Terms and Conditions for Conventional Loan Borrowers

Terms and Conditions for Conventional Loan Borrowers


 

The following terms and conditions (Borrower Terms) explain:

  • how the Beehive online lending platform (Beehive) works;
  • how to become a borrower on Beehive; and
  • how you may use the website www.beehiveasia.co.th (Site).

If you elect to become a borrower on Beehive, you must comply with these Borrower Terms. These Borrower Terms should be read alongside, and shall apply in addition to, our Terms of Use and our Loan Conditions (accessible at www.beehiveasia.co.th/home/terms) and our Privacy Policy (accessible at www.beehiveasia.co.th/home/privacy) which are incorporated in these Borrower Terms by reference. You should read each of these documents carefully to ensure you understand and agree to be bound by them.

These Borrower Terms create legal obligations with which you will be bound to comply.  Please read them carefully. We also recommend that you print a copy of these Borrower Terms for your future reference. By using the Site and the lending services secured via Beehive, you confirm that you have read, understood and agree to be bound by these Borrower Terms, the Terms of Use, the Loan Conditions and the Privacy Policy (each as amended from time to time).

Where you are acting as an appointed representative of a partnership, company or other business you confirm that you have the authority to enter into these Borrower Terms on behalf of the partnership, company or business you represent and that your partnership, company or business agree to be bound by these Borrower Terms. If you do not agree to these Borrower Terms, you will not be able to become a borrower or to secure a loan on Beehive.

References in these Borrower Terms to weus and our means Beehive Asia Co. Ltd, a company incorporated in Thailand. References to you and your mean you, as a user of the Site, and the services provided via Beehive, whether as an individual on your own behalf or on behalf of the entity you represent, provided in each case that the borrower criteria set out below are satisfied.

Each loan agreement entered into between an investor and a borrower is deemed to include our standard Loan Conditions (the Loan Contract) and will set out, among other things, the details of the loan secured, a repayment schedule and the names and passport numbers of the relevant individual investors.  The Loan Contract is a separate binding legal agreement directly between you and your investor(s) and your relationship with your investor(s) shall be governed exclusively by the relevant Loan Contract. For the avoidance of doubt, we will not be a party to your Loan Contract.

You will be invited to accept the Loan Conditions during your registration to use Beehive and agree to be bound by the same, in your capacity as a borrower, in all of your lending transactions entered into on Beehive.

If you enter into a Loan Contract as an appointed representative of a partnership, company, or other business you will be required to warrant that you are duly authorised to act on its behalf.  Breach of this requirement may result in legal action being taken against you personally.

We may allow authorised agents, such as brokers, to make a loan application on behalf of a third party that will be the principal Borrower provided that the authorised agent or broker is able to evidence its authority to act for the principal Borrower. If you are an authorised agent and you make a loan application on behalf of a principal Borrower, provided the required documents are provided, we will be entitled to treat the loan application as having been made with the principal Borrower’s full authority. These Borrower Terms shall apply equally to borrowers who choose to make loan applications through authorised agents.

1. How to Become a Borrower

(A) Minimum Eligibility Criteria

1.1 To become a borrower on Beehive you must meet the following minimum eligibility criteria:

  1. you must be a business (which includes a company or a partnership);
  2. your business must have a current valid company or partnership registration document issued by the appropriate licensing authority;
  3. you must have a valid Thailand bank account with a valid IBAN/SWIFT and account number to facilitate repayment of any loan you secure via Beehive and must be able to provide security cheque(s) for each instalment and a cheque for the full amount of any loans secured;
  4. you must have a permanent place of business;
  5. your business must have been actively trading (not dormant) for a continuous  period of at least two (2) years;
  6. your business, its directors or partners (as applicable) must meet the minimum credit and fraud risk criteria determined by us (and we may obtain a credit report from a recognised agency to make such determination);
  7. your business must not be a party to any ongoing legal proceedings or police investigations; and
  8. you must submit details of your business for publication on the Site, some of which we will disclose to potential investors (see clause 2.1 below for further details on the information we will disclose).

1.2 The minimum eligibility criteria listed above are not exhaustive and we reserve the right in our sole discretion to reject any application to become a borrower on Beehive where we deem appropriate.  All decisions made by us shall be final.

