but we and each of the other organisations mentioned above are each acting as independent contractors and nothing in this Agreement shall create any partnership, agency, employee or joint venture relationship between us and/or any other of these organisations.
Termination will not affect your obligation to repay any amounts that you have borrowed under any Loan Contract(s).
The Money Platform’s strategy is to continue to grow in the P2P lending sector. As with any business, there are circumstances, such as a material change in market conditions, which could impact that strategy such that we decide, or are obliged, to stop operating our P2P platform. In this event we are required by FCA regulations to have in place a plan to manage the run off of our loan book in an orderly fashion, and this plan is called the Wind Down Plan
Details of the wind-down plan are documented internally at The Money Platform, shared with the FCA on request and include a 12-month window for the collection of all open loans. The risk to the Lender is mitigated because all loans are for a maximum of 3 months, therefore a 12-month window has been chosen to give sufficient time for loans to complete naturally or include an extended time period for collections activity or re-arranged payment schedules to complete. Internal data indicates that we usually collect >100% of the amount lent within 12 months across our whole loan book. Due to the reduced risks during wind down and the limited financial resources required, it is fully expected that the process will be orderly. It is not expected that insolvency practitioners will be required although we may outsource collection of loans to a 3rd party (we do this currently for some overdue loans, as permitted under the loan contract) in order to reduce the time and cost of collecting the final payments.
During the period of a Wind Down
We operate the The Money Platform a service that matches lenders with borrowers, and to facilitate credit agreements between them. Additionally we administer and manage every aspect of these loans on behalf of lenders.
When registering as a lender with The Money Platform and agreeing to these Service Terms Lenders appoint The Money Platform as agent with regard to the origination, negotiation, administration, collection and management of loans. For the avoidance of doubt this The Money Platform's role includes but is not limited to:
In this Agreement the following words have the following meanings:
means all laws, regulations, rules and regulatory guidance applicable to the activities of the organisations described in Clause 1, the operation of the Platform, your activities on the Platform and/or the Loan Contracts;
means any duly authorised collections agency as may be appointed at any time under the terms of the Loan Contract;
means Data that a Client uploads, publishes or displays on or through the Platform, Money Platform web site(s) or Money Platform's blog or discussion boards, or transmits to or shares with other Clients;
means any data or information in any form, including text, numerics and still and moving images;
“Intellectual Property Rights”
means patents, rights to inventions, copyright and related rights, trade marks, business names and domain names, rights in get-up, goodwill and the right to sue for passing off, rights in designs, database rights, rights to use, and protect the confidentiality of, confidential information (including know-how), and all other intellectual property rights, in each case whether registered or unregistered and including all applications and rights to apply for and be granted, renewals or extensions of, and rights to claim priority 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.
"Money Platform Data"
means all Data delivered to you by us during your use of the Platform, and all copyright, database rights and all other Intellectual Property Rights in such Data.
“Payment Service Provider”
means MangoPay SA, a limited liability company incorporated in Luxembourg, with registered offices at 59 Boulevard Royal, L-2449 Luxembourg, listed under Number B173459 on the Luxembourg Trade and Company Register, approved as an Electronic Money institution by the Luxembourg Financial Sector Regulator (“CSSF”), trading as “MangoPay”;