Quanloop Loan agreement

  1. General Provisions
    1. This Loan Agreement (hereinafter referred to as Agreement) is the agreement entered into by Quanloop Limited Partnership Fund (hereinafter referred to as Quanloop) and an Investor who has started to use the Website according to the General Terms & Conditions of Quanloop published on this Website (hereinafter referred to as Investor). The object of this Agreement is a short-term loan given by the Investor to Quanloop for a term of twenty-four (24) hours for the purpose of relending (hereinafter referred to as Loan). The Loan is concluded automatically by a given consent to use the money transferred from the Investor’s bank account to Quanloop client’s account as set forth in this Agreement.
    2. This Loan Agreement is entered into by registering on the Website, passing the identification process (KYC, AML, etc.) and transferring money to Quanloop clients’ bank account using a unique personal code given by Quanloop.
    3. This Loan Agreement in its terms extends the General Terms & Conditions of Quanloop and should be considered as a general agreement, unless Quanloop and the Investor agree otherwise.
    4. Any question or situation not covered by this Agreement should be resolved by following the legal documentation published on the Website and/or Estonian law.
  2. Quanloop confirms that:
    1. entry into the Agreement and performance of the obligations set out therein is not in conflict with any law, Quanloop’s incorporation, or other documents, or other agreements entered into by Quanloop;
    2. Quanloop has properly followed the laws and regulations applicable to Quanloop (among other things, the Quanloop is in possession of the activity licences required for their operation), and that Quanloop has followed sound business practices in its activities;
    3. Quanloop has complied with all environmental protection laws and restrictions which are directly or indirectly related to the discharge of contamination, pollution, waste, toxic, or hazardous substances into the environment, or the liquidation thereof on a plot of land that is owned or otherwise used by Quanloop. To the best of Quanloop's knowledge, no such environmental protection requirements have been or are in the process of being established, the compliance with which would jeopardise the fulfilment of obligations arising from the Agreement.
  3. The Investor confirms that:
    1. the source of the money it has transferred to Quanloop client’s bank account is absolutely legal and it has all the rights to use this money;
    2. it has sufficient knowledge of lending and borrowing law, business practices, and risks;
    3. it has read all the materials on the Website and understands the risks that may arise from lending to Quanloop;
    4. the money it has transferred to Quanloop client’s bank account is not sourced from his/her daily family budget, nor legal entity daily business activities as delay in return of the money would lead to unpredictable losses to the Investor’s family or business.
  4. Quanloop authorisation
    1. The Investor allows Quanloop to keep the Investor’s money in the Quanloop clients’ bank account. The money is kept in the Quanloop clients’ bank account free of charge.
    2. The Investor limits Quanloop from operating with its money other than for the purpose of lending the money to Quanloop;
    3. The Investor authorises Quanloop to take money from its account in order to lend it to Quanloop. The money should be taken by one (€1) Euro, making such a list of separate loan agreements to finance the main demand published as Partner Credit. The money taken to finance the Loan should correspond to the loan-to-value (LTV) rate-based risk plan and the interest rate of the Loan Agreement is the current interest rate that the Investor has set forth in its Portfolio preferences.
  5. Borrowing money
    1. Quanloop borrows money from the Investor at least once a day.
    2. The term of the Loan is always one (1) calendar day, which is twenty-four (24) hours.
    3. Quanloop considers that the Investor fully understands the risks of lending money, otherwise the Investor would have informed Quanloop to the contrary.
  6. Calculation and Payment of Interest
    1. The interest is calculated based on the actual number of calendar days in the current month and the actual number of calendar days in the current year.
    2. The interest calculation starts from the moment the Loan is taken.
    3. Interest is repaid automatically on the 15th (fifteenth) calendar date of the following calendar month.
  7. Calculation and Payment of Interest on Delay
    1. If the Investor withdraws money which is locked in a Loan and should be repaid during the following calendar day, but due to the low liquidity of the capital on the Website the Loan is not repaid during the following calendar day, the Investor is paid extra interest.
    2. Investor is paid extra interest only for the full day of delay.
    3. The rate of the extra interest is two (2%) per cent annualised, which is in addition to the current interest set forth by the Investor.
