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AltCoinTrader Easy Loans Terms & Conditions

Welcome

Welcome to AltCoinTrader (Pty) Ltd’s Easy Loans Facility. We value you as our customer and will, at all times, strive to provide a great service.

By applying for an “Easy Loan” from AltCoinTrader (Pty) Ltd you acknowledge to have read and understood the following terms and conditions in full and agree to comply with them and be bound by them in so far as they are legally enforceable.

1. Introduction

These terms and conditions govern the relationship between you ‘the borrower’ and AltCoinTrader (Pty) Ltd (AltCoinTrader) in regard to your use of the Easy Loan facility extended by AltCoinTrader, as secured by your crypto assets.

  1. The Easy Loans terms and conditions contained herein are to be considered supplemental to AltCoinTrader (Pty) Ltd’s general terms and conditions. They are to be read as whole and where contradictions (perceived or otherwise) may appear, it is the Borrowers responsibility to address or seek clarity on these directly with AltCoinTrader (Pty) Ltd.
  2. This agreement is subject to the governing laws and regulations of the Republic of South Africa and AltCoinTrader (Pty) Ltd and its Directors commit to abide by the governing laws and regulations and any request (deemed legal and reasonable) made by such governing and/or enforcement bodies.
  3. You acknowledge and agree that AltCoinTrader (Pty) Ltd has the right to fully manage your collateral account and collateral therein during the period of the service, and we reserve the right (without obligation) to implement mandatory termination or liquidation mechanisms under certain circumstances, which may lead to losses incurred by you.
  4. If we determine, based on our sole discretion, that you have breached the agreement, or that of the service, or your use of the service is illegal under the laws of your jurisdiction, we reserve the right to suspend or terminate your account/s, or suspend or terminate your use of AltCoinTrader’s service/s.
  5. AltCoinTrader (Pty) Ltd hereby reserves the right to amend these terms and conditions at any time without notice as may be reasonably required to protect our clients, third-parties, shareholders or employees.
  6. This agreement is a binding contract between “the lender” AltCoinTrader (Pty) Ltd (Reg# 2015/418624/07), hereinafter referred to as ‘AltCoinTrader’ and you, hereinafter referred to as the ‘borrower’.
  7. AltCoinTrader (Pty) Ltd will not accept this agreement or have any obligations under it, until all conditions have been satisfied in our sole discretion.

2. Definitions

AltCoinTrader Account means a personal or business account, opened with AltCoinTrader, through which you can use Easy Loan and other AltCoinTrader services.

AltCoinTrader Platform means any AltCoinTrader website, mobile application or any other official AltCoinTrader communication channel, including any updates, upgrades and versions thereof.

Applicable Law means any law, statute, regulation, ordinance, treaty, guideline, policy, act, judgment or directive issued by any competent governmental or regulatory authority of the Republic of South Africa.

Principal Loan Amount means the capital sum loaned by us under the Easy Loan facility, including accrued Interest and any fees due to AltCoinTrader under this agreement.

Collateral means assets accepted in security for the loan amount advanced, as allocated to your Collateral account on the AltCoinTrader Platform, to be forfeited in the event of Default;

Crytpo Assets means any assets (such as cryptocurrencies, stablecoins and tokens) accepted by AltCoinTrader as collateral for the Principal Loan Amount in the Easy Loan facility (as defined below).

Easy Loan or Easy Loan facility means the loan facility granted by AltCoinTrader against the collateral, visible in the Easy Loan dashboard on the AltCoinTrader Platform.

Interest means the indicated interest rate accrued in accordance with this agreement, subject to revision at any time.

Indebtedness means the total amount of the loan to be repaid to AltCoinTrader at any time until its full repayment, including the initial Principal Loan Amount, the Interest and any fees due to AltCoinTrader under this agreement.

3. Purpose of this agreement

Your application for an Easy Loan on the AltCoinTrader Platform is an offer to conclude a financial loan agreement with AltCoinTrader subject to:

  1. these Easy Loans Terms and Conditions;
  2. AltCoinTrader’s general terms and conditions, available on the AltCoinTrader Platform (collectively the ‘agreement’)

    You hereby confirm the following prerequisites for an application for an AltCoinTrader Easy Loan.

