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INTRODUCTION

Global Kapital Group Ltd is a limited liability company registered in England and Wales (registration number 06960060) with a registered address at Bevis Marks House, 24 Bevis Marks, London EC3A 7JB (“GkCapital”). GkCapital is authorised and regulated by the Financial Conduct Authority (FCA) (registration number 631608).

These terms and conditions (the “P2P Terms”) set out the terms on which each user uses the internet-based P2P lending service provided by Global Kaptial Group Ltd which includes all secure areas of GkCapital website at www.gkcapital.com (the “Website”) in addition to any technology made available to users (the “Platform”)..

These P2P Terms should be read in conjunction with the Privacy Policy and the Cookie Policy made available at https://gkcapital.com/terms-of-use (together the “User Terms”).

It is important that all users of the Platform read these P2P Terms carefully.

It is important that from the outset users understand that P2P lending is not covered by the Financial Services Compensation Scheme (the “FSCS”) (www.fscs.org.uk). Therefore GkCapital strongly advises that users seek independent financial and tax advice when considering whether to use the Platform.

DEFINITIONS AND INTERPRETATION

Capitalised terms not otherwise defined herein shall have the meaning given in the other documents that make up the User Terms.

The following capitalised terms used herein shall have the following meanings:

  • Application: where a Lender who has suffered a loss as a result of a Default Event makes a claim to the Provision Fund for Compensation.

  • Auto-Matching System: the automated matching programme run of a weekly basis by GkCapital that Matches Lenders and Borrowers.

  • Borrower: an individual or legal entity that has registered and has been approved by GkCapital’s Credit Approval Team as a borrower on the GkCaptial Platform.

  • Business Day: a day (other than a Saturday, Sunday or Public Holiday) when banks in London are open for business.

  • Cash Holding Account: a segregated bank account where cleared funds that Lenders deposit with GkCapital are held on such Lender’s behalf to enable Lenders to make Lending Commitments.

  • Cookie Policy: provides information and guidance relation to GkCapital’s use of Cookies and made available at www.gkcapital.com/cookies. GkCapital may amend these terms without any prior notice.

  • Credit Approval Team: GkCapital’s credit committee which evaluates all potential Borrowers and Borrower loan requirements on the GkCapital Platform.

  • Default Event: an event where the Borrower defaults under a Loan Agreement and fails to remedy that default in accordance with that Loan Agreement.

  • Early Access: the service provided by GkCapital where, on the request of a Lender, GkCapital arranges for the early liquidation of their investment (often through transfer of the investment to another party or other means).

  • Global Kapital Group: the group of companies of which GkCapital is a member.

  • Information: any information that can be viewed, or downloaded from the Website (including the Platform) and includes, but is not limited to, data, pricing information, terms, images, reports, policies and software and also includes and copyright, Intellectual Property Rights, Information Technology or other commercially valuable property of the GkCapital.

  • Information Technology: all computer hardware (including network telecommunications equipment), databases, and all computer software (including the Platform or any software required for the Platform) owned used or leased by GkCapital.

  • Intellectual Property Rights: all patents, rights to inventions, copyrights and related rights, trade marks, business names and domain names, rights in get up, goodwill and rights to sue for passing off, database rights, rights to use and protect the confidentiality of, confidential information and all other intellectual property rights whether registered or unregistered, including all applications and right to apply for and be granted renewals or extensions of and rights to claim property from, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world.

  • Investment Amount: the monetary amount to be lent to the Borrower by the Lender pursuant to a Campaign selected by GkCapital using the Auto-Matching System.

  • Interest Rate: the gross interest rate per annum that the Investor is willing to receive in return for the Investment Amounts.

  • Investor: a person in respect of whom GkCapital pledges an Investment Amount in respect of a Campaign.

  • Lender Account: a Lender’s personalised secure area of the Platform accessible through such Lender’s log-in details) which shows the balance and term of such Lender’s investments.

  • Lending Commitment: a commitment by a Lender to lend money through the Platform on the terms of the Product or Products selected by that Lender.

  • Loan: the aggregate of the total Investment Amounts and the total interest that is to be paid on said Investment Amounts to the Investors.

