StackWise Rewards Terms and Conditions
Last Updated: February 21, 2023
The following SALT StackWise Rewards Program Terms and Conditions (the “Rewards Program Terms”) constitute a binding agreement between you and us with respect to your participation in the SALT StackWise Rewards Program (the “Rewards Program”). Under the Rewards Program and as described in more detail below, you may receive rewards of cryptocurrency or a reduction in the amount of interest due under your Loan (“Rewards”).
In these Rewards Program Terms, the words “Salt,” “we”, “us”, and “our” each mean Salt Lending LLC (including current and future affiliates and subsidiaries). The words “you”, “your”, and “yours” mean the borrower that electronically signed the Loan Agreement and that is enrolling to participate in the Rewards Program.
These Rewards Program Terms relate only to the Rewards Program. Your Loan Agreement is a separate and independent agreement that governs the terms and conditions of the Loan. The Terms of Use is a separate and independent agreement that governs the terms and conditions of your use of the Salt platform and services. In the event of a conflict among or between the Loan Agreement, the Terms of Use, and these Rewards Program Terms, these Rewards Program Terms will govern in any matter solely relating to the Rewards Program. In any other instance, the Loan Agreement or Terms of Use will govern, as applicable.
Eligibility and Enrollment
When you are approved for a Loan, you will be automatically enrolled in the Rewards Program and will remain enrolled so long as you continue to keep your Loan.
Following approval of a Loan, you will be asked to select whether to receive the Rewards in the form of either (i) an automatic reduction of the amount of interest due on each Scheduled Monthly Payment or (ii) a deposit of cryptocurrency in your Collateral Account. If you choose to receive the Rewards in the form of cryptocurrency, you will be asked to select an “Eligible Rewards Program Cryptocurrency” that we will deposit into you Collateral Account. The Eligible Rewards Cryptocurrencies are: Bitcoin (BTC), Ethereum (ETH), or USD Coin (USDC). We may change the Eligible Rewards Program Cryptocurrencies at any time, and for any reason. If we do so and your then-current elected Eligible Rewards Program Cryptocurrency is no longer available, we will use commercially reasonable efforts to contact you in order to update your election. If you fail to select an Eligible Rewards Program Cryptocurrency or you fail to update your election after we inform you that the Eligible Rewards Program Cryptocurrency you elected is no longer available, you will automatically receive Rewards in USDC, unless and until you change your election.
You may change your Eligible Rewards Program Cryptocurrency election at any time and as many times as you like, and your then-current election will be used in the calculation of your Rewards conversion commencing with the next date that the Rewards are calculated, as described below.
When You Will Receive Your Rewards
If you elected to receive your rewards in the form of an automatic reduction of the amount of interest due, we will automatically reduce the amount of interest that you owe to us on each Scheduled Monthly Payment Date, or, if you prepay your loan in full, on the date of such prepayment.
If you elected to receive Rewards in the form of cryptocurrency, subject to Salt’s right to review and adjust Rewards for accuracy, Salt will deposit the Rewards into your Collateral Account on or after the 15th day of each month following the date of your Loan Agreement’s Scheduled Monthly Payment (“Reward Disbursement Date”). For purposes of these Rewards Program Terms, if your Scheduled Monthly Payment is due on a day that is not a Business Day, your Scheduled Monthly Payment date on your Loan will be the next Business Day.
Notwithstanding the foregoing, the transfer of Rewards to your Collateral Account from time to time may be delayed (for example, in the event of any scheduled maintenance, unscheduled downtime, market congestion, systems failure, mechanical or electronic failure, error, interruption, delay, liquidity conditions, or due to any other risk or circumstance, resulting in the inability to transfer Rewards to your Collateral Account).
