragraph 3.7 of the Rules the Funder may decide to continue the funding through the Platform. In such case the Funder shall retake the Appropriateness Test. Only the Funder that passes the Appropriateness Test shall be allowed to continue the funding through the Platform.
    • The following information on Funding Transactions may be announced on the Platform:
      • the Minimum Amount;
      • the amount of the Funding Transactions to be collected;
      • the interest payable by the Project Owner;
      • the terms of liability if the Funding Transaction is not executed by the Funder;
      • the financial information about the implementation of the Project;
      • and other information related to the Funding Transaction.
    • The following information about the Project may be announced on the Platform:
      • the description of the Project;
      • the target return on the Project;
      • the key risks related to the development of the Project;
      • the funding period of the Project;
      • the amount of collected funds;
      • the financial information about the implementation of the Project;
      • and other information related to the transaction.
    • Having concluded the Funding Transaction, where the Project is funded from the loan granted by the Funder, the Funder, Project owner and Operator shall respectively sign the Loan Agreement specifying the procedure for the granting and repayment of the loan and other terms.
    • The User may dispose of electronic money in an electronic money account linked to the Platform at its own discretion if the use of these funds is not restricted to the purpose of concluding a Funding Transaction through the Platform.
    • The Minimum Amount and the Placement Period for each Project shall be determined separately and announced on the Platform. In case no Minimum Amount is collected within the set Placement Period, the Project shall be removed from the Platform and the funds transferred by the Funders on the basis of Funding Transactions shall be refunded to the Funders. Upon the Project Owner’s request, the Minimum Amount may be reduced, or the Placement Period may be extended; however, the existence of such possibility shall be disclosed in the information about the Project announced.
    • The Operator shall only announce on the Platform those Projects which, in accordance with the Rules for the Assessment of the reliability of the Project Owners, are assessed as eligible for announcement on the Platform.
    • The User agrees that the Operator, as far as it is necessary for the implementation of the Agreements, has the right to carry out any actions on its behalf and in the interest of it, and to take any decisions, including but not limited, to conclude transactions, to represent the User against third parties to the extent necessary for the implementation of the Agreements.
  • IV. PROJECT