  • Loan Agreement: a loan agreement between one or more Lenders and a Borrower.

  • Lender: an Investor.

  • Match: the process of matching a Borrower with one or more Lenders through the execution of a Loan Agreement by a Lender or through the transfer of a Loan Agreement to a Lender by way if assignment, novation, sale sub-participation or any other suitable method of transfer. “Matches”, “Matched” or “Matching” shall be construed accordingly.

  • P2P Campaign: a proposal to borrow monies from Investors which sets out the desired amount to be borrowed, the interest rate and any other applicable terms. “Campaign” shall be construed accordingly.

  • Privacy Policy: provides information on how GkCapital uses and stores User information and is available at www.gkcapital.com/privacy-policy. GkCapital may amend these terms without any prior notice.

  • Product: each individual lending product made available on the Website.

  • Provision Fund: the discretionary fund held by GkCapital for the purposes of Compensating a Lender where a Borrower has failed to meet its payment obligations in accordance with a Loan Agreement.

  • Service Providers: means all third party suppliers who provide either a service or product to the Company which is used by GkCapital to provide the Services.

  • Services: the provision of the Platorm and other related ancillary services including, without limitation, the provision of credit reference information, online identification verification software, banking applications and the technology that supports the Website and the Platform.

  • Target Amount: the total amount to be borrowed in a Campaign by a Borrower as agreed with GkCapital.

  • Users: any Borrower or Investor using the Platform.

Clause and paragraph headings shall not affect the interpretation of these P2P Terms.

A reference to a person shall include a reference to an individual, firm, company corporation, partnership, unincorporated body of persons, government, state or agency of a state or association, trust, joint venture or consortium (whether or not having separate legal personality) and that person’s personal representatives, successors, permitted assigns and permitted transferees.

Unless the context requires otherwise, words in the singular shall include the plural and in the plural shall include the singular.

Unless the context requires otherwise, a reference to one gender shall include a reference to the other gender.

PLATFORM USE

Use of the Platform and Website by any User is, at all times, subject to the Terms of Use.

By using the Website, Platform and/or the Services, Users agree to comply with and be legally bound by these P2P Terms. Where GkCapital has published a document that is referred to within these P2P Terms (such as a policy document), that document shall also form part of these P2P Terms and shall be deemed to have been agreed so by Users. In the event of any conflict between these P2P Terms and a document referenced within them, these P2P Terms shall prevail.

GkCapital may at any time modify these P2P Terms without any prior notice. By continuing to use the Services and/or the Platform after changes to these P2P Terms are made, Users agree to be bound by such changes.

The most current version of these P2P Terms can be found at any time by clicking on the "Terms of Use" link located at the bottom of the Website. The most current version displayed on that page will supersede all previous versions.

If a User does not agree to these Terms, that User will have no right to obtain information from or otherwise continue using the Platform or Services. Failure to use the Platform or Services in accordance with these Terms may subject such User to civil and criminal penalties.

All Users acknowledge, agree and undertake to represent only themselves or the company and/or third party that they represent. GkCapital may request that the Investor provides written authorisation to confirm he has the necessary authority to borrow, deposit and/or lend money on behalf of such company and/or third party by way of a copy of any document which shows the valid and subsisting authorisation

PLATFORM ACCESS

Users may securely access the Platform by logging-in using the user name and password provided to each User by GkCapital. The log-in credentials are unique to each User.

GkCapital uses these log-in details to securely identify each User when providing the Services. It is therefore extremely important that each User keeps his username and password secure at all times and does not store them on a device or computer that would permit another person to impersonate that User.

If a User suspects that his secure access to the Platform has been compromised in any way, it is the User’s responsibility to contact GkCapital.

Each User confirms that he will not provide his username and password to any third parties, and in the event of any breach of this clause, such User shall be responsible for any actions performed on his account by any such third party.

Each User acknowledges and confirms that he will only use the Platform for the purposes set out in these P2P Terms.

Each User acknowledges and confirms that he will not attempt to gain unauthorised access to the secure areas of the Website and/or Platform and furthermore, will not attempt to use code or software to manipulate or automate functions available on the Website.