How Your Rewards Will Be Calculated
Rewards accrue daily on your Loan’s “Rewards Principal Amount,” which is an amount equal to the lesser of (i) the principal that is scheduled to be outstanding on your Loan on a given day assuming you make your Loan’s Monthly Scheduled Payments as originally contemplated or (ii) the principal that is actually outstanding on such day. The early payment of a Scheduled Monthly Payment will not impact when you will receive Rewards (unless you prepay your loan in full); however, such payments may reduce the total amount of Rewards you earn because the prepayment will generally reduce your Loan’s principal. (Generally speaking, you will earn fewer Rewards as you make payments towards principal because the principal amount of your will Loan will decrease and your Rewards are calculated on this amount.) You cannot earn more Rewards in any applicable period as a result of any late payments or your failure to otherwise reduce the principal of the Loan as scheduled based on the Scheduled Monthly Payments provided with your Loan. If we waive interest for any reason (for example, we grant an interest-free deferral for a given payment period), you will not earn Rewards for the period such waiver or default remains in place.
The amount of Rewards that accrue each day will equal the Daily Reward US Dollar Amount. The “Daily Reward US Dollar Amount” on a given day is the Rewards Principal Amount multiplied by a daily rate that yields your annual “StackWise Reward Rate,” which will be determined when you select your LTV at Loan origination and as displayed thereafter when you access your account through the Salt platform (in other words, on a given day, the Daily Reward US Dollar Amount = the Reward Principal Amount x (1/365 x StackWise Reward Rate). Your StackWise Reward Rate is established on the day you originate your Loan based on the LTV at origination of the Loan.
If you elected to receive your rewards in the form of an automatic reduction of the amount of interest due, you Loan’s interest charges for the applicable period will be reduced by the aggregate of the Daily Reward US Dollar Amount since your last Scheduled Monthly Payment (or the date of the loan if this is your first Reward disbursement).
If you elected to receive Rewards in the form of cryptocurrency, we aggregate the Daily Reward US Dollar Amount that accrued since your last Scheduled Monthly Payment (or the date of the loan if this is your first Reward disbursement) and convert this amount to the Eligible Rewards Program Cryptocurrency. The rate price for the applicable Eligible Rewards Program Cryptocurrency is equal to the price that is quoted on the Salt platform at 0:00 pm UTC on the day that immediately precedes the Reward Disbursement Date.
Such calculation and the amount of Rewards you are eligible to receive in your Collateral Account are subject to adjustments or corrections as described in these Rewards Program Terms. Salt reserves the right to determine in its sole discretion whether any transaction gives rise to a Rewards adjustment or correction. Salt may withhold or recover any Reward if it determines that such Reward was obtained under wrongful or fraudulent circumstances, or that inaccurate or incomplete information was provided when opening either the Salt Account or the Loan.
Your access to, and the withdrawal of, any Rewards deposited into your Collateral Account are subject to the Terms of Use and the Loan Agreement, including the collateral requirements.
We reserve the right to vary or modify the StackWise Rewards Rate if you refinance your Loan or otherwise obtain a new loan. If you refinance your Loan (or obtain a new loan), you must re-enroll in the Rewards Program as currently in effect on the date of the refinance transaction (or new loan transaction). Accordingly, the amount of Rewards you earn may change if you refinance, one or more features of the Rewards Program may no longer be available or the Rewards Program may be entirely unavailable (e.g., you select a different LTV or the Reward Program Terms have changed).
Termination and/or Suspension of Rewards
It will be considered a misuse of the Rewards Program if we identify any:
● Potentially fraudulent, abusive or suspicious activity with respect to the Rewards Program or your Salt Account;
● Gaming behavior; or
● Violation of the terms of any Salt Agreement.
Any misuse of the Rewards Program is a violation of these Rewards Program Terms and may also result in:
● The forfeiture of any Rewards; or
● The suspension or termination of your ability to receive Rewards; or
● The suspension or closure of your Salt Account.
Your ability to participate in the Rewards Program with respect to a specific Loan ends when your Loan is paid in full or otherwise closed.
Rewards Limitations and Forfeiture
You will receive Rewards solely in the form of an automatic reduction of the amount of interest due if (1) you file for bankruptcy, (2) you or Salt close your Salt Account or your Collateral Account or (3) you fail to comply with any other agreements or terms between you and Salt.
