Lendingblock General Terms
These Lendingblock General Terms (“General Terms”) govern the contractual relations between you (“Client” or “you”) and any holding company, subsidiary or entity belonging to the Lendingblock group of companies (“Lendingblock” or “we”), while you and Lendingblock are hereinafter separately referred to as “Party” and jointly - as “Parties”, in regard to your use of the services provided by Lendingblock, and constitute a legally binding agreement (“Agreement”) between the Parties.
Please read these General Terms before using the services provided by Lendingblock, so you are fully aware of your rights and obligations. By using these services (even only by completing the sign-up process), you both actively agree with these General Terms and enter into contractual relations with Lendingblock.
1. Applicable Law means any law, statute, regulation, ordinance, treaty, guideline, policy and act issued by governmental or regulatory authority, including but not limited to the governing law under Section XIII of these General Terms and/or any provision of the general terms and conditions of the relevant Lendingblock Platform Service.
2. Business Day(s) means any day(s) when banking institutions in the relevant jurisdiction are open for normal business activities (which usually means any day(s) except Saturday, Sunday or a public holiday).
3. Digital Assets means any digital assets (such as cryptocurrencies, stablecoins and tokenized assets, including LND Tokens), accepted and supported by Lendingblock, and subject to revision, prohibitions and limitations at any time.
4. Digital Asset Wallet means a digital wallet in the Client’s Lendingblock Account comprising all the Digital Assets of the Client, excluding those Digital Assets to the Collateral Wallet for the purpose of Lendingblock Borrow Products collateralisation.
5. Fork means a software change to the underlying protocols of the Digital Assets’ networks.
6. Intellectual Property means any intellectual and industrial property rights, belonging to Lendingblock, for example, trademarks, service marks, logos, copyright and related rights, know-how, research, publications, agreements, trade and company names, etc.
7. Interest means the indicated interest rate accrued in accordance with the general terms and conditions of the relevant Lendingblock Platform Service and subject to revision at any time, as well as the amount of the interest resulting from the accrual at any time.
8. Lendingblock Account means a personal or business account, opened with Lendingblock, through which you can use the Lendingblock Platform Services.
9. Lendingblock Borrow Product means any Digital Assets credit facility granted by Lendingblock and the total amount of the credit due by the Client to Lendingblock, at any time until its full repayment, including the principal, the Interest and any fees due to Lendingblock in accordance with the relevant general terms and conditions.
10. Lendingblock Earn Product means a product offered by Lendingblock, allowing you to earn Interest on your Digital Assets in accordance with the relevant general terms and conditions.
11. Lendingblock Platform means any Lendingblock website, mobile application and any other official Lendingblock communication channel, including the content and services made available on or through the same, and any updates, upgrades, and versions thereof.
12. Lendingblock Platform Services means all services provided by Lendingblock through the Lendingblock Platform.
13. Lendingblock Reward Program means a program offered by Lendingblock, providing the Clients with preferential terms depending on the number of LND Tokens in their Lendingblock Accounts, as indicated on the Lendingblock Platform.
14. LND Token means a native utility Digital Asset of Lendingblock, allowing you to use additional features of the Lendingblock Platform Services from time to time and/or be granted preferential Interest or other terms by Lendingblock.
15. Personal Data means any information about you that is necessary, among other things, for verification of your identity, use of the Lendingblock Platform Services, and compliance with regulatory requirements.
16. Portfolio Balance means the total amount of all the Digital Assets in the Client’s Lendingblock Account.
17. Transaction History means the history of your transactions and all the details about the Digital Assets in your Lendingblock Account.
III. LENDINGBLOCK PLATFORM SERVICES
18. The Lendingblock Platform Services comprise of:
a. Digital Asset Wallet wherein all the Digital Assets approved and supported by Lendingblock can be stored by you;
b. Lendingblock Borrow Product;
c. Lendingblock Earn Product;
d. Any incentive program offered by Lendingblock that may be launched via the Lendingblock Platform or accessed through your Lendingblock Account, such as the Lendingblock Reward Program;
e. Any other product or service that may be launched via the Lendingblock Platform or accessed through your Lendingblock Account.
19. All or part of the Lendingblock Platform Services, some features thereof, or some Digital Assets, may not be available to certain Clients or Digital Assets, to the extent applicable, at any time, as indicated in the Lendingblock Account and on the Lendingblock Platform.
20. The access to your Lendingblock Account will allow you to: (i) request a Lendingblock Platform Service; (ii) view your balance and Transaction History; (iii) top up and withdraw Digital Assets, for which such options are available on the Lendingblock Platform and in the Lendingblock Account, and subject to revision from time to time at our sole and absolute discretion; (iv) perform other actions in relation to the above.
IV. ELIGIBILITY AND ONBOARDING
21. By opening your Lendingblock Account and/or using the Lendingblock Platform Services, you acknowledge and confirm that:
a. You are not a citizen or resident of a sanctioned country according to the up-to-date lists of the US Office of Foreign Assets Control (OFAC), the United Nations, the European Union, and any EU Member State, the UK Treasury, etc.;
b. You do not have any relevant connection with any jurisdiction where we have prohibited or restricted access to the Lendingblock Platform Services
c. You are at least 18 years old;
d. You are the exclusive beneficial and/or legal owner of any Digital Assets topped up or to be topped up into your Lendingblock Account;
e. You are the beneficial owner of your Lendingblock Account and do not act on behalf of or represent any other natural person or legal entity;
f. You comply with all Applicable Law requirements, relevant to you and to your use of the Lendingblock Platform Services;
22. You are not entitled to: (i) open more than one Lendingblock Account; (ii) open a new Lendingblock Account if we have previously suspended, limited or terminated your Lendingblock Account.
