Tokens Terms and Conditions
Last Updated: November 2021
PLEASE CAREFULLY READ THESE TERMS AND CONDITIONS BEFORE MAKING ANY DECISION TO PURCHASE TOKENS FROM THE COMPANY OR ANY OTHER PERSON AND ACCEPTING THEM AS THEY AFFECT YOUR OBLIGATIONS AND LEGAL RIGHTS, INCLUDING, BUT NOT LIMITED TO, WAIVERS OF RIGHTS AND LIMITATIONS OF LIABILITY. IF YOU DO NOT AGREE WITH THESE TERMS AND CONDITIONS OR IF YOU ARE A PROHIBITED PERSON THEN YOU ARE NOT PERMITTED TO PURCHASE THE TOKENS FROM THE COMPANY OR ANY OTHER PERSON.
BY PURCHASING TOKENS FROM THE COMPANY OR ANY OTHER PERSON YOU ACKNOWLEDGE THAT YOU HAVE FULLY READ, UNDERSTAND AND IRREVOCABLY ACCEPT AND AGREE TO BE BOUND BY THESE TERMS AND CONDITIONS. YOU MUST ALSO MONITOR THE WEBSITE FOR ANY ANNOUNCEMENTS FROM THE COMPANY AS THEY MAY ADD TO, OR CHANGE, THESE TERMS AND CONDITIONS FROM TIME TO TIME. PLEASE SEE CLAUSE 4 FOR FURTHER INFORMATION.
TOKENS DO NOT REPRESENT OR CONFER ANY OWNERSHIP RIGHT OR STAKE, SHARE, OR EQUIVALENT RIGHTS, OR ANY RIGHT TO RECEIVE INTELLECTUAL PROPERTY RIGHTS IN OR RELATING TO ANY PLATFORMS, THE COMPANY OR ANY AFFILIATE OF THE COMPANY. THE TOKENS ARE NOT INTENDED TO BE OR TO REPRESENT A STOCK, A LOAN CONTRACT, A COMMODITY, A CURRENCY, A SHARE, AN INSTRUMENT CREATING OR ACKNOWLEDGING INDEBTEDNESS, AN INSTRUMENT GIVING ENTITLEMENTS TO SECURITIES, A CERTIFICATE REPRESENTING CERTAIN SECURITIES, AN OPTION, A FUTURE OR A CONTRACT FOR DIFFERENCE IN THE CAYMAN ISLANDS OR IN ANY PERMITTED JURISDICTIONS.
Accompanying Documents – documents or other materials issued by any member of the TRVL Group in connection with the Tokens from time to time.
Affiliates – with respect to any specified Person, any director, officer, partner, member, agent, advisor or employee of such Person and any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person, and for purposes of this definition “control” (including, with correlative meanings, the terms, “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of this management or policies of such Person, whether through the ownership of voting securities, by contract or otherwise.
Applicable Law – means the applicable laws, acts, statutes, ordinances, rules, regulations, judgments, injunctions, orders, treaties, sanctions, administrative acts and decrees of any relevant jurisdiction.
Blockchain – a type of distributed ledger, comprised of immutable, digitally recorded, data in packages called blocks.
Business Day – a day (other than a Saturday or Sunday or public holiday) on which commercial banks are open for ordinary business in the Cayman Islands.
Company – TRVL Holdings, a Cayman Islands exempted company with limited liability and having its registered office situated c/o International Corporation Services Ltd., PO Box 472, Harbour Place 2nd Floor, 103 South Church Street, Grand Cayman KY1-1106, Cayman Islands, which is the entity initiating the Token Sale and offering the Tokens for purchase in accordance with these T&Cs.
Governmental Authority – means any nation or government, any state or other political subdivision thereof, any entity exercising legislative, judicial or administrative functions of or pertaining to government, including, without limitation, any government authority, agency, department, board, commission or instrumentality, and any court, tribunal or arbitrator(s) of competent jurisdiction, and any self-regulatory organization.
Parties – the Company and You.
Permitted Jurisdiction – a jurisdiction that is not a Prohibited Jurisdiction.
Person – an individual or legal entity or person, including, without limitation, a Governmental Authority or an agency or instrumentality thereof.
Platforms – means any platforms which are owned, maintained and operated by any party and provides utilisation of the Token or as detailed further in the Accompanying Documents.
Prohibited Jurisdiction – any jurisdiction identified in Schedule 1.
Prohibited Person – any such Person, as determined by the Company in its sole and absolute discretion, that is:
a Person unable to pass the Company’s know-your-client requirements as may be determined by the Company from time to time in its sole and absolute discretion;
a U.S. Person;
a member of the public in the Cayman Islands;
a citizen or resident of or located in, or a legal entity formed or incorporated within or subject to the Laws of, a Prohibited Jurisdiction (irrespective of whether use of a virtual private network or other technical workaround to effect such transaction and avoid detection within a Prohibited Jurisdiction);
an individual or an individual employed by or associated with a legal entity or a legal entity identified on the United States Department of Commerce’s denied persons or entity list, the United States Department of Treasury’s specially designated nationals or blocked persons lists, the United States Department of State’s debarred parties list, the consolidated sanctions list maintained by the United States Department of Treasury’s Office of Foreign Assets Control any United Nations Security Council sanctions lists or any other sanctions list;
a Person identified as a terrorist organization on any other relevant lists maintained by any Governmental Authority;
a Person acting, directly or indirectly, in contravention of any Applicable Law;
a Person in any manner limited or prohibited (or that requires licensing, registration or approval of any kind) from the purchasing, possessing, transferring, using or otherwise conducting a transaction involving any amount of Tokens under Applicable Law;
a Person that has been involved at any time in any type of activity associated with money laundering or terrorist financing or any other applicable anti-corruption or anti bribery statute or has been subject to any investigation or sanction by, or a request for information from, any Governmental Authority relating to money laundering, terrorist financing, corruption or bribery in any jurisdiction or under any Applicable Law; or
a Person that is, unless otherwise disclosed in writing to the Company prior to Your taking part in the Token Sale or acquiring Tokens from any third party, a politically exposed person (“PEP”) as defined by the Financial Action Task Force (or such similar Person under any Applicable Law) as an individual who is or has been entrusted with a prominent public function or an immediate family member or close associate of a PEP or any corporation, business or other entity that has been formed by, or for the benefit of, a PEP or any immediate family member or close associate of a PEP.