  3. You are not a citizen or resident of a sanctioned country;
  4. You are at least 18 years old;
  5. You have read, understood and agreed to our Privacy Policy

4. Acceptance of Risk and Uncertainty

  1. As a client of AltCoinTrader you acknowledge that the purchase, sale, lending, borrowing, trading, sending, transferring, saving, custody and holding of crypto currencies carries certain risk of financial loss (in-part or in-full) and you hereby acknowledge that you understand these risks and accept them.
  2. In addition to this, you acknowledge that you have carefully considered and applied clear judgement to your financial situation and the aforementioned risks and AltCoinTrader (Pty) Ltd, its Directors, shareholders and employees shall not be held responsible or liable for any losses hereunder.
  3. The regulatory status of Crypto Assets is the subject of significant uncertainty. It is possible that, in the future, the Applicable Law relating to the crypto assets, crypto asset service providers or blockchain technology, may be changed or extended, which may affect or restrict the Easy Loan facility or other AltCoinTrader services. You are responsible for determining whether, and in what respects, the use of the Easy Loan facility or any other AltCoinTrader service is permitted. For the avoidance of doubt, you may not use the AltCoinTrader Platform for pursuing illegal activities. If you are uncertain, please seek independent legal advice.

5. The Loan

  1. Upon the terms and subject to the conditions set out in this agreement, AltCoinTrader agrees to make a loan to the borrower.
  2. The indebtedness of the borrower to AltCoinTrader on account of the loan includes the initial principal loan amount and all interest, fees and charges as stipulated in this agreement or may be reasonably claimed under South African law.
  3. This agreement shall terminate upon the payment in full of all Indebtedness and performance of all obligations as stipulated. At such time, AltCoinTrader’s sole obligation shall be to direct the transfer of all remaining collateral to the borrower.
  4. You acknowledge and agree that the borrower is, and shall remain, personally liable to AltCoinTrader for the payment in full of all Indebtedness and performance of all obligations.

6. Collateral

  1. To give effect to this agreement the borrower shall transfer the required collateral into the AltCoinTrader loan account wallet.
  2. The borrower agrees that AltCoinTrader may, for its own account, pledge and repledge the from time to time, without notice to the borrower, any or all of the collateral and AltCoinTrader may do so without retaining in its possession or control for delivery, a like amount of similar collateral.
  3. The borrower agrees that the holding of crypto asset collateral through AltCoinTrader’s loan account wallet constitutes the use of reasonable care with respect to the custody and preservation of the collateral.
  4. AltCoinTrader shall have possession and ownership of the collateral until this agreement is terminated.
  5. Whilst a crypto asset is being used as collateral, the borrower hereby, transfers and delivers to AltCoinTrader, any other crypto asset now or in the future issued as a result of a fork or other event that results in the holders of the crypto asset collateral receiving additional or replacement crypto assets.
  6. AltCoinTrader’s ownership of the collateral shall remain in effect for so long as any Indebtedness remains outstanding under this agreement.

7. Repayment Terms

  1. The borrower agrees to repay the initial principal loan amount and all interest and fees that may accrue.
  2. The borrower agrees that the AltCoinTrader’s internal records shall, absent material error, serve for all purposes as conclusive evidence of the outstanding balance of the loan, as well as the amount of interest, fees and charges that may be owed to AltCoinTrader at any time.
  3. AltCoinTrader may apply the borrower’s repayments in any manner permitted by applicable law, but generally shall apply payments first to interest due, then to any outstanding fees, charges or other expenses, and then to initial principal.

8. Interest

  1. All interest accrued on an Easy Loan shall be calculated on a simple interest basis calculated in ‘near-real time’.
  2. The Interest accrued shall be reflected in the Easy Loan dashboard on the AltCoinTrader platform.
  3. If at any time and for any reason whatsoever, the interest rate payable on the loan or any fees levied shall exceed the maximum rate permitted to be charged by AltCoinTrader to the borrower under applicable law, such interest rate and fees shall be reduced automatically to the maximum rate of interest permitted.