23. When you ask Lendingblock to open your Lendingblock Account, on request you shall provide Lendingblock with all the information and/or documents, as may be requested by Lendingblock or any third party acting on its behalf, so Lendingblock can verify your identity and validate your funding sources and transactions. Lendingblock or any third party acting on its behalf may additionally verify the information and/or documents provided by you from secure databases, to which you grant your explicit consent by entering into this Agreement. You hereby authorize Lendingblock to undertake any electronic identity verification checks on you directly or through third parties, either at the time of entering into this Agreement or at any time thereafter.
24. We can refuse to open your Lendingblock Account and grant you access to the Lendingblock Platform Services or any of them.
25. You hereby represent and warrant that all the information you provide Lendingblock with is complete, accurate and up-to-date at all times. If there are any changes in this information, you shall notify Lendingblock and send Lendingblock accurate information without any delay.
26. If at any point Lendingblock needs to verify that the information it has about you is complete, accurate and up-to-date, Lendingblock will contact you and request that you either provide more information or that you go through the verification process all over again. If you do not complete all the necessary steps, or if you fail to provide Lendingblock with up-to-date information, Lendingblock will not be able to provide you with the Lendingblock Platform Services and will not be responsible for any losses you incur as a result thereof.
27. You hereby undertake to оbtain all necessary hardware, as well as to install all necessary software, including security and antivirus, for your use of the Lendingblock Platform Services in accordance with these General Terms. You are solely responsible for keeping your device safe and maintaining adequate security and control of your username, password and shall be solely responsible for any access to and use of the Lendingblock Platform Services through your device, regardless of whether such access may have been made without your knowledge, authority or consent. We will not be liable to you for any loss or damage resulting from such use. In case your device has been lost or stolen or has been accessed or used in an unauthorized manner, you shall notify Lendingblock of this and if the device has been accessed or used in an unauthorized manner, you shall, as soon as possible, reset the password.
28. By entering into this Agreement, you acknowledge and confirm that you meet all the conditions set out above. In the event that we subsequently ascertain that you have not met or do not meet any of these conditions anymore, we may suspend the provision of the Lendingblock Earn Product, and/or the Lendingblock Borrow Product, and/or the related Lendingblock Platform Services to you and close your Lendingblock Account, and do not allow you to use the Lendingblock Earn Product and/or Lendingblock Borrow Product, and/or the related Lendingblock Platform Services.
29. At any time, at our sole and absolute discretion, without liability to you, we can: (i) refuse your request to use the Lendingblock Earn Product and/or Lendingblock Borrow Product; (ii) change the conditions for entering into the Agreement or use of the Lendingblock Earn Product and/or Lendingblock Borrow Product; (iii) suspend the provision of the Lendingblock Earn Product and/or Lendingblock Borrow Product and/or of all or part of the related Lendingblock Platform Services; or (iv) change, update, remove, cancel, suspend, disable or discontinue any feature, component, content, incentive or referral plan of the Lendingblock Earn Product and/or Lendingblock Borrow Product.
V. LENDINGBLOCK DIGITAL ASSET WALLET
30. You can top up Digital Assets into your Lendingblock Account at any time by effecting a Digital Assets transfer from your personal wallet to your Digital Asset Wallet. You can subsequently use the Digital Assets in your Lendingblock Account for earning Interest thereon in accordance with the Lendingblock Earn Product or for securing your Lendingblock Borrow Product, as well as for any other Lendingblock Platform Service in accordance with these General Terms and the specific terms and conditions of the relevant Lendingblock Platform Service, if any.
31. You are responsible for making sure that: (i) you have the correct address for your Digital Asset Wallet when you transfer Digital Assets from your personal wallet; (ii) the Digital Assets you top up into your Digital Asset Wallet are currently approved and supported by Lendingblock and not subject to prohibitions or limitations regarding such topping-up, as indicated in the Lendingblock Account and on the Lendingblock Platform. If you transfer Digital Assets to an incorrect address, or if the Digital Assets transferred are not approved and supported by Lendingblock, or are subject to prohibitions or limitations regarding such topping-up, as indicated in the Lendingblock Account and on the Lendingblock Platform, your Digital Assets will be irreversibly lost. We will not be liable to you for any such loss.
32. A transfer to your Digital Asset Wallet is confirmed once the balance of your Digital Asset Wallet has been updated with the corresponding amount.
33. We reserve the right to reject any transfer to your Digital Asset Wallet, in which case we will transfer back the same amount of the relevant Digital Asset to the wallet from which it has been sent.
34. You may request for withdrawal of all or part of the Digital Assets other than those used as collateral of a Lendingblock Borrow Product to your personal wallet, together with the Interest accrued thereon, the latter as applicable to the Lendingblock Earn Product only, as well as those to which certain prohibitions or limitations apply, as indicated in the Lendingblock Account and on the Lendingblock Platform.
35. The withdrawals within the limits specified on the Lendingblock Platform, which are subject to revision from time to time at our sole and absolute discretion, shall be processed by Lendingblock no later than 24 (twenty-four) hours as of receipt of your request. In case of withdrawals exceeding the above limits, in order to guarantee the safety of the Digital Assets and Interest, if applicable, in your Lendingblock Account, as well as of delays due to technical reasons, the processing may take a longer period of time. However, Lendingblock devotes significant efforts to ensure that any withdrawal falling within the hypotheses under the preceding sentence will be processed no later than 72 (seventy-two) hours as of your request.