T&Cs – these terms and conditions, including all Accompanying Documents, and any other rules, policies or procedures that may be issued by any member of the TRVL Group and published from time to time on the Website, as amended from time to time in accordance with the provisions herein.
Token – means the Company’s cryptographic tokens, known as $TRVL, as described further in the Accompanying Documents. The Company shall mint no more than 1,000,000,000 Tokens.
Token Sale – the offering of Tokens by the Company to Persons that are not Prohibited Persons.
TRVL Group – the Company and each of its Affiliates.
U.S. Person – a U.S. Person as defined in Rule 902 under the United States Securities Act of 1933 or a U.S. person within the meaning Section 7701(a)(30) of the United States Internal Revenue Code.
You, Your or Yourself – any Person who from time to time (i) proposes to acquire Tokens from the Company or any third party; or (ii) holds Tokens.
Relevant Website/s – Any website where the Token is available to be purchased or earned (including but not limited to exchange Platforms or utility Platforms).
These T&Cs constitute a legally binding obligation on You effective upon the earlier to occur of the date and time: (i) You click the check box on the Relevant Website to indicate that You have read, understand and agree to these T&Cs; (ii) the Company or any Affiliate of the Company receives payment for the Tokens from You; or (iii) You receive any Tokens from the Company, any Affiliate of the Company or from any third party.
These T&Cs define the rights and obligations of the Parties in relation to the Tokens and Your purchase and use of the Tokens.
You must carefully read and agree to comply with these T&Cs before purchasing and/or using the Tokens and/or using the Platforms.
By purchasing Tokens and/or using the Platforms, You are confirming to each member of the T&C Group that You have fully read, understand and irrevocably accept these T&Cs. If You do not agree with these T&Cs in general or any part of them or have not checked the requisite boxes – after registration fields are completed – acknowledging Your review and acceptance of these T&Cs, You are not permitted to use the Platforms or purchase Tokens from the Company, any Affiliate of the Company or from any third party.
For the avoidance of doubt, any acceptance of Your offer to purchase Tokens from the Company or any Affiliate of the Company is conditional upon the Company’s satisfaction that You have passed all the Company’s relevant anti-money laundering, know your client and other checks relating to Your qualifications to purchase Tokens. In the event that Your offer is rejected the Company or any Affiliate of the Company, the cryptocurrencies submitted will be returned to You in the original fiat currency or cryptocurrency in which they were received.
You do hereby acknowledge and agree that (i) the Platforms may not be owned, operated or controlled by the Company; (ii) it is possible that the Platforms will not be used by a large number of businesses, individuals, and other organizations and (ii) there will be limited public interest in the Platforms and that such lack of interest could negatively impact the Tokens and the Platforms.
TOKENS ARE ONLY INTENDED FOR THOSE PERSONS WHO ARE KNOWLEDGEABLE AND EXPERIENCED IN CRYPTOCURRENCIES, BLOCKCHAIN AND RELATED TECHNOLOGIES AND PROTOCOLS. BY PURCHASING, HOLDING, OR USING TOKENS, YOU ACKNOWLEDGE THAT TRANSACTIONS USING CRYPTOCURRENCIES (INCLUDING CRYPTOGRAPHIC TOKENS) ARE INHERENTLY UNSTABLE AND YOU AGREE TO ACCEPT THAT RISK, AND AGREE THAT THE COMPANY AND EACH OF ITS AFFILIATES IS NOT LIABLE FOR ANY LOSS THAT YOU MAY SUFFER OR INCUR, AND FURTHER ACKNOWLEDGE, ACCEPT AND ASSUME ALL RISKS ASSOCIATED WITH THE TOKENS AND THE PLATFORMS INCLUDING, WITHOUT LIMITATION, THOSE IDENTIFIED IN CLAUSE 6 OF THESE T&Cs AND IN THE ACCOMPANYING DOCUMENTS.
TOKENS ARE INTENDED TO BE MARKETED, OFFERED AND SOLD ONLY TO PERSONS THAT ARE NOT PROHIBITED PERSONS.
THE MARKETING, OFFERING AND SALE OF TOKENS BY THE COMPANY IS EXPRESSLY BEING MADE IN THE PERMITTED JURISDICTIONS ON THE BASIS THAT THE TOKENS DO NOT REQUIRE THAT A PROSPECTUS BE PREPARED OR THAT OTHER DISCLOSURE REQUIREMENTS BE MET OR WHERE OTHER INVESTOR SAFEGUARDS OR REGULATORY DOCUMENTS OR LICENSING IS REQUIRED IN CONNECTION WITH THE MARKETING, OFFERING AND SALE OF THE TOKENS BY THE COMPANY IN THE PERMITTED JURISDICTIONS. AS AT THE DATE HEREOF THE COMPANY IS NOT LICENSED, REGISTERED OR OTHERWISE REGULATED IN THE CAYMAN ISLANDS OR IN THE PERMITTED JURISDICTIONS IN RELATION TO THE ISSUANCE, OFFERING AND SALE OF TOKENS BY THE COMPANY.