9. Borrower’s Representations, Warranties and Covenants

  1. Except for the rights to the collateral granted under this agreement, the borrower is the sole, legal and equitable owner of the collateral and no other agreement, financing statement, or other security instrument covering the collateral exists.
  2. The collateral is and will remain free and clear of any adverse claims and restrictions, other than those created by this agreement and there are no actions, suits, litigation or proceedings, pending by or against the borrower before any court, government authority, administrative agency, or arbitrator.
  3. The borrower will not create or allow any other security interest on the security/collateral, other than those created by this agreement.
  4. The borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock, and no proceeds of the loan will be used to extend credit to others for the purpose of purchasing or carrying any margin stock.
  5. The borrower is not subject to regulation under any law that limits the ability to incur debt or which may otherwise render all or any portion of the obligations hereunder unenforceable.
  6. The borrower will use the proceeds of the Loan solely for lawful purposes and all representations in the borrower’s application are true, correct and complete as of the date of such application and the date of this agreement.

10. Valuation; Limits, Liquidation Thresholds & Triggers

10.1 Market Value

At any time, the market value of the collateral in the loan account shall be:

The product of the amount of collateral times the spot price for each unit of the collateral in the loan account wallet. The spot price is determined by way of a proprietary price feed maintained by AltCoinTrader and based on the price feeds quoted by its exchange and trading platform partners. Current market value of the borrower’s collateral may be accessed by the borrower through logging into their Easy Loan dashboard on the AltCoinTrader platform.

The borrower agrees that for purposes of calculating the collateral market value AltCoinTrader may take into account or disregard, at its sole discretion, the value of any new crypto asset held in or attributable to the loan account, created as the result of a forking, air drop or similar event that occurs after the commencement of this agreement.

10.2 Credit Limit

The ‘credit limit’ is determined by the product of the standard loan-to-value (LTV) ratio and the market value of the collateral. Where the LTV or loan-to-value ratio is the total amount still owed on the loan divided by the market value of the collateral expressed as a percentage.

In cases where more than one crypto asset is used as collateral the aggregate sum of the above calculations for each asset held as collateral will be used.

The per asset standard loan-to-value (LTV) ratio is determined by AltCoinTrader’s sole discretion and can be changed from time to time.

10.3 Liquidation Threshold

The liquidation threshold is determined by the product of the market value of the collateral and the “Liquidation LTV ratio”.

The per asset liquidation LTV ratio is determined by AltCoinTrader’s sole discretion and can be changed from time to time by providing notice to the borrower.

10.4 Trigger Events

A “trigger event” occurs when the borrower has maintained an outstanding balance on the loan account greater than the “credit limit”. Upon occurrence of a trigger event a borrower will be notified via the Easy Loans dashboard or by email or sms or whatsapp by AltCoinTrader to the contact details stipulated on the borrower’s AltCoinTrader profile.

Upon notice of a trigger event the borrower shall, promptly deposit additional collateral to the extent that the total outstanding loan amount is equal to or less than the credit limit.

If, at anytime, the outstanding loan amount is equal to or less than the credit limit AltCoinTrader has the right to immediately liquidate collateral in such an amount as necessary and charge an administrative fee for processing the liquidation.

11. Default

The borrower will be in default under this agreement upon the occurrence of any of the following events and commits to notify AltCoinTrader in writing, within 2 business days of the event occurring:

  1. The liquidation threshold is breached and has not been resolved either through deposit of additional collateral by the borrower or the liquidation of the collateral, in part or in full.
  2. The commencement of any proceedings against the borrower under criminal, bankruptcy, administration or insolvency laws.
  3. If the borrower is a natural person, where the borrower dies or becomes incompetent.
  4. If the borrower fails to comply with or to perform any other term, obligation, or condition contained in this agreement and those of AltCoinTrader (Pty) Ltd’s general terms and conditions.
  5. Any warranty, representation or statement made or furnished by the borrower to AltCoinTrader, or any related document is fraudulent, false or misleading in any material respect, either now or at the time made or becomes fraudulent, false or misleading.
  6. A material adverse change occurs in the financial condition of the borrower, or the ability of the borrower to repay the loan or perform under this agreement is impaired
  7. Where a change or material development in the applicable law renders the parties’ performance under this agreement unlawful.

12. Remedies

  1. Upon a default event or anytime thereafter AltCoinTrader may declare all amounts and obligations under this agreement immediately due and payable.
  2. The borrower expressly agrees that in any such default AltCoinTrader may take immediate and exclusive possession of the collateral and that AltCoinTrader may liquidate the collateral in whole or in part, at its sole discretion.
  3. A liquidation administration fee of 12% is levied whenever collateral is liquidated under this agreement.