    • In order to announce the Project through the Platform, the Project Owner shall complete a special registration form on the Project provided on the website of the Operator, or to contact the Operator in any other way.
    • The Project Owner shall submit the completed form together with the documents specified in the form, including the completed information document, business plan, budget of the planned Project, valuation of the real estate or other property (where applicable)carried out by a professional property appraiser having the respective right to provide appraisal services, information and documents certifying the Project Owner‘s financial standing (creditworthiness) as well as other information and documents necessary to prepare a risk assessment for the Project and information about the Project which will be announced on the Platform.
    • Having evaluated the registration form and additional information and/or documents (provided that they are requested by the Operator) and complying with the provisions of these Rules, the Operator shall:
      • approve the announcement of the Project on the Platform and submit the generated information to be announced on the Platform to the Project Owner for review; indicate when it is planned to activate the Project on the Platform and request to approve the activation of the Project funding on the Platform; or
      • reject the announcement of the Project on the Platform.
    • Before activating the Project, the Project Owner shall express its will that it agrees that the announcement of the Project on the Platform will be considered to be a binding offer of the Project Owner for Funders to conclude Funding Transactions under the terms and conditions provided on the Platform.
    • The Project Owner shall open a Project Account which will be used for collection of funds under the Funding Transactions. By accepting these Rules, the Project Owner confirms that it is aware of the possible additional fees, imposed by the Electronic Money Institution, which may apply.
    • After the Funder has transferred crowdfunding funds from Funder’s account into the opened Project Account, the use thereof shall be restricted until the Minimum Amount, which is set for each Project announced on the Platform individually, has been collected.
    • In the case of successful funding, the Operator shall have the right to submit an instruction to the Electronic Money Institution and/or Credit Institution linked to the Platform to transfer all the funds collected from the Funders from the Project’s account into the electronic money account or any other bank account used by the Project Owner.
    • The Project Owner shall submit to the Operator the information document drafted according to the template provided by the Operator provided that (i) the total value of the issue of financial instruments intended by the Project Owner for placement exceeds EUR 100.000 but is lower than EUR 5.000.000 within 12 months; or (ii) the Project Owner intends to attract in the form of a loan more than EUR 100.000 but less than EUR 5.000.000 within a 12-month period.
    • In the event that the Project Owner seeks to attract EUR 5.000.000 or more, the Project Owner shall issue securities under the procedure laid down in the Law on Securities of the Republic of Lithuania.
    • The Project Owner hereby undertakes to immediately, but no later than 3 calendar days, notify the Operator in writing of:
      • any changes in the previously provided information or documents, including the Project Owner’s contact details and/or information about the Project planned to be announced on the Platform;
      • the deterioration of the Project Owner’s financial standing and/or the circumstances which would reduce or undermine the Project Owner’s creditworthiness;
      • each and every circumstance which hampers or may hamper the Project Owner’s possibilities to duly perform the obligations assumed under the Funding Transactions or the agreement with the Operator;
      • each and every circumstance that aggravates or may influence the Project Owner’s financial situation in the future (for example, the newly assumed debt obligations);
      • each and every circumstance that poses a threat to the implementation of the Project (for instance, the failure to obtain the permits necessary for the implementation of the Project);
      • any court or arbitration proceedings and/or any other (e.g. recovery, etc.) process, if it can aggravate the Project Owner’s financial situation or pose a threat to the implementation of the Project;
    • Having received the aforementioned information, the Operator shall have the right to refuse to announce the Project on the Platform. If such information will be received by the Operator after the activation of the Project, the Operator shall carry out the actions identified in the Clause 6.10 of the Rules.
    • The Project Owner shall repeatedly review the information related to the Project Owner and the Project which is planned to be announced on the Platform 2 calendar days prior to the planned activation of the Project on the Platform and confirm that the information is correct.
    • Based on the Operator’s decision, the Project Owner may allow to simultaneously announce more than one Project on the Platform.
  • V. USER’S ACCOUNT AND PAYMENTS MADE

    • Each User shall have a personal User’s account on the Platform for the purpose of registering the history of the Funding Transactions carried out by him/her and the detailed information about the Funding Transactions.
    • The User may have only one personal User’s account on the Platform.
    • The Funder shall conduct the Funding Transactions using Funder’s account and funds collected on the basis of Funding Transactions shall be accumulated and held in the Project account.
    • Through the entire Project funds in the Project account are the property of Funders. Ownership of Funds goes to the Project Owner only after they are transferred to the Project Owner’s electronic money account or any other bank account used. By the end of the Placement Period, the use of funds held on the Project account shall be restricted. In the event that no Minimum Amount has been collected upon the expiration of the Placement Period, the Operator shall submit an instruction to the Electronic Money Institution and/or Credit Institution to refund the funds held on the Project account to the respective Funders’ accounts.
    • The Operator shall be only the administrator of the Platform which transfers information under the Funding Transactions initiated by the Users through the Platform to the Electronic Money Institution and/or Credit Institution which effects payments between the Users. The actions carried out by the Operator shall not and may not be deemed as the performance of payment functions and/or delivery of payment services.
    • The Operator's funds are in all cases separated and kept separately from the User's funds.
  • VI. CROWDFUNDING PROCESS