OTHER THAN TO THE EXTENT SET OUT IN THE ACCOMPANYING DOCUMENTS, THE TOKENS ARE NOT INTENDED TO BE OR TO REPRESENT A STOCK, A LOAN CONTRACT, A COMMODITY, A CURRENCY, A SHARE, AN INSTRUMENT CREATING OR ACKNOWLEDGING INDEBTEDNESS, AN INSTRUMENT GIVING ENTITLEMENTS TO SECURITIES, A CERTIFICATE REPRESENTING CERTAIN SECURITIES, AN OPTION, A FUTURE OR A CONTRACT FOR DIFFERENCE IN THE CAYMAN ISLANDS OR IN ANY PERMITTED JURISDICTIONS. TOKENS ARE NOT INTENDED TO BE SECURITIES IN THE CAYMAN ISLANDS AND SHALL NOT IN ANY CASE BE CONSIDERED AS SUCH IN THE CAYMAN ISLANDS AND THE OFFER OF TOKENS HAS NOT BEEN REGISTERED WITH ANY GOVERNMENTAL AUTHORITY IN THE CAYMAN ISLANDS OR ANY PERMITTED JURISDICTIONS. YOU ACKNOWLEDGE AND AGREE THAT TOKENS DO NOT REPRESENT ANY STOCK, LOAN CONTRACT, COMMODITY, CURRENCY, SHARE, INSTRUMENT CREATING OR ACKNOWLEDGING INDEBTEDNESS, INSTRUMENT GIVING ENTITLEMENTS TO SECURITIES, CERTIFICATE REPRESENTING CERTAIN SECURITIES, OPTION, FUTURE OR CONTRACT FOR DIFFERENCE OR RIGHT TO RECEIVE INTELLECTUAL PROPERTY RIGHTS OF ANY MEMBER OF THE TRVL GROUP, OR ANY VOTING OR GOVERNANCE RIGHTS OR ANY OTHER RIGHT TO INFLUENCE THE DEVELOPMENT OR OPERATION OF THE COMPANY AND DO NOT REPRESENT ANY OWNERSHIP RIGHT OF OR IN THE COMPANY.
THE COMPANY RESERVES THE RIGHT TO CANCEL ANY TOKEN PURCHASE AT ANY TIME IN THE COMPANY’S SOLE AND ABSOLUTE DISCRETION AND WITHOUT PRIOR NOTICE AND WITHOUT ANY LIABILITY OR FURTHER OBLIGATION OF ANY KIND WHATSOEVER TO YOU OR ANY OTHER PARTY, IN THE EVENT THE COMPANY FINDS SUCH MEASURES REASONABLE AND/OR NECESSARY IN A PARTICULAR SITUATION, INCLUDING, BUT NOT LIMITED TO, CHANGE OF REGULATORY REQUIREMENTS, OR UPON SUSPICION OR DETECTION THAT YOU DO NOT PRIMARILY RESIDE OR ARE NOT DOMICILED IN A PERMITTED JURISDICTION OR ARE ENGAGED IN FRAUD OR OTHER ILLEGAL ACTIVITY.
CERTAIN JURISDICTIONS EXPRESSLY PROHIBIT OR RESTRICT THE OFFER, SALE AND/OR PURCHASE OF CRYPTOCURRENCIES AND/OR CRYPTOGRAPHIC TOKENS, WHILE OTHER JURISDICTIONS MAY REQUIRE THE COMPANY AND/OR THE TOKENS TO BE LICENSED, REGISTERED, AUTHORISED OR OTHERWISE REGULATED. THE TOKENS MAY BE DEEMED TO BE SECURITIES FOR PURPOSES OF SECURITIES LAWS IN VARIOUS JURISDICTIONS SUCH THAT THE OFFER OR SALE OF TOKENS BY THE COMPANY IN SUCH JURISDICTIONS MAY REQUIRE REGISTRATION OR OTHER STEPS TO BE TAKEN WITH THE RELEVANT REGULATORY AUTHORITIES IN THOSE JURIDICTIONS OR FOR AN EXEMPTION FROM SUCH REGISTRATION OR OTHER STEPS BEING REQUIREMENT. NO SUCH STEPS HAVE BEEN TAKEN BY THE COMPANY NOR HAS ANY SUCH RELEVANT EXEMPTION BEEN CONFIRMED. SOME OTHER JURISDICTIONS HAVE OR MAY HAVE BEEN EXCLUDED FROM THE TOKEN SALE FOR OTHER REASONS, AS DETERMINED BY THE COMPANY IN ITS SOLE AND ABSOLUTE DISCRETION. PERSONS (NATURAL OR LEGAL) WHO ARE A RESIDENT OR TAX RESIDENT, HAVE A DOMICILE IN OR OTHERWISE HAVE A RELEVANT CONNECTION WITH ANY PROHIBITED JURISDICTION ARE EXCLUDED FROM PARTICIPATING IN THE TOKEN SALE AND POSSESSING AND USING AN TOKEN. TOKENS MAY NOT BE MARKETED, OFFERED OR SOLD DIRECTLY OR INDIRECTLY TO ANY PROHIBITED PERSON AND NEITHER THESE T&CS NOR ANY ACCOMPANYING DOCUMENTS MAY BE SUPPLIED TO ANY PROHIBITED PERSON, OR USED IN CONNECTION WITH THE OFFER OR SALE OF TOKENS BY THE COMPANY TO ANY PROHIBITED PERSON. THE INFORMATION CONTAINED IN THESE T&CS AND/OR, ANY ACCOMPANYING DOCUMENTS WILL NOT CONSTITUTE AN OFFER TO SELL OR AN INVITATION, ADVERTISEMENT OR SOLICITATION OF AN OFFER TO BUY ANY TOKENS WITHIN A PROHIBITED JURISDICTION OR TO ANY PROHIBITED PERSON. FOR THE AVOIDANCE OF DOUBT, THE LIST OF PROHIBITED JURISDICTIONS MAY BE CHANGED FROM TIME TO TIME, IRRESPECTIVE OF THE AWARENESS OF THE COMPANY AND RELEVANT AMENDMENTS MAY BE MADE TO THESE T&CS. YOU ARE ONLY PERMITTED TO USE THE RELEVANT WEBSITES AND PLATFORMS AND PURCHASE TOKENS FROM THE COMPANY OR ANY THIRD PARTY IF YOU ARE NOT A PROHIBITED PERSON. TO THE EXTENT A PROHIBITED PERSON ATTEMPTS TO ENTER INTO THESE T&CS, PURCHASE TOKENS FROM THE COMPANY OR USE THE PLATFORMS, SUCH PURPORTED ACTIVITY IS VOID AND OF NO FORCE OR EFFECT.