1.3 We regret that public bodies, charities and trusts are not eligible to become borrowers on Beehive.

(B) The Approval Process

1.4 We use our own internal guidelines and policies when assessing borrower applications. As part of the registration process we will carry out “know your business” procedures to authenticate your identity, the identity of your business, as well as the identity of certain key individuals associated with the business and people authorised to act on its behalf. We will do this by conducting searches using publicly available information and by contacting third parties, including credit reference agencies. We may require you to send us notarised copies of certain documents as part of this process, including passports and other identification documents, current and past bank statements for a specified period, powers of attorney and any other documentation we may require in order for Beehive to be able to carry out, and be satisfied that it has complied with, all necessary “know your business” or other similar checks under all applicable laws and regulations. If you do not provide all of the documentation requested by us, you will not be able to become a borrower on Beehive.

1.5 Directors and/or shareholders, partners, and members (as applicable) of the business which wishes to borrow funds may be required to give a personal guarantee, as well as any other security that we deem appropriate, before a request for funding (RFF) is posted on the Site.  We also reserve the right to request personal guarantees from directors or shareholders of your business, to support any RFF before it is posted on the Site.

1.6 You will be required to specify the sum of money you wish to borrow through Beehive when you register to become a borrower.

1.7 Once you have provided all of the requested information to us we will review it and confirm to you by email whether or not your application to become a borrower has been successful. This decision process is likely to take between seven (7) and fourteen (14) days but in most cases should be quicker. The decision process may take longer if unforeseen complications arise or if we find that the information you have provided is incomplete.

1.8 If your application is successful you will be notified by email and will be allocated a unique reference number (URN). This communication signifies that you are registered on Beehive as a borrower and are eligible to apply for a loan. You must use your URN for all your transactions and communications on Beehive.

1.9 We will have no liability to you if your application to become a borrower is ultimately unsuccessful and will in no circumstances be liable to provide you with further details as to why your application has failed.

1.10 You warrant, represent and undertake to Beehive that all information provided to us, including in the course of the borrower registration and loan application process will be complete, true and accurate in all respects. You acknowledge that fraud and fraudulent misrepresentation are crimes under the Criminal Code of Thailand and may be punishable by a fine and / or a custodial sentence.

1.11 It is your responsibility to ensure that the information we hold on record for you is up to date. You agree to inform us as soon as reasonably possible if any of the information you provide to us changes at any time.

2. The Borrowing Process

2.1 Once we have accepted your application to borrow funds, you will receive an email confirmation from us and an RFF page will be displayed on the Site via the Beehive marketplace (Marketplace). The RFF page will invite investors on Beehive to fund your loan. The RFF page will be visible to potential investors who will be able to decide whether or not to loan you part of the funds requested based on the information available in an auction.

2.2 You can decide to remain anonymous on the RFF page but we must provide information about your credit risk and some other information provided in your borrower application as a minimum to potential investors. If this information is not made available your RFF may not be approved or may ultimately be unsuccessful.  The key contract terms which we will provide to you and which forms part of the Loan Contract will specify the full legal name of your business as well as any company registration or commercial licence details. Please see our privacy policy for more information on which details are provided to investors and those which are withheld. We reserve the right to amend details you provide on your RFF page (except information identifying you) where we deem appropriate at our sole discretion.

2.3 The information on the RFF page can be edited by you at any time before the auction begins. Once the auction has started you will not be able to amend the RFF page until the auction period expires, or if you accept a loan, you will not be able to amend the RFF page until such time as the entire loan has been repaid in full. You may, however, select to cancel your RFF prior to the expiry of the auction period.

2.4 Once your RFF page is posted, the auction process will begin immediately and prospective investors will be invited to start bidding to loan your business parts of the loan amount you have requested. The auction process will automatically calculate the interest rate applicable for each part of the loan. The rate of interest will be calculated in accordance with a number of predetermined factors including the number of bids received to fund your RFF. As the number of bids made to fund your loan increases the interest rate applicable will change. The interest rate ultimately applied will only be fixed once the auction period expires, or if earlier, at the time you accept the loan offered. Beehive also reserves the right to adjust the interest rate mechanism such that fixed rates are posted for all RFF’s subject to risk bands assigned to the business through the Beehive credit assessment process.