    • In the event that the Funder has decided to grant a Loan for the funding of the Project, the Funder, the Project Owner and the Operator shall sign the Loan Agreement.
    • Implementation of obligations under the Loan Agreement will be secured by the mortgage and / or collaters of the Project Owner (or third party) provided to the Funders. In order to attract a greater interest of the Funders, the Project Owner may, together with the mortgage and / or the pledge, provide other Means of Security of Obligations for the benefit of the Funders, such as third-party suretyship and guarantees or other.
    • By the concluding the Collateral Agreements, the Operator will act and will be indicated in the Collateral Documents as the Funder’s Representative acting exclusively in the interests of the Funders. Acting as Funder’s Representative, the Operator will be authorized to carry out collateral creation and administration and enforcement actions on behalf of and for the benefit of Funders and to sign all the related documents. The Operator will perform all actions, specifies in this clause, exclusively in the interest of the Funders.
    • By clicking on the “Invest” button on the Platform and transferring the amount of funds to the Project Account, the Funder confirms his / her determination to conclude the Funding Transaction.
    • The Operator is appointed as an Account Manager. After the Funder has performed the actions specified in Clause 6.4. of the Rules, the right and authority will be granted to the Operator on behalf of the Funder, to manage the funds in Project Account and to instruct the Electronic Money Institution to transfer the amount specified in the Funding Transaction from the Project Account to the Project Owner’s account at the electronic money account or any other bank account used by the Project Owner. The Operator may order the transfer of funds from the Project Account to the Project Owner only when the Minimum Amount is collected during the Placement Period.
    • Using the Platform, the Funders shall determine the amount of the Loan for the funding of the Project and express the will that he/she agrees with the Loan Agreement and the provisions of other related documents. By transferring funds into the Project Account, the Funder expresses his/her consent with the respective Loan Agreement. The transfer of funds into the Project Account shall be considered to be the signing of the Loan Agreement and a copy of such agreement (in PDF format) shall be sent to the e-mail addresses specified by the Users at the time of registration on the Platform. For the sake of clarity, the Loan Agreement shall be considered to have been concluded from the moment that the Funder’s funds are entered into the Project Account. No additional signing procedure for Loan Agreements shall be carried out, except for such cases where the Operator requests the Funder to additionally submit a signed copy of the Loan Agreement.
    • The Project Owner could start using the Funding Transactions funds provided by the Funders, only by following the all these circumstances: (i) if the total Minimum Amount is collected not later than of the end of the Placement Period; (ii) the Project Owner provided the Means of Security of Obligations and they are registered in the public register.
    • Under the circumstances specified in Clause 6.7. of the Rules, the Operator as an Account manager, will provide to the Electronic Money Institution the order to transfer the funds that were collected on the basis of Funding Transactions from the Project Account to the account at the electronic money account or any other bank account used by the Project Owner. Such Operator's instruction will be submitted immediately, but no later than within 3 business days.
    • In the case if the number of Funders who wish to conclude the Funding Transactions are more than the maximum intended funding amount of the Project to be collected, the priority is given to the Funder whose application for the Funding Transaction is submitted earlier.
    • The collected amount of crowdfunding funds shall be refunded to the Funders and the Project shall be removed from the Platform in case of the occurrence of any circumstances that, according to the Operator‘s opinion, may have a negative impact on the Funders, the Project Owner‘s financial standing (creditworthiness) and/or reputation until the end of the Placement Period or in case if Minimum Amount will not be collected during the Placement Period.
    • Other terms and conditions of the Funding Transaction shall be defined in the Loan Agreements.
    • The User shall keep copies of the concluded Loan Agreements on paper or in electronic format.
  • VII. DELAYED SETTLEMENTS

    • If the Project Owner does not settle with the Funder in accordance with the concluded Agreements and it is not the fault of the Funder, the Operator has the right to take over the acts of the administration and implementation of the Agreements and of the Means of Security of Obligations.
    • After taking over the administration of the Agreements, the Operator or the third party involved by the Operator shall have the right to take all necessary actions in the administration and realization of the Means of Security of Obligations provided by the Project Owner.
    • The Means of Security of Obligations could be realized in the manner chosed by the Operator, to the extent permitted by the laws of the Republic of Lithuania:
      • By selling the pledged / mortgaged property at the public auction; or
      • By selling the pledged / mortgaged property at non-public auction; or
      • By selling the pledged / mortgaged property to the third party, chosen by collateral giver provided the prior consent of the Operator is obtained.
    • Other terms of failure to comply with the Agreements will be specified in the Agreements.
  • VIII. APPLICABLE FEES AND FINES

    • The amount of fees payable by the Project Owner to the Operator and the payment procedure thereof shall be defined in the Agreement of use concluded between the Project Owner and the Operator.
  • IX. PERSONAL DATA