Each prospective purchaser of Tokens (whether from the Company or any third party) must comply with Applicable Law in connection with its purchase, holding, use and/or sale of the Tokens, including the securities laws of such prospective purchaser’s jurisdiction of residence or citizenship. Tokens may not be re-offered, resold or transferred, except in a transaction that is compliant with Applicable Law. Any action that is in violation of these restriction shall be void ab initio and the Company reserves the right to void any Tokens transferred or proposed to be transferred in violation of these provisions. The Company specifically disclaims any losses in value or potential value experienced by any participant resulting from any such restrictions or actions identified hereunder.
These T&Cs are effective and binding on You, and the covenants, representations and warranties set out herein are repeated, each time You use the Tokens for any purpose or use or access the Platforms or use or access any software on or through the Platforms.
You shall not acquire or seek to acquire any Tokens or access or use, or seek to access or use, the Platforms if You are a Prohibited Person.
The Company may change, modify, amend, alter or supplement these T&Cs (each an “Amendment”) at any time in order to reflect (i) changes to Applicable Law that may be, or which may otherwise become, applicable to the Tokens, (ii) any developments that may otherwise reasonably be capable of materially adversely impacting the Tokens or their offering by the Company; or (iii) as the Company may in good faith deem advisable to protect the reputation of the Company or the effective operation of the Platforms.
Your continued use of the Tokens and/or the Platforms after any such Amendment shall constitute Your consent to such Amendment and acceptance of the amended T&Cs (including the Accompanying Documents). If the Company changes, amends, modifies, alters or supplements these T&Cs (including any of the Accompanying Documents), the Company shall publish on the Relevant Websites such amended version of these T&Cs and/or the Accompanying Documents reflecting such Amendment. The revised T&Cs will be effective from the date of posting on the Relevant Website or such other date as indicated in the amended T&Cs. You waive any right You may have to receive specific notice of such Amendment. If You do not agree to the T&Cs in effect when You access or use the Platforms, You must stop using the Platforms.
These T&Cs and the Platforms, and all content herein, therein or thereon, do not (i) constitute an offer or solicitation to sell shares, securities or any other regulated financial product in any jurisdiction in which such an offer or solicitation is prohibited; and (ii) constitute a sale of newly created virtual assets to the public for the purposes of the Virtual Asset (Service Providers) Act, 2020. None of the information or analyses presented herein, therein or thereon are intended to form the basis for any investment decision.
Subject to Applicable Laws, each member of the TRVL Group reserves the right, in their respective sole and absolute discretion, to refuse to deliver the Tokens You have purchased, and/or modify or to temporarily or permanently suspend or eliminate the Platforms (or any part thereof) and/or disable any access to the Platforms (including via use of the Tokens), including disabling or terminating access to Your account or that of any Person attempting access to the Platforms from Your internet protocol address (for example, where there is a change in Applicable Laws or where any member of the TRVL Group suspects that You are engaging in illegal activities in connection with Your use of the Platforms). In order to seek compliance with (or to seek to mitigate the impact of) any Applicable Law or any other laws, statutes, ordinances, rules, regulations, judgments, injunctions, orders, treaties, administrative acts or decrees of any nation or Governmental Authority, any state or other political subdivision thereof, any entity exercising legislative, judicial or administrative functions of or pertaining to government, including, without limitation, any Governmental Authority, agency, department, board, commission or instrumentality, and any court, tribunal or arbitrator(s) of competent jurisdiction, and any self-regulatory organization believed by any member of the TRVL Group to apply to or affect the TRVL Group, the Token Sale, the Platforms or the Tokens, any member of the TRVL Group may in their sole and absolute discretion take such steps as they consider necessary or convenient to comply with such matters (which may include, without limitation, the termination of any or all Tokens). This could include also, for example, requiring holders of Tokens from time to time to come forward to the Company and confirm their eligibility to hold such Tokens or the cancellation of Tokens and their replacement with equivalent (or different) rights and privileges comprised in another token or in registered form. In addition, the TRVL Group may take such steps as they consider necessary or convenient where they believe or suspect the Tokens may be used, trafficked or applied in the attempted furtherance of money laundering, terrorist financing, tax evasion or other unlawful activity or where the TRVL Group believes the Platforms are no longer viable.