VI. LENDINGBLOCK BORROW PRODUCT
36. Lendingblock will grant you a Lendingblock Borrow Product in Digital Assets, if you provide the required Digital Assets as collateral, by transferring them into the Lendingblock Account, or by using ones available thereinto (“Collateral”). All such Digital Assets are indicated on the Lendingblock Platform and in the Lendingblock Account and are subject to revision from time to time.
37. The value of the Lendingblock Borrow Product shall be calculated by the loan-to-value-ratio, as indicated on the Lendingblock Platform and subject to revision from time to time, (“LTV”), against the value of the Collateral at the time of granting. The value of the Collateral shall be dynamically calculated by Lendingblock in accordance with its applicable policy at the moment, on the basis of margin percentages applied to the market value of the Collateral, according to an exchange ratio equivalent to the volume weighted average price of the relevant Digital Assets, across leading cryptocurrency exchanges.
38. You shall at all times maintain the necessary Collateral in accordance with the LTV.
39. Unless prohibited by any Applicable Law, by virtue of this Agreement Lendingblock acquires the ownership title and all attendant rights of ownership of the Collateral while the Lendingblock Borrow Product is outstanding, and can dispose of this Collateral in any manner at its sole and absolute discretion. Otherwise, you understand and agree that we can convert, pledge, re-pledge, hypothecate, rehypothecate, sell, lend, or otherwise transfer, dispose of or use any amount of such Collateral, separately or together with other property, and for any period of time, and without retaining in our possession and/or control for delivery a like amount thereof or any other assets, at our sole and absolute discretion. Any such action will be performed in our name only and you will have no benefits and liabilities from it.
40. A simple annual Interest shall commence accruing as of the start date of the Lendingblock Borrow Product(“Start Date”), at the rate determined at the time the Lendingblock Borrow Product is granted and indicated in the Lendingblock Account and on the Lendingblock Platform. The Interest shall be subject to revision from time to time, at our sole and absolute discretion.
41. The Interest shall be calculated on a daily basis, at UTC 00:00 on each calendar day, on the basis of the actual number of days elapsed in a 365-day year.
42. If the LTV increases above certain thresholds, as indicated on the Lendingblock Platform, you shall, at our request, provide additional Collateral and/or make the required repayments to rebalance the Lendingblock Borrow Product. In addition, in case you have enabled the available option(s) in your Lendingblock Account, the relevant amount and type of Digital Assets will be automatically transferred from the Digital Asset Wallet to the Collateral Wallet of your Lendingblock Account to serve as additional Collateral, according to the procedure described on the Lendingblock Platform.
43. If the LTV increases above the maximum permitted threshold, as indicated on the Lendingblock Platform, Lendingblock shall liquidate the necessary amount of Collateral to rebalance your Lendingblock Borrow Product, after having devoted significant efforts to notify you thereof in advance, if and to the extent possible under the prevailing market conditions.
44. You hereby acknowledge and agree that due to the volatile nature of the Digital Assets market, it may not be technically possible for Lendingblock to notify you prior to the relevant liquidation, and that you are solely responsible for monitoring the prevailing market conditions at any given time and maintaining your LTV in full accordance with these General Terms.
45. The Lendingblock Borrow Product shall be matured in a 1-, 3-, or 6-month term starting from the Start Date (“Maturity Date”).
46. The Lendingblock Borrow Product shall be repaid on the Maturity Date.
47. Once the Lendingblock Borrow Product has been repaid in full, all remaining Collateral shall be transferred back to the Client’s Lendingblock Account.
48. Lendingblock may provide you with discounts on the Lendingblock Borrow Product or any part thereof, such as the principal or the Interest, at any time, under conditions it finds appropriate.
VII. LENDINGBLOCK EARN PRODUCT
49. The Lendingblock Earn Product allows you to earn Interest on certain Digital Assets topped up into the Digital Asset Wallet of your Lendingblock Account in accordance with Section V of the Lendingblock Platform Services General Terms and Conditions. All such Digital Assets are indicated on the Lendingblock Platform and in the Lendingblock Account and are subject to revision from time to time, at our sole and absolute discretion.
50. You are allowed to have multiple active Lendingblock Earn Products, running simultaneously. Interest will be accrued separately on each Lendingblock Earn Product.
51. You may opt for a 1-, 3-, or 6-month fixed term (“Fixed Term”). The terms applicable to each of the above types of Lendingblock Earn Product, including but not limited to the Digital Assets on which Interest can be earned, the Interest and the duration of the Fixed Term, if any, are indicated on the Lendingblock Platform and may be changed by Lendingblock from time to time, at its sole and absolute discretion.
52. A simple annual Interest shall commence accruing as of the start date of the Lendingblock Earn Product (“Start Date”), at the rate determined at the time the Lendingblock Earn Product is granted and indicated in the Lendingblock Account and on the Lendingblock Platform. The Interest shall be subject to revision from time to time, at our sole and absolute discretion and is earned in the same Digital Assets as the ones on which it is accrued
53. The Interest shall be subject to revision from time to time, at our sole and absolute discretion. As a rule, in case you opt for earning in LND Tokens rather than earning in-kind, if applicable, higher Interest shall be accrued on your Digital Assets, consisting of the standard Interest applicable to the relevant Digital Assets and bonus Interest, as indicated on the Lendingblock Platform. We will notify you of the new Interest on the Lendingblock Platform. Unless indicated otherwise in the notification, the new Interest shall apply on the next calendar day following the said notification.
54. The Interest shall be calculated on a daily basis, at a certain time on each calendar day, on the basis of the actual number of days elapsed in a 365-day year.