    • By agreeing with these Rules, the Users acknowledge that they are aware that the Operator tmay collect and process their personal data in accordance to the provisions of these Rule, the Policy and applicable legislation.
    • The Operator shall have the right to process all data of the Users provided by the latter to the Operator. The Operator shall also have the right to look for and collect information about the Users from various registers, publicly accessible sources and/or third parties.
  • X. CONTACT DETAILS

    • The contact details of the Operator: address: Mesiniu str. 5 LT-01133, Vilnius, Lithuania, e-mail address: PrivateCrowd@BanqueBoBo.com.
    • Any communication between the Operator and the Users shall be maintained through the Platform or by sending an enquiry according to the contact details of the parties provided in these Rules.
    • The Operator shall contact the Users using the contact details provided by the Users at the time of registration on the Platform. The User shall immediately notify the Operator of any change in his/her contact details or update them in his/her account on the Platform. In the event that the User fails to notify the Operator of any change in its contact details, or if the User fails to update them on his/her account on the Platform, the delivery of the notice addressed to the User the last known contact details as provided by the User shall be deemed to have been duly served.
    • The User hereby agrees that the Operator would send notices to the User through the Platform or to the e-mail address given by the User.
    • A notice sent through the Platform or by e-mail shall be deemed to have been received on the next working day after the date of its sending.
    • The Funder shall communicate with the Project Owner only by using platform and through the Operator.
  • XI. TERMINATION OF LEGAL RELATIONSHIPS WITH THE USERS

    • The Operator shall have the right to unilaterally terminate the relationships with the Users and not to allow them to use the Platform in the following cases:
      • The User fails to perform the duties provided for in these Rules, the Policy and the agreements concluded between the Operator and the User;
      • The User has provided or provides incorrect, misleading, false and/or incomplete information and/or documents;
      • By using the Platform, the Users violate or allegedly violate the applicable legislation;
      • The Operator has received the instruction from the responsible institutions to terminate any relationships or cooperation with the User.
    • The User may unilaterally terminate the relationship with the Operator after the User has submitted the respective written application and in case of all of the following conditions:
      • All the Funding Transactions carried out through the Platform have been completed (the Funding Transaction is considered to have been completed where the Loan Agreement has been concluded, or the Project has been terminated);
      • The User has no outstanding financial obligations to the Operator.
    • The Operator shall have the right to restrict the User‘s right to use the Platform and services provided by the Operator, including the full removal of the User from the Platform, and take other actions that the Operator considers to be necessary, including but not limited to the suspension or non-enforcement of its rights and duties if such action or omission on the part of the Operator is necessary to ensure the functional operation of the Platform and/or the rights and duties of other Users as well as compliance with the applicable legislation.
    • In all cases where the Operator reasonably believes that the User provides inaccurate or misleading information about himself/herself, carries out criminal acts, including but not limited to engagement in the money laundering and/or terrorist financing activities, and/or illegally uses personal data of other persons and in other cases, the Operator shall reserve the right to notify the responsible supervisory authorities or law enforcement institutions of such situation.
  • XII. RESTRICTIONS OF THE OPERATOR’S LIABILITY