3. Our Role

3.1 Our principal role is to act as a conduit to bring you together with prospective investors, to provide a stream-lined process for entering into Loan Contracts and to co-ordinate and facilitate the payment and collection of sums due under or in connection with those loans (including certain limited actions if you default, as set out in these Borrower Terms), in some cases, in coordination with our duly licensed third parties.

3.2 We shall issue your RFF with a risk band classification at the time your RFF is processed. The risk band classification allocated shall be based on information included in your application and the results of credit reports obtained from credit reference agencies. We are not obliged to check or edit the information submitted or uploaded to your RFF page and shall have no liability to you in this regard or in respect of the risk band classification you are allocated, or for the ultimate success (or lack thereof), of your RFF. It is your sole responsibility to ensure that the information submitted to us is complete, accurate and not misleading in any way.

3.3 The provision of a risk band classification is intended to be indicative only and an investor will be liable to form their own opinion regarding the creditworthiness of you as a borrower and undertake their own research, analysis and assessment of each borrower for each loan, and where appropriate, may seek their own independent financial advice.

3.4 We accept no responsibility and disclaim all liability for any information about you made available to prospective investors through Beehive. We may from time to time, but accept no obligation to, update or amend your information on your RFF (including between when an RFF is first made available on the Site and during the term of any subsequent Loan Contract).

3.5 You will have five (5) days from the date on which the auction period expires to accept or reject the aggregated loan request offer (Loan Offer). If you do not accept the Loan Offer within this period your Loan Offer will lapse at the end of the fifth day, any funds bid will be released to investors and your RFF will be removed from the Site.

3.6 There is no obligation on you to accept bids made on your RFF. Where you reject a Loan Offer or where you allow a Loan Offer to lapse no Loan Contract will be formed. Once a Loan Offer has lapsed or been rejected by you, you will be unable to recall it and may be unable to secure a Loan Offer on the same or similar terms.

3.7 If your RFF has not been fully funded within a period of fourteen (14) days beginning on the start date of the auction process we reserve the right to remove your RFF from the Site.

4. Loan Contract

4.1 Once your RFF is fully funded you will be invited to electronically accept or reject the Loan Offer. Once you have accepted a Loan Offer it cannot be cancelled or amended by you for any reason. If you accept the Loan Offer you are agreeing to enter into a Loan Contract with each and every investor for each individual part of a Loan (Loan Part).

4.2 As a condition precedent of the Loan Contract, you must provide signed and dated cheques from a recognised Thailand bank for the loan secured; one undated cheque for the full amount of the loan secured, and separate cheques for each instalment of the loan which will be payable in accordance with the key contract terms dated on the dates that each payment will fall due. If we have requested you to provide, during the RFF evaluation process, personal guarantees from directors or shareholders of your business, such guarantees must also be provided in a form acceptable to us, as a further condition precedent of the Loan Contract. No interest will accrue on your loan until the Loan Contract is formed.

4.3 If, at any time during the term of a Loan Contract, the authorised signatory who signed the cheques provided in accordance with clause 4.2 above, is no longer authorised to bind you for any reason whatsoever, you agree to provide replacement cheques signed by a duly authorised signatory within three (3) working days of any such change to the authority becoming effective.

4.4 The Loan Contract will incorporate the key contract terms, which set out the specific details of the loan you have accepted, and shall be deemed to incorporate the Loan Conditions.  No Loan Contract shall be formed until the condition precedent (referred to above in clause 4.2) has been fulfilled and you have provided to us an original signed Loan Contract.  Once satisfied you will receive confirmation in the “My Account’ section of Beehive that the Loan Contract has been formed.

4.5 You will have three (3) working days from the day you accept the Loan Offer to deliver the cheques to Beehive at our office address (please see the ‘About Us’ section of these Borrower Terms for details). Delivery of the cheques within the specified timescales is your sole responsibility. If you do not satisfy this requirement within the time specified in your Loan Offer, the condition precedent will not be satisfied and the Loan Contract will not be formed, any funds bid will be released to investors and your RFF will be removed from the Site.

