General terms and conditions of use of CroFun.be

GENERAL TERMS AND CONDITIONS

PLEASE READ THESE GENERAL TERMS AND CONDITIONS CAREFULLY BEFORE MAKING USE OF CROFUN.COM

THE USE OF CROFUN.COM AUTOMATICALLY IMPLIES THAT YOU HAVE READ AND ACCEPT THESE GENERAL TERMS AND CONDITIONS.

IMPORTANT PRIOR WARNING

BEFORE DECIDING TO USE CROFUN.COM, EACH (POTENTIAL) USER, PROJECT PROVIDER AND FUNDER NEEDS TO BE AWARE THAT:

  • THERE ARE VERY HIGH RISKS ASSOCIATED WITH THE INVESTMENT INSTRUMENTS OFFERED BY THE PROJECT PROVIDER,
  • NO FORM OF CAPITAL GUARANTEE OR CAPITAL PROTECTION IS GRANTED,
  • THERE IS THEREFORE A REAL RISK THAT THE PROJECT PROVIDER WILL NOT REIMBURSE THE AMOUNTS PROVIDED, WILL NOT DELIVER THE ENVISAGED GOODS OR SERVICES, AND/OR THAT THE ENTIRE INVESTMENT WILL BE LOST.

ANY USE OF CROFUN.COM PRESUPPOSES THAT THE USER IS AWARE OF THE EXISTENCE OF THESE RISKS AND UNCONDITIONALLY AND IRREVOCABLY ACCEPTS THEM.

CONTENTS

  1. CHAPTER 1: GENERAL
  2. CHAPTER 2: USER CONDITIONS
  3. CHAPTER 3: OBLIGATIONS OF THE PROJECT PROVIDER
  4. CHAPTER 4: FUNDER OBLIGATIONS
  5. CHAPTER 5: THE FUNDING AGREEMENT

CHAPTER 1: GENERAL

1. Manager of Crofun.com

  1. The internet platform http://www.crofun.com (“Crofun.com”) was established and is managed by CROFUN BVBA, which has its registered office at Kapellelei 24, 2900 Schoten - Belgium and is registered with the Crossroads Bank for Enterprises under number BE0515.983.976 (“Crofun”).
  2. Crofun is registered on the list of alternative funding platforms of the Financial Services and Markets Authority (the “FSMA”) under number [requested] as stipulated by the Law of 18 December 2016 governing the recognition and delimitation of crowdfunding and laying down various provisions relating to finance (the “Law”).
  3. Contact details of Crofun:
    E-mail: info@crofun.com or service@crofun.com
    Tel.: 0475/307.864

2. Objective and function of Crofun.com

  1. Crofun.com is an internet platform where entrepreneur-issuers, starter funds and funding vehicles as defined in Article 4 of the Law can offer investment instruments to fund a project for professional purposes, in the form of profit-sharing, investment in shares, or in the form of a loan (together with the persons referred to in Article 2.2, the “Project Providers”).
  2. Crofun.com also gives companies, associations, self-employed persons and consumers the opportunity to make use of Crofun.com as a Project Provider to fund projects by means of advance sale, sponsoring or donation.
  3. The projects of the Project Providers (the “Project”) are proffered for funding to possible donors, sponsors, advance sellers and investors (the “Funders”).
  4. Crofun manages Crofun.com and in so doing provides alternative funding services as referred to by Article 4,1° of the Law. By no means whatsoever does Crofun offer securities, investment instruments, funds, loans, credits, goods or services itself, nor does it carry on the activity of a credit or insurance intermediary or intermediary in banking and brokerage services.
  5. Investment instruments as referred to in Article 4 of the Law of 16 June 2006 on the public offer of investment instruments and the admission of investment instruments to trading on a regulated market (the “Prospectus Law”) are exclusively offered on the basis of a private placement, in accordance with Article 3, §2 and/or (provided the relevant conditions are met) Article 18, §1, k) of the Prospectus Law.
  6. The Project Provider offering a Project declares that he, she, or it will use the funding obtained exclusively for the purposes described in the Project. The Funder declares and acknowledges that he, she, or it is entering into the agreement with the Project Provider (the “Funding Agreement”) in full knowledge of the facts, after having obtained all relevant information from the Project Provider.
  7. The Project Provider and the Funder each acknowledge having taken careful note of the important prior warning (on page 1 of these General Terms and Conditions) and having carefully weighed the risks before using Crofun.com. Each Project Provider and each Funder unconditionally and irrevocably accepts the risks associated with using Crofun.com.
  8. The General Terms and Conditions, as well as Crofun.com and the standard funding agreements provided by Crofun (the “Standard Agreements”) are available in Dutch, French and English. Crofun.com may only be used by Project Providers provided their registered office (in the case of a legal entity) or their domicile (in the case of a natural person) is established in Belgium if they wish to offer investment instruments pursuant to the Law (i.e. in the form of shares, profit participation or a loan). Crofun.com may be used by Project Providers from other countries for funding in the form of donations, advance sale and/or sponsoring provided this is allowed by the applicable regulations.
  9. Each Project Provider and Funder (jointly the “Users”) making use of Crofun.com accepts these General Terms and Conditions and commits jointly and severally to the proper implementation of these General Terms and Conditions.

