Common use of Settlement Principles Clause in Contracts

Settlement Principles. 5.1. All settlements specified in the Financing Agreement and made by the Lender, Scramble and the Borrower under the Financing Agreement shall be made via the Virtual Accounts of the Lender and the Borrower registered pursuant to the Terms of Use. To make contractual payments (incl. disbursement of the Loan Principal Amount, Loan Principal repayments, and any and all contractual interest, fees and penalties), the Lender and the Borrower issue an irrevocable authorization to Scramble to credit the amount specified in the Financing Agreement to the extent and at the time specified in the Financing Agreement from the paying party’s Virtual Account and debit the receiving party’s Virtual Account in the same amount. The payment shall be deemed to be made when the receiving party’s Virtual Account is debited. 5.2. Unless the Financing Agreement stipulates otherwise, both the Lender and the Borrower shall ensure that there are sufficient funds in their respective Virtual Accounts for making payments pursuant to the Financing Agreement at the time and to the extent specified in the Financing Agreement. In case the aforementioned obligation is breached, the contractual penalty stipulated in clause 9.1 shall be applied monthly from the day following the day when such due payment failed. 5.3. If there are insufficient funds in the Borrower’s or any of its Batch Partners’ Virtual Account(s) for making payments arising from the Borrower’s or any of its Batch Partners’ obligations which have become collectible (incl. payments to the Borrower’s or any of its Batch Partners’ other creditors (lenders) under the Unsubordinated Loans and Subordinated Loans, and Scramble, the payments shall be made (including by using funds available in the Virtual Account(s) of the Borrower or any of its Batch Partners) in the following order: 5.3.1. in the first order, the Scramble Service Fee of Non-Performing Unsubordinated loans related to the Borrower or any of its Batch Partners; 5.3.2. In the second order, payments related to the Interest rate and Loan Principal Amount repayment obligation of Non-Performing Unsubordinated loans; 5.3.3. in the third order, payments related to Loan Extension Fees and contractual penalties of Non-Performing Unsubordinated Loans; 5.3.4. in the fourth order, the Scramble Service Fee of Performing Unsubordinated loans related to the Borrower or any of its Batch Partners; 5.3.5. in the fifth order, payments related to the Interest rate and Loan Principal Amount repayment obligation of Performing Unsubordinated Loans; 5.3.6. in the sixth order, payments related to Loan Extension Fees and contractual penalties of Performing Unsubordinated Loans; 5.3.7. in the seventh order, the Scramble Service Fee of Non-Performing Subordinated Loans; 5.3.8. in the eighth order, payments related to the Interest Margin and Loan Principal Amount repayment obligation of Non-Performing Subordinated Loans; 5.3.9. in the ninth order, payments related to Loan Extension Fees and contractual penalties of Non-Performing Subordinated Loans; 5.3.10. in the tenth order, the Scramble Service Fee of Performing Subordinated Loans; 5.3.11. in the eleventh order, payments related to the Interest Margin and Loan Principal Amount repayment obligation of Performing Subordinated Loans; 5.3.12. in the twelfth order, payments related to Loan Extension Fees and contractual penalties of Performing Subordinated Loans; 5.4. The Lender hereby agrees and consents that any payments to be made by the Borrower under the Agreement shall be subordinated to any payments to be made by the Borrower or any of its Batch Partners under any Unsubordinated Loan in the manner and order prescribed in clause 5.3 above, and that any payments due under the Agreement shall be repaid by the Borrower only after due and full payment of any amounts due under any Unsubordinated Loan in accordance with clause 5.3 above. The Lender further undertakes not to request or receive any payment or distribution from the Borrower in relation to any of the Lender’s claims arising from the Financing Agreement (incl. interest, fees, expenses or other compensation, etc.) or enforce the Security to satisfy any of the aforementioned claims (or instruct Scramble to perform any of the aforementioned actions), other than to the extent and in the manner specified in clause 5.3 above. 5.5. For the avoidance of doubt, the Borrower’s obligations to the Lender under the Subordinated Financing Agreement are considered fulfilled once the Borrower has transferred all necessary payment amounts (incl. interest, fees, expenses or other compensation, etc.) to its Virtual Account and regardless if any or all of such payment amounts were then paid by Scramble to other lenders based on the order set out in clause 5.3 above. 5.6. If the Lender or the Borrower is no longer a registered user of the Platform, the parties shall make payments specified in the Agreement via their Payment Accounts. If a party fails to make a payment via its Payment Account by the due date, said party shall pay default interest to the other party at the rate of 0.1% of the unpaid amount for each delayed day, to be calculated starting from the day immediately following the due date until the payment has been made. The order of payments specified in clause 5.3 also applies to payments made via Payment Accounts.