4.6 In all Loan Contracts and Loan Part transfer documentation we will identify your business, and its registration and contact details and each investor for a Loan Part will also be separately identified and their name and passport number (if they are investing in a personal capacity) or their company name and registration details will be disclosed to you. Any notices and communications between borrowers and any investors should be sent to us.  You acknowledge and agree that in order for binding legal obligations to be created between borrowers and investors pursuant to a Loan Contract or Transfer Certificates, we must disclose the identity of your business and its registration and contact details to your investors, and you hereby consent to such disclosure for this purpose.

5. Credit of Loan Amount

Any loan you secure via Beehive shall be registered against your individual Beehive account (Beehive Account) on our automated system. Once the Loan Contract has been formed, we shall credit funds from the relevant investors’ accounts to the Thai bank account nominated by you. This process shall be managed by our licensed third party administrator.

6. Borrower Fees

6.1 We will apply a listing fee for each RFF of THB 7,500, which must be paid by you in advance prior to any RFF page being displayed on the Site. The listing fee covers the costs of external credit reports and our administration costs associated with reviewing and listing your RFF on the Site. In the event that the listing fee is not paid, your RFF will not be listed.  The fee shall be net of any applicable taxes and may be paid by cheque or bank transfer or by such other method as may be notified by us from time to time on the Site.

6.2 If you accept a Loan Offer, we will charge you additional fees as compensation for the administrative services we perform. The fee charged shall be as per the prevailing fee schedule published on the Site. We will deduct the arrangement fee from the loan amount before it is transferred to you so you will receive the amount borrowed less the arrangement fee.

6.3 We reserve the right to waive, reduce or increase the applicable fees from time to time. Any such changes shall be notified to you on the Site.

6.4 You acknowledge that all fees payable to us are to compensate us for our and our third party service providers’, roles in administrating and for facilitating your RFFs and loans.

7. Repaying the Loan

7.1 The frequency and schedule for repayment of your loan will be set out in the key contract terms in the relevant Loan Contract. The scheduled repayments payable by you can be viewed on your dashboard on the Site.

7.2 Once you have paid the first three installments, you may repay the entire loan early, at no extra cost, provided you pay in full the interest due until the end of the month in which the loan is repaid in full as well as the principal amount outstanding.

8. Our Appointment as Collection Agent

8.1 By accepting these Borrower Terms you acknowledge that we are appointed as a collection agent on behalf of each of the investors who have funded your loan and shall be entitled to pursue you (directly or indirectly) for collection of monies due and owing in the event of a default in payment of any Loan Parts you have borrowed.

8.2 You acknowledge and agree that we will in turn appoint a registered and appropriately licenced recovery or debt collection agent. You also acknowledge and agree that we shall have the right to take all and any reasonable action to protect our, or the investors’, rights as available in any relevant jurisdiction which may include:

  • registration of liens, charges and rights as available; and
  • any other action as available from time to time in accordance with the applicable laws.

9. Default

9.1 If at any time you believe that any cheques given by you to us in accordance with clause 4.2 will not be able to be satisfied in cleared and available funds, when presented by us after the dates written on those cheques, please contact us immediately. If a cheque is returned (either due to lack of funds or for technical reasons) we (ourselves or through an agent acting on our behalf) will contact you, either by telephone or by visiting your premises within twenty four (24) hours of notification of non payment and ask you to explain why and will attempt to recollect the payment the next working day after the payment was due. You will be charged a default fee of THB 5,000 on the date of notification.  If our reattempt to collect the funds fails three (3) working days after the date payment was originally due, your account will be treated as an overdue account. You may become liable to pay further fees in the event that we reattempt to collect the funds and we may refer the default payment to a debt collections agency (the Collections Agency), who will attempt to collect the money on the investors’ behalf.

9.2 If any cheques are returned to us (either due to lack of funds or for technical reasons) or if you are otherwise in default under the Loan Contract we will issue you with a written default notice, either via recorded delivery or registered post, or shall issue you a termination notice advising you that we intend to seek recovery of the total loan amount outstanding.

9.3 In the event you fail to respond to requests for payment, or an unreasonable time has elapsed following notification to you that you are in default, a written legal notice will be issued, either via recorded delivery or registered post, and the security cheque held for the full amount of the loan secured will be banked. We reserve the right to file a criminal case with the Police at any point that we deem necessary to protect the interests of the investors.