3. Obligations of Crofun

  1. Crofun undertakes to always act honestly, fairly and professionally in the interests of the Users.
  2. Crofun maintains the content of Crofun.com with the utmost care and commits to ensuring that the information available on Crofun.com is correct, clear and not misleading.
  3. Crofun shall take reasonable steps to ensure that the conditions of Articles 21 and 145/26 of the Income Tax Code of 1992 with regard to obtaining tax benefits are properly observed. However, the Project Provider is responsible for delivering the tax certificate, in accordance with Article 13.4 of these General Terms and Conditions.
  4. Crofun shall make every reasonable effort to ensure optimal user convenience and pursue a policy aimed at the continuity of Crofun.com.
  5. Should Crofun become aware of any unauthorised activity or unauthorised information taking place on or being distributed via Crofun.com, Crofun undertakes to make the relevant data inaccessible and, in the case of a criminal offence, to pass this information on to the Public Prosecutor’s Office without delay.
  6. Crofun reserves the right (albeit without being obliged to do so or incurring any liability) to block, adapt and/or remove access to the information placed by the User if this is or could be offensive, annoying or inappropriate for other Users or for third parties.

4. Crofun’s liability

  1. Within the framework of the services offered through Crofun.com, Crofun limits itself to storing the information supplied by the Users. Crofun cannot be held liable for the contents of the information sent, distributed or placed on Crofun.com by the User, including the consequences that could occur due to non-compliance by the Project Provider with its obligations vis-à-vis the Funder.
  2. Crofun does not exercise any form of general supervision of the information sent, distributed or placed on Crofun.com by the User, including the Standard Agreement concluded between the Project Provider and the Funder, which is generated automatically and sent to the Project Provider by e-mail.
  3. Crofun is not liable for any direct, indirect, special, incidental, immaterial or consequential damage (including lost profit) resulting from the use of Crofun.com, including, but not limited to, damage caused by:
    • defects, viruses or other imperfections in equipment and/or software in connection with access to or the use of Crofun.com;
    • the interception, change or improper use of information sent to Crofun.com or to the User;
    • the operation or unavailability of Crofun.com;
    • abuse of Crofun.com, loss of data or the downloading or use of software made available via Crofun.com;
    • third party claims in connection with Crofun.com use;
    • hyperlinks placed on Crofun.com that link to other websites if these hyperlinks are not (no longer) active or, barring fraud or gross negligence, if the information to which they provide access is unauthorised or offensive;
    • non-compliance by the Project Provider with his, her or its obligations vis-à-vis the Funder;
    • inaccurate, incomplete or misleading representations or statements by the Project Provider or the Funder.

5. Intellectual property

  1. The intellectual property rights with regard to Crofun.com, including the rights in respect of the texts, images, design, databases, photos and other (stationary and/or animated) visual material, audio material, formats, software, brands (including domain names) and other materials, are vested in Crofun and, where applicable, its licensors and/or advertisers.
  2. The User is not allowed to make the content of Crofun.com in any way available to third parties and/or to reproduce the same, other than by viewing it on a single computer and/or downloading or printing a hard copy for personal use.
  3. The intellectual property rights with regard to the subject matter placed on Crofun.com by the User (in particular within the framework Project proposal) remain the property of the User. By posting these subjects the User does, however, accept that they are placed on Crofun.com and will be accessible to the public even after the Project terminates.

