Periodic Credit Transfer Order Execution Agreement

Annex 3

To the General terms and conditions for provision of Payment Services

  1. 1. Definitions

    1. Periodic Credit Transfer Order (hereinafter – Periodic Transfer Order) is the Order to make the Periodic Credit Transfers.
    2. Periodic Credit Transfer (hereinafter – Periodic Transfer) means a credit transfer made on a regular basis or on predetermined days.
    3. Agreement – this Periodic Credit Transfer Order Execution Agreement.
    4. Other terms used in the Agreement have meanings as defined in the General T&C, the Law on Payments of the Republic of Lithuania, the Law on Electronic Money and Electronic Money Institutions of the Republic of Lithuania.
  2. 2. Subject of Agreement and application

    1. We undertake to execute the Periodic Transfer Orders submitted by you in accordance with the procedure established in this Agreement, i.e. to transfer funds from the Account to a payee’s account specified by you at the periodicity specified by you, and you undertake to pay us Commissions set out in the Standard Rates for execution of the Periodic Transfer Orders. Such transfers are also subject to standard ordered transfer Commission (e.g. SEPA or SWIFT credit transfer Commission).
    2. The General T&C and Account Agreement shall form an integral part of this Agreement. Provisions of the General T&C and Account Agreement shall apply in cases both directly stipulated in the Agreement (e. g. termination of the Agreement) or not directly stipulated (e. g. applicable law and disputes resolution) depending on the context. In the event of contradiction or discrepancy between terms and conditions of the Agreement and the General T&C / Account Agreement, terms and conditions of this Agreement shall prevail, unless the Agreement states otherwise.
  3. 3. Execution of Periodic Transfer

    1. We execute the Periodic Transfers with periodicity specified in the Periodic Transfer Order submitted by you. The Periodic Transfer Order is provided by electronic means specified by us, e.g. in the Internet Banking System, or in another way specified and allowed by us. Date on which the Periodic Transfer Order is submitted shall be considered to be date of execution of the Periodic Transfer specified in such an order.
    2. We shall execute number of the Periodic Transfers specified by you by the last specified date of the Periodic Transfer. If the Agreement does not specify date of the last Periodic Transfer, Periodic Transfers shall be executed until you submit to us a request to terminate the Agreement. If you wish to change the Periodic Transfer’s details, you must terminate the Agreement and conclude new Agreement by specifying the new details of Periodic Transfer. In order to terminate the Agreement, you must contact us no later than 1 (one) Business Day before specified date of the Periodic Transfer. You can do this by electronic means specified by us, for example in the Internet Banking System, or in another way specified and permitted by us.
    3. Date of executing transfers shall be determined having regard to date of the first transfer and periodicity specified by you.
    4. If funds are transferred to another financial institution and transfer date coincides with a day-off or a holiday, transfer shall be made on our first Business Day after the day-off / holiday.
    5. If you have concluded more than one Agreement and transfers dates specified therein coincide, transfers shall be made in the sequence of conclusion of the Agreements.
    6. We shall transfer funds provided that balance in your Account is sufficient for transfer and for debiting of Commission.
    7. We shall not make transfer if your account is seized or your right to dispose of funds therein is restricted otherwise.
    8. You shall pay us Commission for the Periodic Transfers in accordance with the Standard Rates.
  4. 4. Termination

    1. The Agreement may expire or be terminated on the grounds and in accordance with procedure specified in the General T&C.
    2. The Agreement can also be terminated in the case specified in Clause 3.2 of the Agreement when you intend to change the details of the Periodic Transfer.