Each User acknowledges and confirms that GkCapital may store his IP address information and may monitor your use of the Website in accordance with the Cookie Policy.

GkCapital may, at any time, restrict User access to the Website, Services and/or Platform; particularly during periods of maintenance and updating.

GkCapital has the right not to act on any User instructions, including where GkCapital deems that:

  1. such User instruction was not sufficiently clear;

  2. the instruction was not made by the correct User;

  3. the instruction may be related to an illegal activity; and/or

  4. GkCapital could not, to their satisfaction identify the User.

Each User is responsible for any telecommunications costs, broadband fees or data charges that such User incurs through his access to the Platform.

USER ANONYMITY

GkCapital will not provide the identity of either the Borrower or the Lender to each of the other.

In using the Platform and Services, Users agree not to make any attempts to establish the identity of, or contact any Borrowers or Lenders.

CREATING A CAMPAIGN

After completing the registration process and creating an account, a Borrower who is looking to create a P2P Campaign must complete the registration sections required by GkCapital.

To submit a Campaign description, the Borrower shall supply as a minimum:

  1. the amount that the Borrower wishes to raise;

  2. the term of the Loan;

  3. its bank sort code;

  4. any details needed to set up a direct debit; and

  5. any other information that is reasonably required by GkCapital to enable them to approve a Campaign description.

After the registration has been submitted by the Borrower, GkCapital will review the information provided and, in its sole and absolute discretion, will either decide to approve, amend or reject the Borrower’s application.

A Campaign will only be eligible for approval if the following requirements are satisfied:

  1. the Borrower is a company limited by shares, a public limited company, a limited liability partnership, a sole trader or an (unlimited) partnership;

  2. the Borrower has a UK bank account to facilitate payments;

  3. the Borrower is in business with the intention of making a profit and is not a not-for-profit or charitable business.; and

Borrowers agree to use their best endeavours to run their business in accordance with what has been submitted in the Campaign description.

If the Campaign description is approved by GkCapital, the Campaign shall start on the date of approval and GkCapital may start to allocate Investment Amounts from Investors. GkCapital has no obligation to pledge Investment Amounts on behalf of any Investor in respect of any Campaign.

The Campaign shall end on the earlier of the date on which the Investment Amounts pledged by GkCapital on behalf of Investors meet the amount of the Loan whereupon the Loan shall be completed in accordance with clause 6.8. For the avoidance of doubt, nothing in these P2P Terms shall prevent a Borrower from cancelling a Campaign at any time prior to the closing date of the Campaign.

When the Campaign closes:

  1. a Loan Agreement in respect of each Investment Amount shall be executed by each of the relevant Investors and the Borrower. Each Investor and the Borrower authorises GkCapital to act as an agent for them to execute the Loan Agreement on their behalf. Pursuant to the Loan Agreement, the Investor shall lend to the Borrower and the Borrower shall borrow on the terms of the Loan Agreement the amount of the relevant Investment Amount; and

  2. the Investment Amounts shall be transferred from the GkCapital Client Account to the Borrowers bank account.

A Borrower cannot, at any time it has a GkCapital account, be an Investor.

LENDER ACCOUNTS

In order to open a Lender Account, Lenders will be asked to provide certain personal information. GkCapital will use this information to verify the identity of the Lender using a series of electronic checks.

GkCapital may pass on the a Lender’s personal information to a Service Provider or any other recognised third party company solely for the purposes of verifying the identity of the Lender, performing anti-money laundering checks and fraud prevention.

If GkCapital is not satisfied with the information provided by a Lender in requesting to open a Lender Account, GkCapital does not have to accept the Lender’s application to open the Lender Account nor does GkCapital have to accept any funds from such Lender. GkCapital need not give a reason for rejecting or delaying an application.

CATEGORISATION AND CERTIFICATION OF INVESTORS

In accordance with the Financial Services and Markets Act 2000 (“FSMA”), GkCapital classifies each Investor as a Certified High Net Worth Individual, a Sophisticated Investor or a Retail Client. It is the Investor’s responsibility to self-certify where appropriate and applicable and to do so truthfully and completely.

