Loan Services Agreement

This Loan Services Agreement (Agreement) is an agreement between you and Tennet Technologies Inc. (Tennet), a company incorporated under the Labuan Companies Act 1990 of the Labuan Financial Services Authority in the Federal Territory of Labuan, Malaysia.

This Agreement constitutes a part of and is supplemental to the Terms of Use (the “Terms of Use”). Unless otherwise defined herein, the terms used in this Agreement shall have the same meaning as specified in the Terms of Use.

Tennet’s Loan Service (“Loan Services”) provides our customers with the opportunity to potentially borrow certain types of Digital Assets from us by collateralising other types of Digital Assets with us, on the terms and subject to the conditions set out in this Agreement.

Any person located in any of the Restricted Jurisdictions are strictly prohibited from using the Loan Services provided herein.

By applying for or using the Loan Services, you acknowledge, understand and agree to all terms of this Agreement, including any amendments and updates we may make to the Agreement at any time, and the Terms of Use.

1. LOAN SERVICES
   1. Eligibility. To be eligible for the Loan Services, you must satisfy all of the following conditions:
      1. you must be eligible for, and have a valid and operating Account;
      2. you must provide all Collateral (as defined below) as may be requested by us from time to time
      3. you must comply with all of our verification, authentication, loan eligibility, credit worthiness and other checks and procedures; and
      4. such other terms and conditions as may be set out on the Site or otherwise.
   2. Application. You may be entitled from time to time to apply for a loan of Digital Assets (“Loan”) using the Site. Each application shall be subject to our approval, this Agreement and to such additional terms and conditions as we may impose. By using the Loan Services or by submitting an application, you are representing, warranting and undertaking to us that you have read and agree to be bound by all supplemental information and policies relating to the operation of the Loan Services (including, but not limited to, loan-to-value ratio, interest rate rules, fees and transaction pairs).
   3. Tenure. The tenure of each Loan shall be as indicated on the application.
   4. Use of Loan. You must only use the Loan for purposes which comply with all applicable laws and regulations.
   5. Disbursement. Disbursement of the Loan shall be subject to us being in receipt of the full Collateral. Disbursement of the Loan shall be by way of deposit into your Account.
   6. Interests and Fees. The Loan shall bear interests at the rate, and shall be calculated in such manner, as is set out in your application. Fees may also be charged by us for the provision of Loan Services. You must pay us all interests and other fees in accordance with our published rules and policies when using the Loan Services.
   7. Repayment. You must immediately repay the principal of the Loan in full together with all interests and fees accrued thereon (“Indebtedness”) on the due date. If you fail to repay the Indebtedness in full upon the Loan becoming due, we shall have the right to deduct such amount of Digital Assets from the Collateral and/or your Account as is equivalent to the Indebtedness amount without any further notice to or authorization from you. Where the Digital Assets to be deducted is not of the same type as the Indebtedness, the exchange rate shall be determined based on the prevailing market data reported by our Site as at the time of deduction. You irrevocably consent to such deduction and exchange rate determination. You shall have no claim against us, and irrevocably waive all claims against us (if any, whether past, present or future), with respect to the Digital Assets deducted from your Account pursuant to this clause.
   8. Prepayment. Except with our express written approval, you shall have no right to prepay the Indebtedness (whether in part or in full).
   9. Acceleration. We shall have the right to accelerate the Loan at any time by written notice to you for any reason whatsoever (including, but not limited to, you using the Loan for any illegal purposes, you being in breach of any provision of this Agreement or the Terms of Use, or you failing to meet Collateral requirements). Upon notice to accelerate the Loan being given to you:
      1. the Indebtedness shall immediately become due and payable;
      2. you must immediately repay the Indebtedness in full; and
      3. we shall thereafter have the right at any time to close-out (as defined below) without notice to or authorization from you.
2. COLLATERAL
   1. Deposit. We may require that you deposit certain type(s) and quantity(ies) of Digital Assets to a collateral account to act as security for the Loan (“Collateral”). Unless we agree otherwise in writing, Collateral must be provided in full before any disbursement of the Loan.
   2. Maintenance of Sufficient Collateral. The Loan is subject to the Collateral requirements at all times. We may in our sole discretion modify the Collateral requirements for any or all of our customers at any time. You must monitor your Account to ensure that you meet the Collateral requirements continuously at all times. You must, without notice or demand, maintain sufficient Collateral and satisfy whatever Collateral requirement is calculated by us at all times continuously. Should any formula or basis of calculation be provided on the Site, they are only indicative and may not reflect actual Collateral requirements.
   3. No Obligation to Notify. We shall not be under any obligation to notify you of any failure to meet Collateral requirements prior to us exercising our rights under this Agreement. You agree that (a) we will generally not issue calls for additional Collateral; (b) we are authorized, without notice or demand, to unilaterally close-out any part or all of the Digital Assets in your Account and/or in the collateral account in order to meet Collateral requirements; and (c) we are authorized, without notice or demand, to unilaterally transfer any Digital Assets in your Account into the collateral account to meet Collateral requirements.
   4. Close-Out..
      1. “Close-out” means the sale, disposal, exchange and/or liquidation of any part or all of the Digital Assets in your Account and/or the collateral account.
      2. If at any time the Collateral is insufficient to meet the Collateral requirements or is in deficit, we have the right in our sole discretion (but not the obligation) without prior notice to or any authorization from you at any time, in any manner and through any market or dealer (where applicable) to:

