Terms and conditions

TERMS AND CONDITIONS FOR USING THE FAGURA PLATFORM

last updated: December 9, 2023

General Information

  1. This document sets forth the terms and conditions for using the services on the Fagura platform and the website www.fagura.ro and governs the legal relationships between each individual or legal entity using the Fagura platform as a User and FAGURA FINANCE S.R.L. (a limited liability company organized and operating under Romanian laws, headquartered at 24 Sevastopol Street, Ground Floor, Room 1 Bis and Room 5, Sector 1, Bucharest, Romania, registered with the Trade Registry under no. J40/8030/2021, with the European Unique Identifier EUID ROONRC.J40/8030/2021, having the unique registration code 44221810 – “Fagura” or “the Operator“), as an authorized crowdfunding services provider, registered with the ASF under number and date: PJR28FSFPR/400003/04.09.2023.
  2. The terms and conditions of use of the Platform (“Terms and Conditions”) form the basis of the agreement between the User and Fagura (the User Agreement) regarding the contracting and use of the services available through the Fagura platform. Use of the Platform and the services provided through it is conditional upon the express acceptance of the Terms and Conditions. Also, where this document indicates, its provisions lead to the creation of direct contractual relationships between Users (e.g., the contractual relationship between the Project Developer and the Investor). By agreeing to the Terms and Conditions (including the related contractual documentation), the User acknowledges, understands, and fully accepts the clauses of the contractual documentation.
  3. The Terms and Conditions are supplemented, as appropriate, by: The Loan Agreement, which presents the general and special conditions that will apply to each Loan granted through the Platform, available on the fagura.ro website and in the User Account of each Project Developer on the Platform; Fagura’s Privacy Policy related to the Platform, available on the fagura.ro website; The Cookie Policy, available on the fagura.ro website; Other documents, as applicable.
  4. Additionally, by checking the relevant field, the User declares that they have read and understood the Fagura Privacy Policy related to the Platform, being informed about their rights and that complete and up-to-date information about the processing of personal data by Fagura is always available at www.fagura.ro or via email at info@fagura.ro. These Terms and Conditions have been drafted in accordance with the legal provisions, especially Regulation (EU) 2020/1503 of the European Parliament and of the Council on European crowdfunding service providers for businesses and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937 (“the Regulation“).

Definitions In this document, the capitalized terms have the meanings defined below:

User Agreement
The agreement between the User and Fagura formed when the User agrees to the Terms and Conditions by checking the appropriate box during the User Account creation process on the Platform;

Auto Invest
the filtering function available on the Platform;

Service Fee
The fee paid by the Investor to Fagura for managing each Loan on the primary or secondary market, funded by the Investor, which is retained as a certain percentage of each payment (principal plus interest) made by the Project Developer to the Investor;

Collection Fee
The fee paid by the Investor to Fagura for carrying out activities to recover overdue payments greater than 30 days and includes all direct costs associated with debt collection (notifications, fee paid to specialized debt recovery companies, etc.), as well as all legal fees;

Granting Fee
the fee paid by the Project Developer to Fagura, representing the remuneration for organizing the Loan granting process;

Project Developer’s Account the bank
account opened in the name of the Project Developer at a credit/financial institution for receiving amounts paid by Investors through Fagura as a Loan for financing a Project of the Developer;

Segregated Accounts
segregated bank accounts opened by Fagura at a payment institution, in accordance with Article 10 of EU Regulation 2020/1503, where payments made by Investors and Project Developers to ensure Platform transactions are deposited, separated from any other Fagura bank accounts or its other properties/assets;

Loan Agreement
the contract between the Investor and the Project Developer, concluded through the Fagura Platform, whereby the Investor makes an agreed sum of money available to the Project Developer through Fagura for an agreed term, and the Project Developer unconditionally agrees to repay the Investor the sum and accumulated interest according to the payment schedule in installments;

Personal Guarantee Agreement
the guarantee agreement by which the legal/conventional representative of the Project Developer assumes the firm obligation and commitment to make overdue payments to the Investor if the Project Developer exceeds any loan repayment deadline by at least 30 days.

User Account
the separate account opened on the Platform for each User by Fagura to register and display balances and transactions resulting from the Loan Agreement or investment activity, for User informational purposes;

User
any person who creates a User Account on the Platform (as an Investor or Project Developer) to receive from crowdfunding services;

Project Developer
any legal entity and individual conducting professional activity in a legally provided organizational form intending to obtain financing through the Fagura crowdfunding platform, under this document;

Risk Grade
one of the risk categories A-G assigned to each Project Developer by Fagura based on its complex formulas considering various characteristics of the Project and the Project Developer; the risk grade is displayed on the Platform;

User ID
a unique number randomly assigned to each User, used by Fagura to identify each User on the Platform;

Investor
any individual or legal entity who has successfully completed the process of creating an Investor-type User account on the Platform and provides loans for crowdfunding purposes through the Platform;

Sophisticated Investor
any individual or legal entity, holder of an Investor-type User account, who is a professional client under Annex II Section I points 1, 2, 3, or 4 of Directive 2014/65/EU or any individual or legal entity who has Fagura’s approval to be considered a sophisticated investor based on the criteria and procedure in Annex II of EU Regulation 2020/1503 and according to this document;

Non-Sophisticated Investor
any individual or legal entity, holder of an Investor-type User account, who is not a sophisticated investor under the criteria provided in EU Regulation 2020/1503;

Financing Objective
the total amount requested by the Project Developer for crowdfunding a Project and communicated through the Financing Offer;

Key Information Sheet
the communication provided by Fagura on the Platform, for each Financing Offer, based on data provided by the Project Developer, to allow Investors to make an informed investment decision;

Crowdfunding Financing Offer / Financing Offer
the communication on the Platform that presents sufficient information about the offer conditions and the proposed crowdfunding project to allow the Investor to invest in the Crowdfunding Project;

Fagura Platform/Platform
the crowdfunding platform represented by an online information system accessible to the public, operated and administered by Fagura Finance SRL according to the law and this document;

Funding Period
the period during which Investors can provide Loans for a specific Project, starting from the date of publication of the Financing Offer, but not more than 14 calendar days;

Project
the activity or set of commercial activities for which the Project Developer intends to obtain funding from Loans;

Loan Portfolio
the loans granted through the Platform that are in force at a given date;

Banking Day
any day on which banking companies in Romania operate;

Delay Day
each calendar day following the due date of an obligation, e.g., the date of an installment according to the Repayment Schedule provided in the Loan Agreement, until its payment.

