General terms and conditions

1. Joint and several liability

All natural persons and legal entities that are parties to the Agreement are jointly and severally liable for all obligations arising from it. As long as the loan owed to 5in5 has not been paid in full, they are not authorised to exercise any rights of subrogation, and rights of recourse are subordinated to the claims of 5in5.

2. The Credit

Before 5in5 decides to provide Credit, it will check the creditworthiness of the Credit Recipient, including on the basis of information to be provided by the Credit Recipient, such as the Credit Recipient’s KvK number and name and address details. The identity of the Credit Recipient will be verified through an iDEAL payment of 1 cent. In this context, the Credit Recipient gives 5in5 permission to perform, directly or through third parties, both before the Credit Agreement is concluded and during the term of the Credit Agreement, any checks that 5in5 considers necessary to verify the information supplied by the Credit Recipient in the credit application and the Credit Recipient’s continuing creditworthiness.

Before 5in5 provides Credit at the request of the Credit Recipient and a Credit Agreement is concluded, it issues a Credit Proposal to the Credit Recipient. Before the Credit Recipient signs the Credit Proposal, 5in5 will assess the Credit Recipient’s creditworthiness based on the bank transactions shared by the Credit Recipient over a period of 12 months and any further information to be determined by 5in5 before the Credit Proposal is signed. Based on all information processed by us, we will make a credit proposal or reject the credit application. 5in5 is not required to provide reasons for rejecting a credit application or limiting the Credit, and this can never give rise to any liability on the part of 5in5.

Credit can and will never be provided by 5in5 to consumers (as referred to in Article 7:57(1)(a) of the Dutch Civil Code); it provides Credit solely for business spending purposes and only to: Version 31 January 2021 Page 3 of 12 (a) legal entities as referred to in Article 2:3 of the Dutch Civil Code; (b) natural persons acting solely in the course of a business or profession and then only for the exercise of that business or profession. Titles 7:2A and 7:2B of the Dutch Civil Code do not apply to the Credit Agreement or the legal relationship between the Credit Recipient and 5in5. 3.5. The Credit may be used by the Credit Recipient solely to finance the business activities of its enterprise.

3. Credit interest

The Credit Interest payable by the Credit Recipient is recorded in the Credit Agreement.

Credit Interest is calculated daily on the Credit Amount and charged to the Credit Recipient monthly. Credit Interest is paid monthly in arrears. The agreed repayment and credit interest are collected from the Bank Account Number on the agreed day of the month.

5in5 has the right to change the Credit Interest at any time when changes occur in the interest, conditions and costs at which 5in5 itself can borrow money on the relevant money or capital markets. 5in5 will inform the Credit Recipient in advance.

4. Payments

Any right of set-off or suspension on the part of the Borrower is excluded.

The records maintained by or for 5in5 constitute conclusive evidence of the existence of the Credit Recipient’s obligations under the Credit Agreement, subject to evidence to the contrary, in which case the Credit Recipient’s payment obligation is not suspended.

5. Costs, extrajudicial costs and penalty interest

5in5 charges additional administration costs of €15.00 (in words: fifteen euros) each time for the additional work that 5in5 must perform when amounts owed by the Credit Recipient under the Credit Agreement have not been paid on the Due Date.

If the Borrower fails to fulfil an obligation under the Agreement, fails to do so on time or fails to do so properly, the balance of the Loan remaining on the first day of default will be increased by 15% as compensation for extrajudicial costs, with a minimum of €150.00.

On the amount of the Loan in respect of which the Borrower is in default, the Borrower owes default interest in addition to the agreed interest/premium/drawdown fee.

If a Due Date falls on a day on which banks do not process transactions, that date is postponed to the next day on which banks process transactions.

6. Early repayment demand

The Lender may demand interim repayment of the outstanding credit amount plus unpaid interest and costs. This is the case if you:

• have not paid an instalment due after 1 month, even after we have asked you to pay and given you notice of default
• have moved abroad or intend to do so within a few months
• have been declared bankrupt
• knowingly gave us incorrect information when entering into the credit agreement and, with the correct information, we would not have provided credit or would not have provided it on the same conditions

7. Engagement of third parties

When performing the Credit Agreement, 5in5 may engage third parties or outsource work to third parties if it considers this necessary. When engaging or outsourcing to third parties, 5in5 will always exercise due care.

8. Processing of personal data and checks

5in5 respects your privacy and ensures that your personal information is treated confidentially and disclosed only to parties for whom the data is intended or who support 5in5 in performing the agreement or achieving its objectives. 5in5 applies a Cookie Policy and a Privacy Statement. These documents are available on the 5in5 website.

The 5in5 Privacy Statement records the exact processing operations and purposes for which 5in5 processes your personal data. In any event, the data you provide to 5in5 is used to assess your application for the 5in5 payment method, prevent and combat fraud, perform statistical analysis, conduct direct marketing by displaying advertisements from Suppliers affiliated with 5in5, and comply with legal obligations.

In connection with its acceptance policy, 5in5 will perform a data and creditworthiness check. Its purpose is to control risks and combat fraud. The data you provide is recorded in the 5in5 customer database and in the databases of its partners that it consults, so that those databases reflect accurate credit information.

When your data is entered in the 5in5 customer database, a check is made to determine whether you have other outstanding financial obligations. Whether or not you meet your financial obligations arising from an order placed or agreement concluded is recorded by 5in5 in its customer database and in the databases of its partners that it consults, in the event of non-payment to limit further financial risks for 5in5 and its clients and for creditworthiness assessment, or in the event of timely payment to provide a higher credit rating. This is necessary for the financial settlement of orders you have placed and will place in future.

For its data checks, 5in5 may use services and data from its affiliated companies and other processors and sub-processors designated by it. Personal data is processed in accordance with the General Data Protection Regulation (GDPR). 5in5 may also use your personal data to inform you about products and services relevant to you. If you do not wish this, you may notify 5in5, after which 5in5 will block your personal data.

9. Liability

5in5 can be held liable only for loss attributable to intent or gross negligence on the part of 5in5 or its employees, or arising from circumstances for which it is liable under mandatory rules of law. 5in5 is never liable for consequential or business loss, loss of profit or turnover, or any other loss that must be regarded as indirect loss.

If 5in5 is required for any reason to compensate any loss, the compensation will never exceed an amount equal to the invoice value relating to the product or service that caused the loss, or the amount paid by its insurer in the individual case.

10. Final provisions

The Agreement is governed by Dutch law.

Disputes between the Borrower and 5in5 may be submitted exclusively to the competent court in the place where 5in5 has its registered office.