6. Protection of privacy

  1. The personal data provided by the User when registering as a User, when placing or subscribing to a Project via Crofun.com or at any other time, are processed by Crofun in compliance with the Law of 8 December 1992 on the protection of privacy and its implementing decisions. Under this law, Crofun is responsible for such processing.
  2. Crofun processes the User’s data with a view to providing an efficient and smooth service, managing the customer base, bringing the Project Provider and the Funder into contact with each other, bringing the Project Provider and third parties into contact with each other to support the development of the Project, bringing the Project Provider and financial or insurance intermediaries into contact with each other for the further growth or insurance of the Project, calculating the Crofun Score of the Project Provider (as defined in Article 12.3), for marketing purposes and to prevent irregularities.
  3. The personal data processed by Crofun for the purposes specified in Article 6.2 are treated as confidential. The data are not intended to be passed on to third parties other than the persons designated by the User and the Project Provider or Funder with which a Funding Agreement is concluded and the persons referred to in Article 6.4.
  4. The User agrees to his, her or its data being exchanged between Crofun and:
    • Intracto Group NV, Zavelheide 15, 2200 Herentals, registered with the Crossroads Bank for Enterprises under number 0861.085.232, responsible for the general website administration of Crofun.com; and
    • the French company Lemon Way, SAS, Rue de la Beaune 14, Building C, 5th floor, 93100 Montreuil (“Lemon Way”), responsible for providing the Ewallet described in Article 10.2.
  5. The User may ask to inspect and correct his, her or its personal data at any time and at no cost. The User may, at any time and at no cost, object to his, her or its personal data being processed by Crofun for direct marketing purposes (including personal advertising by e-mail and post) and to the communication, exchange and/or processing of these data as referred to in Article 6.3 and 6.4.
  6. Any User wishing to inspect or correct his, her or its data or any User wishing to oppose the processing of these data in accordance with Article 6.5 may send a written request to this effect, together with a copy of his, her or its proof of identity, by e-mail to service@crofun.com or by post to Crofun bvba, Kapellei 24, 2900 Schoten, Belgium.
  7. In accordance with the Law of 8 December 1992, the User can at any time obtain additional information from the Commission for the Protection of Privacy, Rue de la Presse 35, B - 1000 Brussels, Belgium.

7. Miscellaneous

  1. If and to the extent that any provision of these General Terms and Conditions is declared invalid or cancelled, the other provisions of the General Terms and Conditions shall remain in full force and effect. Crofun shall then establish a new provision to replace the invalid/null and void provision, in the course of which the scope of the invalid/null and void provision shall be taken into account as much as possible.
  2. With the exception of the presentations of each Project, which are given in the language in which they were originally drafted, the different pages of Crofun.com as well as these General Terms and Conditions may be consulted in French, Dutch and English.
  3. Each User is jointly and severally liable for correct compliance with the General Terms and Conditions. Crofun recommends that the User keeps a copy of the General Terms and Conditions by printing them or storing them on the hard disk of his, her or its computer. Crofun recommends that the User does the same with the Standard Agreement that was concluded between the Project Provider and the Funder.
  4. Crofun reserves the right to amend these General Terms and Conditions.
  5. The User shall be notified by e-mail of the amended General Terms and Conditions at least seven working days before the changes take effect. Should the User not wish to accept the changes, he, she, or it is free to cease any further use of Crofun.com before the date on which the changes take effect (as indicated in the e-mail) without this involving any charges. The continued use of Crofun.com after the date on which the changes take effect shall be seen as acceptance by the User of the amended General Terms and Conditions.
  6. Previous versions of the General Terms and Conditions shall be archived by Crofun and may be consulted via Crofun.com.
  7. Belgian law applies to the content of Crofun.com and the General Terms and Conditions. In the event of a dispute, the courts of the place where Crofun has its registered office shall have sole jurisdiction.