  1. Changes of Terms and Conditions
    Fagura reserves the right to change these Terms and Conditions at any time. Users will be informed through the Platform in the User Account and via email about the changes/updates, which will take effect and apply to Users from the effective date indicated in the relevant modification/update. Any change in fees due by Users to Fagura will become applicable only after 10 days from the communication date to the User, and only for the period following the communication. If the User continues to use the Platform after the effective date of any change (including any fee changes), it will be considered that they have accepted the modified Terms and Conditions, with the most recent update prevailing over previous versions in case of contradictions.
  2. The Platform and Services
    The Fagura Platform is a digital crowdfunding platform available through the website www.fagura.ro, through which Fagura facilitates the granting of Loans by Investors to Project Developers (“Services”). The Platform allows Users, among other things, to: Upload/Publish Projects proposed by Project Developers for obtaining funding and provide essential information about the investment in the Project; View Projects uploaded to the Platform by Investors; Place investment offers by Investors; Conclude the Loan Agreement between the Investor and the Project Developer; Filter using auto-invest, according to a series of predefined parameters by the Platform – Investors decide on their own initiative the allocation of their funds to one or more crowdfunding offers published by the Platform; Use a notice board (Bulletin Board, Secondary Market). Within the Services, Fagura: Facilitates the connection of Investors interested in providing business financing with Project Developers through the Platform, facilitating the granting of Loans from Investors to Developers; Conducts creditworthiness and risk evaluations of Projects and the associated risk grade of crowdfunding offers regarding certain Projects. The creditworthiness (scoring) and risk grade calculation method (formula) are presented for each Project separately, according to Fagura’s internal procedures; Represents Investors in recovering debts resulting from overdue Loans.
  3. Exclusions
    The following are excluded from the scope of the services, among other things: Placement of securities and instruments admitted for crowdfunding purposes through the Platform; Guaranteeing by Fagura the availability or accessibility of User funds; Ensuring/guaranteeing by Fagura the fulfillment of financial obligations of Project Developers arising from loan agreements concluded through the Platform; Acceptance of deposits or other repayable instruments or granting of loans or other financing on behalf of or in the name of Fagura; Providing investment advice or any other type of advice. Neither the Services as a whole nor any information, activity, process undertaken or result obtained in connection with the provision of Services (including the evaluation of the Project Developer by Fagura) constitute legal, financial, or other advice, nor can they be considered a recommendation or guarantee from Fagura or any associated person or company regarding the creditworthiness of any Project Developer, the value of payments the Investor might receive, or the likelihood of default that might occur in connection with any Loan granted through the Platform. The content and materials published by Fagura and available on the Platform do not constitute advice and are not considered a recommendation or offer to invest, request loans, investments, or perform any other operation possible through the Platform. The decision to enter into any operation through the Platform or to stop using the Platform belongs exclusively to the User.
  4. Creating a User Account. Access to the Platform
    – Choosing the appropriate profile. To use the Platform and benefit from the Services, it is necessary to register on the Platform by going through the registration (enrollment) process corresponding to the role for which the interested person opts, between the two available: Investor, if you want to provide Loans to Developers, or Project Developer, if you want to attract funding for your own Project. The person interested in creating a User Account is required to complete the fields with real, correct, and updated information.
    – Creating the User Account. The User account can be created on the Platform based on an email address and mobile phone number, which will be verified by sending a message to the email address and an SMS to the phone number. The identification of the User during the User Account creation process continues by verifying the correspondence and veracity of the provided data with the data from the identity document of the interested person and the real-time photo provided (using the device with which the user completes the registration formalities – e.g., mobile device).
    – Once registered on the Platform, each User will receive a unique identification number on the Platform (defined as User ID), which will be used by Fagura to identify the User and execute the rights and obligations related to the contractual documentation (e.g., Terms and Conditions). No User has the right to create multiple accounts on the Platform using multiple email addresses or other identification data than the real ones, under the penalty of termination by Fagura.
    – The User accepts and acknowledges that the data they provide to create/update their profile on the Platform may and will be used by Fagura for purposes related to the operations that can be performed on the Platform, such as: identifying/authenticating the User on the Platform, for informative/transactional communication, to send communications regarding relevant aspects of using the Platform, to perform any legally required verifications, to execute the rights and obligations related to contracting the Platform Services, as well as for Fagura to fulfill its reporting obligations to the competent authorities/institutions. Any data whose use purpose requires the User’s prior consent according to the law will be processed only if the User gives this consent. Details on personal data processing are in Fagura’s Privacy Policy related to the Platform.
    – Fagura’s legal obligations. Due to its legal obligation to implement necessary measures to prevent and combat money laundering and/or terrorism financing, Fagura will conduct an electronic identity verification of individuals who wish to register on the Platform as Users, using the available means for this purpose. At Fagura’s request, Users undertake to provide, without delay, correctly and completely, the information and/or documents necessary for Fagura to verify the User’s identity.
    – Connecting to the Platform. To connect to their User Account on the Platform, the User will enter the username and password (login credentials). Fagura will consider that any person who connects to the Platform using the User’s login credentials is the User themselves or their representative. Security of login credentials. The User is solely responsible for keeping the login credentials for the Platform account confidential and secure, and if applicable, for entrusting them to a third party (representative). If the User requests password recovery or change, they will contact Fagura either through the Platform or by email, and Fagura will ensure the issuance of a new password in accordance with updated security procedures.
    – Content posted/published/uploaded by the User on the Platform. The User is responsible for any information/content they publish or promote on the Platform through their profile. Specifically, the User confirms that they have the right to publish the information/content on the Platform without violating any confidentiality obligation or any third party’s rights (including intellectual property rights) or any legal provision.
    – Fagura’s right to restrict registration or restrict/suspend/terminate access to the Platform/use of the Platform. Fagura reserves the right to refuse any registration/update, close any User account, and suspend/withdraw the User’s access to the Platform, immediately and without notice, if the User violates their obligations, e.g., provides false or incorrect information for the User account, creates multiple accounts, uses the Platform for illegal/suspicious transactions or operations, including fraud or money laundering, or has inappropriate conduct in their interactions with Fagura/other Users on the Platform.
  5. Eligibility Criteria for
    User Status General criteria: To register as a User on the Platform, an individual must be at least eighteen (18) years old, and a legal entity must be a legally constituted company represented in relations and operations regarding the Platform (e.g., account registration, contract signing, etc.) by its legal representative and have all necessary authorizations and/or decisions for attracting/providing the Loan, and all authorizations to invest, as well as for assuming and executing obligations in relations/operations related to the Platform. The User must have the legal right to invest and a declared tax residence.
    Specific criteria applicable to the Project Developer: The User wishing to register as a Project Developer must: (i) not have criminal records for fraud, insolvency, financial services, money laundering, or professional liability, (ii) be established (registered) in Romania, and (ii) fully meet the selection criteria set by Fagura through its evaluation (screening) procedures and provide the documentation and information requested by Fagura for accepting the Project Developer as a User/project holder on the Platform.
    Failure to meet eligibility conditions. The User undertakes to inform Fagura in writing, within no more than 3 days, if they no longer meet the eligibility conditions that were the basis for their registration on the Platform, and of any situation preventing them from maintaining their User status under this document.
  6. Conditions Applicable to the Project Developer
    Project Verification/Analysis. Fagura evaluates all Projects proposed by Developers according to its evaluation (Scoring) procedures and activities and may request the Developer to provide the documents and information necessary for its analysis, including identity documents of the Developer, shareholder structure (including the history of founders/shareholders), the persons in management, real beneficiary data, financial situation documents, reputation, creditworthiness of the Developer and associated persons, etc. If, based on its evaluation, Fagura decides not to publish the Project on the Platform, it is not liable to the Developer for non-publication and cannot be compelled to review the non-publication or Scoring decision, even if the Developer submits a complaint.
    Risk Scoring. Based on the information and documents provided by the Developer, Fagura will determine the Developer’s scoring, which will be available on the Platform for each Project in the Pitches section and the Investment Page.
  7. Crowdfunding Financing Offer and Loan Request
    The Project Developer who passes through the registration procedure as a User on the Platform and meets Fagura’s eligibility criteria shall be abble to create a Loan Request through the Platform, accompanied by the Crowdfunding Financing Offer.
    None of the Project Developers shall have priority in displaying Financing Offers, which are displayed based solely on the time (date and hour) when the respective Projects of the Developers were made available for investment. The Crowdfunding Financing Offer will contain the specific terms and conditions applicable to the Loan and is prepared based on information and data provided by the Project Developer.
    The terms and conditions of the Crowdfunding Financing Offer become binding on the Project Developer from the moment the Crowdfunding Financing Offer is displayed by Fagura on the Platform and remain applicable until: (i) the expiration date of the Funding Period; or (ii) the date when the Financing Objective is reached or, in the case of a funding interval, the date when the Financing Objective is reached, whichever comes first.
    The Developer will complete a Loan Request using the steps and form available in the User Account on the Platform. The Loan Request will specify the proposed financing conditions for the Project, such as the Loan amount, repayment period, Loan purpose, which will be reflected in the Loan Agreement. By completing the Loan Request on the Platform for a Project validated by Fagura and confirming the Loan Agreement terms, the Project Developer agrees to enter into a Loan Agreement with any Investor who (a) makes an Investment Offer and (b) transfers the amount specified in that Investment Offer.
    Funding Period/Financing Objective. Fagura will display the Project on the Platform to allow Investors to place Investment Offers by selecting the Project and clicking the “Invest” button in the Project (“Investment Offer”). Each Project will remain on the Platform for a maximum of 14 calendar days, after which the Funding Period expires. Investors can offer amounts until the Financing Objective is reached.
    In the case of over-subscriptions by multiple Investors for the same Crowdfunding Financing Offer, Fagura will proceed either to: i) pro rata allocation if this method was established ex-ante and communicated to Investors at the time of publishing the offer through the Platform; or ii) on a first-come, first-served basis.
    Partial Project Funding. If, by the end of the Funding Period, Investment Offers have not been placed to cover the full amount of the Financing Objective, but the Financing Objective has been reached to at least 70%, the Developer has the option to accept partial funding of the Project by notifying Fagura. Fagura will accept only one active crowdfunding project per Project Developer. Thus, if a Project Developer wishes to obtain new funding before receiving funding from the new project, they must prepay all payments on the already active (ongoing) Loan from the Platform.
  8. Key Information Sheet
    When the Project is published on the Platform,     Fagura will provide Investors, through the Platform, with the Key Information Sheet available in the Investments and Pitches section.
    Completion/Modification/Rectification of the Key Information Sheet. If any omissions, errors, or inaccuracies are identified in the Project information, the Project Developer will make or provide the necessary additions, corrections, or clarifications within no more than 3 (three) days from the date of notification of the missing or incorrect elements at Fagura’s request. If the requested information is not provided within the indicated period, the Project (and any related information) will not be published on the Platform, and Fagura is not responsible for the non-execution of obligations/consequences.
    Throughout the Financing Offer period, Project Developers must notify Fagura of any changes to the information to keep the Key Information Sheet up to date. The Project Developer will be solely responsible for any information not communicated to Investors who have placed Investment Offers. The Project Developer and its legal representative are responsible for the information in the Key Information Sheet.
  9. Project Suspension
    If the Developer does not complete or rectify the missing or incorrect elements indicated by Fagura (e.g., from the Key Information Sheet) within the indicated period, the Developer agrees and acknowledges that Fagura may suspend the Project/any action regarding the Project for up to 30 (thirty) days without any notification or other formality. If the Developer does not make the necessary additions or corrections during the suspension period, the Financing Offer for the respective Project will be considered void (without object) and will not be published on the Platform (or will be withdrawn by Fagura from the Platform, as applicable), and the Developer will have to restart the entire procedure if they wish to re-display the Project on the Platform.
    The Developer understands and accepts that displaying the Project on the Platform does not guarantee that the Project will be funded (in whole or in part) by Loans attracted from Investors.
    Project Developers have the option to view any Project (funded or in the process of being funded) published on the Platform, along with the related Loan Agreement, from the User Account.
  10. Conditions Regarding the Investor
    Depending on the criteria provided in the Regulation, an Investor may be considered a Sophisticated Investor or a Non-Sophisticated Investor, with the rights and obligations associated with each qualification. When registering a User Account for Investor, the User must complete the investor profile questionnaire.

