The following terms and conditions (the "Secured Peer-to-Peer Loans Terms") must be read in conjunction with any other applicable supplementary terms imposed by us including but not limited to the Account Terms and Funding and Payment Terms, as may be amended from time to time, (collectively the "Terms of Service") which, together with this Secured Peer-to-Peer Loans Terms, constitute the terms and conditions that will govern your use and participation in the Secured Peer-to-Peer Loans Platform.
This Secured Peer-to-Peer Loans Terms will replace all previous terms and conditions relating to your use and participation in th e Secured Peer-to-Peer Loans Platform. Nothing in this agreement will supersede or vary any term set out in other terms and conditions governing our relationship with you.
Words importing the singular shall, where the context permits or requires, include the plural and vice versa. Words importing gender or the neuter shall include both genders and the neuter. Words importing persons shall, where the context permits or requires, include natural persons, any public bodies, and any body of persons, corporate or unincorporated.
You represent and warrant that:
Silver Bullion may, from time to time, restrict certain accounts, account types, or users from participating in the Secured Peer-to-Peer Loans Platform either as a Borrower, Lender, or both as a result of a breach of any warranties or representations and in accordance with various risk factors, internal policies, laws, and regulations. We reserve the right at our sole discretion, without notice and without liability to you, to make such determination to restrict certain accounts, account types, or users from participating in the Secured Peer-to-Peer Loans Platform.
To secure the prompt payment to the Lender and the performance each covenant and obligations under these terms and the Loan Contract, each Borrower hereby grants, pledges, conveys and assigns to the Lender, a continuing security interest in and liens upon all of such Borrower's right, title and interest in the Collateral. The absence of any reference to these terms in any documents, instruments or agreements evidencing or relating to any obligation secured hereby shall not limit or be construed to limit the scope or applicability of these terms. Upon an indefeasible payment in full of the obligations secured hereby, all Collateral will be released from the security interest.
Loans have fixed start and end dates. To bridge the period between the Loan creation and the date that the loan proceeds become available to the Borrower – Loan Start Date, a Borrower can request for a Loan Advance for a sum not exceeding the amount receivable on the next Loan Start Date. A Loan Advance may also be requested to facilitate the repayment of a Loan by liquidating its Collateral.
Once a Loan Advance request is accepted, you accept and agree that:
Lending Offers and Borrowing Requests are matched either (a) manually by accepting existing lending offers or borrowing requests, or (b) automatically by matching Lending Offers and Borrowing Requests. Automatic matching of Lending Offers and Borrowing Requests happens once a request and offer are identified by our systems as an exact match based on all terms such as currency, start date, tenor, and Interest Rate. Such matching will be made on a first-in, first-out basis.
You have the right at all times to send an online request through the Website to cancel all or part of a non-executed or unfilled Lending Offer or Borrowing Request that you have posted. Once executed or matched, Lending Offers and Borrowing Requests cannot be reversed or cancelled. Time-limited Lending Offers and Borrowing Requests will be automatically cancelled once their selected active time period has lapsed.
You agree that Lending Offers that have been partially filled/matched and are below the minimum amount for Lending Offers will be automatically cancelled. You agree that non-executed or unfilled Borrowing Request where the Collateral Coverage has decreased to 130% will be automatically cancelled.
When we cancel a Lending Offer or Borrowing Request that you have placed, we will inform you promptly by e-mail. You agree that we assume no liability for any loss or expense you will suffer or incur as a result of such cancellation.
For bullion, electric vehicle metals, and digital gold (i.e., S.T.A.R. Gold Gram) with a reliable active market, the valuation of collaterals carried out by us will generally be based on a product sum of the metal mass multiplied by the prevailing traded spot price. The Collateral Value of asset types using Market Based Valuation will frequently change from time to time in response to the changes in the prevailing spot prices of such assets.
For other asset types such as luxury watches or jewellery, the valuation of collaterals carried out by our Qualified Subcontractors will generally be based on several factors, including the retail price, secondary market price, brand, make, year produced, mechanical condition, cosmetic condition, and accessory sets. The Collateral Value of asset types using Fixed Valuation will not frequently change from time to time.