In circumstances where (i) the Company or any Affiliate of the Company is seeking compliance with (or seeking to mitigate the impact of) any law, regulation, regulatory guidance or policy, governmental statement, decree, order or judicial decision of any jurisdiction, court or authority believed by the Company to apply to or affect the Company or any Affiliate of the Company, the business of the Company or any Affiliate of the Company or the Tokens, or (ii) the TRVL Group believes the Platforms are no longer viable, then the Company may in its sole and absolute discretion (iii) cancel all or any Tokens and terminate all obligations of the Company in respect of the Tokens, and/or (iv) amend or vary any obligation of the Company in respect of one or more Tokens.
You represent and warrant that:
You are not a Prohibited Person;
You have legal capacity in the jurisdiction where You are a resident and are able to agree and enter into these T&Cs voluntarily and meet all other eligibility and residency requirements, including:
You have full power, authority and capacity to comply with these T&Cs; and
You enter into these T&Cs based on Your own independent judgement and on advice from independent advisers (as applicable).
You are fully able and legally competent to access and use the Platforms as well as to enter into and comply with these T&Cs (including Clause 5.2 below);
You will not violate any Applicable Law or any other agreement to which You are a party by entering into these T&Cs or to comply with these T&Cs, including all conditions, obligations, affirmations, representations and warranties set forth herein;
You will not acquire and will not transfer any Tokens within the United States of America, its territories or possessions;
You will not engage (except as specifically authorized by the Company) and will not engage in any activity relating to the sale of Tokens in the United States of America, its territories or possessions or to any U.S. Person;
You will not acquire and will not transfer any Tokens within or engage (except as specifically authorized by the Company) in any activity relating to the sale, distribution or any other use of Tokens in any Prohibited Jurisdiction or with any Prohibited Person;
You will not transfer directly or indirectly any of Your Tokens to any Person unless the proposed transferee has made the same representations and warranties as set out herein;
You have all necessary and relevant experience and knowledge to interact or transact with cryptocurrencies, cryptographic tokens, the Platforms and Blockchain-based systems, have a full understanding of the relevant frameworks of the foregoing, and have obtained sufficient information about the TRVL Group, the Platforms and Tokens to enter these T&Cs, and in particular You have carefully and thoroughly read these T&Cs and the Accompanying Documents;
You are aware of all the merits, risks (including, without limitation, those set forth in Clause 6 below and in the Accompanying Documents) and any restrictions associated with cryptocurrencies, cryptographic tokens, Blockchain-based systems, and accept responsibility for evaluating purchasing or using the foregoing;
if You are purchasing Tokens on behalf of a corporation, Governmental Authority or other legal entity, You have the right, power and authority to enter into these T&Cs on behalf of such corporation, Governmental Authority or other legal entity and bind them to these T&Cs;
You are not: (A) identified on, or acting on behalf of any Person identified on, any list of Persons subject to trade or economic sanctions, including but not limited to the list of Specially Designated Nationals and Blocked Persons, or the Consolidated Sanctions List, maintained by the U.S. Treasury Department’s Office of Foreign Assets Control, (B) established in, resident in, or otherwise operating from countries or territories subject to U.S. economic sanctions, including any Prohibited Jurisdiction, and (C) otherwise subject to trade or economic sanctions;
You will not access or use the Platforms if any Applicable Laws prohibit You from doing so in accordance with these T&Cs;
You are not using and will not use the Platforms or Tokens for any illegal or unlawful activity, including, but not limited to, money laundering and the financing of terrorism;
You have not entered or agreed to enter into these T&Cs in reliance of any warranty or representation except those specifically set forth in these T&Cs and You acknowledge and agree that the TRVL Group does not make and expressly disclaims all representations and warranties, express, implied or statutory;
the funds You use to purchase Tokens are not the proceeds of any criminal, unlawful or illegal activity or money laundering or terrorist financing activity, each as interpreted in the broadest terms;
the Tokens You purchase will not be used to facilitate any criminal, unlawful or illegal activity or to perform any money laundering or terrorist financing activity, each as interpreted in the broadest terms or otherwise in contravention of any Applicable Laws;
You do not seek to purchase Tokens for any unlawful purpose, and in particular that:
You purchase the Tokens only for the purposes expressly set out and permitted by these T&Cs,
You purchase the Tokens without any expectation of profit, dividend, capital gain, financial yield or any other return, payment or income of any kind;
Your participation in connection with any initiatives with the Token Sale, such as bonuses (if these are implemented at the Company’s sole and absolute discretion), is lawful; and
all information given by You is true, complete, valid and not misleading in any respect.
You will implement reasonable and appropriate measures designed to secure access to: (A) any device associated with You and/or utilized in connection with Your purchase of Tokens, (B) private keys to Your wallet or account and (C) email address, account and Your username, password and any other login or identifying credentials;
You are entering into these T&Cs for Your own account and not as a trustee, nominee, representative or agent, and not with a view to, or for resale in connection with, the distribution thereof, and You have no present intention of selling, granting any participation in, or otherwise distributing the same; and
You will promptly notify the TRVL Group if You discover or otherwise suspect any security breaches or defects related to Your account, the Platforms or the Tokens.