    Sophisticated Investor
    (1) In the process of analyzing the Investor, Fagura will evaluate the Investor’s profile based on the criteria for evaluating Investor profiles and will determine if the respective Investor qualifies as a Sophisticated Investor. Also, the Investor can complete an application on the Platform requesting to be treated as a Sophisticated Investor. The application to be treated as a Sophisticated Investor will contain: (i) a certificate confirming that they meet the criteria and can be classified as a Sophisticated Investor, (ii) a declaration that the requesting Investor is aware of the consequences of losing the protection that comes from being a Non-Sophisticated Investor, and (iii) a declaration that the requesting Investor remains responsible for the accuracy of the information provided in the application. Additionally, the User can send to Fagura proof of professional client status under EU Directive 2016/45 to be classified on the Platform as a Sophisticated Investor.

    (2) Fagura will not be liable for any consequences of the Investor’s decision to be treated as a Sophisticated Investor. The Investor is obliged to notify Fagura of any changes in their situation that may modify their status as a Sophisticated Investor (e.g., they no longer meet the criteria to retain the status of a Sophisticated Investor) within no more than 2 (two) working days; the User will provide any documentation requested by Fagura regarding this change and acknowledges that such a situation may lead to the termination of the relationship between the parties regarding the provision of Services, in the absence of identifying solutions to continue the contractual relationship with Fagura. The modification will not affect the contractual relationship prior to the change in status.

    Non-Sophisticated Investor. If Fagura determines that: (i) the Investor does not meet the necessary criteria to be classified as a Sophisticated Investor; or (ii) the Investor has not requested to be treated as a Sophisticated Investor in the relationship with Fagura, the respective Investor will be treated in the relationship with Fagura as a Non-Sophisticated Investor and the provisions of this section will apply.