    • The Operator’s actions shall exclude:
      • mediation services in concluding Funding Transactions;
      • guaranteeing or providing other securities that the Project Owner will duly perform their financial obligations to the Funders;
      • granting of loans or other funding to the Users;
      • provision of legal services;
      • performance of real estate transactions or consulting on related issues;
      • provision of payment services and/or issuance of electronic money.
    • The Operator shall be only the administrator of the Platform, and therefore, the Operator shall not be and may not be held liable for:
      • the failure to fulfil the obligations of the Users to other Users, including the delay in the payments of the Users;
      • the correctness, completeness and conformance of the data provided by the Users with reality;
      • the actions and/or omission of the Electronic Money Institution, including any disruptions in the use of electronic money accounts opened with the Electronic Money Institution, including the insolvency, bankruptcy or other actions of the Electronic Money Institution;
      • 1the actions and/or omission of the Credit Institution, including any disruptions in the use of escrow accounts opened in the Credit Institution, including the insolvency, bankruptcy or other actions of the Credit Institution;
      • the actions and/or omission of third parties who would cause disruptions in the operation of the Platform and/or the delivery of the Operator’s services and the Users would incur losses as a result thereof;
      • the binding nature, scope, contents appropriateness and enforcement of the documents used/provided on the Platform, including those documents which are used to conclude Funding Transactions on the Platform;
      • the change, expansion or termination of the Platform and/or the activities of the Operator;
      • the reliability and accuracy of the Project Owner and the projections of the Project, including its financial indicators;
      • 12.2.9. the illegal conduct of the Users and/or violations of the Rules and the non-performance of the obligations under the Agreements;
      • the losses of the Users, if they are incurred as a result of force majeure, including any disruptions in the communications, electronic data exchange and payment systems;
      • any obligations that may arise under the applicable legal acts, including the tax laws, when the Users conclude and/or perform the Funding Transactions, except for the cases where the tax laws provide for specific tax declaration, deduction and/or payment obligations binding on the Operator;
      • the losses of the Users provided that they were incurred due to the changes in the applicable legislation, including the recommendations, guidelines or positions of supervisory institutions;
      • the termination of the operation of the Platform due to any reasons.
    • The Operator’s liability shall arise only in respect of the damage caused by the Operator’s deliberate conduct or gross negligence and only in respect of direct losses incurred, which must be proved by the User.
  • XIII. CONFIDENTIALITY UNDERTAKINGS

    • The User hereby undertakes to treat all and any information about the Project Owner, the Project or the Funder and / or the Operator and / or the Platform as confidential and not to disclose such information to any third parties and not to use it for his/her own benefit or for the benefit of third parties.
    • The User hereby undertakes not to disclose and not to use for his/her benefit or for the benefit of third parties the business principles of the Operator and the operating principles of the Platform, as well as not to disclose to any third party any pricing principles and any charges applied by the Operator to the User.
  • XIV. FINAL PROVISIONS

    • The Operator shall have the right to unilaterally amend the Rules, the Policy and other documents used by the Operator by providing the respective information on the Platform. Any amendments to the documents shall enter into force as from the date of announcement thereof on the Platform and they shall be applicable to all Users. The User hereby confirms his/her consent with any amendments made to the documents by using the Platform system. The User shall have the right to disapprove of any amendments made. Such disapproval shall have no impact on his/her rights and obligations under the valid Loan Agreements, where one of the parties is such User but the User may not conclude new Loan Agreements and/or use the Platform and other services provided by the Operator. Amendments made due to technological changes or determined by the amendments to the legal acts shall apply to all agreements.
    • The Operator may not amend the Loan Agreement without the consent of the Funders holding more than 50% of the rights of claim to the Project Owner, including the provisions of the arrangements regarding the security of the performance of the obligations arising out of the aforementioned agreements related to:
      • the amount of interest and default interest;
      • the securities for the performance of the obligations arising out of the Loan Agreements;
      • the rights and duties of the Operator.
    • The Project Owner may not transfer his/her rights or obligations to any other person, including the transfer, reorganisation of the business, etc.
    • These Rules, the Policy and other documents provided on the Platform shall be governed by the law of the Republic of Lithuania. The law of a foreign state may be applicable to the Loan Agreements or related documents.
    • Any disputes between the Users and the Operator shall be settled by way of negotiations. Any disagreements between the Users and the Operator shall be settled under the dispute settlement procedure provided on the Operator’s website. In the event of a failure to reach an agreement, the dispute shall be finally resolved by Lithuanian courts.
    • In the event that any provision of these Rules or other related documents has been declared invalid, this shall have no effect on the validity of other provisions of the Rules or the provisions of other related documents.
    • The information provided on the Platform shall not be intended for distribution in any other state where the use of such information would be prohibited by the laws or other legal acts.
    • The Platform and the information provided on the Platform shall be protected by copyright. The materials, information and content provided on the Platform may be copied, downloaded, saved, reproduced, printed or otherwise used only for the personal purposes of the User and only to the extent that it is related to the use of the Platform and the services provided by the Operator.