II. CHAPTER 2: USER CONDITIONS

8. User Registration

  1. To make use of Crofun.com, the User must:
    • register using the registration options provided;
    • confirm that he, she, or it is acting in his, her or its own name and on his, her or its own behalf;
    • confirm that he, she, or it is at least 18 years old and of sound mind.
    If the User registers on Crofun.com he, she, or it expressly confirms that these conditions have been met.
  2. When registering, the User must choose a sufficiently secure password, and undertakes to take all measures necessary to observe confidentiality. As soon as he, she, or it becomes aware of any unauthorised use, the User must contact Crofun to deactivate and/or change the details. Crofun cannot be held liable for the consequences of unauthorised use of the login details and/or the password.
  3. The User acknowledges that at the time of registration, he, she, or it has read the precontractual information provided in good time by Crofun and received this information on a durable medium.

9. User Obligations

  1. The User declares that he, she, or it will use Crofun.com in good faith, in compliance with these General Terms and Conditions and in accordance with the applicable statutory or regulatory provisions (including, but not limited to, the regulations relating to money laundering, the protection of privacy, intellectual property and fair competition).
  2. The User undertakes to act lawfully, fairly and with respect for the rights of Crofun, the other Users and third parties.
  3. The User expressly confirms that the information he, she, or it entered when registering is correct and complete and undertakes to notify Crofun immediately of any change to this information. Crofun will process the personal data in accordance with Artikel 6.
  4. If there is any doubt as to the correctness of the information or the identity of the User, Crofun may withhold the information and temporarily exclude the User pending an investigation. In case of misuse, compensation may be demanded for any damage suffered. Crofun.com is not liable for such misuse or fraud by the User.
  5. Crofun.com contains references to other websites (e.g. by means of a hyperlink, banner or button). The User acknowledges that Crofun.com has no influence over the content and policy of third-party websites and that the privacy rules and General Terms and Conditions of the website in question apply.
  6. The User indemnifies Crofun against all possible claims by third parties resulting from the use of Crofun.com by the User.
  7. The User is not permitted:
    • to send, place on or distribute via Crofun.com in any way whatsoever illegal, unauthorised, prohibited, racist, xenophobic, defamatory, obscene, offensive, insulting, inappropriate or discriminatory topics or statements;
    • to encourage other Users to act in this way or promote such actions;
    • to imitate or appropriate the identity of a third party, encroach on his, her or its image rights or, in general, his, her or its privacy;
    • disregard the intellectual property rights of other persons and of Projects.
  8. The User is liable for any subject matter sent to or placed on Crofun.com or distributed using resources made available on Crofun.com and must accept all the possible consequences of his, her or its actions or of the actions of persons for whom he, she, or it is responsible.

10. Payments

  1. Once the Funding Agreement has been concluded, in accordance with Artikel 19 the Funder is required to pay the amount to which he, she, or it has committed to.
  2. Both the Project Provider and the Funder agree that all financial transactions shall take place through a personal E-wallet, provided by Lemon Way.
  3. A personal E-wallet is created automatically by Lemon Way for each Project Provider when creating the Project. The E-wallet is required to be able to receive the Funders’ money directly on a personal account. As such, the Project Provider must always provide a copy of his, her or its identity card and bank card and a property deed, to allow his, her or its identity and bank account to be verified by Lemon Way.
  4. When funding a Project, the Funder will also automatically open a personal E-Wallet to be able to execute the payment transaction. As such, the Funder must provide a copy of his, her or its identity card and bank card and a property deed, to allow his, her or its identity and bank account to be verified by Lemon Way in the following instances:
    • the arrangement concerns funding in the form of a standardised investment instrument; or
    • the arrangement concerns funding in the form of a donation, sponsoring or advance sale for a one-off amount of more than EUR 250 or a total amount on an annual basis of more than EUR 2,500.
  5. The additional information the User is required required to provide for verification as described in Article 10.3 and 10.4 is uploaded to Crofun.com, although Crofun is not able to consult this information. Lemon Way is responsible for processing this information pursuant to the Law of 8 December 1992 on the protection of privacy and its implementing decisions.
  6. The User declares that he, she, or it agrees with the General Terms and Conditions of Lemon Way, available via https://www.lemonway.com/nl/algemene-voorwaarden/.