Every Investor will be required to fill out a risk understanding questionnaire before creating a Lender Account. Based on the answers given in this questionnaire it may be necessary in some cases to exclude one or more Retail Investors from access to some or all of the P2P Services.

THE LENDING PROCESS

In order to lend money using the Platform, Investors must make a Lending Commitment thought he Platform by selecting one or more Products and indicating the maximum amount that the Investor wishes to commit in relation to each Product.

Investors make one or more Lending Commitments in one of more Products provided that such Investor has cleared available funds in his Cash Holding Account up to the aggregate amount of the Lending Commitments.

Investors can send funds to the Cash Holding Account by bank transfer or online payment. All funds must be send from a bank account in the Investor’s name. Once the funds have cleared, the Investor will be able to see the balance available in the “My Account” section of the Platform.

Upon receipt of the Lending Commitment, GkCapital will aggregate the Lending Commitments of each Investor on the Platform and Match each Investor with one or more Borrowers through the Auto-Matching System.

Subject to clause 9.6, GkCapital will operate the Auto-Matching System on a weekly basis whereby GkCapital will Match Investors Lending Commitments to one or more Borrowers.

GkCaptial may, in its absolute discretion, turn off the Auto-Matching System. This means that each Investor’s interest in his respective Loan Agreements will no longer be capable of transfer by assignment and the Investor will no longer be Matched with new Loan Agreements.

Once GkCapital has Matched an Investor and the Campaign Target Amount is met the Investor will lend and the relevant Investment Amount pursuant to the guidelines agreed between the Investor and GkCapital and such the Investment Amount shall be transferred to the Borrower’s bank account.

In the event that

  1. the Target Amount is not met prior to the Long-Stop Date; or

  2. any of the events in clause 9.20 occur,

  3. the Investment Amount shall either be transferred back to the Investor or retained and used for other Campaigns.

Lending Commitments are irrevocable and Investors may only access their money prior to the expiration of a Lending Commitment by using the Early Access Service.

Investors will be paid the rate of interest set out in the Lending Commitment.

GkCapital is under no obligation to operate the Auto-Matching System and may Match Investors with Borrowers using any process it deems appropriate and there may be instances where, having made a Lending Commitment, some or all of the Investor’s funds are not Matched.

Lenders hereby appoint GkCapital as agent to perform all duties relevant to the Loan Agreements for as long as these Terms remain in force and to manage the recovery processes where any Borrower has failed to make payments to you under any Loan Agreement or where a Default Even has occurred. Lenders provide GkCapital with the requisite authority to sub-contract the recovery process to a third party.

Investors may not vary or cancel the terms of any Loan Agreement to which such Investor enters into as a Lender.

All Lending Commitments made by and Investor are visible within the “My Account” Section of the Platform. Investors can also view how much of his Lending Commitment is actually on loan on a real-time basis from within this section.

GkCaptial may, in its absolute discretion, repay all amounts, together with accrued interest, that may be owing to an Investor pursuant to a Loan Agreement of a Lending Commitment without prior notice.

Any credit card fee incurred for transferring funds between the Cash Holding Account or the Investor or Borrower’s bank accounts shall be notified to the Investor.

Each Investor acknowledges and confirms that by offering to lend money though the Platform, the Investor is offering to lend his money to be lent by the Platform to a Borrower though P2P lending and he is not lending money to GkCapital or to any member of the Global Kapital Group.

Investors acknowledge that when GkCapital approves a Campaign description and/ or pledges an Investment Amount on behalf of an Investor, it does so in its capacity of operating an electronic system in relation to lending. Investors both acknowledge and agree that GkCapital’s approval of a Campaign and/or pledging an Investment Amount is not an approval of the Campaign in general, and that no inference shall be made to the same.

By pledging money for Campaigns to GkCapital, the Investor irrevocably agrees that (in the event that the GkCapital pledges an Investment Amount to a Campaign and that Campaign closes) any Loan created shall be on the terms of the Loan Agreement which shall be binding in its entirety on the Investor.