You will not earn Rewards and Rewards will not be transferred to your Collateral Account if Salt believes that you have engaged in fraudulent activity related to your Salt Account, the Loan or the Rewards Program.
Rewards Program Errors, Disputes
It is your responsibility to regularly monitor your Loan and notifications sent to you by us. If you believe that you are eligible for Rewards that you have not received, or that you received Rewards that were calculated erroneously, you must report the possible error to Salt promptly, but no later than 10 calendar days after the date on which you received notification of the deposit of Rewards which you believe reflects an error. You can submit a Rewards dispute by contacting Salt at [email protected] To assist Salt in resolving any errors, Salt may require you to submit additional documentation. After this 10 calendar day period, your Rewards as shown on our records shall be deemed accurate, except that Salt may effect a Rewards adjustment or correction if warranted in Salt’s sole discretion pursuant to these Rewards Program Terms.
If we fail to credit, improperly deny, or improperly reverse Rewards that you are entitled to, then, subject to applicable law, your only remedy will be the issuance of the improperly denied or reversed Rewards calculated in accordance with these Rewards Program Terms, or another alternative comparable benefit as we may determine in our sole discretion, including Rewards in a different cryptocurrency. Neither we nor any of our affiliates will have any other or additional liability to you or any other person whatsoever for any such errors.
Audit Review and Disqualification
Salt reserves the right to review your Salt Account and Loan for compliance with the Salt Agreements. In the event the review reveals any discrepancy in the Rewards transferred and credited to your Collateral Account, Rewards distribution may be delayed until such discrepancies are resolved.
Changes to the Rewards Program
Salt may, from time to time and its sole discretion, amend, suspend, delete, terminate or add to these Rewards Program Terms and may change or limit any aspect of the Rewards Program and its restrictions, benefits or features, in whole or in part. Such changes may be retroactive as allowed by applicable law. Changes may include, but are not limited to, changing the distribution of Rewards, the imposition of any fee or change to any fees associated with the Rewards Program, the method used to calculate the amount of Rewards, the list of Eligible Rewards Program Cryptocurrencies, or the amount of cryptocurrency that you may be eligible to receive. Salt will notify you and post any such changes to these Rewards Program Terms at www.saltlending.com. It is your responsibility to review these Rewards Program Terms for any such changes. Notwithstanding the foregoing, (a) any changes to the eligibility requirements and the amount of Rewards owed under an outstanding Loan will apply with respect such outstanding Loan only on the effective date of the refinancing of such Loan and (b) any changes to the Arbitration Provision below will apply only prospectively unless we give you a right to opt out of the change or the entire Arbitration Provision.
Limitation of Liability
TO THE FULLEST EXTENT PERMITTED BY LAW, IN NO EVENT WILL SALT BE LIABLE FOR ANY LOST PROFITS OR INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE, OR EXEMPLARY DAMAGES ARISING FROM OR RELATED TO YOUR PARTICIPATION IN, AND THE TRANSACTIONS UNDER, THE REWARDS PROGRAM, WHETHER CAUSED BY TORT (INCLUDING NEGLIGENCE), BREACH OF CONTRACT, OR OTHERWISE, EVEN IF FORESEEABLE. SALT’S MAXIMUM AGGREGATE LIABILITY TO YOU FOR LOSSES OR DAMAGES THAT YOU SUFFER IN CONNECTION WITH THESE REWARDS PROGRAM TERMS SHALL NOT EXCEED THE ACTUAL VALUE OF ANY REWARDS NOT PROPERLY CREDITED.
