Updated: 21 June 2023
A.
Acceptance of these Terms
1.
By using the NFT Loan Service you acknowledge that you have read, understood and accepted all of the terms and conditions in these NFT Loan Service Terms, and you acknowledge and agree that you will be bound by and will comply with these NFT Loan Service Terms. If you do not understand and accept these NFT Loan Service Terms in their entirety, you should not use the NFT Loan Service.
2.
These terms specifically govern your access and use of the loan service features made available by Binance in accordance with these NFT Loan Service Terms.
3.
These NFT Loan Service Terms are supplemental to the Binance Terms of Use and Binance NFT Marketplace Terms of Use (collectively, the “Terms”) and the provisions set out in the Terms shall continue to apply. These NFT Loan Service Terms constitute Product Terms. References in the Terms to the Binance Services shall include references to the NFT Loan Services contemplated hereunder. In the event of any conflict or inconsistency between these NFT Loan Service Terms and the Terms, these NFT Loan Service Terms shall prevail with respect to the services contemplated hereunder, unless expressly stated otherwise.
4.
In order to access and use the NFT Loan Services, you must satisfy the eligibility criteria set forth in the Terms and/or on the Binance Trading Platform from time to time.
5.
We may change our eligibility criteria relating to the use of NFT Loan Services at any time, including by introducing additional requirements.
6.
If you no longer meet our eligibility criteria for NFT Loan Services at any time after you have accessed or used the NFT Loan Services (including because of a change to your circumstances or to our eligibility criteria), you must notify us promptly and we may suspend or terminate your ability to access and use the NFT Loan Services.
7.
You hereby represent and warrant to Binance that you will notify us of any change in your circumstances which may affect your ability to meet the eligibility criteria.
8.
You hereby represent and warrant to us on an ongoing basis that: (a) you are authorised and/or permitted to use the NFT Loan Services; (b) these NFT Loan Service Terms constitute legal, valid and binding obligations enforceable against you in accordance with their terms; and (c) your use of the NFT Loan Services and Binance’s provision of such services to you is not unlawful under the laws of any jurisdiction to which you are subject. You agree to advise us immediately should there be any change in law or other circumstances that could make this representation and warranty invalid or in any way in doubt. You hereby agree to indemnify Binance on demand against each loss, liability and cost incurred as a result of any claim or demand (including legal fees and any fines, fees or penalties imposed by any regulatory authority) arising out of or related to your breach of this representation and warranty or your obligation to advise us of changes in law or circumstances pursuant to this clause 8.
9.
When you borrow any amount of Digital Assets (the “
Loan Amount
”) from Binance under these NFT Loan Service Terms, you are entering into a Loan as a borrower where Binance is the lender. You agree and acknowledge that Binance shall have the right under these NFT Loan Service Terms to enforce the terms of the Loan against you.
10.
We may suspend or discontinue the availability of the NFT Loan Services to you and/or in relation to users located in any jurisdiction, in whole or in part, at any time and for any reason and in such circumstances we may, without liability to you, reduce, cancel, close out or vary any Loan. If we do so, we shall provide notice to you except in circumstances where we may be required to discontinue the availability of the NFT Loan Services to comply with our understanding of Applicable Law in any jurisdiction, or to comply with an order or request from any competent regulatory, governmental or law enforcement authority, or as required by our internal policies, in which case such suspension or discontinuance may take effect immediately.
11.
You shall be responsible, and you assume and shall bear all risk of loss, for all conduct relating to the NFT Loan Services and Binance does not take any responsibility for any loss or damage incurred as a result of your access to and use of the NFT Loan Services.
12.
In order to use the NFT Loan Services, you will borrow a Loan Amount from Binance against the Eligible NFT Collateral supplied by you. Binance requires that the value of the Eligible NFT Collateral supplied by you in respect of a Loan must exceed the value of the Loan. In connection with this, you shall deposit and maintain in your Binance NFT Account and/or otherwise provide Binance with Eligible Collateral in such form and amounts, at such times as Binance may from time to time in its sole and absolute discretion require, whether or not such requirement of Binance is identical to or reflects or is greater than any applicable collateral requirements of any governmental body or self-regulatory organisation in any jurisdiction (including any exchange) which is required to be maintained by Binance and/or you. You are restricted from trading or withdrawing any deposited Collateral.
13.
A list of Eligible NFT Collateral (and any discounts to be applied) will be prescribed by Binance and indicated in the NFT Loan Page. Binance may (but shall not be obliged to) notify you of any changes to the list of Eligible NFT Collateral or discounts applied to the valuation thereof prior to those changes taking effect.