55. The Interest for the Lendingblock Earn Product for a Fixed Term shall be credited to your Lendingblock Account on the date of expiry of the relevant Fixed Term unless up to this date all the Digital Assets, to which the relevant Lendingblock Earn Product for a Fixed Term applies, have been automatically transferred to the Collateral Wallet of your Lendingblock Account to serve as additional Collateral in accordance with Art. IV.4. However, the Interest shall be visible in your Lendingblock Account for the duration of the Fixed Term for your convenience only.
56. The Interest, if any subject to Art. V.4, shall be accrued on the Digital Assets until the date of your request for withdrawal under Art. VI.2, in case of a Lendingblock Earn Product for a FLEX Term, or until the date of expiry of the relevant Fixed Term, in case of a Lendingblock Earn Product for a Fixed Term. You will only receive the Interest that has been credited to your Lendingblock Account up to the time of your request, respectively expiry of the relevant Fixed Term.
57. Lendingblock reserves its right to grant preferential Interest or other terms to certain Clients as part of marketing campaigns or otherwise, upon its sole and absolute discretion.
58. It is important that you understand that the underlying protocols of the Digital Assets’ networks are subject to sudden changes in operating rules, and third parties may, from time to time, create a copy of a Digital Asset's network and implement changes in the operating rules or other features that might result in multiple versions of the network and more than one version of the Digital Asset. This may affect the value and the function of the initial Digital Asset and we can temporarily suspend our services while we determine, at our sole and absolute discretion, which network to support.
59. Such networks and Digital Assets are outside of our control and we can decide, at our sole and absolute discretion, to abandon or otherwise not support the initial or the copy of the Digital Asset. We may, at our sole and absolute discretion, obtain and retain the unsupported Digital Assets.
IX. LENDINGBLOCK REWARD PROGRAM
60. The Lendingblock Reward Program is applicable to all Lendingblock Platform Services or part of them, as indicated on the Lendingblock Platform.
61. The Status Tiers and the Interest applicable thereto, as indicated on the Lendingblock Platform, depend on the number of LND Tokens in the relevant Lendingblock Account.
62. The Status Tier of the relevant Client, respectively the applicable Interest, are dynamically determined throughout each calendar day, while their final determination occurs up to the time of accrual of the Interest for each Lendingblock Platform Service, as specified in the general terms and conditions of the latter.
63. The participation in the Lendingblock Reward Program is non-transferable and cannot be sold, gifted or awarded to any person other than you.
64. Lendingblock reserves its right to allow the use of additional features of the Lendingblock Platform Services and/or grant preferential Interest or other terms, apart from the Lendingblock Reward Program, at any time, as part of marketing campaigns or otherwise, at its sole and absolute discretion, regardless of whether they are related to the availability of LND Tokens in the Clients’ Lendingblock Accounts. Such can be applicable together with the Lendingblock Reward Program or on a separate basis.
X. OBLIGATIONS AND WARRANTIES
66. You hereby declare, warrant and confirm that:
a. You meet the conditions under Section IV;
b. You validly undertake any action or enter into any transaction with regard to the Agreement;
c. The Digital Assets, which you have topped up or will top up in your Lendingblock Account, or the funds, which you have used or will use for purchase of the Digital Assets to be topped up into your Lendingblock Account, as the case may be, are not derived from money laundering, terrorist financing, fraud or any other illegal or criminal activity under any Applicable Law in the respective jurisdiction;
d. You have submitted to Lendingblock only complete, correct and up-to-date information and documents;
e. You are aware that you are subject to the tax regulation in your jurisdiction and shall be fully responsible for any filing/reporting and paying any tax due to the competent tax authority, as required by the Applicable Law. Lendingblock shall not be required to compensate you for your tax obligations or advise you in relation to your tax issues. The uncertainty in tax legislation relating to the Digital Assets may expose you to any currently unknown or future tax consequences, associated with your holding of Digital Assets and the use of the Lendingblock Platform Services, for which Lendingblock shall not be held liable. You shall hold Lendingblock harmless from any expenses and losses, resulting from the above uncertainty;
f. You are aware that you use the Lendingblock Account, the Lendingblock Platform and the Lendingblock Platform Services fully at your own risk.
67. You hereby undertake to:
a. Use the Lendingblock Account, the Lendingblock Platform and the Lendingblock Platform Services in good faith;
c. Not commit, conduct or perform any misrepresentation, fraud, malicious act or criminal activities;
d. Not use the Lendingblock Account, the Lendingblock Platform and the Lendingblock Platform Services to conduct electronic spamming or otherwise distribute any unsolicited or unauthorized advertising, promotional or marketing materials, junk mail or chain letters;
e. Not provide false, inaccurate, incomplete, out-of-date or misleading information;
f. Not interfere, intercept, or expropriate our network, system, data, or information;
g. Not transmit or upload any virus or other malicious software or program or try to gain unauthorized access to other users’ accounts, website, network or systems relating to the Lendingblock Platform Services;
h. Not decompile, reverse engineer or disassemble any of our programs, systems or products, or in any way infringe the Intellectual Property rights and/or such of our partners;
i. Not cause or launch any programs or scripts for the purpose of scraping, indexing, surveying, or otherwise data mining any portion of any of our programs, systems or products, or unduly burdening or hindering the operation and/or functionality of any aspect of the Lendingblock Platform Services;
j. Not use the Lendingblock Platform in a way that could damage, disable, impair or compromise the Lendingblock Platform or the provision of the Lendingblock Platform Services, or interfere with other users, or affect the reputation of Lendingblock. You undertake not to gain or attempt to gain unauthorized access to the Lendingblock Account or the Digital Asset Wallets of other users;
k. Not take any action that imposes an unreasonable or disproportionately large burden or load on the Lendingblock infrastructure (including our servers, networks, data centers, and related equipment) and detrimentally interfere with, intercept or expropriate any system, data or information belonging to other users of the Lendingblock Platform Services;
l. Keep the data required for using the Lendingblock Account unavailable for third parties;
m. Inform Lendingblock about any change in the information and documents submitted to Lendingblock, in particular in your contact details, within 1 (one) day as of the change.