Settlement Principles. 5.1. All settlements specified in the Financing Agreement and made by the Lender, Scramble and the Borrower under the Financing Agreement shall be made via the Virtual Accounts of the Lender and the Borrower registered pursuant to the Terms of Use. To make contractual payments (incl. disbursement of the Loan Principal Amount, Loan Principal repayments, and any and all contractual interest, fees and penalties), the Lender and the Borrower issue an irrevocable authorization to Scramble to credit the amount specified in the Financing Agreement to the extent and at the time specified in the Financing Agreement from the paying party’s Virtual Account and debit the receiving party’s Virtual Account in the same amount. The payment shall be deemed to be made when the receiving party’s Virtual Account is debited. 5.2. Unless the Financing Agreement stipulates otherwise, both the Lender and the Borrower shall ensure that there are sufficient funds in their respective Virtual Accounts for making payments pursuant to the Financing Agreement at the time and to the extent specified in the Financing Agreement. In case the aforementioned obligation is breached, the contractual penalty stipulated in clause 9.1 shall be applied monthly from the day following the day when such due payment failed. 5.3. If there are insufficient funds in the Borrower’s or any of its Batch Partners’ Virtual Account(s) for making payments arising from the Borrower’s or any of its Batch Partners’ obligations which have become collectible (incl. payments to the Borrower’s or any of its Batch Partners’ other creditors (lenders) under the Unsubordinated Loans and Subordinated Loans, and Scramble, the payments shall be made (including by using funds available in the Virtual Account(s) of the Borrower or any of its Batch Partners) in the following order: 5.3.1. in the first order, the Scramble Service Fee of Non-Performing Unsubordinated loans related to the Borrower or any of its Batch Partners; 5.3.2. In the second order, payments related to the Interest rate and Loan Principal Amount repayment obligation of Non-Performing Unsubordinated loans; 5.3.3. in the third order, payments related to Loan Extension Fees and contractual penalties of Non-Performing Unsubordinated Loans; 5.3.4. in the fourth order, the Scramble Service Fee of Performing Unsubordinated loans related to the Borrower or any of its Batch Partners; 5.3.5. in the fifth order, payments related to the Interest rate and Loan Principal Amount repayment obligation of Performing Unsubordinated Loans; 5.3.6. in the sixth order, payments related to Loan Extension Fees and contractual penalties of Performing Unsubordinated Loans; 5.3.7. in the seventh order, the Scramble Service Fee of Non-Performing Subordinated Loans; 5.3.8. in the eighth order, payments related to the Margin Interest Margin and Loan Principal Amount repayment obligation of Non-Performing Subordinated Loans; 5.3.9. in the ninth order, payments related to Loan Extension Fees and contractual penalties of Non-Performing Subordinated Loans; 5.3.10. in the tenth order, the Scramble Service Fee of Performing Subordinated Loans; 5.3.11. in the eleventh order, payments related to the Margin Interest Margin and Loan Principal Amount repayment obligation of Performing Subordinated Loans; 5.3.12. in the twelfth order, payments related to Loan Extension Fees and contractual penalties of Performing Subordinated Loans;; Within each aforementioned category, the payments shall be made in the order in which the respective obligations become collectible. In case there are no sufficient funds to cover all obligations in the current category that have become collectible simultaneously, the available funds shall be distributed proportionally between said obligations. 5.4. The Lender hereby agrees and consents that any payments to be made by the Borrower under the Agreement shall be subordinated to any payments to be made by the Borrower or any of its Batch Partners under any Unsubordinated Loan in the manner and order prescribed in clause 5.3 above, and that any payments due under the Agreement shall be repaid by the Borrower only after due and full payment of any amounts due under any Unsubordinated Loan in accordance with clause 5.3 above. The Lender further undertakes not to request or receive any payment or distribution from the Borrower in relation to any of the Lender’s claims arising from the Financing Agreement (incl. interest, fees, expenses or other compensation, etc.) or enforce the Security to satisfy any of the aforementioned claims (or instruct Scramble to perform any of the aforementioned actions), other than to the extent and in the manner specified in clause 5.3 above. 5.5. For the avoidance of doubt, the Borrower’s obligations to the Lender under the Subordinated Financing Agreement are considered fulfilled once the Borrower has transferred all necessary payment amounts (incl. interest, fees, expenses or other compensation, etc.) to its Virtual Account and regardless if any or all of such payment amounts were then paid by Scramble to other lenders based on the order set out in clause 5.3 above. 5.6. If the Lender or the Borrower is no longer a registered user of the Platform, the parties shall make payments specified in the Financing Agreement via their Payment Accounts. If a party fails to make a payment via its Payment Account by the due date, said party shall pay default interest to the other party at the rate of 0.1% of the unpaid amount for each delayed day, to be calculated starting from the day immediately following the due date until the payment has been made. The order of payments specified in clause 5.3 also applies to payments made via Payment Accounts.