Disclaimers
THE REWARDS PROGRAM, REWARDS AND ALL CONTENT IS PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS, WITHOUT WARRANTIES OF ANY KIND, AND SALT HEREBY DISCLAIMS ALL WARRANTIES, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE, INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTIES OF TITLE, NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. SALT DOES NOT MAKE ANY WARRANTY OR REPRESENTATION WITH RESPECT TO THE COMPLETENESS, SECURITY, RELIABILITY, QUALITY, ACCURACY, OR AVAILABILITY OF THE REWARDS PROGRAM OR ANY CONTENT, NOR DOES SALT REPRESENT OR WARRANT THAT DEFECTS OR ERRORS WILL BE CORRECTED, THAT THE REWARDS PROGRAM, CONTENT, OR THE SERVERS THAT MAKE THEM AVAILABLE ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS, OR THAT YOUR USING OR PARTICIPATING IN THE REWARDS PROGRAM WILL OTHERWISE MEET YOUR NEEDS, EXPECTATIONS OR REQUIREMENTS. ACCORDINGLY, SALT IS NOT LIABLE TO YOU FOR ANY LOSS OR DAMAGE THAT MIGHT ARISE, FOR EXAMPLE, FROM THE REWARDS PROGRAM’S INOPERABILITY, UNAVAILABILITY, DOWNTIME OR SECURITY VULNERABILITIES OR FROM YOUR RELIANCE ON THE QUALITY, ACCURACY, AVAILABILITY, OR RELIABILITY OF THE INFORMATION FOUND ON, USED ON, OR MADE AVAILABLE THROUGH THE REWARDS PROGRAM. YOUR USE OF OR PARTICIPATION IN THE REWARDS PROGRAM IS SOLELY AT YOUR OWN RISK.
Indemnification
You shall indemnify, defend, and hold Salt and its affiliates, licensors, partners, and service providers, and the officers, directors, employees, agents, and representatives of each of them harmless from and against any claims, liabilities, losses, damages, judgments, awards, costs, and expenses (including reasonable attorneys’ fees) in connection with, arising out of or resulting from your participation in the Rewards Program or your violation of these Rewards Program Terms or any applicable law, rule or regulation. We reserve the right to assume the exclusive defense and control of any action subject to indemnification by you, and in such event you will assist and cooperate with us in defending such action. You agree not to settle any such matter without the prior written consent of Salt.
Arbitration
PLEASE READ THE FOLLOWING SECTION (THE “ARBITRATION PROVISION”) CAREFULLY BECAUSE YOU ARE WAIVING THE RIGHT TO HAVE DISPUTES HEARD BY A JUDGE AND JURY AND YOU WAIVE THE RIGHT TO BRING OR PARTICIPATE IN A CLASS, REPRESENTATIVE OR PRIVATE ATTORNEY GENERAL ACTION. YOU MAY CHOOSE TO HAVE THIS ARBITRATION PROVISION NOT APPLY TO THESE REWARDS PROGRAM TERMS BY FOLLOWING THE INSTRUCTIONS IN THE SUBSECTION BELOW ENTITLED “OPT-OUT RIGHT.” THIS PARAGRAPH DESCRIBES HOW ALL CLAIMS (AS DEFINED BELOW) WILL BE ARBITRATED ON AN INDIVIDUAL (NON- CLASS, NON-REPRESENTATIVE) BASIS INSTEAD OF LITIGATED IN COURT. THIS ARBITRATION PROVISION DOES NOT APPLY TO YOU IF, AS OF THE DATE OF LOAN AGREEMENT, YOU ARE A MEMBER OF THE ARMED FORCES OR A DEPENDENT OF SUCH MEMBER ENTITLED TO PROTECTION UNDER THE FEDERAL MILITARY LENDING ACT.