         (a). accelerate the Loan pursuant to this Agreement;

         (b). transfer any Digital Assets in your Account into the collateral account to meet Collateral requirements;

         (c). exchange any part or all of the Digital Assets in your Account and/or the collateral account for certain type(s) and quantity(ies) of Digital Assets and (to the extent not already held in the collateral account) transferring the same into the collateral account; and/or

         (d). close-out all or any part of the Collateral and/or any Digital Assets in your Account.

         You shall be liable and must promptly pay us for any deficiencies in your Account that arise from such transfer, exchange or close-out or that remain after such transfer, exchange or close-out. We shall have no liability for any loss sustained by you in connection with such transfer, exchange or close-out (including, but not limited to, any delay or failure to give effect to such transfer, exchange or close-out).
      3. We retain sole discretion in determining the Collateral and/or Digital Assets to be transferred, exchanged and/or closed-out and the order and manner of transfer, exchange and/or close-out. We may transfer, exchange or close-out through any market or dealer. We or any of our affiliates may take the other side of the transactions consistent with laws and regulations. If we close-out any Collateral and/or Digital Assets in your Account, such close-out shall establish your gain/loss and remaining indebtedness to us (if any). You must indemnify and hold us harmless for all actions, omissions, costs, fees (including, but not limited to, legal fees on a full indemnity basis) and liabilities associated with any such transaction undertaken by us.
      4. If we do not, for any reason, perform any transfer, exchange or close-out and issues a call for additional Collateral, then you must satisfy such call immediately by depositing additional Digital Assets to meet the Collateral requirements. You acknowledge and agree that even if we do issue a call for additional Collateral, this does not prejudice any of our rights under this Agreement (including, but not limited to, our right to transfer, exchange and/or close-out any part of all of the Digital Assets in your Account and/or in the collateral account).
   5. Management. We shall have full and exclusive authority to manage your Collateral (including, but not limited to, the close-out for the purpose of repayment and compensation of the Indebtedness). Should a close-out fail to make up for all losses incurred from our provision of Services to you, we reserve the right to other relief measures and remedies (including, but not limited to, freezing and debiting your Account and Digital Assets in your Account) and the right to hold you legally liable.
   6. Withdrawal. You may not withdraw any Collateral and/or Digital Assets from your Account except after full repayment and discharge of the Loan and all deficiencies in your Account. We shall have the right in our sole discretion to apply and set off the Collateral against the Indebtedness and all other liabilities owing to us, before transferring the balance Digital Assets which comprised the Collateral (if any) to you
   
   
3. SUSPENSION OR TERMINATION OF THE LOAN SERVICES
   1. Entitlement to Suspend or Terminate. We shall be entitled at any time to immediately suspend or terminate your Account or the Loan Services (whether with respect only to you or with respect to all users and whether with respect to one or more Loans you have with us) for whatsoever reason.
   2. Actions upon Suspension or Termination. If your Account or the Loan Services (whether with respect only to you or with respect to all users and whether with respect to one or more Loans you have with us) is suspended or terminated for whatsoever reason:
      1. the Loan shall be deemed accelerated;
      2. the Indebtedness must be immediately repaid in full; and
      3. you must cease all further use of your Account and/or the Loan Services.
   
   
4. MARKET VALUE
   1. Determination. Collateral requirements and the exchange rate and value of the Collateral, the Loan and other Digital Assets shall be determined in real-time based on the prevailing market Page 5 of 5data reported by our Site. Save for manifest error or with our written approval, the exchange rate and value calculated based on such market data shall be final, conclusive and binding upon you.