    Non-Sophisticated Investor Reflection Period and the Possibility of Revoking the Investment Offer. Any Non-Sophisticated Investor has a pre-contractual reflection period (reflection period) until the expiration of which they can revoke the Investment Offer without indicating a reason and without being obligated to pay any compensation or penalties for the revocation. The pre-contractual reflection period is 4 (four) calendar days and begins to run from the moment the Non-Sophisticated Investor submits the Investment Offer by selecting the Project and clicking the “Invest” button in the Project. If the Funding Period is shorter or the Project funding closes within less than the 4 (four) calendar days, the reflection period will end at the closing moment of funding for the respective Project. Non-Sophisticated Investors will be provided with the following additional information on the Platform before submitting an Investment Offer: (i) the applicability of the reflection period until the expiration of which the Investment Offer can be revoked, by properly signaling the Project with the phrase “Reflection Period Available,” and (ii) the duration of the reflection period.

    The Investor can revoke/withdraw the Investment Offer within the reflection period mentioned in point 12.4 by clicking the “Cancel Investment” button. As a result of this action, the Investment Offer placed by the Non-Sophisticated Investor will remain void (without object) and does not bind either party.

    13. Revocation of the Financing Offer
    Withdrawal of the Project or Loan Request The Financing Offer cannot be revoked after the Project Financing Offer is published on the Platform. The Developer cannot withdraw the Project or the Loan Request or unilaterally denounce the Terms and Conditions if the Loan Agreement has been concluded.

    14. Measures to Reduce Risks.
    Risk Warnings Completion of the Standard Questionnaire. During the registration process on the Platform, Fagura requires the Non-Sophisticated Investor to complete a questionnaire regarding the suitability of the Services. The Investor agrees to provide, in good faith, information regarding education level, professional experience, investment objectives, financial situation, and basic knowledge about the risks associated with investments in general and those associated with investments based on Services. Risk Warning. If the Non-Sophisticated Investor does not provide the requested information or the information provided in the questionnaire shows that the potential Investor does not have sufficient knowledge, skills, or experience in investments, Fagura will send a risk warning in the User Account informing them that the Services may not be suitable for them. Simulation of Loss Bearing Capacity. The Non-Sophisticated Investor will go through a simulation of their capacity to bear losses, using the tools provided by Fagura on the Platform, specifically the loss-bearing capacity simulation questionnaire, and Fagura will automatically send the result of the loss-bearing capacity simulation to the User Account. The Non-Sophisticated Investor will confirm that they have received and understood the simulation result and will send this data to Fagura by clicking the “Confirm” button. Fagura does not restrict the possibility of the Non-Sophisticated Investor to invest in Projects. However, Fagura publishes in the User Account the result of the loss-bearing capacity simulation and sets the maximum Loan amount it recommends the Non-Sophisticated Investor to provide for a Project, in accordance with legal provisions, specifically the higher of (a) 1,000 EUR and (b) 5% of the net capital declared by the Non-Sophisticated Investor, calculated on the Platform. Fagura does not guarantee the performance or financial or operational results of the Project Developer or the Project; therefore, the Investor will bear the economic risk of the investment. Investing in any Project involves risks, including the risk of partial or total loss of the invested funds, and is not covered by the deposit guarantee schemes established under Law no. 311/20015 on deposit guarantee schemes and the Deposit Guarantee Fund or Law no. 88/2021 on the Investor Compensation Fund. Any investment in a crowdfunding project includes the risk of total loss of the invested capital. The Investor understands and accepts that there is a risk that the Investor may not receive any repayment of their investment (may not receive partial or full interest from the Loan Agreement from the Project Developer, or may not be repaid the Loan provided to the Project Developer at all). Auto invest While using the Auto Invest filter, the Investor will be allowed to pre-select and determine the operating conditions of this option and the criteria that the Project on the Platform, for which the Investor intends to submit investment proposals, must meet. The Investor will be able to choose independently, after generating the filter results, the Projects in which to invest; the investment process will proceed according to the Terms and Conditions. In no case will Fagura make any decision to participate in submitting the Offer for a project on behalf of the Investor. The Investor can opt-out of using the Auto Invest filter at any time by indicating this choice after logging into the User Account on the Platform, but deactivating this feature will not affect Financing Offers submitted or Loan Agreements concluded until that time.

    15. Conclusion of the Loan Agreement.
    Repayment Obligation Conclusion of the Loan Agreement. The Loan Agreement will be signed remotely by Fagura (as the Investors’ representative, authorized under Article 17 below) and the Project Developer, by applying the parties’ electronic signature under applicable law and the provisions herein. Deadline for concluding the Loan Agreement. The Loan Agreement will be concluded by the Investor and the Project Developer no later than 3 (three) calendar days after the end of the Funding Period. Date of the Loan Agreement conclusion. The Loan Agreement is considered concluded between the Investor and the Developer, through the Platform, when each party signs the Loan Agreement, under Article 15.1 and respecting the deadline from Article 15.2. If the Financing Objective is not reached as mentioned in point 9.5 or the Developer refuses partial Project funding, the Loan Agreement will not be concluded, regardless of whether the Investor intended to provide the Loan, and the amounts will be unlocked in the Investors’ accounts on the Platform. Repayment Obligation. Through the Loan Agreement, the Developer undertakes to repay the Investor the Loan amount, according to the repayment schedule, together with the interest and any other amounts due under the Loan Agreement.

    Fees. The Developer will cover and bear all fees/commissions related to the conclusion and execution of the Loan Agreement. For delayed payment of fees/commissions due to Fagura, a late interest/penalty specified in the Service Rates section will apply. The Investor assumes the risks associated with choosing a specific Project, as well as the risks arising from granting the Loan to a particular Project Developer and concluding the Loan Agreement.

    16. Payment Execution
    No Loan amount will be transferred to the Developer’s account before signing the Loan Agreement and fulfilling the conditions provided therein. All transactions regarding (i) collecting funds from Investors for Loans and transferring them to Developers, and (ii) repaying by Developers the amounts from Loans and transferring them to the Investors who provided the Loans will be made through Segregated Accounts opened by Fagura at a payment institution. The Investor will fund the Segregated Account by bank transfer, indicating the User ID in the payment destination to identify the User on the Platform. Funds are considered received when the payment is credited to the Platform’s bank account, not when the payment is set. In the case of funding the account in RON, the bank exchange rate for RON/EUR on the payment receipt day will be used. The Investor will be informed in their User Account about the conclusion of the Loan Agreement and the payment of the Loan amount to the Developer. A copy of the signed Loan Agreement will be provided to the Project Developer and the Investor (the parties to the Loan Agreement) by email and will be uploaded to the User Account of each Developer and Investor on the Platform. In general, the amounts paid by Investors (as Loans) and respectively by Developers (as repayment, including interest) into the Segregated Accounts will be transferred from the Segregated Account to the respective recipients within a maximum of 3 (three) working days from the date the Segregated Account was credited by the respective Users. In exceptional cases, the transfer will be made within no more than 5 (five) banking days from the Segregated Account’s crediting. Segregated Accounts do not bear interest. Fagura is not responsible for transactions made through banking services. Fagura reserves the right to offset any amounts it owes to Users (except for Loan amounts) with amounts Users owe it for provided Services.

