BACKGROUND
- Pursuant to the terms of this Loan Framework Agreement ("Agreement"), the Lender agrees to provide the Borrower with a loan in an aggregate principal amount not exceeding the Maximum Loan Amount indicated herein.
- The Lender may, at its sole discretion, approve, accept, or reject a Drawdown Application. If the Drawdown Application is approved, the Lender will notify the Borrower of the approval by sending a message. The Approval Notice shall contain the following information with respect to each Drawdown: (i) the principal amount of the approved loan, (ii) the applicable interest rate, (iii) the term and maturity date, (iv) the principal installment or repayment and interest payment schedule, and (v) the fees payable by the Borrower.
- Each approved Drawdown shall be subject to the relevant interest rates and fees that apply to the amount drawn, as more particularly described in the interest rates and fees section (Section 3.1) of the Agreement.
DECLARATIONS
- The parties acknowledge that the Credit is granted or received in accordance with the terms of this Contract, and that the Contract may be executed by electronic means.
- The subtitles used in the Contract are for reference purposes only and will not affect the interpretation of the Contract.
- The parties recognize each other's legal existence and legal capacity.
In consideration of the BACKGROUND and DECLARATIONS above, the PARTIES agree to be bound by the following terms:
1. SnapLoan APPLICATION
The Borrower may request a loan availment via the SnapLoan mobile application using their registered account.
The lender (lender or lending company) refers to ORIENTAL DIGITAL ART COMPANY LIMITED
2. DISBURSEMENT OF THE LOAN AND CONDITIONS PRECEDENT TO DISBURSEMENT
2.1. Upon satisfactory completion of due diligence, including financial and legal due diligence of the Borrower, and acceptance of the Loan terms and conditions, the Lender will send an SMS to the Borrower confirming the availability of an approved loan for disbursement along with a reference number. The Borrower may claim the amount from the partner payment channels listed in the mobile application. Additionally, the Borrower may check the SnapLoan mobile application for the approval notification within 24 hours of application.
3.PRINCIPAL AND INTEREST PAYMENTS
3.1 Principal and interest calculation method
Loan amount: 1,000-50,000
Loan term: the shortest is 91 days, the longest is 180 days
Maximum annual interest rate APR: 5% -30% APR
Service Fee: 0
Example:
If you choose a 4-month loan and borrow 5,000,APR 18%, SnapLoan charges an interest rate of 1.5% per month. we would charge you 300 as interest of 4-month repayment period. Total amount of repayment is 5,300, monthly payment is 1325. The customer borrows: 5,000 for 120 days (4 months), the APR is 18%
So the total Interest would be 5,000 * 18%/365 * 120 = 300
The monthly payment would be (5,000 + 300 )/4 = 1325
3.2 The Borrower is responsible for repaying the Loan by paying the principal amount and relevant interest according to the repayment and interest payment schedules outlined in the Approval Notice for each Drawdown.
3.3 The Approval Notice will indicate the applicable interest for each Drawdown.
3.4 Interest will accrue from the first day of each Interest Period and continue until the last day of that period.
3.5 If the principal amount and/or interest payment due date falls on a non-Business Day, the payment must still be made on the due date.
3.6 The Borrower must pay all principal and interest payments in full without deduction, in cash, at any authorized Payment Center of the Lender. Our payment partners will not accept partial payments towards the Principal and Interest.
3.7 Any payments made by a third party on behalf of the Borrower will not release the Borrower from their obligations under this Contract, unless the Lender provides express written consent. The Borrower remains responsible for any outstanding Loan.
4.REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS OF THE BORROWER
4.1 Representations and Warranties:
The Borrower represents and warrants to the Lender, that as of the date of this Agreement and for as long as any of the Borrower's obligations under this Agreement remain unpaid or unfulfilled, the following are true, correct, valid, and effective:
A. The Borrower is of legal age, has the legal personality and full legal right, power, and capacity to incur the indebtedness and other obligations provided for in this Agreement and the Notes, execute and deliver them, and comply, perform and observe the terms and conditions thereof.
B. This Agreement and the Notes represent the Borrower's legal, valid, and binding obligations, enforceable in accordance with their terms.
C. No consents, approvals, registrations, or filings are required to be obtained or done with any relevant governmental authority or third party for the execution and performance by the Borrower of this Agreement and the Notes.