After a Investor has pledged funds to GkCapital to be allocated to Campaigns, it will be non-refundable save for when:

  1. the Campaign is unsuccessful by reason of not meeting the Target Amount; or

  2. the Borrower, in its sole and absolute discretion, rejects the entirety of the Investment Amounts made by GkCapital on behalf of Investors; or

  3. GkCapital cancels the Campaign or the Investment Amount; or

  4. a Borrower repays capital or interest to GkCapital on behalf of the Investor, in which case those of the Investor’s funds will be transferred back to the Investor’s bank account. Alternatively an Investor may elect for any such funds to be automatically reinvested in other Campaigns. This election may be withdrawn at any time with 30 days notice. At the end of the notice period, any excess funds held by GkCapital will be returned and funds will be repaid as repayments of capital and interest are made by Borrowers.

INVESTOR WARRANTIES AND ACKNOWLEDGEMENTS

By using the Platform and/or the Services, each Investor warrants that:

  1. at all times that the Investor uses the Platform and/or the Services, the Investor is over 18 years of age;

  2. the Investor is of sound mind and has the capacity to enter into these P2P Terms and be Matched to each Loan Agreement;

  3. all personal information provided by the Investor is true and accurate to the best of his knowledge;

  4. the Investor holds a UK bank account in his own name and will use this account to transfer money to the Cash Holding Account;

  5. the Investor has carefully considered the risks involved with using the Platform, the Services and being Matched to Loan Agreements and also the risks associated with P2P lending , including but not limited to the possibility of losing all Investment Amounts;

  6. the Investor will only lend his own money unless he is authorised on behalf of a third party and GkCapital agrees that such Investor can act on behalf of that third party;

  7. the Investor will immediately notify GkCapital if he holds a Consumer Credit License or interim license in each case issued by the FCA;

  8. if the Investor is registering or accepting these P2P Terms on behalf of a legal entirety such as a company, trust or partnership, the Investor warrants that he is legally authorised to do;

  9. the Investor has only registered once as a Lender with GkCapital and only holds one Cash Holding Account, except where he has registered as a Lender in his personal capacity and has disclosed to GkCapital that he is seeking to register as a Lender on behalf of a separate legal entity or Third Party;

  10. the Investor is not breaching any laws or regulations that are applicable to him, or any company, trust or partnership upon whose instructions he is acting; and

  11. if the Investor is not a resident of the United Kingdom, his use of the Platform or being Matched to Loan Agreements does not violate any laws or regulations that are applicable in his country of residence.

Each Investor acknowledges and confirms that:

  1. he has carefully considered the risks involved in lending money through the Platform;

  2. he is not protected by the FSCS;

  3. any participation in any Loan Agreement is entirely at his own risk;

  4. the Investor risks losing money where a Borrower with whom he has been Matched defaults on repayments or on payments of interest and that GkCapital has no liability for any such loss;

  5. the Provision Fund a is discretionary fund and GkCapital is not obliged to provide compensation should a Default Event occur. The Investor further acknowledges that the Provision Fund does not perform the same function as a government deposit guarantee scheme;

  6. he has made an independent decision to make Lending Commitments and to be Matched to Loan Agreements and that his decision is based on such information as he deemed appropriate under the circumstances and is without reliance upon GkCapital or any member of the Global Kapital Group;

  7. neither GkCapital nor any member of the Global Kapital Group has offered the Investor any investment advice or investment advice relating to the suitability of any Product;

  8. his participation in any Loan Agreement through the Platform is done entirely at his own risk and if in doubt, GkCapital strongly recommend that such Investor seeks independent advice from an authorised and approved financial advisor; and;

  9. he will not be entitled to receive any repayment of any money until the Borrower to whom the Investor lent money has made a repayment in accordance with the terms of the applicable Loan Agreement.

THE PROVISION FUND

GkCapital shall review all Applications and shall have absolute discretion in deciding whether to accept or reject an Application.

GkCapital is not required to provide an explanation or justification in deciding whether to accept or reject an Application.

GkCapital may in its discretion, make a payment from the Provision Fund to a Lender without any prior discussion with or notification to such Lender or in the absence of an Application being received. Such payments may be made in either anticipation of a Default Event or as a result of Default Event.

