Account

any account of the Client with Paybanco.

Account Application Form

an application to Paybanco in such form and made in such manner as may be required by Paybanco for the purpose of opening any Account or the provision of Services.

Account Currency

the currency in which an Account is maintained and shall be any one of the currencies in which Paybanco may offer Services from time to time.

Agreement

any Account opening agreement or other agreement between Paybanco and the Client, each of which shall be deemed to incorporate by reference the Terms and Conditions and all Annexes, Supplements and other terms.

Applicable Laws

all laws, rules, regulations and directives, whether in or outside Latvia relevant or applicable to Paybanco to the conduct of its business.

ATM

automated teller machine.

Authorisation Limit

the sum of;

100% of Current Account cleared balances, plus (+);

90% of Current Account cleared balances in other currencies, plus (+);

the Loan Limit less Loan Account Balances, not to exceed the Borrowing Base, minus (-);

the Authorisation Limits, minus (-); the amount of the transactions in Progress.

Bank

Paybanco SIA, Paybanco and all its officers/representatives.

Banking Day

a day on which the Bank is open for business in Riga, Latvia.

Card

a debit card issued by the Bank to the Client.

Client

the Person(s) who enter this Agreement and any Person who utilizes any Service made available by Paybanco, and where the context so admits, includes;

any one of those Person(s); each or any of those Person (s) constituting the the Client in relation to an Account which is a Joint Account, and; each or any of those Person(s) authorised to give Instructions in relation to an Account which is opened for a corporation, partnership, trust, association or other form of legal entity.

Court

any Court in Latvia, constituted under the law, and under the International Banking laws, under which the Bank is governed.

Current Account

an interest bearing deposit Account, subject to Minimum Account Balance requirement, the balance of which is payable on demand. The Current Account in all cases is the Client’s Account(s) through which all incoming and outgoing fund credits and debits shall be processed.

Electronic Record

a record created, stored, generated, received or communicated by electronic means.

Fixed Deposit Account

an Account bearing a set rate of interest for a fixed term.

Funds Transfer Request Form

the form used by Paybanco from timer to time and displayed on the website for use by the Client to request any transfer or withdrawal of funds from an Account or between Accounts shall include, but not be limited to, inter-Account transfers, withdrawal requests, wire transfers requests, standing orders, foreign exchange purchase/sale, transfers into any Investment Account or investment vehicle, etc.

Instruction – any request, Account Application Form, authorisation or instruction, in whatever form and howsoever sent, given or transmitted (whether through any telecommunications, computer or other electronic terminal, equipment or system or otherwise) to Paybanco;

of the Client or, where applicable, any one or more Person(s) constituting the Client, or; which Paybanco or an officer reasonably believes the request, Application Form or Instruction of the Client or, where applicable, any one or more of the Person(s) consulting the Client, and includes any request, Account Application Form, authorisation or Instruction to revoke, ignore or cary any previous request, Account Application Form, authorization or Instruction of the Client when accompanied by;

the User ID Password

iii. PIN(s) and any other or additional security devices and/or procedures Paybanco may require, and in all cases entered together with such other information as Paybanco may from time to time require in accordance with its security procedures.

Instrument

any cheque, draft, bill of exchange, note, bond, acceptance, instruction or order for payment or transfer, contract, certificate or other document.

Internet

the information distribution system and access system known as the worldwide web and accessible through the telephonically linked open-access global computer network comprising interconnected networks using a standard set of protocols that regulate the way data is transmitted between computers.

Internet Banking System

Paybanco’s remote Internet banking system, enabling Client access to banking services from the location of their choice by accessing the Paybanco website via the Internet.

Loan Account Balance

any sum owed by the Client to Paybanco at any time, including all principal and accrued interest and other charges, incurred in connection with any credit or overdraft facility which may be granted by Paybanco to the Client or otherwise utilised by the Client.

Loan Limit

the amount, if any, of credit or overdraft facility granted by Paybanco on any Account.

Loss

any and all injuries, liabilities, losses, damages, costs, charges, and/or expense of whatsoever nature or however arising, including legal fees on a full indemnity basis.

Minimum Account Balance

the minimum balance which must be maintained by the Client with Paybanco in such amount as Paybanco may specify from time to.

Officer

any director, officer, employee or agent of Paybanco.

Password

a private combination of letters, numbers, and/or symbols selected by and known only by the Client, which enables the Client to access any Accounts or Services on a secure basis. The initial Password will be assigned by Paybanco and MUST be changed by the Client upon first accessing Accounts. Paybanco may reassign a Password which is lost or forgotten by a Client.

Person(s)

any natural person(s), any corporation, partnership, trust, association or other form of legal entity.

PIN(s)

a series of randomly generated numbers in a “scratch pad’ table or other format where each PIN(s) is also identified by the location of such a number on such a table. The location may be identified by a sequential series of letters and/or numbers, e.g. location A1, A2, et seq. These PIN(s) are the Client’s identity and number and should be used for each separate request, authorisation or Instruction. A Client may generate and regenerate their PIN(s) in accordance with instructions provided by Paybanco.

Services

services, functions, facilities and products offer or available or utilized at any time whether at any office or through the telephone, any ATM, the Internet, any computer or other electronic terminal, equipment or system or otherwise and whether in conjunction with the use of any Card, User ID, Password, PIN(s) or otherwise and Service means any of the Services.

Signed or Signature

a signature in;

manually written form (wet signature), or; electronic form in, attached to, or logistically associated with, information that is used by a Client to indicate their adoption of the content of that information and meets the following requirements;

it is uniquely linked to the Client; it is capable of identifying the Client;

iii. it is created using means that the Client can maintain under their sole control, and;

it is linked to the information to which it is related in such a manner that any subsequent alteration of the information is revealed.

Anything herein or in Applicable Law to anything which shall or may be signed shall be satisfied by an Electronic record if a method is used to identify that Person(s) and to indicate that the Person(s) intended to sign or otherwise adopt the information in the Electronic Record, and that the method is as reliable as appropriate for the purpose for which the Electronic Record was generated or communicated.

Transactions in Progress

a transaction in respect to which the Client has given an Instruction to Paybanco, but which transaction has not yet been fully executed or performed by Paybanco or any third party involved in such a transaction.

user ID

an alpha-numeric name, symbol or code issued or assigned by Paybanco to the Client to access any one or more of the Services.

Website

all web pages, each consisting of an individual screen display, which are stored on and form part of Paybanco’s Internet server computer and which is accessible using the domain name www.paybanco.com.