See the paper before you sign.

Hello [name],

Thank you for getting in touch about an advance for [client]. Here is what happens next. We carry out due diligence on you and the collateral you plan to pledge, and you send us the documents on our checklist. You sign the Master Crypto-Backed Advance Agreement (security over your collateral, custody terms) and the Risk Disclosure Statement. You whitelist your addresses and send each asset on its own network. You submit a proposed Advance Confirmation, which we may accept, vary or decline. If we agree, both sides sign, and we pay the advance less the upfront half of the fee.

You send no collateral until you have signed the agreement, and we pay nothing until both sides have signed an Advance Confirmation.

Every application is subject to due diligence, and we may decline any application or request. Nothing in this email is an offer.

Reply to this email with any question. Box Advance is for businesses, high-net-worth individuals and professional investors, subject to due diligence.

Box Advance client team

Hello [name],

We have finished the checks on [client], your documents are in order, and the Master Crypto-Backed Advance Agreement and Risk Disclosure Statement are signed. Your vault is ready.

To pledge an asset, send it only to its own deposit address, on its own network only: [deposit address and network for each asset]. ETH goes on Ethereum mainnet only, and BNB on BNB Smart Chain (BEP-20) only. XRP must carry the destination tag: [destination tag]. Sending on the wrong network can lose the asset, and we are not liable for assets sent to the wrong address or network.

Collateral counts once it has the confirmations, or the finality, its network requires. The confirmations for each network are stated in your Advance Confirmation.

The addresses we may pay and return assets to, all in your name: [whitelisted USDT or USDC address] and [whitelisted return address for each asset].

When your collateral has arrived, you can submit a proposed Advance Confirmation. We may accept, vary or decline it.

Hello [name],

We have agreed the proposed Advance Confirmation you submitted, [with the changes marked], and it is ready for both sides to sign. Please read it and the risk disclosure first. We pay nothing until both sides have signed. Illustrative figures follow.

Bitcoin price at each level (example in bitcoin): Warning USD 69,750, Top-up USD 65,391, Partial sale USD 61,544, Full close USD 58,125.

If the price of your collateral falls before we pay, so that the advance would be more than 60% of the collateral value, we may reduce the advance or wait until you add more collateral.

Hello [name],

We have sent USDT 95,375 to [whitelisted address] on [network]. That is your advance of USDT 100,000 less the upfront half of the fee, USDT 4,625. Transaction: [transaction reference].

At maturity, on [maturity date], you owe USDT 104,625: the advance plus the maturity half of the fee, USDT 4,625.

Your starting LTV is 52.3%. We monitor your LTV continuously, including outside business days. Watching it is also your responsibility, and a notice may not reach you in time. At 75% we make reasonable efforts to tell you.

Hello [name],

Your LTV is 75.0% at a reference price of USD 69,750. You owe USDT 104,625. We make reasonable efforts to tell you at this level. No action is required at this level, but you still owe the full amount.

If the price falls to USD 65,391 (80% LTV), we send a Top-Up Notice and you have 24 hours to act. If it falls to USD 61,544 (85% LTV), we may sell part of your collateral without further notice.

The price can move quickly, so we may not be able to warn you first. To lower your LTV now, add collateral to your vault or repay part of the advance.

Hello [name],

Your LTV is 80.0% at a reference price of USD 65,391, with your collateral worth USD 130,781. To bring it below 75%, do one of these:

• add at least 0.1334 BTC to your vault; or
• repay at least USD 6,540.

You have 24 hours from the time this notice was sent, until [deadline]. Added collateral counts only once it has the confirmations or finality its network requires. A repayment counts when we receive it in cleared funds.

If your LTV reaches 85% at any point, including before the deadline, we may sell part of your collateral without further notice. At USD 61,544 about 0.80 BTC could be sold, if the sale is made at that price and before costs. We decide how much to sell, acting in a commercially reasonable manner. In a fast fall, more may be sold.

Hello [name],

On [date and time] we sold about 0.80 BTC from your vault, at the prices shown, because your LTV reached 85%. Illustrative figures follow.

Proceeds go first to the costs of sale, then to any unpaid fee, then to the advance. These figures leave out the costs.

Hello [name],

This is a reminder. We are not obliged to send one, and the maturity date in your Advance Confirmation is what counts. Your advance is due on [maturity date]. You owe USDT 104,625: the advance of USDT 100,000 plus the maturity half of the fee, USDT 4,625.

Pay in USDT on [network], as set out in your Advance Confirmation. We release your collateral within one business day of receiving everything you owe on all your advances in cleared funds, less network fees. We may delay a release if the law requires it.

To extend, agree a new Advance Confirmation, with a new fee, and sign it before [maturity date]. Nothing renews automatically. If the advance is not repaid at maturity, we may apply your collateral. No amount is added for late payment.

Hello [name],

We have received USDT 104,625 in cleared funds. Advance [reference] is repaid in full.

We have released 2.0000 BTC, less the network fee, to [whitelisted address] on the Bitcoin network (example in bitcoin). Transaction: [transaction reference]. Network fee, at actual cost: [amount]