Settlement Principles. 5.1. All settlements specified in the Financing Agreement and made by the Lender, Scramble and the Borrower under the Financing Agreement shall be made via the Virtual Accounts of the Lender and the Borrower registered pursuant to the Terms of Use. To make contractual payments (incl. disbursement of the Loan Principal Amount, Loan Principal repayments, and any and all contractual interest, fees and penalties), the Lender and the Borrower issue an irrevocable authorization to Scramble to credit the amount specified in the Financing Agreement to the extent and at the time specified in the Financing Agreement from the paying party’s Virtual Account and debit the receiving party’s Virtual Account in the same amount. The payment shall be deemed to be made when the receiving party’s Virtual Account is debited. 5.2. Unless the Financing Agreement stipulates otherwise, both the Lender and the Borrower shall ensure that there are sufficient funds in their respective Virtual Accounts for making payments pursuant to the Financing Agreement at the time and to the extent specified in the Financing Agreement. In case the aforementioned obligation is breached, the contractual penalty stipulated in clause 9.1 shall be applied monthly from the day following the day when such due payment failed. 5.3. If there are insufficient funds in the Borrower’s or any of its Batch Partners’ Virtual Account(s) for making payments arising from the Borrower’s or any of its Batch Partners’ obligations which have become collectible (incl. payments to the Borrower’s or any of its Batch Partners’ other creditors (lenders) under the Unsubordinated Loans and Subordinated Loans, and Scramble, the payments shall be made (including by using funds available in the Virtual Account(s) of the Borrower or any of its Batch Partners) in the following order: 5.3.1. in the first order, the Scramble Service Fee of Non-Performing Unsubordinated loans related to the Borrower or any of its Batch Partners; 5.3.2. In the second order, payments related to the Interest rate and Loan Principal Amount repayment obligation of Non-Performing Unsubordinated loans; 5.3.3. in the third order, payments related to Loan Extension Fees and contractual penalties of Non-Performing Unsubordinated Loans; 5.3.4. in the fourth order, the Scramble Service Fee of Performing Unsubordinated loans related to the Borrower or any of its Batch Partners; 5.3.5. in the fifth order, payments related to the Interest rate and Loan Principal Amount repayment obligation of Performing Unsubordinated Loans; 5.3.6. in the sixth order, payments related to Loan Extension Fees and contractual penalties of Performing Unsubordinated Loans; 5.3.7. in the seventh order, the Scramble Service Fee of Non-Performing Subordinated Loans; 5.3.8. in the eighth order, payments related to the Interest Margin and Loan Principal Amount repayment obligation of Non-Performing Subordinated Loans; 5.3.9. in the ninth order, payments related to Loan Extension Fees and contractual penalties of Non-Performing Subordinated Loans; 5.3.10. in the tenth order, the Scramble Service Fee of Performing Subordinated Loans; 5.3.11. in the eleventh order, payments related to the Interest Margin and Loan Principal Amount repayment obligation of Performing Subordinated Loans; 5.3.12. in the twelfth order, payments related to Loan Extension Fees and contractual penalties of Performing Subordinated Loans;; Within each aforementioned category, the payments shall be made in the order in which the respective obligations become collectible. In case there are no sufficient funds to cover all obligations in the current category that have become collectible simultaneously, the available funds shall be distributed proportionally between said obligations. 5.4. The Lender hereby agrees and consents that any payments to be made by the Borrower under the Agreement shall be subordinated to any payments to be made by the Borrower or any of its Batch Partners under any Unsubordinated Loan in the manner and order prescribed in clause 5.3 above, and that any payments due under the Agreement shall be repaid by the Borrower only after due and full payment of any amounts due under any Unsubordinated Loan in accordance with clause 5.3 above. The Lender further undertakes not to request or receive any payment or distribution from the Borrower in relation to any of the Lender’s claims arising from the Financing Agreement (incl. interest, fees, expenses or other compensation, etc.) or enforce the Security to satisfy any of the aforementioned claims (or instruct Scramble to perform any of the aforementioned actions), other than to the extent and in the manner specified in clause 5.3 above. 5.5. For the avoidance of doubt, the Borrower’s obligations to the Lender under the Subordinated Financing Agreement are considered fulfilled once the Borrower has transferred all necessary payment amounts (incl. interest, fees, expenses or other compensation, etc.) to its Virtual Account and regardless if any or all of such payment amounts were then paid by Scramble to other lenders based on the order set out in clause 5.3 above. 5.6. If the Lender or the Borrower is no longer a registered user of the Platform, the parties shall make payments specified in the Agreement via their Payment Accounts. If a party fails to make a payment via its Payment Account by the due date, said party shall pay default interest to the other party at the rate of 0.1% of the unpaid amount for each delayed day, to be calculated starting from the day immediately following the due date until the payment has been made. The order of payments specified in clause 5.3 also applies to payments made via Payment Accounts.