You undertake and agree not to:
violate or assist any party in violating any Applicable Law or any other law, statute, ordinance, regulation or any rule of any Governmental Authority;
provide false, inaccurate, incomplete or misleading information to the TRVL Group;
take or attempt to take any action or claim ownership of any property that infringes or would infringe upon: (A) the TRVL Group’s intellectual property rights; or (B) any third party’s intellectual property rights;
distribute unsolicited or unauthorized advertising, promotional or marketing material or any junk mail, spam, or chain letters;
reverse engineer or disassemble any aspect of the Tokens or the Platforms for any purpose, including but not limited to, in an effort to access any source code, object code, underlying ideas and concepts, and algorithms;
take any action that imposes an unreasonable or disproportionately large burden or load on the TRVL Group’s infrastructure (including, but not limited to, servers, networks, data centres and related or like equipment), or detrimentally interfere with, intercept, or expropriate any system, data, or information of the TRVL Group;
transmit or upload any material to the Platforms that contains viruses, Trojan horses, worms, or any other harmful or deleterious programs;
attempt to gain unauthorized access to the Platforms, other systems of the TRVL Group, computer systems or networks connected to the Platforms, including through password mining or any other means; or
transfer any rights granted to You under these T&Cs.
You further represent and warrant that any funds You use to purchase Tokens whether in the Token Sale or otherwise are in each case Your property or You are duly authorized to possess and transact using such funds by the owner of such funds.
You acknowledge and agree that the Company enters into these T&Cs with You in reliance on the representations and warranties set out in this Clause 5.
You understand and acknowledge that Tokens, Blockchain-based technologies and other associated and related technologies are not exclusively (or, as appropriate, at all) controlled by the TRVL Group and adverse changes in market forces or the technology, broadly construed, may prevent or compromise the Company’s performance under these T&Cs. As such, the purchase of Tokens carries with it a number of risks. Prior to purchasing Tokens, You should carefully consider the risks listed herein and in the Accompanying Documents and, to the extent necessary, consult an appropriate lawyer, accountant, or tax professional. If any of the risks associated with purchasing and holding of Tokens is unacceptable to You, You should not purchase Tokens. YOU ACKNOWLEDGE, AGREE AND ASSUME ALL RISKS ASSOCIATED WITH THESE T&Cs AND THE TOKENS INCLUDING, WITHOUT LIMITATION, THOSE RISKS DISCLOSED IN THE ACCOMPANYING DOCUMENTS.
You do hereby confirm that You have read and fully understood Schedule 2 (Risk Disclosures: Certain Risk Factors) to these T&Cs and accept the risks identified therein.
There may be additional risks that cannot be anticipated or foreseen due to the incipience of cryptographic token technology, Blockchain-based technology and related technologies.
THE PURCHASED TOKENS ARE PROVIDED TO THE FULLEST EXTENT LEGALLY PERMISSIBLE TO YOU “AS IS” AND ON AN “AS AVAILABLE” BASIS WITH NO WARRANTY OF ANY KIND EITHER, STATUTORY, EXPRESSED OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF TITLE, NON-INFRINGEMENT, MERCHANTABILITY, AND FITNESS FOR A PARTICULAR PURPOSE. YOU ASSUME ALL RESPONSIBILITY AND RISK WITH RESPECT TO YOUR USE OF THE PLATFORMS AND PURCHASE OF TOKENS.
NONE OF THE TRVL GROUP, THE FOUNDERS OF THE TRVL GROUP OR ANY OF THEIR RESPECTIVE AFFILIATES OR ADVISERS MAKE ANY WARRANTY OR REPRESENTATION WITH RESPECT TO THE COMPLETENESS, SECURITY, RELIABILITY, QUALITY, ACCURACY, OR AVAILABILITY OF THE PLATFORMS, INCLUDING THAT THE PLATFORMS OR ANY SERVICES OBTAINED THROUGH THE PLATFORMS WILL BE RELIABLE, ERROR-FREE, OR UNINTERRUPTED, THAT DEFECTS WILL BE CORRECTED, THAT THE PLATFORMS OR THE TRVL GROUP’S SERVERS ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. YOUR ACCESS TO OR USE OF THE PLATFORMS, INCLUDING CRYPTOCURRENCY SERVICES, ASSETS, AND ANY INFORMATION, IMAGES OR AUDIO CONTAINED OR RELATED TO THE PLATFORMS ARE AT YOUR OWN RISK.
THE TRVL GROUP DOES NOT REPRESENT OR WARRANT THAT THE INFORMATION, SOFTWARE, SERVICES CONTAINED IN OR PROVIDED BY THE PLATFORMS COMPLY WITH ANY APPLICABLE LAWS OR ACCOUNTING RULES.
YOU UNDERSTAND AND EXPRESSLY AGREE THAT NONE OF THE TRVL GROUP, THE FOUNDERS OF THE TRVL GROUP OR ANY OF THEIR RESPECTIVE AFFILIATES OR ADVISERS REPRESENTS, WARRANT OR GUARANTEES IN ANY WAY THAT TOKENS MIGHT BE SOLD OR TRANSFERRED, OR BE SALEABLE OR TRANSFERABLE, OR THERE IS AN ABILITY OR WILL BE RELEVANT WEBSITES OR PLATFORMS TO EXCHANGE TOKENS FOR FIAT CURRENCIES, CRYPTOCURRENCIES OR CRYPTOGRAPHIC TOKENS, DURING OR AFTER THE TOKEN SALE. THE TRVL GROUP FURTHER DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE REGULATORY OVERSIGHT OR THE USE OR SECURITY OF ANY SUCH EXCHANGE.
THE TRVL GROUP DOES NOT GUARANTEE THAT THE PLATFORMS CANNOT BE DUPLICATED (EITHER IN PART OR IN FULL) BY A THIRD PARTY WITHOUT THE PRIOR WRITTEN CONSENT OF THE OWNER OF THE PLATFORMS. THE TRVL GROUP HEREBY EXPRESSLY WARNS YOU THAT YOU SHOULD NOT ENTER, USE OR PURCHASE ANY TOKEN OR TOKENS SIMILAR TO TOKENS FROM ANY SOURCES (OTHER THAN VIA THE TRVL GROUP).