XIII. RISK DISCLOSURE
68. Digital Assets are more volatile relative to most fiat currencies and other assets and this unpredictability of their price may result in significant loss over a short period of time. We are not responsible for the Digital Assets market, and we make no representations or warranties concerning the real or perceived value of any Digital Assets, and the quality, suitability, truth, usefulness, accuracy, or completeness of any data provided by Lendingblock. You shall therefore carefully consider whether holding Digital Assets is suitable for you in light of your financial condition.
69. Digital Assets are not money or legal tender, are not backed by the government or by a central bank and mostly do not have any underlying assets, revenue stream, or another source of value.
70. The regulatory status of Digital Assets is currently unsettled, varies among jurisdictions and is subject to significant uncertainty. Legislative and regulatory changes or actions relating to the Digital Assets or blockchain technology at a state or international level may adversely affect or restrict, as applicable, the use, transfer, exchange and value of the Digital Assets, as well as the provision of the Lendingblock Earn Product, the Lendingblock Borrow Product, the related Lendingblock Platform Services or any of them. The value of the Digital Assets may be derived from the continued willingness of market participants to exchange fiat currencies for Digital Assets, which may result in permanent and total loss of value of a particular Digital Asset should the market for it disappear.
71. Also, some Digital Assets transactions are deemed to be made when recorded on a public ledger, which is not always the date or time that you initiated the transaction. Digital Assets ownership is often determined by a decentralized public ledger and usually cannot be cancelled or reversed.
72. The nature of Digital Assets may lead to an increased risk of fraud or cyberattacks and any losses due to fraudulent or accidental transactions will likely not be recoverable.
73. Lendingblock does not provide investment advice and the information coming from Lendingblock shall not be used as a basis for making decisions about investing in a particular Digital Asset.
74. YOU ARE RESPONSIBLE FOR DETERMINING WHETHER THE USE OF THE LENDINGBLOCK EARN PRODUCT, THE LENDINGBLOCK BORROW PRODUCT, AND THE LENDINGBLOCK PLATFORM SERVICES ARE LEGAL IN YOUR JURISDICTION AND YOU SHALL NOT USE IT SHOULD SUCH USE BE ILLEGAL IN YOUR JURISDICTION. IF YOU ARE UNCERTAIN, PLEASE SEEK INDEPENDENT LEGAL ADVICE.
75. We may be forced to suspend, discontinue, or change aspects of the Lendingblock Earn Product and/or the Lendingblock Borrow Product and/or any of the related Lendingblock Platform Services in any jurisdiction, without notice, if demanded by the regulators or Applicable Law, or for whatever other reason. In such case the Digital Assets in your Lendingblock Account may be frozen for an indefinite period of time until the matter is resolved.
76. You understand and agree that you use the Lendingblock Account and/or the Lendingblock Borrow Product and the Lendingblock Earn Product at your own risk. This section is not exhaustive and does not disclose all the risks associated with the Digital Assets and the use of the Lendingblock Earn Product and/or the Lendingblock Borrow Product and/or any of the related Lendingblock Platform Services. You shall, therefore, carefully consider whether such use is suitable for you in light of your circumstances and financial resources.
XIV. LIMITATION OF LIABILITY
77. THE LENDINGBLOCK PLATFORM SERVICES, LENDINGBLOCK EARN PRODUCT, AND LENDINGBLOCK BORROW PRODUCT ARE PROVIDED ‘AS IS’ AND WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED, OR STATUTORY, EXCEPT AS EXPRESSLY PROVIDED IN THESE GENERAL TERMS, TO THE EXTENT PERMITTED BY APPLICABLE LAW. LENDINGBLOCK DISCLAIMS ALL OTHER REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, MADE TO YOU, YOUR AFFILIATES OR ANY THIRD PARTY, INCLUDING WITHOUT LIMITATION, ANY WARRANTIES REGARDING QUALITY, SUITABILITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR OTHERWISE OF ANY SERVICE OR ANY GOODS PROVIDED INCIDENTAL TO THE LENDINGBLOCK
EARN PRODUCT UNDER THESE GENERAL TERMS. LENDINGBLOCK LIABILITY IN RESPECT OF THE REPRESENTATIONS AND WARRANTIES, WHICH CANNOT BE EXCLUDED, IS LIMITED TO ANY OF THE FOLLOWING OPTIONS CHOSEN BY LENDINGBLOCK, AT OUR SOLE AND ABSOLUTE DISCRETION:
a. RE-SUPPLYING, REPLACING OR REPAIRING THE LENDINGBLOCK PLATFORM SERVICES, LENDINGBLOCK EARN PRODUCT, AND LENDINGBLOCK BORROW PRODUCT IN RESPECT OF WHICH THE BREACH OCCURRED; OR
b. PAYING THE COST OF THE RE-SUPPLYING, REPLACEMENT OR REPAIRING OF THE LENDINGBLOCK PLATFORM SERVICES, LENDINGBLOCK EARN PRODUCT, AND LENDINGBLOCK BORROW PRODUCT IN RESPECT OF WHICH THE BREACH OCCURRED.