11. User duration and closure of account

  1. The User registers for an indefinite period. His, her, or its account shall only be closed by express request.
  2. Crofun reserves the right to remove a User and exclude him, her or it from any further use of Crofun.com if the User in any way acts in breach of these General Terms and Conditions, without prejudice to the right of Crofun to take further measures and demand compensation for the damage suffered.

III. CHAPTER 3. OBLIGATIONS OF THE PROJECT PROVIDER

12. Crofun Score and offer of the Project

  1. After registering in accordance with Artikel 8, the Project Provider can present his, her or its Project on Crofun.com.
  2. The Project Provider shall ensure that the description of the Project placed by him, her or it is as accurate and complete as possible.
  3. Crofun.com shall assign a specific score to the Project (the “Crofun Score”).
  4. The Crofun Score is calculated automatically by a software program, without human intervention. The purpose of the Crofun Score is to reject projects that are inadequate and to provide potential Funders with a tool for measuring the professionalism and completeness of the presentation of the Project.
  5. If the Project Provider does not agree with the Crofun Score he, she, or it is awarded, he, she, or it can request clarification or a review via service@crofun.com.
  6. The Project becomes active after a limited manual check. At that point a period begins that lasts for a maximum of three months, during which the Funder can subscribe to the Project (the “Subscription Period”).
  7. In accordance with Artikel 6, the Project Provider gives Crofun permission to process his, her or its personal data, including the awarding of a Crofun Score calculated on the basis of his, her or its information.

13. Funding modalities

  1. The Project Provider can obtain funding for his, her or its Project through:
    1. sponsoring or donations; or
    2. donations linked to a reward (advance sale); or
    3. investments in a standardised investment instrument, in the form of a loan, profit participation or shares.
  2. If the Project Provider wishes to obtain funding by means of standardised investment instruments, he, she, or it must first determine:
    1. the amount, the term and the return where a loan is involved;
    2. the amount, the term and the predetermined increase in turnover where a profit participation is involved; and
    3. the nominal value per share where shares are involved.
  3. Investment instruments as referred to in Article 4 of the Prospectus Law are exclusively offered on the basis of a private placement in accordance with Article 3, §2 and/or (provided the relevant conditions are met) Article 18, §1, k) of the Prospectus Law.
  4. Under certain conditions, a Funder who chooses an investment in the form of a loan or shares may benefit from tax benefits, as described in Articles 21 and 145/26 respectively of the Income Tax Code of 1992. A Project Provider wishing to offer potential Funders such a tax benefit is responsible for meeting the statutory conditions and for issuing the tax certificate to Funders.
  5. The Project Provider can obtain capital in accordance with two possible principles:
    • Flexible funding, where the capital obtained is always paid to the Project Provider regardless of whether the minimum capital desired by the Project Provider was obtained (“Flexible Funding”). The Funding Agreement is irrevocably concluded in accordance with Artikel 19; or
    • Minimum funding, where the Funding Agreement is concluded under the suspensive condition that the minimum capital desired by the Project Provider was obtained (“Minimum Funding”). If the Minimum Funding could not be obtained, funding will not go through and no Funding Agreement is concluded.

14. Payment to the Project Provider

  1. At the end of the Subscription Period and once the Funding Agreement has been concluded in accordance with Artikel 19, the funding obtained from the E-wallet of the Project Provider is transferred to the bank account specified by the Project Provider after costs have been settled in accordance with Artikel 15.
  2. With Flexible Funding, the transfer takes place within 5 working days. In the case of Minimum Funding, the funding obtained is transferred within 5 working days if the Minimum Funding was achieved. If the Minimum Funding was not achieved, the capital obtained is refunded to the Funders of the Project.