14.
The value of any Collateral shall be the floor price of the Collateral as determined by Binance in its sole and absolute discretion and as indicated in the NFT Loan Page.
15.
Binance shall establish collateral requirements in respect of the NFT Loan Services, including by setting LTV levels that are required to be maintained by you (including without limitation, that the value of the Eligible NFT Collateral supplied by you in respect of a Loan must exceed the value of the Loan) (the “
Collateral Requirements
”). Binance may, in its sole and absolute discretion, with or without notice to you, vary the Collateral Requirements at any time and by any amount, and may also stipulate that such Collateral Requirements shall apply to existing Loans as well as new Loans. You acknowledge that Binance may, in certain market conditions, effect an immediate change in Collateral Requirements and you shall be required to repay part or whole of your Loan in order to maintain the Collateral Requirements within 24 hours. No previous Collateral Requirements shall set a precedent or bind Binance.
16.
Notwithstanding any such demand for repayment, Binance may at any time exercise its rights under section H (Default and Termination). In making such determination in respect of the Collateral provided for any Loan, Binance shall not be required to take into consideration collateral (including Collateral) held by Binance in respect of any other loan(s) (including any other Loan(s)).
17.
You acknowledge that Collateral may be held and used by Binance to secure the performance of your obligations under these NFT Loan Service Terms and the Terms.
18.
All Collateral shall be held by Binance, notwithstanding any provision or instructions to the contrary, as continuing security and shall be subject to a general right of set off in favour of Binance for any and all of your obligations, liabilities, monies or other amounts whatsoever at any time now or hereafter owing, due, incurred or payable by you to Binance under these NFT Loan Service Terms, the Terms or otherwise, whether present or future, actual or contingent, solely or jointly or whether as principal or surety (the “
Secured Obligations
”), and Binance may appropriate or realise any Collateral as provided for in these NFT Loan Service Terms or the Terms. In addition, to the extent that you have such rights, you hereby pledge with, assign to, and grant Binance a continuing first priority security interest in, and a lien upon, the Collateral, which shall attach upon the transfer of the Loaned Assets by the Lender to the Borrower and which shall cease upon the repayment of the Loan Balance in full by the Borrower to the Lender. During the Term of the Loan, you agree, acknowledge, authorise and affirm Binance’s (or its designee) enforcement upon the Collateral and any of Binance’s set-off rights after the occurrence and during the continuance of any Event of Default pursuant to these NFT Loan Service Terms. Binance may set-off any or all of the Loan Balance that is due from you under this Agreement against any other amount or property held by Binance and/or its Affiliates to your credit.
19.
You shall at your own cost and at Binance’s request, execute and do all such deeds, acts and things (including without limitation, the performance of such further acts or the execution and delivery of any additional instruments or documents) as Binance may require for the purposes of these NFT Loan Service Terms, including but not limited to perfecting Binance’s rights to the Collateral provided by you.
20.
Binance may deposit in Binance’s general account or any other account, any of your Collateral and may commingle such Collateral with any Digital Assets, currencies and properties of Binance or of some other persons. No interest shall be paid on any type of Collateral deposited by you with Binance.
21.
All Collateral shall be held subject to Binance’s general rights in respect of your NFTs as set out in the Terms and as afforded by Applicable Law.
22.
When applying for a Loan, you shall specify the Digital Asset you wish to borrow and the Eligible NFT Collateral you wish to provide as Collateral for the Loan. The term of the Loan is indefinite, subject to (i) the Terms; (ii) the occurrence of a Liquidation Event; and (iii) any failure to meet the Collateral Requirements.
23.
Provided that you satisfy all eligibility criteria, as determined by Binance in its sole discretion, and that you have sufficient Eligible NFT Collateral available in your Binance Account, you may apply for, and Binance may grant you, a loan of Digital Assets (the “
Loan
”). If Binance agrees to grant you a Loan, the proceeds of the Loan (the “
Loaned Assets
”) will be transferred to your Binance Account and you may use the Loaned Assets on the Platform in any manner that Binance may from time to time permit or, subject to the Terms, you may withdraw the Loaned Assets from your Binance Account.
24.
Binance may attach conditions to the use of any particular Loanable Asset or Eligible NFT Collateral, including, but not limited to, minimum and maximum amounts available for a Loan of a particular Digital Asset.
25.