78. NOTWITHSTANDING ANY PROVISIONS IN THESE GENERAL TERMS, IN NO EVENT SHALL WE OR ANY OF OUR REPRESENTATIVES OR PARTNERS BE LIABLE TO YOU FOR ANY LOSSES, DAMAGES OR CLAIMS:
a. DUE TO AN UNUSUAL OR UNFORESEEABLE EVENT OUTSIDE OUR REASONABLE CONTROL, THE CONSEQUENCES OF WHICH COULD NOT HAVE BEEN AVOIDED EVEN IF ALL DUE CARE HAD BEEN EXERCISED (E.G. FORCE MAJEURE, INCLUDING ACTS OF GOD, WAR OR CIVIL UNREST, DISASTERS, ACTS OF DOMESTIC OR FOREIGN COURTS AND GOVERNMENTAL AUTHORITIES, STRIKES, LOCKOUTS, LABOUR DISPUTES, TERRORIST ACTS, RIOTS);
b. ARISING FROM OR IN CONNECTION WITH:
i. ANY DELAY, SUSPENSION, DISCONTINUATION, INTERRUPTION OF THE LENDINGBLOCK PLATFORM OR THE LENDINGBLOCK PLATFORM SERVICES, LENDINGBLOCK EARN PRODUCT, AND LENDINGBLOCK BORROW PRODUCT;
ii. FAILURE OR INTERRUPTION IN PUBLIC OR PRIVATE TELECOMMUNICATION NETWORKS, COMMUNICATION CHANNELS OR INFORMATION SYSTEMS;
iii. ACTS OR OMISSIONS OF ACTS OF A PARTY FOR WHOM WE ARE NOT RESPONSIBLE;
iv. DELAY, FAILURE OR INTERRUPTION IN, OR UNAVAILABILITY OF, THIRD-PARTY SERVICES;
v. ANY REFUSAL TO PROCESS OR AUTHORIZE, OR ANY REVERSAL OF, ANY TRANSACTION FOR ANY REASON;
vi. YOUR INABILITY TO EFFECT OR COMPLETE ANY TRANSACTION DUE TO SYSTEM MAINTENANCE, BREAKDOWN OR NON-AVAILABILITY OF THE LENDINGBLOCK PLATFORM SERVICES, LENDINGBLOCK EARN PRODUCT, AND LENDINGBLOCK BORROW PRODUCT;
vii. ANY UNAUTHORIZED OR INELIGIBLE USE OF THE LENDINGBLOCK PLATFORM SERVICES, LENDINGBLOCK EARN PRODUCT, AND LENDINGBLOCK BORROW PRODUCT CONTRARY TO THESE GENERAL TERMS;
c. DUE TO COMPLIANCE WITH ANY APPLICABLE LAW, COURT ORDERS OR ACTS OF ANY GOVERNMENTAL AUTHORITY;
d. RESULTING FROM HACKING, TAMPERING, COMPUTER VIRUS TRANSMISSION OR OTHER UNAUTHORIZED ACCESS OR USE OF THE LENDINGBLOCK PLATFORM SERVICES, LENDINGBLOCK EARN PRODUCT, AND LENDINGBLOCK BORROW PRODUCT OR ANY INFORMATION CONTAINED THEREIN.
79. NOTWITHSTANDING ANY PROVISIONS IN THESE GENERAL TERMS, IN NO EVENT SHALL WE BE LIABLE TO YOU FOR ANY TYPE OF INCIDENTAL, SPECIAL, EXEMPLARY, 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, REGARDLESS OF WHETHER SUCH DAMAGES BEING DIRECT OR INDIRECT, FORESEEABLE OR UNFORESEEABLE, OR EVEN IF YOU HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND WHETHER ARISING UNDER THEORY OF CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.
80. IN NO EVENT WILL OUR AGGREGATE LIABILITY FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH THE LENDINGBLOCK PLATFORM SERVICES, LENDINGBLOCK EARN PRODUCT, AND LENDINGBLOCK BORROW PRODUCT AND THESE GENERAL TERMS EXCEED THE FEES YOU PAID TO LENDINGBLOCK FOR YOUR USE OF THE LENDINGBLOCK PLATFORM SERVICES, LENDINGBLOCK EARN PRODUCT, AND LENDINGBLOCK BORROW PRODUCT DURING THE 12-MONTH PERIOD IMMEDIATELY PRECEDING THE EVENT, GIVING RISE TO THE CLAIM FOR LIABILITY, IF ANY. THE ABOVE SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY THE RELEVANT APPLICABLE LAW.
81. WE SHALL NOT BE LIABLE FOR ANY FAULT ON THE PART OF ANY THIRD-PARTY SERVICE PROVIDER INSTRUCTED BY US. IN ANY SUCH CASES OUR LIABILITY WILL BE LIMITED TO USING REASONABLE CARE IN THE SELECTION, APPOINTMENT AND INSTRUCTION OF SUCH THIRD-PARTY SERVICE PROVIDERS (BUT NOT OF ANY SUB-CONTRACTOR OR OTHER THIRD PARTY SUCH A THIRD-PARTY SERVICE PROVIDER MAY USE).
82. NOTHING IN THESE GENERAL TERMS SHALL OPERATE TO LIMIT OR EXCLUDE ANY LIABILITY FOR FRAUD OR GROSS NEGLIGENCE.
XV. DEFAULT AND INDEMNIFICATION
83. The occurrence of one of the following events constitutes an Event of Default: a) The Client breaches one of the Client’s obligations or warranties under these General Terms, including but not limited to any obligation to pay any amount whatsoever (principal, Interest or other) to Lendingblock in respect of the Lendingblock Borrow Product; b) The Client breaches another obligation in connection with the Client’s relationship with Lendingblock, including any obligation resulting from the Collateral (the obligation to maintain Digital Assets with Lendingblock considered by Lendingblock to be acceptable and adequate pursuant to these General Terms); c) The Client is unable to pay the Client’s debts, enters into an agreement or arrangement with the Client’s creditors related to the restructuring of the Client’s debts, or is the subject of any measures to have the Client declared bankrupt or to appoint a curator, administrator, trustee or liquidator; d) It is or becomes illegal for the Client to perform the Client’s obligations under this Agreement; e) Lendingblock is unable to contact the Client in accordance with the Client’s most recent instructions for sending correspondence.
