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LOAN24 (PTY) LTD

Registration number: 2019 / 171205 / 07

a registered credit provider (NCRCP12415)

 

 LOAN24 (PTY) LTD, registration number 2019 / 171205 / 07, a company duly incorporated in accordance with the company laws of the Republic of South Africa, and a registered credit provider (NCRCP12415) with place of business at 262 Jack Hindon Street, Pretoria North.

TRIGGER EVENT

If the security’s value has decreased by 5% (five percent) or more, calculated on the security’s initial value, thus keeping in mind that the LENDER wants a debt-to-security ratio of 70/100 at all times. As a result, the LENDER must consider interest accrued on the loan amount when determining if the reduction in the value of the protection constitutes a Trigger Event as envisioned herein.

The LENDER shall send an electronic communication/notice to the BORROWER of the occurrence of a Trigger Event. The BORROWER shall promptly deposit additional security into the LENDER’s crypto wallet in such an amount as necessary to ensure that a ratio of debt to security remains at 70/100 at all times, failing which the LENDER shall have the right to immediately liquidate the security or a portion thereof in such an amount as necessary to maintain the aforesaid ratio, alternatively, reduce the debt, without further notice to the BORROWER. Any trading and/or transfer costs concerning the security shall be for the BORROWER’s account.

Interest

Interest shall accrue on the loan amount from the Effective Date to date of final payment at the rate of 5% (five percent) per Annum. Alternatively, interest shall be calculated at 25% (twenty-five percent) of the total growth of the cryptocurrency as from the Effective Date to date of final payment, whichever is the highest.

The interest rates for small and unsecured micro-loans are calculated in arrears on the outstanding capital at a fixed rate as per Table A of Regulation 42 of the Act. A change to the interest rate of small micro-loans is preceded by a notice by the Minister of Trade Industry in a Government Gazette and a change to the interest rate of unsecured loans is a factor of any change in the repurchase rate from time to time by the South African Reserve Bank. Should a change of interest rate occur as contemplated above that effect this agreement, the BORROWER will be given (5) business days written notice of such change before the change is implemented.

The LENDER shall send an electronic communication / notice to the BORROWER of the occurrence of a Trigger Event. The BORROWER shall promptly deposit additional security into the LENDER’s crypto wallet in such an amount as necessary in order to ensure that a ratio of debt to security remains at 70/100 at all times, failing which the LENDER shall have the right to immediately liquidate the security or a portion thereof in such an amount as necessary to maintain the aforesaid ratio, alternatively, reduce the debt, without further notice to the BORROWER. Any trading and/or transfer costs with regard to the security shall be for the BORROWER’s account.

Security

As security for the proper and timeous performance by the BORROWER of all his duties and obligations in terms of this Agreement, the BORROWER hereby irrevocable cedes, transfers and makes over to the LENDER, the BORROWER’s right, title and interest in and to the security, and the LENDER hereby accepts such cession on the terms and conditions as set out herein (“the CESSION”). The BORROWER agrees that he will be liable for any costs pertaining to the transfer of the security to the LENDER’s crypto wallet.

The need for security shall terminate simultaneously upon the LENDER giving written notice to the BORROWER to the effect that all the obligations owed by the BORROWER towards the LENDER under this Agreement have been discharged, whereupon the LENDER shall effect such endorsements and take all such other actions, within the power or control of the LENDER, as are necessary, to ensure that the LENDER retains no interest whatsoever in or right to the security and that such right and interest reverts to the BORROWER. The LENDER shall also take such action as may be necessary in order to ensure the transfer of the security to the BORROWER, though the payment of any costs relating to such transfer shall be for the BORROWER’s account.