15. Costs associated with the use of Crofun.com

  1. To be able to offer a Project via Crofun.com, the Project Provider pays Crofun a one-off advertising fee of EUR 250 incl. VAT, before the Project is placed on Crofun.com.
  2. At the end of the Subscription Period, the Project Provider pays Crofun an additional success fee of 4% of the funding incl. VAT. This success fee is not charged if the Minimum Funding is not achieved.
  3. Crofun is entitled to amend the charges for using Crofun.com in the way specified in Article 7.5. Changes to charges shall not affect Projects for which the Subscription Period is already under way.
  4. Except for the one-off advertising fee in accordance with Article 15.1, payments in connection with the use of Crofun.com shall be made via the E-wallet of the User as specified in Article 10. For the use of this E-wallet and the associated transactions, the Project Provider pays Crofun a standard fee of 2.5% of the funding obtained + EUR 0.25 per individual transaction.

16. Removing a Project

  1. Crofun reserves the right to remove a Project from Crofun.com for justified reasons, namely in connection with a breach of these General Terms and Conditions or of any applicable statutory or regulatory provision, with immediate effect and without prior notice.

IV. CHAPTER 4: FUNDER OBLIGATIONS

17. Funding a Project

  1. To make use of Crofun.com as a Funder, the Funder must register in accordance with Artikel 8.
  2. Irrespective of the obligation to register, if he, she, or it wishes to fund a Project, the Funder has the possibility of choosing whether he, she, or it wishes to be identified on Crofun.com using his, her or its personal registration details or wants to remain anonymous to Crofun.com visitors. If the Funder does not make a choice, his, her or its personal registration details are automatically displayed on Crofun.com.
  3. Before the Funder can invest in investment instruments offered by a Project Provider, Crofun shall ask him, her or it first to take a suitability test in which Crofun gathers information about the Funder’s knowledge and experience, allowing it to assess whether the investment instruments concerned are suitable for the Funder.

18. Risk

  1. By subscribing to a Project, the Funder acknowledges that he, she, or it has been made fully aware of all aspects of the Project as well as the risks associated with the funding.
  2. CROFUN DRAWS YOUR ATTENTION TO THE FACT THAT YOUR FUNDING IS NOT RISK-FREE AND THAT THERE IS A POSSIBILITY THAT YOU WILL RECEIVE NOTHING BACK. The Funder further acknowledges that he, she, or it is aware that the Crofun Score awarded is an automatic process with no human intervention (except for a limited manual check), based mainly on information supplied by the Project Provider him, her, or itself (and which may therefore be incorrect), and as such is purely indicative. THE CROFUN SCORE CANNOT THEREFORE BE REGARDED IN ANY WAY AS INVESTMENT ADVICE PROVIDED BY CROFUN.

V. CHAPTER 5: THE FUNDING AGREEMENT

19. Establishment of the Funding Agreement

  1. If a Funder chooses to fund a particular Project during the Subscription Period, he, she, or it shall conclude a Funding Agreement with the Project Provider in question to define their mutual rights and obligations. The Funding Agreement shall be concluded during the Subscription Period (in the case of Flexible Funding) or after after it ends (in the case of Minimum Funding and if the minimum capital was obtained). The Funding Agreement is subject to these General Terms and Conditions.
  2. Crofun provides the Project Provider and the Funder (the “Parties”) with a Standard Agreement in digital form by e-mail.
  3. Crofun cannot be held liable for, the (actual) return on the investments, or for the possible consequences of non-compliance by the Project Provider with his, her or its obligation to compensate or deliver goods or services.
  4. The Standard Agreement includes a provision whereby the Parties agree that their written confirmation by e-mail of the final version of the Funding Agreement, together with payment of the amount by the Funder in accordance with Article 10 counts as proof of approval of the Funding Agreement and thus departs from Article 1341 of the Civil Code. The Parties are free to amend this provision and sign the Funding Agreement by hand.
  5. The Funding Agreement is archived by Crofun and may be consulted by the Project Provider and the Funder on request.