Binance may determine which Digital Assets constitute Loanable Assets and Eligible NFT Collateral from time to time in its sole discretion. If Binance determines that an Eligible NFT Collateral that constitutes Collateral or Loaned Assets in respect of an outstanding Loan no longer qualifies as Eligible NFT Collateral or Loanable Assets, as the case may be, you will be required to repay any outstanding Loans within seven (7) days, or any other time as notified by Binance.
26.
You may repay a Loan by transferring from your Binance Account to Binance an amount of the Loaned Assets equal to the Loan Balance. Once the Loan has been repaid in full, all remaining Collateral in the Collateral Account corresponding to that Loan will be returned to your NFT account.
27.
You may repay a Loan in whole or in part at any time without incurring any additional fees or penalties as long as your collateral(s) are not liquidated.
28.
All repayments shall be allocated first to our fees (if any), then to Interest and last to the principal amount of the Loan.
29.
Upon entering into a Loan, the Eligible NFT Collateral will automatically be transferred from your NFT account to a separate collateral account held by Binance (the “
Collateral Account
”). You shall at all times maintain a Collateral Balance sufficient to satisfy any Collateral Requirements Binance may specify from time to time.
30.
If at any time the LTV in respect of a Loan fails to meet the Collateral Requirements, as prescribed by Binance, Binance may require you, whether or not a Margin Call has been made by Binance to satisfy such Collateral Requirements.
31.
You acknowledge and agree that, if a Liquidation Event occurs, Binance may, and shall be fully entitled (but shall not be obliged) to, sell or dispose of any or all Collateral in order to satisfy the LTV prescribed by Binance in its sole discretion, whether or not a Margin Call has been made (“
Liquidation
”), and Binance is not required to provide notice to you before commencing Liquidation.
32.
You give Binance the authority and discretion to sell or dispose of any or all Collateral in such manner as Binance, in its sole discretion, sees fit.
33.
In the event your Collateral is used as a Committed Asset (as defined in the NFT Staking Terms) when a Liquidation Event occurs, your Collateral shall be unstaked by Binance prior to any sale or disposition and your participation in the Staking Offer shall be terminated. You shall no longer be entitled to the Daily Rewards (as defined in the NFT Staking Terms) from the date the Liquidation Event occurs (date inclusive). You acknowledge and agree that Binance shall not be liable for any losses resulting from the above.
34.
In respect of any Liquidation, you will be liable for a liquidation fee, calculated as a percentage of the Balance Loan (the “
Liquidation Fee
”), as determined by Binance in its sole discretion. The rate at which the Liquidation Fee is charged (the “
Liquidation Fee Rate
”) is 5% of the total Loan Balance, provided that Binance may change the Liquidation Fee Rate and the method by which such rate is determined at any time in its sole discretion.
35.
You further acknowledge and agree that (i) you shall be liable for all trading fees and transaction costs relating to the Liquidation, (ii) you shall be liable for any losses resulting from the Liquidation, and (iii) Binance shall not be liable for any losses resulting from the Liquidation should Binance exercise any or all of its rights under these NFT Loan Service Terms.
36.
Failure of Binance to exercise any or all of its rights under this section F shall not constitute a waiver of its rights to do so at any time thereafter, nor shall Binance be subject to any liability to you for its acts or its failure to so act.
37.
You acknowledge and agree that it is your sole responsibility to monitor the Collateral Requirements for your Loans. Your Collateral Balance and Loan Balance shall be marked-to-market every minute, or at such other intervals as Binance may determine in its sole and absolute discretion.
38.
You acknowledge and agree that Binance may (but shall not be obliged to) make Margin Calls on you in respect of any of your Loans in writing or in such other manner as Binance may in its sole and absolute discretion deem appropriate. Without prejudice to the generality of the foregoing, you acknowledge and agree that Binance may contact you via telephone at any of the telephone numbers provided by you to Binance for the purposes of any Margin Calls.
39.
You acknowledge and agree that, as Digital Asset markets are open 24 hours a day, 7 days a week, Margin Calls and Liquidations may occur at any time, including outside of normal business hours. You further agree and acknowledge that the prices of Digital Assets are volatile and thus may decline speedily in value.
40.
The applicable interest rate is calculated using the Loan Balance as the principal amount and using the interest rate specified on the NFT Loan Data Page at the applicable time (the “Interest Rate”). Interest in respect of a Loan shall be calculated on a daily basis. Accordingly, “Interest” shall refer to the Loan Balance * Interest Rate.
41.