(a) Definitions. The term “Claim” means any claim, dispute, or controversy between you and Salt arising from or relating to your participation in the Rewards Program or these Rewards Program Terms or the relationship(s) between you and Salt resulting therefrom. However, it DOES NOT include claims related to the validity, enforceability, coverage or scope of this Arbitration Provision. Those claims shall be determined by a court. Claims arising in the past, present, or future, including Claims arising before the effectiveness of these Rewards Program Terms, are subject to arbitration. For purposes of this arbitration provision, “Salt,” “we,” “us” and “our” also includes any corporate affiliates, any licensees, predecessors, successors, assigns, any purchaser of any accounts, all agents, employees, officers, directors and representatives of any of the foregoing, and any other person or entity you sue in a Claim you bring against us. “Claims” also includes claims of every kind and nature, including but not limited to initial claims, counterclaims, cross-claims, third-party claims, and claims based upon contract, tort, fraud, and other intentional torts, statutes, ordinances, regulations, common law, and equity. Claims and remedies sought as part of a class action, private attorney general action, or other representative action are subject to arbitration only on an individual (non-class, non-representative) basis, and the arbitrator may award relief only on an individual (non-class, non-representative) basis. This includes injunctive relief, which the arbitrator may award relief only on an individual, non-public basis. The term Claim is to be given the broadest possible meaning that will be enforced. Notwithstanding the foregoing, in the case of a loan agreement, this Arbitration Provision does not preclude the exercise by Salt, as a secured party under the UCC, of its UCC and other self-help rights and remedies in accordance with applicable law, or if judicial protection or enforcement is required under applicable law, the protection or enforcement by lender of its security interests and other rights in a court of competent jurisdiction in accordance with applicable law. You have the right to bring an individual action in court that is limited to preventing Salt from using a self-help or non-judicial remedy and that does not involve a request for damages or monetary relief. [LM9] Administrator means the American Arbitration Association, 120 Broadway, 21st Floor, New York, NY 10271, www.adr.org, (800) 778-7879; or JAMS, 410 17th Street, Suite 2440, Denver, CO 80202, www.jamsadr.com, (303) 534-1254.
(b) Right to Elect Arbitration. You and we have the right to require that each Claim be resolved by arbitration on an individual (non-class, non-representative) basis. A Claim will be arbitrated if (1) both you and Salt or (2) only one or the other of you or Salt, exercise the right to require that the Claim be arbitrated. If, for example, we exercise our right to require that the Claim be resolved by arbitration, but you do not also exercise your right to require that the Claim be arbitrated, the Claim will be resolved by arbitration. You or Salt may require arbitration of a Claim filed in court by filing a motion with the court to compel arbitration of the Claim. If neither you nor Salt request arbitration, the Claim will not be resolved by arbitration and instead will be litigated in court. Even if you and Salt have opted to litigate a Claim in court, either you or Salt may elect arbitration of a Claim made by a new party or any Claim later asserted by you or Salt in that or any related or unrelated lawsuit (including a Claim initially asserted on an individual basis but modified to be asserted on a class, representative or multi-party basis). You and we will not elect arbitration for any Claim you or we file in small claims (or an equivalent) court, so long as the Claim is individual and remains pending only in that court. However, if the Claim is transferred, removed or appealed to a different court, you or we may require arbitration. The Administrator’s authority to resolve Claims is limited to Claims between you and Salt alone, and the Administrator’s authority to make awards or decisions is limited to you and Salt alone. Furthermore, Claims between you and Salt may not be joined or consolidated in arbitration with Claims brought by or against someone other than you, unless otherwise agreed to in writing by all parties (provided, however, that corporate affiliates are considered one person for the purposes of this sentence). No arbitration award will have any preclusive effect as to issues or claims in any dispute involving anyone who is not a party to the arbitration, nor will an arbitration award in prior disputes involving other parties have preclusive effect in an arbitration between you and Salt. This arbitration provision is made pursuant to a transaction involving interstate commerce and will be governed by the Federal Arbitration Act (the “FAA”) (9 U.S.C. §1, et seq.). You or Salt may elect to arbitrate any Claim at any time unless it has been filed in court and trial has begun or final judgment has been entered.
(c) Jury Trial Waiver. If you or Salt requests arbitration of a Claim, you and Salt will not have the right to litigate the Claim in court. THIS MEANS THERE WILL BE NO JURY TRIAL OR COURT TRIAL ON THE CLAIM.
(d) Class Action Waiver. ANY ARBITRATION MUST BE ON AN INDIVIDUAL BASIS ONLY. THIS MEANS THAT IF YOU OR SALT REQUESTS ARBITRATION OF A CLAIM, YOU AND SALT WILL NOT HAVE THE RIGHT TO: (i) PARTICIPATE IN A CLASS ACTION IN COURT OR IN ARBITRATION, EITHER AS A CLASS REPRESENTATIVE, CLASS MEMBER OR OTHERWISE; OR (ii) ACT AS A PRIVATE ATTORNEY GENERAL OR IN A REPRESENTATIVE CAPACITY IN COURT OR IN ARBITRATION.