    17. Mandate for Concluding the Loan Agreement
    The User can view the model loan agreement that can be concluded through the Platform at any time on the Platform. By accepting these Terms and Conditions as described above, the Investor mandates Fagura to represent them with authority and full powers to: (i) conclude and sign the Loan Agreement through the Platform, and (ii) sign on their behalf any other documents related to the Loan Agreement (such as personal guarantee contracts associated with the Loan Agreement).

    18. Mandate in Case of Loan Agreement Violation by the Developer
    By accepting these Terms and Conditions as described above, the Investor mandates Fagura, and Fagura accepts the mandate, to represent the Investor before the Developer-Borrower, any relevant physical or legal persons, any public institutions and/or authorities regarding the fulfillment and enforcement of the Loan Agreement and/or guarantee contracts/associated contracts in case of the Borrower’s non-fulfillment of obligations under the Loan Agreement. The mandate is granted for operations consisting of: (a) sending notifications regarding non-fulfillment of the Loan Agreement/activation of guarantee contracts/associated contracts, including termination notifications; and (b) identifying and/or contacting the lawyer/enforcer regarding performing the formalities permitted by law to recover overdue amounts under this general mandate given to start the process of recovering overdue amounts from the Loan (including the caused damage and any interest, fees, or recovery-related costs); and (c) concluding agreements to amend the Loan Agreement under applicable law, aiming: establishing a new Repayment Schedule, granting a single grace period for Loan repayment – the period will extend the Repayment Schedule accordingly, and interest will be calculated during this period; and (d) selling/assigning the unrecovered claim to another Investor on the Platform if overdue for more than 60 days, unless a new payment agreement with the debtor is reached. Before assignment or sale, or any operation on behalf of the Investor, Fagura will evaluate the debtor’s financial situation, the debt value, and associated collection costs. Within 3 (three) calendar days from the due date of any Loan installment provided by the Loan repayment schedule, Fagura will start operations under the general mandate received from the Investor under Article 18.1. To the extent that Fagura considers it appropriate, at the time of initiating complex/extended procedures to oblige the Borrower/guarantors to return the owed amounts/enforcement (e.g., court actions, enforcement of a court decision, signing transaction contracts), to contract specialized recovery/representation services (including legal services), if additional documentation/providing additional documents is necessary and the Investor agrees, the Investor will provide these documents and sign the special documentation required. Otherwise, or if the Investor and Fagura do not agree on the implementation documentation for the complex/extended procedures provided in this article, Fagura will not be obliged to perform these steps. Under the general mandate type granted according to Article 18.1, Fagura will request the necessary documents, liaise with the Project Developer and relevant authorities, initiate and conduct discussions, and sign documentation to execute the mandate. Fagura will collect any recovered amount through the Developer’s Segregated Account, ordering the transfer to the Investor’s Segregated Account after offsetting with any Fagura claims (e.g., administration fee for the recovery process or other fees). If the Loan is provided by multiple Investors, the amount paid The Investor will be informed about all payment recovery activities related to the Projects funded by them and for which the Platform performs administration activities through a general mandate, by accessing the Loan Page in the Investor’s Portfolio. The Investor agrees and understands that Fagura will diligently and in good faith exercise the mandate but does not guarantee the recovery of any claim due to its steps and/or those of the partners contracted for this purpose, as achieving a favorable result for the Investor depends on several factors. Despite its efforts, there is a risk that Fagura may not recover the Loan partially or fully. The Investor assumes the risks related to the non-recovery of their claims. For Fagura’s Services related to claim recovery, Investors agree to pay the recovery fee mentioned in the applicable Service Rates section at the time of performing operations under the mandate. Fagura decides the strategy for exercising the mandate given according to Article 18.1. The Investor undertakes to provide Fagura, within the indicated term, any additional documentation requested by Fagura to implement this Article 18.

    19. Fagura Fees
    By accepting the Terms and Conditions, the User confirms that they are aware of and agree to the Service rates, presented below. Fagura charges, as applicable, the following types of commissions/fees: Granting Fee of 4.5% is due by the Developer to remunerate Fagura for facilitating the Loan on the Platform and is paid by retention from the loan amount; Service Fee of 2.5% is due by the Investor and is paid by retention from the payments received by the Investor from Loan repayments by Project Developers, including the secondary market; Collection Fee – of 5% is due by the Investor if they do not obtain Loan repayment according to the payment schedule from the Loan Agreement within a maximum of 30 days, and Fagura or engaged third parties (lawyers, collection agencies, bailiffs) represent them for recovering overdue amounts under the general mandate given according to Article 18 above, representing Fagura’s remuneration for performing the steps, according to Fagura’s strategy. The amount is due regardless of whether the Investor decides, at any time, to assign the recovery to other third parties directly contracted by the Investor (outside the Platform). An additional administrative fee: is due by the Developer who violates obligations under the Loan Agreements. Commissions/fees may cumulate.
  1. Transaction Identification and Approval Transaction Identification
    According to the law, Users must verify/confirm their identity when creating an account on the Platform. To this end, the Platform provides the services of an authorized third party, as provided in Article 23 of this document. For Project Developers, transactions may also be identified by the electronic signature used to sign loan agreements. According to the know-your-client (KYC) procedure, the Investor will make a color copy of their valid identity document by photographing it in real-time using a mobile terminal in a secure session initiated based on a token from the KYC service provider present on the Platform using a QR code generated by Onfido. Transaction Approval. The User must enter their bank account details on the Platform and grant access to the payment institution/payment service provider with which Fagura collaborates to benefit from all the Platform’s facilities, such as withdrawing Investor funds from the Segregated Account for financing the selected Project, crediting the Investor’s segregated bank account with the interest owed by the Developer according to the Loan Agreement terms, or crediting the Developer’s segregated bank account with the Loan amount, or withdrawing amounts for the monthly installment. Fagura will take necessary precautions and security measures, including two-factor authentication, to identify Users on the Platform and reserves the right to modify the User identification process, including resorting to any other identification means it deems appropriate, subject to compliance with applicable legal requirements. If applicable law does not require additional identification, any connection and access to the Platform, including operations on the Platform, are executed only by the User’s approval through username, password, two-factor authentication confirmation, and biometric data, alternatively in one of the following ways: A new PIN code will be sent to the email address or mobile phone, and that PIN will be entered into the system to certify the User’s authenticity; Through the User’s biometric data processed by their mobile device, such as FaceID or Touch ID (previously activated after logging in with their credentials on the Platform); By any other means accepted by the payment institution/payment processor with which Fagura collaborates and compliant with applicable legislation. The transferred amounts in the Segregated Account will be reflected in the User Account. The User ID will also be mentioned in the transfer order. The User irrevocably authorizes the payment institution with which Fagura collaborates to debit and credit the Segregated Account according to these Terms and Conditions or any other contract or agreement for processing payments and/or transactions concluded through the Platform.
  2. Secondary Market. Fagura operates a Secondary Market within the Platform in a separate section of the Investment Page, where Investors can post interest notices to buy and, respectively, sell their share of Loans granted through the Fagura Platform. This Secondary Market section will not be an internal system executing User orders on a multilateral basis. Any Investor can post buy or sell notices regarding Loans originated on the Fagura Platform in the Secondary Market section. Any Investor can express their willingness to transfer their share of the Loan at nominal value, with a discount or premium, through direct negotiation with the potential purchasing Investor. The discount (percentage difference between the assignment price and the nominal value) and premium (excess, expressed as a percentage, over the nominal Loan value) will be at the sole discretion of the assigning Investor, respecting minimum values set by the Platform to protect Investors purchasing the share of the Loan and exposing themselves to credit risk. By accepting these Terms and Conditions, the Project Developer agrees that the Investor can transfer their share of the Loan to another purchasing Investor without the Project Developer’s prior consent before the Loan’s maturity. Under the provisions of Article 4, paragraph 4, letter e) point (iv) of Regulation No. 1503, Fagura will periodically reevaluate the Project Developer’s creditworthiness to provide updates to the Investor who decides to withdraw before the Loan’s maturity, requesting the publication of a sale notice on the “Secondary Market” section. There are no limitations on the number of transfer/sale notices an Investor can post on the Secondary Market. The Secondary Market is an integrated service on the Platform but is not provided for a Service fee. Investors purchasing the share of the Loan will have access to the Key Information Sheet regarding the investment, available on the Platform. Fagura will ensure that: (i) it provides Investors wishing to purchase Loans advertised on the Secondary Market with information about the performance of Loans intermediated by Fagura, and (ii) Investors advertising interest expressions to purchase a Loan and considered Non-Sophisticated Investors receive the information and risk warning mentioned in the Regulation. The Secondary Market is accessible 24/7 without any time limitation. Investors can create a sale offer for their share of a Loan at any time by accessing the Secondary Market section, and purchasing/transferring Investors can access these offers in real-time and invest in them. Listed investments remain on the Secondary Market indefinitely unless a listed Loan changes status on the Platform, goes into a delay period, or receives payments from the Project Developer. In this case, the investment will be removed from the Secondary Market. Offers can be accepted (only entirely as published) or rejected (only entirely as published) by the selling/transferring Investor, and the assignment occurs instantly following the transaction and based on these Terms and Conditions. Fagura informs Investors that: any buying or selling activity through the Fagura platform is at the Investors’ discretion and responsibility; it does not operate a trading venue under Directive 2014/65/EU (MiFID); it does not accept receiving orders for purchasing or selling contracts related to investments initially made on the Platform. The Operator is not responsible in any way to Users for temporary disruption or suspension of the secondary market on the Platform (as a functionality, if improvement works are carried out on the secondary market section), and Users will not be able to post Loan sale or purchase notices for a while.