Borrowers may prepay a Loan, in its entirety, by providing us written notice of such request. Partial repayment of a Loan is not allowed. The prepayment of a Loan will become effective within one (1) business day after the full outstanding loan balance, including the full interest and any fees due, is received from a Borrower. The locked Collateral will be released with immediate effect upon the full repayment of the amount due.
If any payment becomes due on a day that is not a Business Day, the Due Date of such payment will be brought forward to the last business day before the original Due Date.
The Borrower agrees that funds in settlement of its obligation under these terms must be in the Peer-to-Peer Account by 12:01 AM SGT on the relevant Due Dates. Should funds in your Peer-to-Peer Account be insufficient to cover your loan commitment by 12:01 AM SGT on the relevant Due Dates, such deficiency will be considered a Late Payment and subject to Clause 9.
As an alternative to sending funds, or if the Borrower is unable to do so in time, the Borrower can "roll-over" a maturing Loan by obtaining a new loan from the Secured Peer-to-Peer Loans Platform. Collaterals of a maturing Loan are unlocked seven (7) to ten (10) days before the Due Date to facilitate such roll-overs.
A Borrower may request for the full repayment of a Loan through the sale of the Collateral, by providing us written notice of such request. By requesting a Repayment through Collateral Liquidation, the Borrower accepts and instructs Silver Bullion to:
The Borrower accepts and agrees that the liquidation of the Collateral under this Clause 8.4 shall be made in the following manner:
In order to limit the knock-on effects of a Borrower’s failure to fully settle any of its payment obligations when they become due, you accept and agree that Silver Bullion may appoint a substitute party ("Sweeper Fund Provider") to temporarily finance the shortfall and fund and effect the payment on behalf of the Borrower. The Borrower agrees that a Late Payment Penalty as published on our Website will be due from the Borrower should the temporary financing be extended by the Sweeper to cover any shortfall by the Borrower on the relevant due dates.
When funds for the Late Payments are eventually credited to the designated P2P Client Bank Account, these funds will be credited to, or set-off against, any of such temporary advances made by the Sweeper, including any Late Payment Penalties as described in this section.
A Loan shall be considered in default should the Borrower fail to meet its payment obligations and/or loan conditions under these terms and the terms of the Loan Contract. Default under these terms can be classified as (a) Debt Service Default which occurs when the Borrower has not made the required payment (including any eventual Late Payment Penalties) of the principal or interest due and when such default in payment continues for the next four (4) Loan Start Dates or thirty (30) days, whichever is shorter, or (b) Technical Default which occurs when the Borrower breaches any commitment, conditions, these terms or the terms of the Loan Contract.
A Debt Service Default shall include an event where:
A Technical Default shall include an event where:
Upon the occurrence and during the continuance of an Event of Default under Clause 9.2, Silver Bullion, acting on behalf of the Lender or Sweeper Fund Provider, as the case may be, shall immediately exercise any right, power or remedy permitted to the Lender or Sweeper Fund Provider under these terms, and shall have, in particular, without limiting the generality of the foregoing, the right to declare the entire principal, all interest accrued, and all other charges accruing on all obligations to be forthwith due and payable, without any presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by each Borrower.
Upon the occurrence and during the continuance of an Event of Default, Silver Bullion, acting on behalf of the Lender or Sweeper Fund Provider, as the case may be, shall exercise the rights and remedies of the secured party under these terms and sell the Collateral in the quantities/amounts required to recover the amount accruing from the defaulted Loan. Any excess proceeds realized from the sale shall be credited to the Borrower’s Peer-to-Peer Fund Balance.
The Borrower accepts and agrees that the Collateral will be liquated in the following manner:
To the extent permitted by applicable laws, each Borrower waives all claims, damages, and demands against us, Silver Bullion, the Lender, or the Sweeper Fund Provider arising out of the repossession, retention, sale, or disposition of the Collateral under these terms.
Each Borrower agrees to continually pay the storage fee accruing for the Parcel(s) and/or S.T.A.R. Gram holdings used as Collateral in accordance with the Terms of Service.