(e) Initiation of Arbitration. The party initiating an arbitration shall select an Administrator from the organizations listed above. If none of the Administrators listed above will accept the arbitration, the arbitration will be administered by an administrator, or adjudicated by an arbitrator, upon which you and Salt agree in writing (and in such event, the defined term Administrator shall include such other person). If you and Salt are unable to select an arbitrator by mutual consent, a court with jurisdiction will select the administrator or arbitrator, who must agree to abide by all of the terms of this Arbitration Provision, including, without limitation, the Class Action Waiver. The arbitration shall be governed by the procedures and rules of the Administrator and these Rewards Program Terms, which need not apply federal, state or local rules of procedure and evidence. The Administrator’s procedures and rules may limit the discovery available to you or Salt. You can obtain a copy of an Administrator’s procedures and rules by contacting the Administrator. A single, neutral arbitrator will resolve the Claims. The arbitrator will be either a lawyer with at least ten years’ experience or a retired or former judge, selected in accordance with the rules of the Administrator. In the event of any conflict or inconsistency between this Arbitration Provision and the Administrator’s rules or other provisions of these Rewards Program Terms, this Arbitration Provision will govern. The arbitrator will take reasonable steps to protect customer account information and other confidential information if requested to do so by you or Salt. Arbitration hearings for Claims by or against you will take place in the federal judicial district in which you reside. The parties will pay filing, administrative and arbitrator fees in accordance with the administrator’s rules. However, if you make a request to Salt in writing and are acting in good faith, Salt will temporarily advance said fees to you for the arbitration of your Claim against Salt (but not if the Claim is against you) in excess of any filing fee you would have been required to pay to file the Claim in a state or federal court (whichever is less) in the judicial district in which you reside. At the end of the arbitration, the arbitrator will decide if you have to repay the advance (and if you do have to repay, you agree to do so). Unless applicable law requires otherwise, Salt will pay Salt’s, and you will pay your lawyers', experts’, and witnesses’ fees. The arbitrator will apply applicable substantive law consistent with the FAA and applicable statutes of limitations, will honor claims of privilege recognized at law, and will have the power to award to a party any damages or other relief provided for under applicable law for an individual Claim. The arbitrator will make any award in writing and, if requested by you or Salt, will provide a brief statement of the reasons for the award. If the arbitrator determines that any party’s claim or defense is frivolous or wrongfully intended to oppress or harass the other party, the arbitrator may award sanctions in the form of fees and expenses reasonably incurred by the other party if such sanctions could be imposed under Rule 11 of the Federal Rule of Civil Procedure.
(f) Arbitration Award and Appeals. Judgment upon the arbitrator’s award may be entered in any court with jurisdiction. The arbitrator’s decision regarding any claims will be final and binding, except for any appeal rights under FAA, which are very limited. The appealing party will pay the appeal costs. This agreement to arbitrate shall survive any suspension, termination, revocation or closure of the Rewards Program Terms or your Salt Accounts, any sale or assignment, and any bankruptcy to the extent consistent with applicable bankruptcy law.
(g) Severability. If any portion of this Arbitration Provision is held to be invalid or unenforceable, the remaining portions shall nevertheless remain in force, subject to two exceptions: (i) if a determination is made that the Class Action Waiver is unenforceable, and that determination is not reversed on appeal, then the Arbitration Provision (except for this sentence) shall be void in its entirety; and (ii) if a court determines that a public injunctive relief Claim may proceed notwithstanding the Class Action Waiver, and that determination is not reversed on appeal, then the public injunctive relief Claim will be decided by a court, any individual Claims will be arbitrated, and the parties will ask the court to stay the public injunctive relief Claim until the other Claims have been finally concluded.