D. The Borrower's execution and delivery of this Agreement and the Notes, the performance by the Borrower of any provision, condition, covenant, or other terms herein and therein, and its payment of all amounts due on the dates provided herein and therein, will not violate any applicable law, conflict with or result in the breach of any provision of, or the imposition of any lien or charge under, any agreement, instrument, undertaking, or contract to which the Borrower is a party, or by which it or any of its properties or assets is bound, or constitute a default or an event that, with the giving of notice or the passing of time, or both, would constitute a default under any such agreement, instrument, undertaking or contract.
E. The Borrower is not insolvent or has not committed any act of insolvency or bankruptcy, including the filing of a petition for insolvency or bankruptcy, making a general assignment for the benefit of creditors, application for suspension of payment, consenting to the institution of bankruptcy or insolvency proceedings against the Borrower, or the entry of any court order or judgment confirming the bankruptcy or insolvency of the Borrower.
F. All information provided by the Borrower to the Lender for and in connection with this Agreement, the Loan, and the Notes are true and correct and do not contain any untrue statement or omit to state a fact necessary to make the statements not misleading in light of the circumstances under which such statements were or are made.
G. There is no legal, administrative, or arbitral action, suit, or proceeding against or affecting the Borrower that relates to this Agreement, the Loan, or the Notes or enjoins the execution, delivery, or performance of this Agreement, the Loan, or the Notes, or will cause or result in the termination, suspension, or revision hereof or thereof.
H. The Borrower's obligations under this Agreement, Loan, and the Notes constitute its direct, unconditional, unsubordinated, and secured obligations and shall at all times rank at least pari passu in priority of payment and in all other respects with all other unsecured and unsubordinated indebtedness and monetary obligations of the Borrower.
4.2 Undertakings of the Borrower:
The Borrower undertakes to perform and comply with the following obligations under this Loan Agreement:
A. Pay the principal and interest on the Loan in full on or before the due date.
B. Notify the Lender in writing or through the SnapLoan Customer Service number of any changes in circumstances and data declared at the conclusion of this Agreement and Know-Your-Customer (KYC) Process, including but not limited to a change in the Borrower's permanent or current address, phone number, job or employment status, employment contract, as well as any circumstance that could affect the performance of the Borrower's obligations hereunder. All statements, notices, invitations, and any other documents relating to the implementation of this Agreement and sent to the Borrower at their last declared address and/or e-mail address are deemed to have been received by the Borrower, notwithstanding that such address has changed, if the Borrower has not informed the Lender of their new address and/or e-mail address or the Lender receives such notification only after it has sent out such statements, notices, invitations, and other documents.
C. Not use the loan proceeds for illegal activities.
5.EVENTS OF DEFAULT
5.1 Events of Default:
The following events shall constitute an Event of Default under this Loan Agreement:
A. The Borrower fails to pay the Loan, any installment payments, or any other amounts due under this Agreement or the Notes, when due;
B. Any representation or warranty made by the Borrower in this Agreement or the Notes is untrue, incorrect, or misleading on the date hereof or becomes untrue, incorrect, or misleading in any material respect, and if remediable, continues unremedied for 30 days after the Borrower receives notice from the Lender;
C. The Borrower fails to perform or violates any other provision of this Agreement or the Notes, and such failure or violation is not remediable in the reasonable opinion of the Lender, or if remediable, continues unremedied for 30 days after the Borrower receives notice from the Lender;
D. The Borrower becomes insolvent or commits an act of insolvency or bankruptcy, including filing a petition for insolvency or bankruptcy, making a general assignment for the benefit of creditors, applying for suspension of payments, consenting to the institution of bankruptcy or insolvency proceedings against the Borrower, or the entry of any court order or judgment confirming the bankruptcy or insolvency of the Borrower;
E. It becomes unlawful for the Borrower or any surety to perform any obligation under this Agreement, the Notes, or any other Loan Document;
F. The Borrower or any surety repudiates any of the Loan Documents or evidences an intention to repudiate any of the Loan Documents or contests the validity or enforceability of the Loan Documents or denies its liability thereunder;
G. Any Loan Document or material portion thereof is declared illegal or unenforceable;
H. Any event, condition, or circumstance occurs that, in the reasonable determination of the Lender, may have a material adverse effect on (i) the Borrower or any surety's ability to pay the Loan or any Drawdown or any other amount due under any Loan Document or (ii) the validity or enforceability of any Loan Document or the rights or remedies of the Lender under any Loan Document;
