Hibt Loans — Pledge Lending Agreement
Hibt Loans — Pledge Lending Agreement
1. Introduction and Acceptance of Terms
1.1 This Hibt Loans Pledge Lending Agreement (“Agreement”) is entered into between you (“User” or “you”) and HiBT (“we,” “us,” or “HiBT”). By applying for or using the Hibt Loans service (“Service”) on the HiBT platform, you acknowledge that you have read, understood, and agreed to be bound by all terms of this Agreement, as well as the HiBT User Service Agreement and the Privacy Policy referenced herein.
1.2 This Agreement serves as a supplementary agreement to the HiBT User Service Agreement. In the event of any inconsistency between the two, this Agreement shall prevail. Any matters not stipulated herein shall be governed by the relevant provisions of the HiBT User Service Agreement.
1.3 Risk Warning: Hibt Loans involves significant risks and may result in the loss of your entire collateral. Market volatility may lead to forced liquidation of your collateral, and you may be held liable for any shortfall. Before using the Service, please carefully assess your risk tolerance, investment experience, and financial condition, and fully understand the contents and risks associated with this Agreement.
2. Definitions
“Pledge Lending” refers to the act of a user pledging their digital assets (“Collateral”) to HiBT in order to borrow other digital assets under Hibt Loans.
“Loan” refers to the digital assets borrowed by the user from HiBT under this Service.
“Collateral” refers to the digital assets pledged by the user to HiBT to secure the repayment of the loan.
“Borrowing Interest Rate” refers to the interest rate, expressed as an annualized rate, charged by HiBT on the borrowed assets.
“Initial Loan-to-Value Ratio (LTV)” refers to the ratio of the borrowed asset value to the collateral value (LTV = borrowed value / collateral value × 100%). A lower LTV indicates stronger collateral coverage.
“Liquidation Line” refers to the LTV threshold at which forced liquidation is triggered due to a decline in collateral value.
“Margin Call Notification (Margin Call)” refers to the notification HiBT may (but is not obligated to) issue when the LTV reaches the Margin Call LTV, requesting the user to add collateral or repay part of the loan.
“Liquidation” refers to HiBT’s right, when the LTV reaches the Liquidation LTV, to automatically sell or dispose of the collateral without prior notice to repay the loan and accrued interest.
“Liquidation Fee” refers to the fee incurred due to forced liquidation and borne by the user.
3. Conditions for Using the Service
3.1 HiBT reserves the right to approve or reject your loan application at its sole discretion based on your risk profile, credit standing, and other relevant factors. HiBT may set and adjust your borrowing limits at any time.
4. Loans and Interest
4.1 Loan Disbursement: Once your loan application is approved, the borrowed assets will be credited to your HiBT Spot Account.
4.2 Interest Calculation: Interest begins accruing immediately upon loan disbursement and is calculated according to the interest method selected. The applicable interest rate is based on the rate published at the time of your application. HiBT may adjust interest rates at any time based on market conditions, and such adjustments generally take effect immediately.
4.3 Repayment: You may choose to repay early or on schedule. Repayments will first be applied to accrued interest (Interest Due) and then to outstanding principal.
5. Collateral Management
5.1 Eligible Collateral: HiBT will publish a list of digital assets eligible to be used as collateral and their corresponding collateral haircuts. HiBT reserves the right to adjust the list and haircuts at any time.
5.2 Collateral Valuation: The value of the collateral is assessed in real time based on index prices deemed reliable by HiBT.
5.3 Additional Collateral: When the LTV rises to the Margin Call LTV, you are obligated to promptly add collateral to reduce the LTV. Failure to do so may result in forced liquidation.
5.4 Authorization to Dispose of Collateral: You hereby irrevocably authorize HiBT, upon the occurrence of liquidation, to dispose of your collateral in any manner and at any price deemed appropriate by HiBT without obtaining further consent from you.
6. Liquidation
6.1 Liquidation Conditions: When the LTV of your account reaches or exceeds the Liquidation LTV, the system will automatically trigger the liquidation process.
6.2 Liquidation Process: HiBT will sell part or all of your collateral to repay the outstanding loan principal, accrued interest, and applicable fees (including liquidation fees). The process is typically automated and immediate, and HiBT has no obligation to notify you beforehand.
6.3 Post-Liquidation Handling:
If the liquidation proceeds are sufficient to cover your total liabilities, the remaining balance will be returned to your account.
If the liquidation proceeds are insufficient (a “shortfall”), you are obligated to repay the outstanding deficit. HiBT reserves the right to pursue recovery.
6.4 Liquidation Fee: A liquidation fee will be charged when liquidation occurs. The applicable rate is based on the platform’s published rate (e.g., 2% of the liquidated asset value).
7. User Representations and Warranties
You represent and warrant that:
The digital assets you pledge are lawfully obtained and free from any third-party claims.
You fully understand the terms of this Agreement and all risks associated with Hibt Loans.
All information provided by you is true, accurate, and complete.
8. Limitation of Liability and Disclaimer
8.1 HiBT does not guarantee that the Service will be uninterrupted, error-free, or absolutely secure.
8.2 HiBT shall not be liable for any losses caused by:
Changes in laws, regulations, policies, or governmental actions.
Force majeure events such as hacking attacks or system failures.
Your improper operations or disclosure of account information.
Rapid market volatility resulting in accelerated liquidation.
8.3 HiBT’s maximum liability under this Agreement is limited to the total amount of fees you have paid to HiBT for Hibt Loans.
9. Amendments and Termination
9.1 HiBT may revise this Agreement from time to time. Any revisions become effective upon publication on the platform. If you do not agree to the revised terms, you must immediately stop using the Service.
9.2 Termination of this Agreement does not affect any rights or obligations accrued prior to termination.