84. In case of an Event of Default, Lendingblock is entitled: a) To terminate the Lendingblock Borrow Product and/or this Agreement with immediate effect; b) To declare immediately payable any principal amount due in respect of the Lendingblock Borrow Product, as well as the Interest accrued and any other amount due in respect of the Lendingblock Borrow Product; c) To realize, at our sole and absolute discretion, all or part of the Collateral in accordance with the applicable contractual terms; and/or d) In general, to take any action it deems necessary to protect its interests.
85. You shall defend, indemnify, and hold harmless Lendingblock, its affiliates, each of their respective employees, officers, directors, and representatives 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 concerning these General Terms or your use of the Lendingblock Borrow Productor any of the other Lendingblock Platform Services in violation to these General Terms or any Applicable Law.
86. Lendingblock reserves the right to, at its sole and absolute discretion, refuse to process or to cancel any request from you in regard to the Lendingblock Platform Services, including for purposes of compliance with any Applicable Law.
87. The topping-up of Digital Assets into your Collateral Wallet may be subject to certain limits imposed by Lendingblock (as may be amended from time to time at Lendingblock sole and absolute discretion).
88. Lendingblock may, at any time and without liability, terminate, suspend, limit or reverse your use, or the functionality, of the Lendingblock Platform Services, or your access to your Lendingblock Account (including freezing or closing your Lendingblock Account, refusing to process any instruction of yours, or reversing a performed action), including but not limited to: (a) in the event of any breach by you of these General Terms and any other applicable terms, or any Applicable Law; (b) for the purposes of complying with a regulator’s demand, a court order, an act of any governmental authority, or any Applicable Law; (c) upon Lendingblock’s suspicion that a transaction or your use of the Lendingblock Platform Services may be erroneous or connected with any unlawful activities (such as money laundering, terrorist financing, as well as fraudulent activities), or that your Lendingblock Account has been compromised; (d) your Lendingblock Account is subject to any legal proceedings; (e) to remedy the effects of any defect in or compromise to any information system related to the provision of the Lendingblock Platform Services; (f) for compliance and monitoring reasons, including in case of a discrepancy between your spending profile and the type of consumer group you belong to; (g) for maintenance of the system; or (h) if there is a change in the eligibility criteria for opening of a Lendingblock Account or use of the Lendingblock Platform Services. In the above cases the Digital Assets in your Lendingblock Account may be frozen for an indefinite period of time until the matter is resolved.
89. Lendingblock may, at any time and without liability: (a) update or change any features, components or content of the Lendingblock Platform Services, cease to accept and support any Digital Assets and substitute them with Digital Assets accepted and supported by Lendingblock, determined as per Lendingblock sole and absolute discretion, if such are available in the Client’s Lendingblock Account at the cessation time. We do not guarantee that any such specific content, component, feature or Digital Asset will always be available to you; or (b) suspend, terminate, cancel or change any incentive program and/or any pay-out in regard thereto.
90. If we decide to undertake any of the actions under Art. 88 and 89, we will provide you with adequate notice of this unless it is impractical, impossible or illegal to do so. Reversals are possible once the reasons for the relevant suspension or limitation no longer exist. In this case, we will not be under any obligation to execute any suspended, reversed or terminated transactions at a specific price or under specific terms.
91. Your obligations under these General Terms will continue in the event of any limitation, suspension, reversal or termination under Art. 88 and 89 and you will not be released from any liability having arisen prior to such.
92. Lendingblock shall not owe you any payment, compensation or damages in relation to any suspension, limitation, cessation, reversal or termination of your use of the Lendingblock Platform Services, regardless of the reason therefor.
93. Our rights for suspension, limitation, cessation, reversal and termination under this Section XII shall be without prejudice to any other rights or remedies that we may have (whether under these General Terms, Applicable Law or otherwise).
94. You may suspend or terminate your access to and use of any of the Lendingblock Platform Services or close your Lendingblock Account. In order to do so, you shall submit a request to Lendingblock in a form and together with the relevant supporting documents and information, as may be required by Lendingblock. You hereby acknowledge and agree that you will be subject to such terms and conditions as we may consider applicable to such suspension, termination or closure, in particular all your debts to Lendingblock shall have been settled prior thereto.
95. In the event that your suspended or closed Lendingblock Account has an outstanding balance, you are entitled to recover the relevant Digital Assets unless we are prohibited by any Applicable Law or a court order to release them, including but not limited to the case that we have reasonable grounds to suspect that the Digital Assets or the funds used for purchase of the Digital Assets were obtained through fraud or any unlawful means or connected with any criminal activities.
96. The termination of this Agreement shall not prevent any Party from seeking any remedies against the other Party for any breach of this Agreement occurring prior to such termination.
97. Any notice required or made under these General Terms from Lendingblock to the Client shall be considered validly received when addressed to the Client’s last used e-mail address, mailing address or phone number. Additionally, we may provide notices through posting on the Lendingblock Platform.
98. Any notice required or made under these General Terms by the Client to Lendingblock shall only be made via e-mail in English to firstname.lastname@example.org
99. Your feedback, questions or complaints may be referred to Lendingblock via e-mail in English to support@Lendingblock.com, or through other communication channels indicated by Lendingblock from time to time on the Lendingblock Platform. We will do our best to respond as soon as possible. However, for more complicated issues, it may take Lendingblock up to 20 (twenty) days to get back to you. We will not be responsible for any loss or damage sustained during this period.