20. Funding Agreement in the form of a loan, profit participation or shares

  1. The investment instruments offered via Crofun.com have a total countervalue of at least EUR 2,500 and not more than EUR 300,000, with a value per denomination of at least EUR 100 and not more than EUR 5,000. If, however, the total countervalue is EUR 100,000 or less, the value per denomination has no upper limit. The investment instruments can only be offered on the basis of a private placement in accordance with Article 3, §2 and/or Article 18, §1, k) of the Prospectus Law.
  2. The minimum term for a Funding Agreement in the form of a loan is 12 months. The maximum term may never exceed 120 months. The interest rate is determined by the Project Provider and is a fixed interest rate.
  3. The Funding Agreement in the form of a loan is deemed to be cancelled by operation of law and the total amount of the funding together with the interest shall become immediately due for payment without warning or notice in the following cases:
    • if the Project Provider fails to meet his, her or its payment obligations over a period of three successive months;
    • if and as soon as the Project Provider is declared bankrupt, finds him, her or itself in proceedings of judicial reorganisation, is admitted to collective debt settlement proceedings, is served an attachment of earnings order or is the subject of any other insolvency proceedings.
  4. All judicial and extrajudicial costs involved in or associated with the dissolution referred to in Article 20.3 shall be borne by the Project Provider. Payments already made by the Project Provider shall first be deducted from the interest and charges owed and only then from the capital owed.
  5. In the case of a Funding Agreement in the form of a loan, the Project Provider has the option of repaying the capital owed and the interest in its entirety early, without any severance compensation. Partial early repayments are not possible. The Project Provider is required to notify Crofun of the early repayment in advance by registered letter and e-mail, specifying the details of the Project.
  6. In the case of a Funding Agreement in the form of a loan, the interest is calculated as follows:
    • If the Funding Agreement provides for monthly repayment, the interest is calculated monthly on the outstanding capital until the amount funded has been repaid in full;
    • If the Funding Agreement provides for annual repayment, the interest is calculated annually on the outstanding capital until the amount funded has been repaid in full;
    • If the Funding Agreement provides for a single repayment of both capital and interest, the interest is calculated on the entire capital at the time of repayment in full in accordance with the simple interest principle.
    A proposal for a repayment schedule is sent to both the Project Provider and the Funder by e-mail together with the Standard Agreement.

21. Win-win loan

  1. By way of derogation from Artikel 20 these General Terms and Conditions, the Project Provider can also choose to offer potential Funders a win-win loan, if the conditions for the win-win loan are met. The win-win loan is a subordinated loan with a fixed term of 8 years. The Project Provider and User can find more information about the conditions of the win-win loan at http://www.pmvz.eu/winwinlening.

22. Funding Agreement in the form of a donation, advance sale or sponsoring

  1. A Project Provider seeking funding via Crofun.com in the form of donations, advance sales or sponsoring may do so for a total amount of at least EUR 2,500, with a minimum amount per Funder of EUR 5.
  2. The Funder is aware and expressly accepts that a Funding Agreement:
    1. when in the form of a donation, does not give him, her or it any right to remuneration by the Project Provider;
    2. when in the form of an advance sale, gives him, her or it the right to a reward in kind, more specifically in the form of a good or service created wholly or in part within the framework of the Project; and
    3. when in the form of sponsoring, gives him, her or it the right to a consideration in kind consisting of the mention of the name of the Funder for marketing purposes in a publicly accessible place.
  3. The Project Provider undertakes only to use the amount funded to finance the Project.
  4. The Funder is aware and expressly accepts that at the time the Funding Agreement in the form of advance sale comes into being, he, she, or it will still not be able to receive the reward because the good does not yet exist in its final version or the service cannot yet be provided. The Funder accepts that delivery of the good or service is subject to considerable unforeseeable circumstances, which implies that he, she, or it may never receive the reward, or that delivery could take place slowly, defectively or not in accordance with expectations. The Project Provider undertakes to make every effort to deliver the reward to the Funder.

23. Rules applicable to the Funding Agreement between the Project Provider and a Funder-consumer

  1. If the Funding Agreement is concluded between the Project Provider and a Funder-consumer, the Project Provider undertakes to abide by the provisions of Book VI - Market practices and consumer protection of the Code of Economic Law (“WER”).
  2. If the Funding Agreement is concluded remotely, the Project Provider undertakes specifically to abide by the provisions related to remote agreements (Article VI.45 et seq. WER) or, if a Funding Agreement relating to an investment instrument is involved, the provisions concerning remote agreements in relation to financial services (Article VI.54 et seq. WER), including the provisions on the provision of precontractual information and the existence or otherwise of a right of withdrawal.

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