IF APPLICABLE LAW DOES NOT PERMIT ALL OR ANY PART OF THE ABOVE EXCLUSION OF WARRANTIES OR DISCLAIMER OF IMPLIED TERMS IN CONTRACTS TO APPLY TO YOU, THE LIMITATIONS, EXCLUSIONS AND DISCLAIMERS WILL APPLY TO YOU ONLY TO THE EXTENT PERMITTED BY APPLICABLE LAW.
IF ANY GUARANTEE, WARRANTY, TERM OR CONDITION IS IMPLIED OR IMPOSED IN RELATION TO THESE T&CS OR ANY APPLICABLE LAW AND CANNOT BE EXCLUDED (A “NON-EXCLUDABLE PROVISION”), AND THE TRVL GROUP IS ABLE TO LIMIT YOUR REMEDY FOR A BREACH OF THE NON-EXCLUDABLE PROVISION, THEN THE LIABILITY OF THE TRVL GROUP FOR BREACH OF THE NON-EXCLUDABLE PROVISION IS LIMITED TO THE FOLLOWING AT THE TRVL GROUP’S OPTION, IN THE CASE OF SERVICES, THE SUPPLYING OF THE SERVICES AGAIN, OR THE PAYMENT OF THE COST OF HAVING THE SERVICES SUPPLIED AGAIN.
Other than as specified herein, all purchases of Tokens from the Company or any Affiliate of the Company are final and non-refundable. By (i) purchasing Tokens from the Company or any Affiliate of the Company; or (ii) purchasing Tokens from any third party, You acknowledge and agree that none of the TRVL Group nor any of the founders of the TRVL Group nor any of their past, present or future Affiliates, directors, officers, employees, agents, advisers, successors or permitted assignees (collectively, each a “Relevant Party”) are required to (i) provide a refund for any reason other than as specified herein; (ii) ensure any liquidity for the exchange of Tokens; or (iii) ensure You receive money or any other compensation for any Token that is not used or remains unused for any reason.
You hereby expressly agree that, to the maximum extent permitted by the Applicable Law, none of the Relevant Parties shall be liable to You, regardless of the basis or theory upon which the liability is claimed, for any damage or loss, including loss of business, revenue, anticipated savings, profits, or loss of or damage to data, equipment, software, or goodwill, as well as personal injury, pain and suffering, and emotional distress (direct, indirect, punitive, actual, consequential, incidental, special, exemplary or otherwise), regardless of whether such loss was foreseeable, resulting from:
the use of, inability to use, or availability or unavailability of the Platforms material, information, software, facilities, or content;
Your purchase of Tokens or Your use of them;
any change in the value of Tokens or any cryptocurrency or cryptographic utility;
the ability or inability to sell or transfer Tokens, or the existence or nonexistence of any Platforms or Relevant Websites to exchange Tokens for fiat currencies, cryptocurrencies or cryptographic tokens, during or after the Token Sale;
any illegal or unauthorized (A) use of the Platforms, or (B) purchase or use of Tokens;
Your ability or inability to use the Platforms, including, but not limited to, the occurrence or existence of any defect, interruption, deletion of files or emails, delays in the operation or transmission of information to or from the Platforms, a Force Majeure Event, communications failure, or theft, destruction or unauthorized access to the TRVL Group’s records, programs, services, server, or other infrastructure relating to the Platforms;
the use of or purchase from any third-party websites (including any website You use to purchase Tokens or who processes the purchase of Tokens on Your behalf) or other Internet-resources that copy the Platforms or propose to sell Tokens;
the release of any information You provided to the TRVL Group or any other Relevant Party;
the resale or exchange or attempted resale or exchange of Tokens for any fiat currency, cryptocurrency or cryptographic token;
the Platforms failing to be suitable for the special or particular purpose You intend, or the failure of any images or audio contained or related to the Relevant Websites or Platforms;
the Platforms being infected with any malicious code or viruses;
any action stemming from, occurring due to, or otherwise related to a breach of Clause 5 above;
the actions or omissions of any third party payment processing entity or Platforms that You use to purchase Tokens, or Your inability or ability to use such Platforms or services; and
the manifestation or materialization of any risk discussed in Clause 6 herein or the Accompanying Documents.
For the avoidance of doubt, this limitation of liability provision shall apply, with full force and effect, in perpetuity for the benefit of the TRVL Group and each other Relevant Party, and any other entity that is or becomes the owner of the TRVL Group, whether such ownership occurs through a sale, merger, other transaction or by the operation of Applicable Law.
If Applicable Law does not permit all or any part of the above limitation of liability in contracts to apply to You, the limitations, exclusions and disclaimers will apply to You only to the extent permitted by Applicable Law.
You do hereby to the fullest extent permitted by Applicable Law indemnify, defend and hold the Company and each other Relevant Party harmless from and against any and all loss, penalty, claim, damage, liability or expense whatsoever (including reasonable attorneys’ fees and disbursements) due to or arising out of or based upon (i) any inaccurate representation or warranty made by You, or breach or failure by You to comply with any covenant or agreement made by You in these T&Cs or in any other document furnished by You to any of the foregoing in connection with this transaction, or (ii) any action instituted by or on behalf of You against the Company or any other Relevant Party that is finally resolved by judgment against You or in favor of the Company or any other Relevant Party. The remedies provided in this Clause 9 shall be cumulative and shall not preclude the assertion by the Company or any other Relevant Party of any other rights or the seeking of any other remedies against You. This indemnification shall survive any disposition of Your Tokens.