All warranties, representations, and covenants made by any Borrower or Lender herein shall be considered to have been relied upon by us and shall survive the closing of the Loan. These terms shall inure to the benefit of and be binding upon the heirs, successors, and assigns of each of the parties.
Save as provided for in these terms, rights, undertakings, agreements, duties, liabilities, and/or obligations arising from a Loan cannot be transferred to any party without the prior written consent of all parties involved, including Silver Bullion.
These terms, together with the Loan Documents, reflect the entire understanding of the parties with respect to the transactions contemplated hereby and shall not be contradicted or qualified by any other agreement, oral or written, before the date hereof.
The key terms that we use in this Secured Peer-to-Peer Loans Terms are in bold, including the following:
"Approved Purchaser" such purchaser that has been vetted and approved by us for its professionalism and qualifications to execute its tasks in a legal, timely and competent manner. Approved Purchaser may also act as a purchaser of last resort in a Liquidation Event.
"Business Day" means a day other than a Sunday or a public holiday in Singapore
"Borrower" refers to a Silver Bullion Account that is eligible to participate in Secured Peer-to-Peer Loan Platform and is borrowing or has borrowed in the Platform.
"Borrowing Request" refers to the request by a Borrower in the Secured Peer-to-Peer Loan Platform, to borrow using precious metals or other assets under Silver Bullion’s custody as Collateral.
"Collateral" means the Parcels and/or S.T.A.R. Gram holdings used as security against a Loan.
"Collateral Coverage" refers to the ratio of the Collateral Value over the amount of money borrowed (e.g., the Collateral Coverage of a $100,000 Loan with $200,000 of collateral is 200%).
"Collateral Value" means the assigned value of the Collateral, as determined by our approved subcontractors or us under these terms.
"Due Date" means the particular day on or before which something must be done to comply with the obligations under these terms. The due date is always indicated and means that payment must be received on or before the specified date. Any references in the Loan Documents to a given Due Date shall mean local Singapore time (UTC +8).
"Event of Default" refers to circumstances where a Borrower is in breach of the loan conditions or is in default of his obligations and has failed to remedy the default in accordance with these terms.
"Interest Rate" means the simple interest rate (calculated on a non-compounded per annum basis) of the Loan expressed in percentage terms.
"Late Payment" refers to the receipt of funds in the designated P2P Client Bank Account on a date later than the Due Date.
"Late Payment Penalties" refers to the fees/charges levied to the Borrower under these terms for Late Payments.
"Lender" refers to a Silver Bullion Account that is eligible to participate in the Secured Peer-to-Peer Loan Platform and is lending or has lent in the Platform.
"Lending Offer" refers to the offer of a Lender in the Secured Peer-to-Peer Loan Platform, to lend money to a Borrower.
"Linked Bank Account" has the meaning set out in the Account Terms.
"Liquidation Event" means any event that entitles us, on behalf of the Lender, to conduct a liquidation of the Collaterals under these terms.
"Liquidation Threshold" means the minimum Collateral Coverage which, when met or passed below, will trigger a liquidation of the Collaterals.
"Loan" means such sums of money that have been lent by the Lender or Sweeper Fund Provider to the Borrower under the Secured Peer-to-Peer Loan.
"Loan Admin Fee" refers to the fee charged by Silver Bullion to Borrowers and Lenders for the provision of its services under these terms.
"Loan Contract" means the valid agreement between the Borrower and the Lender or the Sweeper Fund Provider in the Secured Peer-to-Peer Loan Platform for a Loan.
"Loan Documents" means the documents and schedules detailing the loan agreement between the Borrower and the Lender and their respective obligation. This includes the Loan Contract and these terms.
"Loan Start Date" refers to the date the Loan Contract starts, and the Loan is disbursed to the Borrower’s Peer-to-Peer Fund Balance and deducted from the Lender’s Peer-to-Peer Fund Balance.
"LTV" means the loanable amount as a percentage of the Collateral Value.
"Parcel" has the meaning set out in the Sale, Buyback, and Storage Terms.