You shall promptly pay all of Binance’s fees, interest, commissions and/or other charges as such rates and in such manner as Binance may impose and stipulate from time to time with respect to the execution and/or performance of any Loan.
42.
Binance reserves the right from time to time in its sole and absolute discretion to vary the rates of fees, interest, commissions and charges or impose other fees, commissions and charges.
H.
Default and Termination
43.
A “
Default
” shall be deemed to occur if:
a.
any payment in connection with any Loan becomes overdue;
b.
a Liquidation Event occurs;
c.
any representation, warranty, agreement or undertaking made by you to Binance (whether under or in connection with these NFT Loan Service Terms (including without limitation sections F (Collateral) and K (Your Representations, Warranties, Agreement and Undertakings)), the Terms, any Product Terms or otherwise) or any other material statement made by you in or in connection with the same being untrue, inaccurate, incomplete or misleading in any respect at the time when made by you or thereafter at any time becomes untrue, inaccurate, incomplete or misleading in any respect and you fail to inform Binance of the true position as soon as reasonably practicable;
d.
you have failed to comply with or perform any of your obligations hereunder or in respect of any Loan or under these NFT Loan Service Terms, the Terms or any Product Terms (including without limitation your failure to make, when due, any payment or delivery required to be made by you under these NFT Loan Service Terms or the Terms or in respect of any other Transaction) or you have breached or are being investigated by relevant authorities for breaching any Applicable Law;
e.
you fail to promptly provide Binance with verification of your identity or status or the identity or status of any person empowered by you to act on your behalf or information and/or documents in relation to credit checks and assessments conducted by Binance;
f.
(in the event that you are an individual), you shall become deceased, bankrupt, of unsound mind or insane, commit an act of bankruptcy, or have action to place you in bankruptcy commenced against you;
g.
(in the event that you are acting on behalf of a partnership) any of the partners thereof shall become deceased, bankrupt or insane, commit an act of bankruptcy, or have action to place any of the partners in bankruptcy commenced, or if action is commenced to dissolve and/or alter the partners or the constitutions of the partnership;
h.
(in the event that you are acting on behalf of a corporation) the corporation shall be unable to pay its debts as and when they are due, or action is commenced to place the corporation in insolvency, judicial management, receivership, administrative management, or any similar or analogous proceedings;
i.
any investigation, claim, action or proceeding of any nature is commenced against you (including without limitation investigation into suspected market abuse, manipulation or other criminal conduct), or steps are taken by any person to enforce any security against you;
j.
you convene a meeting of your creditors or propose or make any compromise or arrangement with or any assignment for the benefit of your creditors;
k.
Binance has reasonable concerns in relation to your creditworthiness, financial status or verification of your identity;
l.
Binance determines in its sole and absolute discretion that you have acted in an abusive manner to any representative of Binance or other users;
m.
Binance forms the view, in good faith, that it should take action in order to preserve its rights or interests under any Binance Account or the Collateral Account;
n.
Binance reasonably believes that any of the circumstances set out under clauses 42(a) to (m) above are likely to happen and Binance also reasonably believes that any action described in clause 43 below is necessary, desirable or expedient to protect its interests or the interests of Binance’s other clients; or
o.
A credible allegation of fraud, misconduct, embezzlement, money laundering, insider trading, market manipulation abuse or other material illegality, breach of regulation or impropriety is made against you, that in the good faith and commercially reasonable business judgement of Binance could reasonably result in reputational harm to Binance, or compromise the integrity of the markets maintained by Binance.
44.
Without prejudice to any other right of Binance hereunder or otherwise at law, if a Default occurs, Binance may (but is not obliged to) immediately or any time thereafter, while such Default is continuing, do any one or more of the following:
a.
suspend (indefinitely or otherwise), cancel or terminate any Binance Account, Collateral Account, or Binance’s relationship with you or prohibit you from using Binance Services or opening any Binance Account and/or Collateral Account and accelerate any and all of your liabilities to Binance (including any and all of your Loans, fees, interests, and charges owed by you to Binance) so that they shall become immediately due and payable;
b.
liquidate, accelerate and/or close out any outstanding Transaction (including any Transaction which has yet to be settled on the date on which Binance terminates such Transaction) by determining its value in good faith and in its absolute discretion as of the date of the close-out as soon as practicable after the close-out;
c.
at such times and manner as Binance may reasonably determine based on, but not limited to, market conditions and portfolio health, sell or otherwise transfer any Collateral or any other Digital Assets or other property which may be credited to your Binance Account or which has been pledged to Binance by you and apply the proceeds to the discharge of your obligations, and Binance may set-off and net any of its obligations to you against any obligations of you to Binance;
d.