Where a Lender receives compensation from the Provision Fund as a result of a Default Event occurring, the Lender shall not be entitled to receive any further payments or interest in relation to that proportion of the loan made under the Loan Agreement to which the compensation relates. Furthermore, that proportion of a loan to which the compensation relates shall be automatically transferred by assignment to GkCapital (or a member of the Global Kapital Group) and GkCapital (or that member of the Global Kapital Group) shall be entitled to benefit from any rights, future interest payments, title and security relating to the transferred proportion of the loan made under the Loan Agreement.

In the event of a Default Event occurring in relation to a Loan Agreement, that Loan Agreement may be removed form the Auto-Matching System at the absolute discretion of GkCapital and in those circumstances, Investors to that Loan Agreement shall remain as Investors to that Loan Agreement. GkCapital that any loans made under such Loan Agreement will be repaid.

CASH HOLDING ACCOUNT

The Cash Holding Account is provided by GkCapital as a temporary service to hold any money Investors wish to have cleared and ready when making Lending Commitments.

Interest accruing on sums held in the Cash Holding Account will be for the account of GkCapital and will not be repaid to Investors.

EARLY ACCESS SERVICE

GkCapital has absolute discretion on whether to offer the Early Access to Lenders.

GkCapital is not required to provide any explanation or justification as to why a request for Early Access has been accepted or denied.

GkCapital will charge the Investor a penalty fee (which may include an interest rate adjustment) for using the Early Access service.

gkCapital penalty fee is ¼ (one quarter) of the interests earned on the amount that is withdrawn before the end of the term from the beginning of the investment. The charge and calculation methodology shall change from time to time, however the penalty fee shall be fully disclosed to Investors at such time a request for Early Access is made.

If a Early Access request is processed, the money to which Early Access request relates shall be returned to the requesting Investor’s Cash Holding Account together with any accrued interest less the penalty fee.

INTEREST PAYMENT POLICY

Investors shall be entitled to interest on the principal amount of money lent in respect of a Lending Commitment from the point the Lending Commitment is made and the sums paid regardless of whether such monies are Matched to a Loan Agreement. The rate of interest that will accrue on the amount of an Investor Lending Commitment shall be that rate set out in the Product which compromises such Investor’s Lending Commitment and shall not be the rate of interest set out in the Loan Agreements to which the Investor is Matched (which may be higher or lower than the rate(s) applicable to the Product(s) selected by the Investor). For the avoidance of doubt GkCapital shall not be acting as a deposit taker in such circumstances.

Accrued interest shall be paid directly to the Cash Holding Account of each Investor and such payments shall be made in accordance with the terms of the Products which compromise such Investor’s Lending Commitment.

REPAYMENT

The Borrower agrees to repay the Loan in accordance with the Loan Agreement.

The Borrower acknowledges and agrees that failure to maintain the repayments on the Loan may result in:

  1. the total cost of the debt increasing;

  2. default charges or extra interest being levied against the Borrower;

  3. impaired credit ratings; and/or

  4. legal proceedings and the associated costs of such proceedings being brought against the Borrower.

The Borrower may if it so chooses, repay all (but not part) of the Loan back to the Investors at an earlier date than prescribed in the Loan Agreement. If the Borrower elects to pay the Loan back early, it will not be subject to an early repayment administration charge but must pay a full month’s interest for the month in which it decides to repay all of the Loan.

DEFAULT AND TERMINATION

If any one of the below events occur at any time, the Loan Agreement relating to the P2P Campaign shall immediately terminate and the remaining amounts outstanding on the Loan shall become immediately payable to the Investors and/or GkCapital (acting as agent on behalf of all the Investors):

  1. the Borrower or its guarantor (if applicable) fails to pay the Investor and/or GkCapital any payment or repayment 90 days after that payment or repayment has become due;

  2. the Borrower has defaulted on a separate loan that was financed through the GkCapital platform;

  3. the Borrower’s account with GkCapital has been terminated for any reason;

  4. an order has been made to wind up the Borrower;

  5. the Borrower has a liquidator, administrator, receiver or trustee appointed to it;

  6. the Borrower states in writing that it is unable to pay its debts as it falls due; or

  7. the Borrower enters into a compromise, arrangement or assignment with its creditors generally.