"Peer-to-Peer Fund Balance" refers to your funds that are segregated and for use exclusively within the Secured Peer-to-Peer Loans platform.
"Platform" refers to the computer and/or internet-based service provided by us through our Website, which allows users, Lenders, and Borrowers to stay informed and transact with us. This includes all secure areas of the Website in addition to any technology made available to you.
"P2P Client Bank Account" is a segregated bank account that holds the funds of the users of the Secured Peer-to-Peer Loan Platform.
"Qualified Subcontractor" an individual or a business contracted to perform part or all of our obligations that has been approved by us for its professionalism and qualifications to execute its tasks in a legal, timely and competent manner.
"Schedule of Charges" refers to the page on our Website that lists the standard fees and charges for our Services.
"Secured Peer-to-Peer Loan" refers to the service provided by Silver Bullion to allow S.T.A.R. Storage Account holders to borrow and lend using precious metals or other assets stored with Silver Bullion as collateral.
"Security" means any charge (whether fixed or floating, legal or equitable), pledge, lien, assignment, by way of security or other security interest securing any obligation of any person or any other arrangement having a similar effect.
"S.T.A.R. Gold Gram" has the meaning set out in the S.T.A.R. Gram Terms.
"S.T.A.R. Grams" has the meaning set out in the S.T.A.R. Gram Terms.
"S.T.A.R. Storage Account" has the meaning set out in the Account Terms.
To participate in the Secured Peer-to-Peer Loans Platform through an Agent Platform, you agree that you will be required to have a S.T.A.R. Storage Account and you will be subject to the same account opening requirements as specified in the Account Terms. You expressly consent and instruct the Agent Platform Provider to facilitate your S.T.A.R. Storage Account application on your behalf and to communicate and/or share to us, personal and/or corporate information (on shareholders and beneficial owners, directors) or documents to facilitate the creation of your S.T.A.R. Storage Account. These personal information and documents will include, your full name, your residential address, your Linked Bank Account, your contact information, and all other information and/or documents we may deem necessary to open and approve your S.T.A.R. Storage Account. We reserve the right to reject your application for whatever reason and without prior notice.
By applying for a S.T.A.R. Storage Account through an Agent Platform Provider or by posting a Borrowing Request through an Agent Platform, you agree to enter a direct (legally binding) contractual relationship with Silver Bullion and to be bound by all the terms and provisions set forth in the Loan Contract and the Silver Bullion Terms of Service.
To participate as a Borrower in the Secured Peer-to-Peer Loans Platform, you agree that the item (e.g., luxury watches or jewellery) you wish to pledge as collateral must be submitted to the Agent Platform Provider for authentication, valuation, and acceptance as collateral. We reserve the right, at our sole discretion, to reject an item (e.g., luxury watches or jewellery) to be used as collateral.
To secure the prompt payment to the Lender and the performance each covenant and obligations under these terms and the Loan Contract, you hereby grant, pledges, conveys and assigns to the Lender, a continuing security interest in and liens upon all your right, title and interest in the Collateral. The absence of any reference to these terms in any documents, instruments or agreements evidencing or relating to any obligation secured hereby shall not limit or be construed to limit the scope or applicability of these terms. Upon an indefeasible payment in full of the obligations secured hereby, all Collateral will be released from the security interest.
The secure storage and custody of the Collateral shall constitute a bailment agreement between the Silver Bullion and the Borrower, and the title and ownership of the Collateral shall remain with Borrower. In the event that Silver Bullion, or any subsidiary thereof, shall declare bankruptcy or be deemed to be bankrupt or any similar legal equivalent thereof, in no event shall the Collateral ever be considered or treated as part of the bankrupt estate of Silver Bullion.
The responsibility of Silver Bullion for the Collateral under its custody shall commence upon its physical receipt of the Collateral for storage at the designated vault location and shall remain in effect until the Collateral have been physically released to the Borrower in accordance with these terms.
Upon the physical release of the Collateral to the Borrower, the bailment for such Collateral with Silver Bullion shall likewise terminate and the record keeping of the creation and termination of the bailment is to be performed by Collateral according to these terms.