(h) Opt-Out Right. You may reject this Arbitration Provision by mailing a signed rejection notice to the address for Salt above within thirty (30) calendar days of the date of execution of the Loan Agreement. Your rejection notice must include your name, address, the email address contained in the Loan application, your telephone number, and a statement that you are rejecting this Arbitration Provision. Opting out will not affect the rest of these Program Rewards Terms.
Applicable Law, Jurisdiction and Venue
You agree that these Rewards Program Terms and any dispute arising out of your participation in the Rewards Program shall be governed by and construed in accordance with the laws of the State of Colorado, without regard to any conflict of law provisions. Subject to the Arbitration section, any legal suit, action, or proceeding arising out of or related to these Rewards Program Terms shall be instituted exclusively in the federal or state courts located in Denver, Colorado. You agree to waive any and all objections to the exercise of jurisdiction over you by such courts and to venue in such courts.
Other Important Information You Should Know
Rights to Rewards. You acknowledge and agree that Salt has sole discretion in the administration of this Rewards Program and that you have no rights to any Rewards unless and until such Rewards are deposited in your Collateral Account, subject to any credits or reversals or setoffs as described herein or under the Terms of Use.
Taxes. You are responsible to determine what, if any, taxes apply in connection with your participation in the Rewards Program and your earning of Rewards and other transactions under the Rewards Program, and it is your responsibility to report and remit the correct tax to the appropriate tax authority. You agree that Salt is not responsible for determining whether taxes apply to your participation in, or transactions under, the Rewards Program or for collecting, reporting, withholding or remitting any taxes arising from such participation or transactions.
Rewards Program Assistance and Website. These Rewards Program Terms are available at www.saltlending.com. If you have questions regarding your Rewards or the Rewards Program, you can call Salt at (720) 457-2288 or email at [email protected]
Customer Information. You consent and authorize Salt, our affiliates or any non-affiliated third parties with whom we contract to manage the Rewards Program to share information about you and the Rewards Program, as necessary, to effect, administer, enforce, service, or fulfill the terms of the Rewards Program. All personally identifiable information that may be collected in connection with your participation in the Rewards Program is subject to, and treated in accordance with, the terms of Salt’s Privacy Policy.
Operation and Administration. Salt offers the Rewards Program and is responsible for the operation and administration of the Rewards Program. Our failure or delay in enforcing any of your obligations, or exercising a right or remedy, does not amount to a waiver of that obligation, right or remedy. Additionally, if we waive a particular obligation in one circumstance, it does not prevent us from subsequently requiring compliance with the obligation on other occasions.
Rewards Activity. We serve as the final record of your Rewards activity. In the event there is a discrepancy between your records and ours, the information from Salt shall be deemed correct. The transfer of Rewards to your Collateral Account from time to time may be delayed and at all times Rewards amounts are subject to market fluctuations.
Definitions
Capitalized terms used but not defined in these Rewards Program Terms have the meanings set forth in the Loan Agreement or Terms of Use, as applicable.
Lender means Salt Lending LLC and its affiliated entities, successors and assigns.
Loan means any consumer loan issued by Lender from time to time pursuant to the Loan Agreement and any other related documentation.
Loan Agreement means a Loan and Security Agreement among you, Lender, and Salt Platform, LLC (as collateral agent) which sets forth the terms governing your Loan, as amended and/or otherwise modified from time to time.
Loan to Value Ratio or LTV means the outstanding principal amount due and payable divided by the value of the Collateral at such date and time, as determined in accordance with the Loan Agreement.
Salt Account means the account with respect to your access and use of Salt’s online website and platform.
Salt Agreements mean, collectively, these Rewards Program Terms, the Loan Agreement, and the Terms of Use.
Collateral Account means the Account as defined in the Terms of Use.
Scheduled Monthly Payment means a payment scheduled and due under your Loan Agreement as set forth on the Truth-In Lending Disclosures under “Contractual Amount of Payments Due on Payment Due Dates.”Terms of Use means the Terms of Use governing your Salt Account, Collateral Account, and other aspects of your use of the Salt platform and services, as amended and/or otherwise modified from time to time.