    22. User Guide The User has the following obligations: not to use the Platform for illegal transactions or operations, including fraud or money laundering; to provide truthful information during the registration process on the Platform, completing the Loan/Financing Request, and communicating with the Platform/other Users; to keep the tools (credentials) necessary for connecting to the Platform (password and email address), including the identity card, in such a way that third parties do not gain possession of them; to inform Fagura of subsequent changes to the data provided during the registration process on the Platform as soon as these changes occur; to inform Fagura immediately after becoming aware that unauthorized third parties have obtained the data and tools (credentials) necessary for connecting to the Platform; to act politely and respectfully when communicating with other Users or Fagura. The User understands and agrees that they are responsible for: providing false information and the damages caused to Fagura and other Users as a result of or in connection with a concluded transaction; any damages and losses resulting from unauthorized third-party access to the User’s login data on the Platform.

    23. Services Provided by Third Parties Identity Verification. To establish the identity of each User, Fagura uses a “Know your customer” (KYC) verification, designed to protect the payment institution and the crowdfunding service provider against fraud, corruption, money laundering, and terrorist financing. Fagura has contracted the services of a third party, Onfido GmbH, a company established and registered in Germany with company number HRB 211512 B, headquartered at c/o Osborne Clarke, Innere KanalstraBe 15, 50823, Cologne, which will conduct the User’s identity verification during the registration process on the Platform. Payment Services. To perform the payment services associated with the Platform and the provided Service, Fagura has concluded specific contracts with several payment institutions to process payments and financial transactions through the Platform. Fagura’s partner payment institutions are: BANCA COMERCIALÄ‚ ROMÂNÄ‚ S.A., a company organized and operating under Romanian law, with its registered office at Șoseaua Orhideelor nr. 15D, The Bridge 1 Building, 2nd floor, Sector 6, Bucharest, postal code 060071, registered in the Trade Register under no: J40/90/1991, CUI: RO361757, (hereinafter referred to as “the payment institution”). Electronic Signature. For signing contracts with project developers, a qualified electronic signature provided by Scrive AB, a company established and registered in Sweden with company number 556816-6804, headquartered at Grev Turegatan 11A, 114 46 Stockholm, will be used. Other Provisions. The Platform may contain hyperlinks or references to third-party websites. Any such hyperlinks or references are provided solely for User information. Fagura does not control third-party websites and assumes no responsibility for the content, material, or information published by them. Displaying any hyperlink and referencing any third-party website does not mean that Fagura exercises any control over those websites or endorses those websites, products, or services of the third party. Accessing a website is and will be governed by the terms and conditions of that third party. The User accepts and agrees that any links to other websites are included solely for informational purposes and are not under Fagura’s control. The Platform is not responsible for the content provided by those websites. The User also undertakes (i) not to use the Platform’s URL on another website or digital platform and (ii) not to monitor, copy, or use the Platform’s webpage through automated services without Fagura’s prior written consent.

    24. Liability
    24.1. Fagura’s Liability for Platform Operation
    24.1.1. Fagura does not guarantee the uninterrupted operation of the Platform or the operation of the Platform at specific parameters. Also, Fagura does not guarantee that the Platform will operate without errors and/or defects. – The User cannot claim that the Services must have a certain quantity and/or possess qualities and performance characteristics (including functionality, compatibility, accessibility, continuity, and security) other than those provided in the Terms and Conditions; and – Access to the Platform is provided by Fagura “as is” and “as available,” with no warranty from Fagura or licensors/third parties that they will meet certain purposes/characteristics/performances or standards, or that they will operate uninterruptedly, timely, or consistently, securely, without errors, or without harmful components/viruses; and – The User is not allowed to license, sell, transfer, or otherwise grant another person/entity the right to use the User Account/Services, and Fagura is not responsible for the content/data/information provided by the User for using the Services/User Account; and – The User is not allowed to use the Services/license/sublicense the Services for commercial purposes; and – The Services are not and will not be interpreted/considered/invoked as hosting/storage/backup/archive services.
    24.1.2. Fagura is not responsible for any damages caused to Users, including any delay in granting or collecting any amount as a Loan, but not limited to these, resulting from the non-functioning, temporary unavailability, or defective operation of the Platform for reasons beyond Fagura’s control (e.g., power outages, communication network failures, equipment failures).
    24.1.3. Fagura is also not responsible for any damage caused by a cyber attack on the Platform or any viruses introduced into the Platform.
    24.1.4. The Fagura website and Platform can be accessed only if an internet connection is available; mobile devices can use the iOS or Android operating system.

