General Terms and Conditions of Fixed Term Plans (FTP) and/or Certificate of Deposit (CD)

Present Terms and Conditions regulate the rights and obligations of the FSP/FTP/CD Owner and Global M Finance LLC (GMF) the Firm with respect to the use of FSP/FTP/CD.

 

Date amended: 11/26/2022

General Provisions

Fixed Saving Plans and/or Fixed Term Plans and/or Certificates of deposit (hereinafter “Certificate” “FSP” “FTP” or “CD”) are funds attracted by the Firm equaled to term deposits.

The certificate confirms the obligations of the Firm towards the FSP/FTP/CD Owner under which the Firm undertakes to return/pay to the FSP/FTP/CD Owner sums of money according to terms and conditions set in the Fixed Term Plan(s) / Certificate of deposit agreement (hereinafter “Agreement”) entered by and between the parties and terms and conditions or/and fulfill other financial obligations thereof.

Ownership of the Certificate is confirmed by a statement from the registry of certificates issued by the Firm. For the avoidance of doubt, the FSP/FTP/CD Owner is aware that the statement is not a security and only certifies legal relations between the parties.

FSP/FTP/CD Owner knows that this certificate is non-standard and requirements of Regulations for standard certificates of deposit of commercial Banks do not apply to it.

There may be two types of Certificates: interest or discount.

In case of interest certificate of deposit, the Firm undertakes according to the terms and conditions stipulated in the Agreement: [1] return amount that is equal to par value to the FSP/FTP/CD Owner; [2] periodically pay the FSP/FTP/CD Owner interest accrued.

In case of discounted fixed term plans and/or certificate of deposit, the Firm undertakes according to the terms and conditions stipulated in the Agreement to pay to the FSP/FTP/CD Owner amount equal to the par value of a discounted certificate of deposit.

The term of the certificate stipulated in the Agreement indicates the date when the Firm shall be obliged to return an amount equal to par value to the FSP/FTP/CD Owner.

Putting money into an account opened for the certificate and its return/payment is carried out through current/card accounts of FSP/FTP/CD Owner, according to the Agreement signed by FSP/FTP/CD Owner. The rights and obligations of the parties with respect to current/card accounts are regulated by the Agreement thereof.

These terms and conditions apply both to interest and discounted certificate of deposit unless otherwise expressly noted, or the context implies that the terms and conditions thereof may apply particularly to interest or discounted certificate.

Partial disbursement of the certificate or additional payments to the certificate is not allowed.

Order of interest calculation/payment of par value/interest accrued on the certificate of deposit

In the case of interest FSP/FTP/CD “certificate”, the par value of the certificate refers to sums of money placed by the CD Owner in the Firm in exchange for a certificate, that shall be paid to the FSP/FTP/CD Owner at the maturity date.

In case of interest FSP/FTP/CD “certificate, the Firm pays interest to the FSP/FTP/CD Owner according to the procedure, amount, and frequency as provided for by the Agreement/terms and conditions herein.

Interest is calculated on a daily basis, at the rate of 365 days per year.

Interest paid is reflected on the current or card accounts of the FSP/FTP/CD Owner according to the Agreement signed by the FSP/FTP/CD Owner.

The Firm deducts tax from interest accrued, in the presence of legal requirements. (Optional)

Payment procedure for a discounted certificate of deposit

In the case of a discounted certificate of deposit, the amount of the certificate is the sum of money placed by the FSP/FTP/CD Owner in the Firm in exchange for the certificate of deposit, and par value is money that shall be paid to the FSP/FTP/CD Owner at the maturity date.

The Firm deducts tax for the surplus revenue gained by the FSP/FTP/CD Owner, in the presence of legal requirements. (Optional)

Early disbursement (buy-out) of FSP/FTP/CD

Early disbursement of FSP/FTP/CD implies the existence of circumstances when in case of the desire of the FSP/FTP/CD Owner and consent of the Firm, the Firm returns sums of money before maturity.

For the avoidance of doubt, the FSP/FTP/CD Owner’s demand on early disbursement (buy-out) of the certificate shall not involve the creation of the Firm obligations and the Firm makes decisions at its sole discretion.

The Firm shall not be obliged to justify its refusal to make early disbursement (buy-out) of the certificate.

If the Firm approves FSP/FTP/CD Owner’s request for early disbursement (buy-out):

In case of interest certificate of deposit [а], interest is not accrued on sums of money placed under the certificate of deposit, and [b] penalty under the Agreement shall be imposed against FSP/FTP/CD Owner, and the amount payable to the FSP/FTP/CD Owner shall be adjusted as stipulated in this section (incl. deduction of interest paid).

ii. In case of a discounted certificate of deposit [а] the Firm pays an amount of the Certificate to the FSP/FTP/CD Owner under the relevant Agreement, but not a par value, and [b] amount payable to the FSP/FTP/CD Owner shall be adjusted according to the provisions of this section.

The Firm shall review the FSP/FTP/CD Owner’s request with respect to early disbursement (buy-out) of the certificate of deposit and informs him within 3 days after the request is submitted and, in case of a positive response the amount shall be paid within 5 days.

If the certificate of deposit serves as collateral for the Firm — demand the Firm shall have the right to meet its demand at the expense of funds placed by the client under the Certificate of deposit, this circumstance from a legal point of view will be assessed as early disbursement (buy-out) of certificate of deposit and will cause the results stipulated in section 4.d., with respect to interest and discounted Certificates of deposit. However, the penalty will be withheld on a first-priority basis and then the Firm demand will be satisfied.