vary the applicable Collateral Requirements or liquidate or exercise its power to sell the Collateral or part thereof or any other Digital Assets or other property which may be credited to your Binance Account or which has been pledged to Binance by you at a price which Binance deems appropriate in the circumstance and apply the proceeds to the discharge of your obligations;
e.
apply any amounts of whatsoever nature standing to your credit against any amounts which you owe Binance (of whatsoever nature and howsoever arising, including any contingent amounts), or generally to exercise Binance’s rights of netting or set-off against you under these NFT Loan Service Terms, the Terms, Applicable Law or otherwise;
f.
hold any excess pending full settlement of any other of your obligations, or pay any excess to you by way of any methods deemed appropriate by Binance;
g.
do or omit to do anything which Binance reasonably believes to be necessary, desirable or expedient to protect Binance or its other users; and/or;
h.
exercise such other authority and powers that may have been conferred upon Binance by these NFT Loan Service Terms and/or the Terms.
45.
To the extent permitted under Applicable Law, you will be responsible for the reasonable costs and expenses of collection of any unpaid deficiency in respect of any Loan Balance including, but not limited to, legal counsel’s fees incurred and payable or paid by you.
46.
If, while the relevant Loan is outstanding, any Collateral (i) entitles the holder of such Collateral to receive a certain quantity of the same or another Collateral or any other benefit from an airdrop or any other activity (the “
Additional Assets
”), Binance shall be under no obligation to transfer such Additional Assets to you either at the time of the airdrop or upon repayment of your loan. Binance may, at its discretion, support airdrops where (i) airdrop claim is based on NFT ownership, whereby Binance wallet holding the qualifying NFT is eligible to claim the airdrop on-chain directly, or (ii) a NFT project party directly airdrops the Additional Assets to wallets that are holding a qualifying NFT based on a snapshot mechanism. Any such transfer shall be in Binance’s sole discretion and is not guaranteed. Binance shall be under no obligation to actively claim any Additional Assets distributed in an airdrop.
47.
Binance shall be under no obligation to pay any compensation to you in any form in respect of the Additional Assets. For the avoidance of doubt, at no time shall any Additional Assets be included in the calculation of the Collateral Balance.
48.
You shall verify all statements and confirmations in respect of Loans made available to you on the Platform (“
Statements
”). If no objection is raised within 7 days of the date such information is made available to you, such Statements shall be deemed conclusive and binding as against you, and you shall not be entitled to object thereto. However, Binance may at any time rectify any error in any Statement which has been proved to its satisfaction, and may demand immediate repayment from you of any Digital Assets erroneously paid over to you as a result of such error. Any and all objections by you shall not be valid unless accompanied by supporting evidence for such objections.
49.
Subject to the provisions of this clause, a Statement which does not accurately reflect the relevant Transaction entered into via the Platform:
a.
does not affect the validity of the Transaction which the Statement evidences; and
b.
where there is Manifest Error, does not entitle you to enforce whatever is inaccurately recorded in the Statement.
50.
Without prejudice to the generality of the other terms in these Crypto Loan Service Terms, and in the absence of fraud or bad faith, Binance shall in no circumstances be liable to you for any loss or demand of whatsoever nature you may suffer or incur in connection with any Manifest Error howsoever arising, whether direct or indirect, special or consequential, including, but not limited to, loss of profit or loss of opportunity, even if Binance had been advised of the possibility of the same arising or that the same were reasonably foreseeable. Your attention is drawn in particular to section L (General Exclusion) of these Crypto Loan Service Terms.
K.
Your Representations, Warranties, Agreement and Undertakings
51.
You represent, warrant, agree and undertake that:
a.
you have received, read and understand these NFT Loan Service Terms;
b.
except with the express written consent of Binance, and except for any security or encumbrance created hereunder, no person has or will have any security or other encumbrance over any Collateral and/or any of your assets in any Binance Account or the Collateral Account; and
c.
you have complied and shall comply with all Applicable Laws in all jurisdictions relevant to the NFT Loan Services.
52.
The above representations, warranties, agreements and undertakings shall be deemed repeated whenever you make use of the NFT Loan Services.
53.