    24.2. Fagura’s Liability for Services
    24.2.1. Fagura evaluates the creditworthiness of Developers and validates Projects that can be published on the Platform in accordance with applicable legal requirements and based solely on information provided by Developers. This evaluation does not represent and does not replace a legal, financial, tax, or any other type of due diligence audit, which the Investor is responsible for conducting themselves or seeking advice from financial experts, but constitutes an information measure for the benefit of Investors. Fagura assumes no responsibility for Investors’ decisions based on its evaluations and/or validations, as long as they are carried out according to legal requirements and based on information provided by Developers or public information registers (RECOM, ANAF, CRC, Credit Bureau, etc.).
    24.2.2. Access to the Platform by Users and the provision of Services do not constitute a guarantee regarding the financing of Projects, granting Loans to Developers, or timely repayment of Loans or any installments thereof.
    24.2.3. Fagura is not responsible for the actual payment by Investors of the amounts specified in the Investment Offers nor for Users’ compliance with the Loan Agreements concluded through the Platform. Despite Fagura’s evaluation, Users’ behavior may change during the Platform’s activity or during the execution of Loan Agreements.
    24.2.4. Fagura does not act at any time as a guarantor of Users or as a counterparty in transactions concluded through the Platform, so it will not assume at any time the payment obligations of Developers to Investors or any obligations of Investors to Developers.
    24.2.5. The User conducts transactions through the Platform at their own risk and agrees that Fagura acts as an intermediary, connecting the Investor with the Project Developer under the Terms and Conditions and related documentation. The User should not use the Platform Services if they disagree with any of the terms/provisions of the contractual documentation concluded on behalf of and for the User through the Platform under this document/other applicable documentation (e.g., Loan Agreement). 24.2.6. Fagura disclaims any liability for any direct or indirect loss or damage suffered by any User in connection with the Platform/Services or related to the use, inability to use, or results of using the Platform, including any materials published on it.
    24.2.7. Fagura is not liable for the accuracy and correctness of the information provided by the User or any other person.
    24.3. User’s Liability
    24.3.1. The User is liable to Fagura for any damages, losses, claims, costs, and expenses caused, claimed against them, or respectively incurred or borne by Fagura (including, but not limited to, attorney fees) as a result of: Improper/fraudulent use of the Services and/or Platform (including as a result of intentionally introducing viruses, logic bombs, etc.) and providing false or incorrect information/documents; Violation of the User Agreement or any other agreement or contract concluded with Fagura; Violation of any applicable regulation or third-party rights, including intellectual property rights but not limited to them; Any damage caused by the User to any other User.
    24.3.2. Fagura will notify the User of any claim, complaint, or request made by a third party either against Fagura or against the respective User as soon as they become aware of it.
    24.3.3. The User is responsible for obtaining and, where applicable, configuring the equipment/software necessary to access the Platform, as well as ensuring their means of antivirus protection.
    24.3.4. Fagura prohibits and will sanction or take steps to sanction any attempt to gain unauthorized access to the Platform, the server running the Platform, or any server, computer, or database connected to the Platform and will report any such breach to the relevant authorities, immediately restricting access to the Platform for the culpable User.
  1. Intellectual Property Rights Intellectual Property Rights to the Platform. Fagura exclusively owns (i) the software and related applications on which the Platform operates and (ii) the texts, logos, graphics, presentations, and materials on the Platform, including, but not limited to, photo-video materials, information, logos, and any other data presented on the Platform (collectively referred to as “Content”), where applicable. In all cases where Fagura is not the owner, Fagura holds a copyright license to download, copy, modify, distribute, execute, and use any content or software granted by licensors to Fagura, including for commercial purposes. Additionally, where the owners are Fagura collaborators, Fagura reserves all rights obtained in this regard directly or indirectly (through assignments, usage licenses, and/or publication). All information available on the Website (including, but not limited to, images, text, logos, symbols) that can be viewed or accessed in any way using electronic equipment, the content of emails sent to the User by FAGURA, any information communicated to the User (including, but not limited to, data related to FAGURA, its activity, etc.) by any means by a FAGURA representative, are and remain the exclusive property of FAGURA. Right to Use the Platform. Users agree and acknowledge that they will have only the right to use the Platform, its features, functionalities, content, and Fagura Services under these Terms and Conditions. Nothing in the Platform’s content will be interpreted as creating or granting any User any right, title, or interest in Intellectual Property Rights to the Platform, except for the limited right to use the Platform under the Terms and Conditions. The right to use the Platform granted under point
    25.3 above does not confer the User: (i) any ownership, copyright, or any other rights, benefits, or titles to the Platform and/or its Content (e.g., materials, information, text, data, image, screenshots, posts), (ii) any copyrights, trademarks, logos, design, identification marks, graphics, and any original works of copyright and/or intellectual property rights that Fagura may have regarding the Platform and/or its Content. In any circumstance, the Platform’s Content is protected by copyright law and related rights in force in Romania. Such materials should only be used for informational purposes, and any other use (e.g., copying, distribution, etc.) is prohibited. However, the User’s use of any Content is at their own risk, and they should apply an appropriate level of caution and discretion in this regard. Any infringement of copyright on the Platform’s Content, including, but not limited to, reproduction, distribution, marketing, renting, lending, communication, broadcasting, copying, modification, display, transmission, publication, in any form, of the content and/or graphics of the site, creating derivative materials using the content and/or form of the site/Content, creating derivative materials using the Content and/or Website, including any content in any other context than the original intended by FAGURA, removing any mark indicating the [copyright] right of FAGURA/collaborators without Fagura’s prior written and express consent, is expressly prohibited and punishable under the relevant law. Using any Fagura logo/header, emblem/trademark (including, but not limited to, the Fagura name/trademark or any similar names), or any material/work/document/part of the Platform, is not permitted without Fagura’s prior written consent. FAGURA does not guarantee in any way the technical and/or functional quality of the fagura.ro website/Platform (the Website) or the absence of viruses that may exist on the Website, given the online environment characteristics and Internet specifications. Thus, FAGURA cannot be held liable in any way for any direct or indirect damages suffered or claimed by users/visitors resulting from malfunctions/improper functioning, complete or partial, of any part/parts of the Website. The User/User understands that FAGURA has the right to interrupt any activity of the Website at any time, with immediate effect and without prior notice. The User/User understands and agrees that FAGURA has the right to restrict the User’s access to the Website at any time, with immediate effect and without prior notice if there are indications/FAGURA considers that, based on the User’s conduct and/or activity, their actions harm/could harm in any way FAGURA, including FAGURA’s reputation or reputation, or the access and/or use by other Users. Additionally, access to other websites/information/activities may be restricted/blocked by FAGURA if FAGURA becomes aware that the respective information or activity is illegal or about facts or circumstances indicating that the respective activity or information could harm the rights of another User/third party. The User hereby grants FAGURA the right to use the User’s name and brand(s) on the fagura.ro/Platform website to execute the contractual documentation. This right will be in force without FAGURA owing any compensation to the User/User for the maximum duration allowed by legislation (and in any case, at least for the duration of the contractual agreement between FAGURA and the User, under the contractual documentation).
  2. Restricting Access to the Platform.
    Termination of the User Agreement Restricting Access to the Platform Fagura has the right to restrict or revoke the User’s right to use the Platform if: The User has breached any of the obligations assumed through the User Agreement, any Investment Offer, Project submission on the Platform, or any other obligations related to the use and access to the Platform; The User has provided Fagura or other Users with false, misleading, or inaccurate information; The User repeatedly exhibits inappropriate behavior towards Fagura or other Users; The User has breached the obligations arising from the Terms and Conditions and/or the Loan Agreement. The User is included on the sanctions list of national or international authorities, is a politically exposed person (PEP), or has adverse media appearances. In any of the above cases, the user’s access to the Platform will be suspended, and creating a new user account for the same person will not be allowed. If the suspension lasts more than 30 days, Fagura may unilaterally terminate this document and any other ongoing contract with the respective User, and any obligations of the User-Project Developer from ongoing loan agreements will become immediately due and must be executed by the Project Developer.

