A peer-to-peer lending feature of the Services allows eligible users (“Lenders”) to lend Digital Assets and/or Legal Tender to other eligible users (“Borrowers”) for the purpose of Margin Trading, as described in further detail through the Services (“Lending Feature”).
A loan made through the Lending Feature is an agreement solely between the Borrower and Lender. Quoine is not a party to such agreement and bears no responsibility for any loans made through the Lending Feature or any subsequent failure of repayment on the part of Borrowers.
If you are a Borrower and the value of the Funds in your Liquid Account falls below your Minimum Required Balance or Quoine determines, at its sole discretion, that your Liquid Account appears to be in danger of defaulting on a loan, then you hereby authorize Quoine to take control of and liquidate any or all of your positions and Funds in your Liquid Account to repay the outstanding principal and accrued interest on loans you have obtained from Lenders. If, after Quoine liquidates your positions and Funds, your Liquid account still contains insufficient Funds to settle such debts to Lenders, you will be responsible for any additional Funds you owe to Lenders.
If you are a Lender, you risk losing the principal amount of any loans that you make through the Lending Feature if the Borrower defaults on the loan and liquidation of the Borrower’s Liquid Account fails to cover the Borrower’s debt to you. You hereby assume such risk of loss and agree that Quoine will have no responsibility to you in the event of such loss.