I. Any event occurs that has an analogous effect to any of the events referred to in this Section under applicable laws.
5.2 Effect of Default:
If an Event of Default occurs and is continuing, the following effects shall be alternative, concurrent, and cumulative:
A. The entire outstanding amount of the Loan, principal, and accrued interest, shall become immediately due and payable without presentment, demand, or notice of any kind, all of which are expressly waived by the Borrower;
B. The Borrower shall also be liable for Default Interest and penalties;
C. In case of delay by the Borrower to repay any amounts due under this Agreement, the Lender has the right to transfer its rights and obligations under this Agreement and the Notes to a third party or engage the services of a third party to collect the amounts due. The Borrower expressly consents to the release or disclosure of their personal data to third parties to effect such collection;
D. The Borrower shall also be liable to the Lender for any and all attorney's fees, collection fees, and litigation costs incurred or to be incurred by the Lender in collecting the outstanding amount of the Loan;
E. The Lender shall have the right to exercise all other rights and remedies available to it under this Agreement, the Notes, and applicable laws.
5.3 Default Interest:
A. If the Borrower fails to make payment when due of any amount payable under this Agreement or the Notes, they shall pay Default Interest at a rate of 0.05% per day, based on the term of the Loan, from the time the amount fell due until it is fully paid;
B. Interest and penalties payable under this Section shall immediately accrue on the date of occurrence of an Event of Default, without need of any notice or demand;
C. The Borrower shall indemnify the Lender against any actual, reasonable, and properly documented loss or expense which it may sustain or incur as a direct consequence of the default by the Borrower in the payment of the principal amount of the Notes, any interest thereon, or any other amounts that may be due under this Agreement or the Notes.
6.VALIDITY
This Contract will be valid for the term indicated in the Cover, starting from the date of its execution. However, the PARTIES agree that it will remain in force as long as there are outstanding debts to be covered by the borrower.
7.MODIFICATIONS TO THE CONTRACT
This Agreement, and the Loan and Drawdowns made under it, were granted based on the prevailing economic and regulatory environment and other circumstances considered by the Lender at the time of entering into this Agreement. If there is any material change in these circumstances or a change in the Lender's credit policy, the Lender reserves the right to amend any of the terms and conditions governing this Agreement, and the Loan and Drawdowns made under it, by giving due notice to the Borrower. However, any amendment or modification concerning the principal amount of the loan, the applicable interest rate, the term and maturity date, the principal installment or repayment schedule, or the fees and financing charges payable by the Borrower, will require the Borrower's consent. If the Borrower fails to provide their consent to any of the amendments, the Lender may disapprove any further Drawdowns under this Agreement.
8.CONFIDENTIALITY
Both parties agree to maintain strict confidentiality regarding the terms and conditions of this Agreement, and not to disclose or communicate any details about the negotiations to any third party, except for lawyers and accountants, without the prior written consent of the other party or when required by law or regulation. However, the Lender is permitted to disclose information to its Affiliates. The term "Affiliate" refers to any entity that is directly or indirectly controlling, controlled by, or under common control with the Lender.
9.NO IMPLIED WAIVERS
No failure, delay, or omission by the Lender in exercising any right or power under this Agreement shall operate as a waiver, nor shall any partial exercise of any such right or power preclude any further exercise thereof.
10.USE OF DATA
The Borrower agrees that the Lender may use their personal data generated or disclosed under this Agreement for various purposes, including marketing, installment reminders, credit scoring, surveys, and offering other financial or consumer products and services. The Borrower also consents to the sharing of their personal data with third parties to the extent permitted by applicable laws and regulations.
11.ELECTRONIC SIGNATURE
The Borrower's submission of the loan application through the mobile application shall serve as their electronic signature on any document, contract, agreement, or instrument, and any consent required under this Agreement shall be valid and binding upon the Borrower. The Borrower acknowledges and agrees that any document, contract, agreement, or instrument executed by the Borrower or any consent granted using such electronic signature shall be enforceable against the Borrower.
12.MODES OF COMMUNICATION BY THE LENDER TO THE BORROWER
The Lender may communicate with the Borrower via Short Messaging Service or SMS, e-mail, phone, or the SnapLoan Mobile Application, as necessary under this Agreement.
13.NOTICES
Notices, instructions, questions, or documents in connection with this Agreement are deemed received at the address, fax, email, SMS, or phone designated by the Borrower. Communications to the Lender may be made at the stated address and email address.
14.ACCESSIBILITY
This Agreement, and the Disclosure Statement may be accessed through the SnapLoan Mobile Application.
15.SEPARABILITY OF PROVISIONS
If any provision of this Agreement is declared invalid, the other provisions shall remain in full force and effect.