    4. To calculate the daily extra interest, the Investor should divide two (2%) per cent annualised by the current number of days in this calendar year.
  8. Obligations of the parties
    1. Quanloop undertakes to use the Loan Principal for the intended purpose set out in the General Terms & Conditions of Quanloop.
    2. If Quanloop violates any of the obligations specified in the Agreement or the Lender becomes aware of a possible violation of obligations specified in the Agreement, the Lender is entitled to demand the submission of documents from Quanloop proving their economic situation and/or the use of the Loan Principal. Quanloop undertakes to submit the relevant documents within ten (10) Working Days of the receipt of such a request from the Lender.
    3. Quanloop is required to inform the Lender within five (5) working days if:
      1. there are changes in Quanloop's contact information (mailing address, e-mail address, telephone numbers);
      2. Quanloop has filed a petition with the court for the initiation of its own reorganisation proceedings;
      3. Quanloop or a Third Party has filed a petition with the court for declaration of bankruptcy of Quanloop;
      4. Quanloop's competent management body has made a decision on the establishment/acquisition of a subsidiary or affiliated company;
      5. events occur that jeopardise the proper performance of the General Terms & Conditions by Quanloop (including filing a tax claim against Quanloop, for the deferral of which Quanloop has failed to reach an agreement with the tax authority, or filing a claim concerning environmental protection, or in the case of Quanloop's property expropriation, seizure, or confiscation, or in case of the occurrence of other circumstances that affect Quanloop's solvency);
      6. any of Quanloop's confirmations set forth in section 2 of the Agreement turn out to be untruthful.
    4. Quanloop undertakes not to transfer their rights and obligations arising from the Agreement to any third parties without the prior written consent of the Lender.
    5. Quanloop and the Investor shall carry out their obligations properly, in good faith, and with reasonable care, and in accordance with established practices.
    6. Quanloop and the Investor shall be liable for any failure or improper performance of their obligations.
    7. The parties shall not be liable for breach of obligation if it is caused by force majeure. Force majeure shall include circumstances beyond the control of the obligated party, including unlawful interference by a third party with third parties (e.g. bomb threat, bank robbery, etc) as well as other events beyond the party's control (e.g. strike, moratorium, power outage, activities, etc).
    8. Quanloop is not responsible for the services or information provided by third parties, nor for indirect losses (e.g. loss of profit, etc) incurred by the Investor.
    9. Quanloop shall not be liable for any loss or damage arising from changes in foreign exchange, securities, or other investment risks.
    10. Quanloop shall not be liable for damage caused by Quanloop's ignorance of the capacity of a legal person or of the capacity of a natural person.
    11. Quanloop is liable for damage if it is caused by Quanloop 's intent or gross negligence.
    12. The Investor shall be solely liable for damage caused by giving access to its mail account or bank account to third parties.
    13. The Investor shall indemnify Quanloop for any loss incurred as a result of misrepresentation, failure to report or failure to make such changes as required.
  9. Modification of the Agreement
    1. The Investor has the right to change its Portfolio preferences at any time. New interest rates and investment budgets will come into force with the next Loan.
  10. Other Terms & Conditions
    1. Disputes arising from the Agreement are resolved by agreement of the Parties. Upon failure to reach an agreement, the dispute is settled in Harju County Court. The Agreement is subject to the laws of the Republic of Estonia.
    2. Agreement-related notices, consents, approvals, etc. are prepared and sent to the other Party or to the Party's representative to the e-mail address indicated in the Agreement.
    3. The Agreement comes into force upon the borrowing of money through the authorised lending by the Parties and it will remain valid until full payment of the proprietary obligations, calculated interest on arrears, and unpaid charges to the Investor by Quanloop.
    4. Any such relations between the Investor and Quanloop which are not regulated by the Agreement are subject to the General Terms & Conditions.
    5. By entering into the Agreement (by way of registering on the Website, passing the identification process, including KYC, AML, etc and transferring money to the Quanloop clients’ bank account) the Investor confirms they have read the Agreement and understood the commitments taken under the Agreement.
    6. The amendments and supplementations to the Agreement come into force upon the publishing of the new edition of the Agreement on the Website, unless the Parties have agreed otherwise.