    And if the User has active investments, the procedure for selling the investments through the Secondary Market and withdrawing/returning funds from the Platform will be initiated.

    Termination of the User Agreement by the User A non-sophisticated investor User, a natural person, has the right to withdraw the user agreement (unilateral termination without invoking a reason) within 14 (fourteen) days from accepting the Terms and Conditions by sending a written notice to Fagura at info@fagura.ro. The termination of contractual relationships from the Terms and Conditions will operate at the expiration of the 14 (fourteen) days term. If such a User enters into a loan relationship as an investor under a Loan Agreement through the Platform during those 14 days, by signing the Loan Agreement, the User waives the right of withdrawal. After the expiration of the 14 (fourteen) days term, the User can withdraw from the User Agreement at any time by sending a unilateral termination notice to Fagura at info@fagura.ro at least 10 (ten) days before the intended termination date without providing a reason for termination and without any other formality or intervention of any court or arbitration. Termination will operate on the date specified in the User’s notice, provided that they have fulfilled all obligations to Fagura and any other Users until the termination date, as provided in
    26.2.3. The User cannot terminate the User Agreement by unilateral termination: until the full repayment by the Project Developer of any Loans received from any Investor on the Platform; if Fagura exercises, on behalf of the User (as an Investor), a mandate for loan recovery assistance for the User, only after selling the investment through the Secondary Market and withdrawing funds from the Platform. Termination of the User Agreement by Fagura Fagura may unilaterally terminate the User Agreement if the User violates the provisions herein. Fagura reserves the right to terminate the Agreement with the User (including deactivating or restricting the User’s access to the Platform) if the User uses, without Fagura’s written consent, automated means to access the Platform and collect any data from the Platform through automated means (including but not limited to harvest bots, or other devices, applications, or automated programs) or if the User uses data processing techniques contrary to Fagura’s policies and applicable regulations and that directly affect the Platform. Termination will occur on the date of communication through the Platform of a simple termination statement without court intervention or other formalities. In case of termination of the User Agreement by Fagura, all payment obligations of the User-Project Developer, including the Loan, Interest, any penalties, commissions, and fees resulting from the User Agreement and Loan Agreement, will become immediately due. In the case of the User-Investor, Fagura will apply procedures for returning funds to investors after deducting any debts to the Platform/other Users.

    Other cases of termination of the User Agreement:
    (a) if Fagura interrupts or ceases providing the Platform, including in the event of renouncing/modifying/terminating the authorization. In this case, Fagura will notify the User before interrupting or ceasing to provide the Platform;

    (b) by unilateral termination by Fagura: Fagura may unilaterally terminate the contractual relationship with a 30 (thirty) days prior notice to the User, sent to the User Account; the User can exercise the right of unilateral termination at any time, provided they have previously fulfilled the obligation to fully pay all their debts to the Platform/from any Loan Agreement concluded through the Platform, without invoking any reason and without owing fees in exchange for unilateral termination.

    26.5 The termination of the User Agreement does not affect the performances executed or in progress/exigible.
  1. Fagura’s Insolvency
    27.1. If Fagura becomes insolvent, no new Projects will be published, and no new Loan Agreements will be concluded on the Platform. The monetary funds equivalent to the amount available in the Segregated Account corresponding to each User ID will be paid into the User’s bank account.
    27.2. Fagura will not prevent Users from having the right to receive complete information about the Loans granted and the agreements concluded by them on the Platform and will conclude appropriate agreements with third parties regarding the safe keeping of the data available on the Platform.
    27.3. In case Fagura becomes insolvent, the legal relationships between the Investor and the Project Developer arising from the Loan Agreement provisions, as well as any other obligations of the Users in relation to Fagura (i.e., the payment of Fagura Commissions under Section 8), remain in force.
    27.4. In case of Fagura’s insolvency, we will act in accordance with and apply the provisions of the Business Continuity Policy, which we recommend you read in full, available uninterruptedly on the Fagura Platform.
  1. Taxes and Fees
    Users will declare operations and income earned through the Platform and pay the respective taxes correctly and on time, in accordance with applicable legislation.
  2. Communications, Questions, and Complaints Any questions, complaints, or claims from the User regarding the Services can be addressed using the email address info@fagura.ro or the contact details indicated on our Platform in the complaints handling section and will be resolved in accordance with the Complaints Handling Policy.
  3. Confidentiality
    The User undertakes not to use the information accessed through the Platform for any other purpose than that provided by this document.
  4. Applicable Law
    Jurisdiction These Terms and Conditions will be governed by Romanian law. Any disputes or misunderstandings that may arise from or in connection with the Terms and Conditions will be resolved amicably. In the absence of an amicable solution, any dispute will be submitted for resolution to the competent courts in Romania.

Investing in crowdfunding projects involves risks, including the risk of partial or total loss of the invested funds. Your investment is not covered by deposit guarantee schemes established in accordance with the Directive 2014/49/EU of the European Parliament and of the Council. Also, your investment is not covered by investor compensation schemes established in accordance with the Directive 97/9/EC of the European Parliament and of the Council. Your investment may not generate any income. This is not a savings product and we advise you not to invest more than 10% of your net capital in crowdfunding projects. You may not be able to sell your investments when you want to. If you are able to sell them, you may still make a loss.

Your investment may not generate any income. This is not a savings product and we advise you not to invest more than 10% of your net capital in crowdfunding projects. You may not be able to sell the investment instruments when you want to. If you are able to sell them, you may still make a loss.