100. You shall be fully responsible for the security and authenticity of all instructions sent through the Lendingblock Platform and you shall be bound by all such instructions. We will assume that all the instructions received from your Lendingblock Account are coming from you and we shall not be obliged to verify this.
101. You accept the risk that your instructions and information may not be protected against unauthorized access when given through the Lendingblock Platform, as being transmitted via the Internet.
102. Any instructions sent to Lendingblock shall only be deemed received by Lendingblock when we have successfully retrieved them from the relevant system and duly informed you of the receipt. Any instructions sent by you to any third parties will only be deemed received by them in accordance with their terms and conditions.
103. You agree that, to the extent there are any terms in your local jurisdiction governing the time and place of dispatch and receipt of electronic communications, such terms will not apply to your use of the Lendingblock Platform and the Lendingblock Platform Services (subject to the maximum extent permitted under Applicable Law), and you will be liable for any damages caused through the use of connectivity means.
104. You acknowledge and agree that in the event of any dispute arising in connection with your use of the Lendingblock Platform and the Lendingblock Platform Services, our records of all matters related to your use of the Lendingblock Platform and the Lendingblock Platform Services on any specific date will be binding on you for all claims and purposes whatsoever. Additionally, you agree to the admissibility of all such records and documents without further requirement of proof of authenticity or accuracy in a court of law or similar institution under any Applicable Law.
XVIII. PERSONAL DATA
105. We can only provide the Lendingblock Platform Services once we have collected your Personal Data.
107. We reserve the right, at any time, to verify your Personal Data for anti-money laundering and counter-terrorist financing purposes.
108. You can withdraw your consent by closing your Lendingblock Account. If you do this, we will stop using your Personal Data for the purposes under Art. XIV.2, but we may need to keep your Personal Data when required by any Applicable Law.
XVIV. GOVERNING LAW AND JURISDICTION
109. The Agreement shall be governed exclusively by the substantive law of England and Wales.
110. Any dispute arising out of or in connection with the Agreement (the General Terms), unless amicably settled between the Parties, shall be referred to the competent court in London, England, determined as per the procedural law of England and Wales. You agree that any dispute resolution proceeding subject to the Applicable Law under the preceding sentence shall be conducted only on an individual basis and not as a plaintiff or class member in any purported class, consolidated or representative action or proceeding. No court or other dispute resolution authority can consolidate or join more than one claim and can otherwise preside over any form of a consolidated, representative, or class proceeding. Any relief awarded cannot affect other Clients of Lendingblock.
111. The Intellectual Property remains an exclusive property of Lendingblock and cannot be reproduced, displayed, distributed, republished, broadcasted, transmitted, modified or used in any other manner or by any means by the Client, except upon our prior explicit written consent.
113. You understand and agree that we might convert, pledge, re-pledge, hypothecate, rehypothecate, sell, lend, or otherwise transfer, dispose of or use any amount of any Digital Assets in regard to which you use the Lendingblock Earn Product and/or the Lendingblock Borrow Product, separately or together with other property, and for any period of time, and without retaining in our possession and/or control for delivery a like amount thereof or any other assets, at our sole and absolute discretion. Any such action will be performed in our name only and you will have no benefits and liabilities from it.
114. Lendingblock shall reserve its right to amend or supplement these General Terms from time to time. Any such amendments or supplements shall become valid and in full force as of the date of their publishing on the Lendingblock Platform unless otherwise indicated, while they shall not affect the current terms of your active Lendingblock Earn Products and/or your active Lendingblock Borrow Products. You shall regularly check the Lendingblock Platform to inform yourself about any such amendments or supplements. By continuing to use the Lendingblock Earn and/or Product Lendingblock Borrow Product and or the Lendingblock Platform Services, after any such amendments or supplements have taken effect, you thereby indicate your acceptance of the amended or supplemented General Terms. If you do not wish to be bound by any amendments or supplements to these General Terms, you shall discontinue your use of the Lendingblock Earn Product, Lendingblock Borrow Products and/or the Lendingblock Platform Services immediately.
115. The descriptive headings in these General Terms are inserted for convenience only and shall not affect the interpretation of this Agreement.
116. The invalidity of the whole or part of any provision of these General Terms shall not affect the validity of the whole or part of any other provision of these General Terms. The remaining provisions of these General Terms shall remain in full force and effect.
117. The failure by Lendingblock to exercise or enforce any right or provision of these General Terms shall not constitute a present or future waiver of such right or provision.
118. Providing you with the Lendingblock Earn Product does not make Lendingblock your trustee or investment adviser and no fiduciary relationship exists between us. We have no trust or other obligations in respect of your Lendingblock Account other than those expressly specified hereunder.
119. None of your rights and obligations arising out of the Agreement are assignable or transferable, without the prior written consent of Lendingblock. Lendingblock shall reserve the right to assign, delegate or transfer this Agreement and the rights and obligations hereunder to any third party at any time, without notice or your consent.
120. Except for the legal entities belonging to the Lendingblock group of companies, a person who is not a party to this Agreement, shall not be entitled to enforce it.
121. This Agreement is prepared and concluded in English language. In case it or any part thereof is translated into another language for whatever reason, the English version shall prevail.
122. Your use of the Lendingblock Platform Services may be subject to certain fees, as indicated on the Lendingblock Platform, which are always exclusive of any taxes and may be debited from your Lendingblock Account, if applicable. Such fees may be changed at any time, at Lendingblock sole and absolute discretion.