9.4 If the Collections Agency is unable to collect the debt, we reserve the right to assign the debt, on behalf of the investors, to a third party who may seek recovery of the outstanding amounts through the courts. If such further action is necessary, it is likely that significant costs will be incurred which will be passed on to you as the defaulting borrower. You agree to indemnify us fully for our costs, expenses, loses and for damages incurred by us in connection with or arising out of your failure to comply with these Borrower Terms.

9.5 At any time, an investor may decide to enforce its rights under the Loan Contract directly against you and you hereby consent to us providing any of your investors with your relevant contact details for this purpose.

10. Exclusion of Liability

10.1.1 Membership of Beehive does not in any way constitute an obligation by us to procure funding for you or constitute a warranty by us that funding will be made available.

10.1.2 If any personal guarantee is provided in respect of your obligations as a borrower you personally warrant, and warrant on behalf of all, directors, shareholders and members of your business (as applicable) that there has been no undue influence or inducement of the guarantor to provide such guarantee.

10.1.3 If you are a borrower on Beehive, you generally cannot also be an investor while you have loans outstanding. An exception would be where you are lending in your own individual capacity but you happen to be a director, owner or representative of a business borrowing money. We retain the right to grant specific exceptions to this rule but shall in no circumstances be obliged to do so.

10.1.4 You shall not be entitled to terminate these Borrower Terms until all outstanding loans have been repaid in full and cleared funds and all fees, costs and expenses otherwise due under these Borrower Terms have been paid in full and cleared funds. On termination, we will credit your bank account (as notified to us) with any funds we hold for you or send a cheque to the address last provided by you.

11. Indemnity

You shall defend, indemnify, and hold us harmless, as well as our subsidiaries, affiliates, officers, directors, agents, employees, representatives, successors and assigns (collectively the Beehive Indemnified Parties), without limit, from and against any and all actions, claims, suits, demands, judgments, losses, costs, expenses, and/or damages, including attorney’s fees, for or arising out of any breach by you of these Terms or any Loan Contract.  The provisions contained in this clause shall survive the termination or expiry of these Borrower Terms.

 

 

12. General Terms

12.1 The information provided on the Site is directed solely at and is for use solely by persons and organisations that meet the criteria set out in clause 1 above and the equivalent criteria set out in the Investor Terms. This Site is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to applicable law or regulation.  Beehive is offered to you from, and these Terms are entered into in, the United Arab Emirates.

12.2 We may perform any of our obligations, and exercise any of the rights granted to us under these Terms, through a third party. We may assign any or all of our rights and obligations under these Terms to any third party.

12.3 If any clause or part of any clause of these Terms is found to be void, unenforceable or invalid, then it will be severed from these Terms, leaving the remainder in full force and effect, provided that the severance has not altered the basic nature of these Borrower Terms.

12.4 No single or partial exercise, or failure or delay in exercising any right, power or remedy by us shall constitute a waiver by us of, or impair or preclude any further exercise of, that or any right, power or remedy arising under these Borrower Terms or otherwise.

12.5 All disclaimers, indemnities and exclusions in these Borrower Terms shall survive termination or expiry of the Borrower Terms.

12.6 These Borrower Terms and the documents referred to in them set out the entire agreement between you and us with respect to your use of Beehive and the services provided via the Site and supersede any and all prior or contemporaneous representations, communications or agreements (written or oral) made between you or us. These Borrower Terms may be amended by us from time to time, by us providing electronic notification to you of any such amended Terms on the Site.

12.7 These Borrower Terms together with the documents referred to in them, and any non-contractual obligations arising out of or in connection with them, shall be governed by the laws of Thailand. You irrevocably submit to the exclusive jurisdiction of the Courts of Thailand over any claim or matter arising under or in connection with these Borrower Terms and we submit to the non-exclusive jurisdiction of the Courts of Thailand in connection with the same.

13. About us

13.1 Beehive is a company incorporated in Thailand, and whose registered office and principal place of business is at Interchange 21 Building, No. 2509, 25th floor, 399 Sukhumvit Road, Wattana Sub-district, Wattana District, Bangkok (Beehive).

14. Contacting us

Should you have any questions about these Borrower Terms, or wish to contact us for any reason whatsoever, please contact us on team@beehiveasia.co.th.