LOAN TRANSFER AND NOVATION

If the Borrower defaults on the Loan, all the rights and obligations under the Loan Agreement shall automatically transfer by novation, to the extent that the Loan contains only unsecured debt, to GkCapital (unless the Investor notifies GkCapital otherwise).

The Borrower shall not be entitled to transfer any of its rights and obligations under the Loan Agreement.

Each Investor may transfer by novation his or her right, title and interest in any Loan Agreement and all associated rights to any other eligible member that holds an Account with GkCapital (the “New Investor”) and each Borrower grants advance consent to the novation of any Loan pursuant to a Loan Agreement.

The Borrower’s rights and obligations under a Loan Agreement that has been transferred shall not be adversely affected in any way whatsoever.

A transfer by novation shall be effected by:

  1. a novation notice (the “Novation Notice”) being served on the Borrower by GkCapital; and

  2. the Borrower, the Investor and the New Investor entering into a novation agreement (the “Novation Agreement”).

Both the Novation Notice and the Novation Agreement may be executed by GkCapital, acting as agent on behalf of the Borrower, the Investor and the New Investor and this will have the same effect as if the Novation Notice and the Novation Agreement was signed by all parties in a hard single copy.

GkCapital charges borrowers the following fees upon the execution of the Novation Notice and the Novation Agreement:

  1. £0.00

GKCAPITAL FEES

GkCapital charge Borrowers of all successful P2P Campaigns that reach at least the Target Amount:

Loan Term Fee (%)
6 months £0.00
1 year £0.00
2 years £0.00
3 years £0.00
4 years £0.00
5 years £0.00

TAXATION AND INTEREST

GkCapital does not provide advice or guidance in relation to tax or otherwise and therefore strongly recommend that Users consult an independent financial or tax advisor if Users are unsure as to what tax obligations they may have with regards to using the Platform and/or Services.

Users are responsible for ensuring that any tax liability which they incur (through interest earned on loans placed on the Platform or otherwise) are paid to the relevant taxation authority. GkCapital will not withhold any tax on User’s behalf except where required by law.

For the avoidance of doubt, neither GkCapital or any member of the Global Kapital Group has any liability in relation to any tax liability incurred by Users.

For all repayments made in accordance with a Loan Agreement, the Borrower shall, where applicable, deduct any and all relevant tax on interest at source and account for this to the relevant tax authority before making a repayment.

The Investor acknowledges and agrees that the gross taxable income received from each repayment pursuant to a Loan Agreement must be declared to the relevant tax authorities.

The Interest Rate shall be the gross rate of interest on which tax is payable by the Investor when each repayment is made, subject to any deductions made in accordance with any tax legislation or tax authority.

GkCapital shall provide each Investor who has entered into at least one Loan Agreement an annual statement that details the amount of taxable income earned in the prior year and the remaining amount of taxable income that is due to it in relation to each Loan Agreement entered into.

The Investor acknowledges and agrees that by entering into a Loan Agreement, it understands the inherent risks that arise from various taxation rules and legislation.

ANTI-MONEY LAUNDERING

GkCapital shall perform credit checks and ID verifications (via third party suppliers) on all Borrowers and Investors who invest more than £2,000. Borrowers shall not receive any funds until all anti-money laundering checks have been performed on each Campaign.

DISCLAIMER AND LIABILITY

GkCapital does not accept any responsibility for any return on investment stated by a Borrower, whether in the Campaign or otherwise.

GkCapital’s due diligence into a Borrower is limited only to the registration and ensuring that the company is in existence and registered at Companies House (if applicable). GkCapital makes no warranty or representation and assumes no liability in respect of the Borrower or the content of any Campaign and Investors both acknowledge and agree that GkCapital’s approval of an application as a financial promotion is not an approval of the application in general, and that no inference shall be made to the same.

Investors acknowledge and agree that GkCapital does not provide any advice or recommendations in relation to investments or loans.

GkCapital is not liable for any damages or loss incurred relating to Campaigns. Both Borrowers and Investors acknowledge and agree to release GkCapital, its officers, employees, agents and successors from any legal claim, whether known or unknown, arising out of their use of the website or any Campaign.