Partial buying-out of Certificates is not allowed.

Alienation of Certificate of Deposit

The FSP/FTP/CD Owner shall be entitled to alienate the Certificate of deposit.

Transfer of the FSP/FTP/CD is carried out according to the Agreement signed by the Firm, the person who transfers the Certificate, and the buyer, the standard form of which has been drawn by the Firm.

The parties can declare their will only at the Firm sales points.

After the Certificate is transferred, the Firm makes changes to the certificate registry, the buyer is registered as the FSP/FTP/CD Owner, in witness whereof, the statement is issued.

FSP/FTP/CD Owner acknowledges that transfer of Certificate is allowed only in the form of a refundable deal, and therewith cash settlement shall be made.

After the signing of the trilateral agreement noted in section 5.b., the Firm provides a money transfer from the buyer’s account to the account of the person who transfers the Certificate and re-issues the Certificate in the buyer’s name.

The Firm charges a fee for transfer provided for by the Agreement.

After the transfer of the Certificate the buyer takes place of the previous holder of the Certificate and the terms and conditions herein, Agreement signed by the previous holder, statements, etc. will be legally binding upon him.

Partial transfer of certificates and/or held by several persons is not allowed.

Communication Procedures

The Firm shall be entitled to surrender notification or other document or send notification/document (via courier or post organization) to the FSP/FTP/CD Owner’s address registered in the Registry of entrepreneurial and non-entrepreneurial legal persons of National Agency of Public Registry/indicated in ID document. Notification/document may be sent/provided via SMS, fax, email, or other means of communication indicated in the Agreement.

Notification/document may be sent/provided to the Guarantor via SMS, by fax, e-mail of the FSP/FTP/CD Owner, or other means of communication registered in the Registry of entrepreneurial and non-entrepreneurial legal persons of the National Agency of Public Registry. Notification/document sent in this way shall be deemed delivered to the FSP/FTP/CD Owner. Notification/document sent via SMS or e-mail to the aforesaid Firm details by the Firm employee on behalf of the Firm shall be deemed delivered to the FSP/FTP/CD Owner.

The notification shall be deemed received by/delivered to the FSP/FTP/CD Owner:

by personal delivery – on the day of delivery of the notification or other document to the FSP/FTP/CD Owner.

by courier or post organization – on the 5th calendar day after the day of delivery to the courier/post organization, or the day of confirmation of delivery to the FSP/FTP/CD Owner, the earlier of the aforesaid dates.

by e-mail – on the day of receipt of confirmation sent from the FSP/FTP/CD Owner’s e-mail address or the day following the day when the notification was sent, the earlier of the aforesaid dates.

by other means – on the day after the day on which the notification/document was sent.

The Firm’s notification/document shall be deemed received by/delivered to the FSP/FTP/CD Owner if the notification returns, since the FSP/FTP/CD Owner’s location, has not been found or the FSP/FTP/CD Owner declines or evades receiving notification or document, or the Firm and receives notification via email that the FSP/FTP/CD Owner’s e-mail address has been canceled or it does not exist.

If any of the Firm details/contact details of the FSP/FTP/CD Owner specified in the Agreement change and the Firm has not been informed about it, the notification/document shall be deemed received by/delivered to the FSP/FTP/CD Owner when sent to the aforesaid Firm/contact details.

Dispute resolution

All disputes arising out of this Agreement related to its termination or cancellation, any results that arose out (including security-related arrangements), and issues related to the authenticity and existence of the arbitration clause stipulated by the present Clause shall be resolved by final and binding LLC Arbitration Chamber of Delaware legal competence of which the parties acknowledge without cancellation.

This Arbitration shall consider the case under the rules set by its Regulation. The case subject to its difficulty shall be considered by the Arbitration consisting of one or three arbitrators. The arbitration shall appoint arbitrators and determine their quantity.

The arbitral award on juridical security of the plaintiff’s claim shall be subject to execution on the basis of an enforcement order issued by Arbitration and does not require juridical knowledge and enforcement.

The parties shall undertake an obligation to inform Arbitration about a change of address and/or location, otherwise, correspondence sent by Arbitration to the address stipulated in this Agreement (including notification on legal proceedings, orders, decisions, etc.) will be deemed received (with appropriate legal consequences).

Conclusive ProvisionsThe Firm and the FSP/FTP/CD Owner shall keep confidential terms and conditions contained herein and other relations thereof, taking into consideration that these changes will not apply to:

Information that is or will become accessible to the public notwithstanding the parties.

Information that may be obtained from other sources of information.

iii. Information that shall be disclosed by either party according to the legal requirement of the authorized body.

1. The Firm shall be entitled to:
2. Transfer any information/document related to the client to an external auditor providing professional service to the Firm.
3. Use information related to the Certificate of deposit for the preparation of GMF reporting.

iii. Transfer client account information to the National Bureau of Enforcement.

1. If the Certificate of deposit serves as collateral for the demand, in case the Firm intends to assign the demand to the other person, transfer information on the Certificate of deposit to a third person.
2. The Firm shall be entitled to unilaterally amend the terms and conditions herein and place them on the Firm’s website.
3. The Customer agrees that for the purpose of Customer identification/verification and/or delivering him/her respective services GMF (Delaware) JSC shall be entitled to obtain from the electronic database of State Services Development National Agency the Customer’s personal data, in the manner prescribed by law and to the extent required for the accomplishment of this purposes.