Agreement on Periodic Payment Orders
To the General terms and conditions for the Provision of Payment Services
1. Terms and Definitions
- Account Agreement - the Electronic Money and Payment Account
Agreement concluded by and between Us and the Client.
- Agreement - this Agreement on Periodic Payment Orders governing
the terms and conditions of execution of periodic transfers of
- Other terms used in the Agreement have meanings as defined in
the General T&C, the Account Agreement, the Republic of
Lithuania Law on Payments, and the Republic of Lithuania Law on
Electronic Money and Electronic Money Institutions.
2. Subject of the Agreement
- Under this Agreement, We undertake to transfer, on a periodic
basis, funds from the Account to a payee account specified by
You, and You undertake to pay Us the fees for such transfers as
stated in the Standard Rates.
3. Execution of Periodic Transfers
- We shall execute periodic transfers at the intervals specified
in Your Periodic Payment Orders. You shall place such orders in
the Online Banking System or by another method specified by Us.
We shall consider the date of execution of the periodic transfer
specified in the periodic payment order as the date of the
- We shall execute the number of transfers specified by You by the
last specified date of transfer (inclusively). In the case if
the date of the last transfer is not specified in the Agreement,
the money shall be transferred until We receive Your request for
termination of the Agreement. If You wish to change the details
of the periodic transfer, You have to terminate the Agreement
and conclude a new Agreement, specifying new details of periodic
payments. In order to terminate the Agreement You shall give us
a 1 (one) business day notice prior to the specified transfer
- The date of executing the transfers shall be determined having
regard to the date of the first transfer and the periodicity
specified by You.
- If funds are transferred to another financial institution and
the transfer date coincides with a day-off or a holiday, the
transfer shall be made on the Institution's first business day
after the day-off/holiday.
- If You have concluded more than one Agreement and the transfer
dates specified therein coincide, the transfers shall be made in
the sequence of conclusion of the Agreements.
- We shall transfer the funds provided that the balance in Your
account is sufficient for the transfer and for the debiting of
the relevant fee.
- We shall not make the transfer if Your account is seized or Your
right to dispose of the funds therein is restricted otherwise.
- You shall pay Us the fee for the periodic transfers in
accordance with the Standard Rates.
- The Agreement may expire or be terminated on the grounds
specified in the General T&C.
- The Agreement can also be terminated in the case specified in
Clause 3.2 of the Agreement when You intend to change the
details of the periodic payment.