All dealings are solely between Borrowers and Investors. Although GkCapital is granted the authority to act as agent on behalf both Borrowers and Investors, it is not obligated to get involved with any dispute between a Borrower and Investors in any and all circumstances.

INTELLECTUAL PROPERTY

All Intellectual Property Rights in, or arising out of, or in connection with the Platform and the Services are owned by GkCapital.

Users acknowledge that in respect of any third party Intellectual Property Rights, Users’ user of any such Intellectual Property Rights is conditional on the GkCapital obtaining a written licence from the relevant licensor on such terms as will entitle the GkCapital to license such rights to the User.

The Platform, the Website and all Intellectual Property Rights are the exclusive property of GkCapital.

All Information is owned by GkCapital or the Service Providers. Users agree to use the Information only in accordance with these P2P Terms. Further, Users agree not to use the Information in a manner that would result in a material commercial gain, other than for the purposes of lending or borrowing through the Platform.

INDEMNITY

Users agree to indemnify and hold harmless GkCapital, any member of the Global Kapital Group, any Lender or Borrower, any employee or director of a member of the Global Kaptal Group, the Service Providers and all other agents or subcontractors against all liabilities, costs, expenses, damages and losses (including any direct, indirect or consequential losses, loss of profit, loss of reputation and all interest penalties and legal and other reasonable professional costs and expenses) suffered or incurred as a result of:

  1. a User’s fraudulent or illegal use of the Platform, the Services or the Website;

  2. a User’s negligence or any default by such User of any of these P2P Terms or the terms of an Loan Agreement to which he is Matched;

  3. any inaccurate or incomplete information that a User knowingly provides to GkCapital;

  4. a User allowing any other person to access his account either with his permission or as a result of his failure to keep his username and password secure;

  5. any service that a User has offered, whether with or without the permission of GkCapital, to another third party using the Platform, Services or the Website;

  6. any moratorium, rescheduling, refinancing, suspension of payments or similar arrangements or circumstances applying to a User which restricts a Borrower’s ability to repay under a Loan Agreement;

  7. any claim made against a User for actual or alleged infringement of GkCapital’s Intellectual Property Rights or any actual of alleged infringements of a third party’s Intellectual Property Rights arising out of, or in connection with use of the Platform or the Services; or

  8. any claim made against a User for actual or alleged infringement of the GkCapital’s Information Technology arising out of, or in connection with use of the Platform or the Services.

  9. GkCapital nor any member of the Global Kapital Group has any obligation to reimburse or indemnify Users for any cost, loss or liability which a User incurs as the result of the failure of any Borrower to perform its obligations under a Loan Agreement.

Nothing in this clause shall restrict or limit any User’s general obligation at law to mitigate a loss which it may suffer or incur as a result of a matter that may give rise to a claim under this clause 23.

LIMITATION OF LIABILITY

Without limitation, neither GkCapital nor any member of the Global Kapital Group, nor any directors, officers, employees, advisors, agents or Service Providers of GkCapital or of any member of the Global Kapital Group accepts any liability whatsoever for any losses arising from the following circumstances:

  1. a Default Event;

  2. any Platform downtime or system outage;

  3. any decision by the Credit Approval Team;

  4. computer viruses malware or errors received by User’s through the Platform;

  5. any tax payable to Users;

  6. use of the Platform by a third party using another User’s username and password as a result of such User’s failure to keep such information secure;

  7. any due diligence or credit checks carried out by GkCapital about a Users; and

  8. any failure to Match a User’s Lending Commitment to a Borrower.

2Nothing in these P2P Terms shall limit or exclude the Company’s liability for fraud, death or personal injury.

GENERAL

GkCapital reserves the right to cancel, interrupt, suspend and remove a Campaign for any reason and at any time. GkCapital shall not be liable for any damages as a result of any action taken under this clause.

Save for as set out in these P2P Terms, nothing in these P2P Terms is intended to or shall be deemed to, establish any partnership or joint venture between any party or constitute any party the agent of another party.

If a Borrower or Investor has any questions regarding a P2P Campaign, it may view our Frequently Asked Questions page or alternatively contact us on +44 (0) 207 193 2249 and support@gkcapital.com.