Settlement Principles. 5.1. All settlements specified in the Financing Agreement and made by the Lender, Scramble and the Borrower under the Financing Agreement shall be made via the Virtual Accounts of the Lender and the Borrower registered pursuant to the Terms of Use. To make contractual payments (incl. disbursement of the Loan Principal Amount, Loan Principal repayments, and any and all contractual interest, fees and penalties), the Lender and the Borrower issue an irrevocable authorization to Scramble to credit the amount specified in the Financing Agreement to the extent and at the time specified in the Financing Agreement from the paying party’s Virtual Account and debit the receiving party’s Virtual Account in the same amount. The payment shall be deemed to be made when the receiving party’s Virtual Account is debited. 5.2. Unless the Financing Agreement stipulates otherwise, both the Lender and the Borrower shall ensure that there are sufficient funds in their respective Virtual Accounts for making payments pursuant to the Financing Agreement at the time and to the extent specified in the Financing Agreement. In case the aforementioned obligation is breached, the contractual penalty stipulated in clause 9.1 shall be applied monthly from the day following the day when such due payment failed. 5.3. If there are insufficient funds in the Borrower’s or any of its Batch Partners’ Virtual Account(s) for making payments arising from the Borrower’s or any of its Batch Partners’ obligations which have become collectible (incl. payments to the Borrower’s or any of its Batch Partners’ other creditors (lenders) under the Unsubordinated Loans and Subordinated Loans, and Scramble, the payments shall be made (including by using funds available in the Virtual Account(s) of the Borrower or any of its Batch Partners) in the following order: 5.3.1. in the first order, the Scramble Service Fee of Non-Performing Unsubordinated loans related to the Borrower or any of its Batch Partners; 5.3.2. In the second order, payments related to the Interest rate and Loan Principal Amount repayment obligation of Non-Performing Unsubordinated loans; 5.3.3. in the third order, payments related to Loan Extension Fees and contractual penalties of Non-Performing Unsubordinated Loans; 5.3.4. in the fourth order, the Scramble Service Fee of Performing Unsubordinated loans related to the Borrower or any of its Batch Partners; 5.3.5. in the fifth order, payments related to the Interest rate and Loan Principal Amount repayment obligation of Performing Unsubordinated Loans; 5.3.6. in the sixth order, payments related to Loan Extension Fees and contractual penalties of Performing Unsubordinated Loans; 5.3.7. in the seventh order, the Scramble Service Fee of Non-Performing Subordinated Loans; 5.3.8. in the eighth order, payments related to the Margin Interest Margin and Loan Principal Amount repayment obligation of Non-Performing Subordinated Loans; 5.3.9. in the ninth order, payments related to Loan Extension Fees and contractual penalties of Non-Performing Subordinated Loans; 5.3.10. in the tenth order, the Scramble Service Fee of Performing Subordinated Loans; 5.3.11. in the eleventh order, payments related to the Margin Interest Margin and Loan Principal Amount repayment obligation of Performing Subordinated Loans; 5.3.12. in the twelfth order, payments related to Loan Extension Fees and contractual penalties of Performing Subordinated Loans; 5.4. The Lender hereby agrees and consents that any payments to be made by the Borrower under the Agreement shall be subordinated to any payments to be made by the Borrower or any of its Batch Partners under any Unsubordinated Loan in the manner and order prescribed in clause 5.3 above, and that any payments due under the Agreement shall be repaid by the Borrower only after due and full payment of any amounts due under any Unsubordinated Loan in accordance with clause 5.3 above. The Lender further undertakes not to request or receive any payment or distribution from the Borrower in relation to any of the Lender’s claims arising from the Financing Agreement (incl. interest, fees, expenses or other compensation, etc.) or enforce the Security to satisfy any of the aforementioned claims (or instruct Scramble to perform any of the aforementioned actions), other than to the extent and in the manner specified in clause 5.3 above. 5.5. For the avoidance of doubt, the Borrower’s obligations to the Lender under the Subordinated Financing Agreement are considered fulfilled once the Borrower has transferred all necessary payment amounts (incl. interest, fees, expenses or other compensation, etc.) to its Virtual Account and regardless if any or all of such payment amounts were then paid by Scramble to other lenders based on the order set out in clause 5.3 above. 5.6. If the Lender or the Borrower is no longer a registered user of the Platform, the parties shall make payments specified in the Financing Agreement via their Payment Accounts. If a party fails to make a payment via its Payment Account by the due date, said party shall pay default interest to the other party at the rate of 0.1% of the unpaid amount for each delayed day, to be calculated starting from the day immediately following the due date until the payment has been made. The order of payments specified in clause 5.3 also applies to payments made via Payment Accounts.