In addition and without prejudice to any other right or remedy which Binance may have (under these NFT Loan Service Terms, the Terms, at law or otherwise) so long as Binance acts in good faith, it shall not be liable to you in any respect for any Loss suffered by you, including, without limitation, any Loss resulting from default, insolvency or analogous proceedings of, or action or inaction by any intermediary (including wrongful or unlawful action or inaction) or howsoever otherwise suffered and/or incurred by you under or in connection with these NFT Loan Service Terms and the Terms. Binance shall only be liable to you if Binance has been fraudulent or in wilful default.
54.
Without prejudice to the generality of the foregoing, Binance shall not in any event be liable to you for any indirect or consequential Loss, or for any anticipated profits or punitive damages.
M.
Disputes, Governing Law, Jurisdiction and Arbitration
55.
The applicable clause of the Terms shall apply to any disputes or claims relating to, arising out of or in connection with these NFT Loan Service Terms, including your assent to these NFT Loan Service Terms.
56.
Notwithstanding suspension or termination of your access to and use of the NFT Loan Services, these NFT Loan Service Terms shall continue to apply to you to the extent that there are any obligations or liabilities which remain to be performed or discharged by you under these Crypto Loan Service Terms.
O.
Definitions & Interpretation
57.
Unless otherwise defined, capitalised words used in these NFT Loan Service Terms shall have the same meaning given to them in the Terms. The rules of interpretation set out in the Terms shall apply to these NFT Loan Service Terms, except that references to clauses are to clauses in these NFT Loan Service Terms, unless otherwise stated.
“
Additional Assets
” has the meaning given to this term in clause 45.
“
Collateral
” means, in respect of a Loan, all Eligible NFT Collateral posted by you in respect of that Loan.
“
Collateral Account”
” has the meaning given to that term in clause 29.
“
Collateral Balance”
” means, in respect of a Loan, the total value of the Collateral posted by you held in the Collateral Account in respect of that Loan.
“
Default
” has the meaning given to that term in clause 42.
“
Eligible NFT Collateral
” means such NFTs as Binance, in its sole discretion, may from time to time accept as collateral in respect of Loans, as specified on the NFT Loan Data Page.
“
Health Factor
” is derived as follows:
(NFT Floor Price * Liquidation Threshold) / Loan Balance.
“
Liquidation
” has the meaning given to that term in clause 31.
“
Liquidation Fee
” has the meaning given to that term in clause 33.
“
Liquidation Fee Rate
” has the meaning given to that term in clause 33.
“
Liquidation Threshold
” means such liquidation threshold as determined from time to time in the sole and absolute discretion of Binance. Binance reserves the right to modify the Liquidation Threshold from time to time upon notification to users.
“
Loan Balance
” means, in respect of a Loan, all outstanding principal plus the Outstanding Interest in respect of that Loan plus any additional fees and charges, including the Liquidation Fee, if applicable.
“
Liquidation Event
” means in relation to a Loan where the applicable Health Factor is less than 1.
“
Loan
” has the meaning given to that term in clause 23.
“
Loanable Assets
” means such Digital Assets as Binance, in its sole discretion, may from time to time make available for borrowing under a Loan, as specified on the NFT Loan Data Page.
“
Loaned Assets
” has the meaning given to that term in clause 23.
“
Loan-to-Value Ratio
” or “
LTV
means, in respect of a Loan, the result of the following formula calculation, expressed as a percentage:
LTV = Loan Balance / Collateral Balance.
“
Margin Call
” means a notification from Binance to you to repay part or all of your Loaned Assets to avoid Liquidation of the Collateral and termination of the Loan.
“
NFT
” means unique non-fungible digital tokens, implemented or created on the relevant Blockchain Network complying with the ERC-721 standard, ERC-1155 standard or other similar “non-fungible” token standard, using smart contracts, and which is irrevocably associated with a unique Uniform Resource Identifier JSON file containing metadata such as the name, description or image file stored on IPFS or such other storage network, or such other claim to a real-world asset.
“
NFT Floor Price
” means the floor price of the Eligible NFT Floor Price based on Binance’s Oracle pricing.
“
NFT Loan Data Page
” means the website containing information in respect of the NFT Loan Services available at
https://www.binance.com/en/nft/loan or such other address as Binance may specify from time to time.
“
NFT Loan Service Terms
” means these terms and conditions.
“
NFT Loan Services
” means the provision of Loans and any ancillary services.
“
Outstanding Interest
” means, in respect of a Loan, the sum of all amounts of Interest calculated in respect of that Loan minus any payments made on account of Interest in respect of that Loan.
“
Secured Obligations
” has the meaning given to this term in clause 18.