    The proceeds of liquidated collateral shall be distributed by AltCoinTrader in the following order of priorities:

  4. To AltCoinTrader for any reasonable costs, fees, or expenses incurred in connection with the sale or disposition of the collateral, including any legal, accounting or other fees incurred.
  5. To AltCoinTrader in an amount equal to any outstanding and unpaid Indebtedness under this agreement; and
  6. Any remaining surplus to the borrower

13. Indemnification

  1. Neither party shall be liable to the other for any punitive, indirect or consequential damages, including but not limited to lost revenue, lost profits, replacement goods, loss of technology, loss of data, or interruption or loss of use of service or equipment, whether arising under the law of contract, delict, or otherwise.
  2. You indemnify and hold harmless AltCoinTrader, its directors, shareholders, representatives and employees from and against any claims, damages, losses, liabilities, costs, and expenses (including reasonable attorney’s fees), arising out of, or relating to, any third-party claim in violation of this agreement or the applicable law.
  3. AltCoinTrader are not to be held liable for any delay, error, interruption or failure to perform any obligation under this agreement, where the delay or failure is directly or indirectly resulting from any cause beyond our control, including but not limited to: (a) acts of God, nature, court or government; (b) failure or interruption in public or private telecommunication networks, communication channels or information systems; (c) acts or omissions of acts of a party for whom we are not responsible; (d) delay, failure or interruption in, or unavailability of, third- party services; (e) strikes, lockouts, labour disputes, wars, terrorist acts and riots.
  4. Our aggregate liability for any loss or damage arising in connection with the Easy Loan facility shall not exceed the fees you paid to us for your use of the AltCoinTrader services during the 12 month period immediately preceding the event giving rise to the claim for liability.

14. Survival of Representations and Warranties

  1. The borrower understands and agrees that in making this loan, AltCoinTrader (Pty) Ltd is relying on representations, made by the borrower in this agreement.
  2. The borrower further agrees that regardless of any investigation made by AltCoinTrader, all such representations will survive the execution of this agreement and the funding of the advance, shall be continuing in nature, and shall remain in full force and effect until such time as all of the borrower’s obligations under this agreement shall be fully satisfied, or until this agreement is terminated in the manner provided herein, whichever is the last to occur.

15. Cost of Collection

  1. The borrower agrees to pay all costs and expenses, including collection expenses, court costs, and reasonable attorneys’ fees, incurred by AltCoinTrader in the collection or enforcement of this agreement.
  2. The borrower also agrees to pay any and all taxes applicable to the collateral, and upon written request by AltCoinTrader, shall furnish AltCoinTrader with evidence of payment thereof.

16. Assignment

  1. Your rights and obligations arising out of the agreement are not assignable or transferable, without our prior written consent.
  2. We reserve the right to assign, delegate or transfer this agreement and the rights and obligations under this agreement to any third party at any time without notice to you, or your consent.

17. Waiver

  1. AltCoinTrader shall not have waived any rights under this agreement unless such waiver is given in writing and signed by a duly authorised AltCoinTrader employee.
  2. No delay or omission on the part of AltCoinTrader in exercising any right shall operate as a waiver of such rights.

18. Entire Agreement; Integration

  1. This agreement and the related documents (we need to include an appendix that would list the clients details and the specifics of the loan on a case by case basis) constitute the entire agreement among the parties relating to the loan.
  2. No alteration, amendment or modification shall be effective unless given in writing and signed by the party or parties sought to be charged or bound by the alteration, amendment or modification.

19. Severability

  1. If any part or parts of this agreement shall be held unenforceable for any reason, the remainder of this agreement shall continue in full force and effect.
  2. If any provision of this agreement is deemed invalid or unenforceable by any court of competent jurisdiction, and if limiting such provision would make the provision valid, then such provision shall be deemed to be construed as so limited.

20. Authorizations

The borrower authorizes AltCoinTrader, its agents and representatives engaged by AltCoinTrader, to:

  1. Investigate any references given or any other statements or data obtained from or about the borrower for the purpose of this loan agreement,
  2. Obtain consumer and business credit reports on the borrower if in our sole discretion we deem it necessary;
  3. Contact personal and business references provided by the borrower, at any time now or for so long as any Indebtedness remains;
  4. Share information regarding the borrower’s performance under this agreement with affiliates and unaffiliated third parties.