Subject to Clause 10.2, You acknowledge as between You and the TRVL Group that the TRVL Group has valid, unrestricted and exclusive ownership of all rights, title and interest to use the patents, trademarks, trademark registrations, trade names, copyrights, know-how, technology and other intellectual property rights to and subsisting in the Tokens. As between You and the TRVL Group, the TRVL Group is the sole and absolute owner of all intellectual property rights currently in (and modifications to) the Tokens.
Except as expressly assigned in writing by the TRVL Group, all copyright and any other intellectual property of the TRVL Group, all content and other materials contained on or within the Tokens or provided in connection with the Tokens, including, without limitation, the intellectual property rights for the Tokens and all text, graphics, visual interfaces, photographs, trademarks, logos, artwork, computer code, designs, structures, selections, methods, algorithms, coordination, and expressions (collectively the “TRVL Materials”) are the exclusive property of the TRVL Group.
You may not reproduce, distribute, modify, disassemble, reverse engineer, create derivative works of, publicly display, publicly perform, republish, download, store or transmit any of the TRVL Materials (the “Prohibited Actions”). Except as expressly set forth herein, these T&Cs do not contain any implied license and the TRVL Group expressly reserves all rights not granted to You herein, including all rights, title and interest in the Tokens and any related content.
You will be in breach of these T&Cs if You perform or have performed on Your behalf any Prohibited Action, or if You print, copy, modify, download or otherwise use or provide any other Person with access to any TRVL Materials without the express written consent of the TRVL Group. Upon such a breach, the TRVL Group may (without limiting its other rights and remedies), terminate Your account in its sole and absolute discretion without notice to You. Upon the Company’s request, You shall immediately return or destroy any copies of the TRVL Materials in Your possession.
The Platforms are owned, maintained and operated by third parties and contain links to third-party websites and services. Such links are provided for Your convenience. The TRVL Group shall not be considered to make any recommendation or endorsement of any third-party website or its content, unless expressly stated by the TRVL Group. In addition, the TRVL Group does not suggest, imply or guarantee the safety, accuracy or reliability of any third-party website or the conformity of such with Your expectations. Furthermore, the TRVL Group is not responsible for maintaining any materials referenced from another site, and makes no warranties, recommendation or endorsement for that site or any service provided thereby or thereon. The TRVL Group assumes no obligations in the event of any damage or loss, or any other impact, directly or indirectly resulting from Your (or any other Person’s) use of any content, goods or services available on or through any such third-party websites and resources.
PLEASE READ THIS CLAUSE CAREFULLY BECAUSE IT LIMITS THE MANNER IN WHICH YOU CAN SEEK RELIEF.
To resolve any dispute, controversy or claim between the Parties arising out of or relating to these T&Cs, or the breach thereof, the Parties agree first to negotiate in good faith for a period of not less than thirty (30) days following written notification of such controversy or claim to the other Party. Notice to the Company shall be sent by e-mail to the Company at [email protected] Notice to You shall be by email or such other means as the Company may determine from time to time in its sole and absolute discretion. Your notice must include (a) Your name, postal address, email address and telephone number, (b) a description in reasonable detail of the nature or basis of the dispute, and (c) the specific relief that You are seeking.
All rights and obligations hereunder shall be governed by the Laws of the Cayman Islands, without regard to the conflicts of law provisions of such jurisdiction. The Parties submit to the non-exclusive jurisdiction of the courts of the Cayman Islands and any courts competent to hear appeals from those courts.
Except for any disputes, claims, suits, actions, causes of action, demands or proceedings in which either Party seeks injunctive or other equitable relief for the alleged unlawful use of intellectual property, including, without limitation, copyrights, trademarks, trade names, logos, trade secrets or patents, You and the Company waive Your and Company’s respective rights to a jury trial.
Third Party Rights. You hereby acknowledge and agree that for the purposes of the Contracts (Rights of Third Parties) Act (Revised) of the Cayman Islands each Relevant Party is an intended third-party beneficiary under these T&Cs. However, the parties to these T&Cs may rescind or vary these T&Cs (including, without limitation, any variation so as to extinguish or alter a third party's entitlement to enforce any provisions of these T&Cs) without the consent of any such third party.
Security. You must at all times remain the only person who has control over Your private key, digital wallet and any other device associated with the purchase of Tokens and any username, passwords or other login or identifying credentials used by You with respect to the Platforms and the Tokens. You must implement reasonable and appropriate measures designed to secure access to any private key, digital wallet or any other device associated with the purchase of Tokens or the use of the Platforms. If You transfer any such private key, digital wallet or any other device associated with the purchase of Tokens or the use of the Platforms to any third party, You do so at Your own risk and the TRVL Group shall not be held responsible for any loss You may suffer as a result of third parties accessing Your private key, digital wallet or any other device associated with the purchase of Tokens or the use of the Platforms. In the event that You are no longer in possession and control of any private key, digital wallet or any other device associated with the purchase of Tokens, the use of the Platforms and/or if You are unable to provide login or identifying credentials to the TRVL Group and/or if the private key file or password respectively become lost or stolen, You may lose all of Your Tokens, access to the use of the Platforms and/or the access to Your digital wallet. For the avoidance of doubt, the TRVL Group is under no obligation to recover or replace any such lost or stolen Tokens or the access to the use of the Platforms and You understand and agree that, subject to the provisions of these T&Cs, all Token purchases are non-refundable and therefore You shall not receive any amount of currency or other compensation for any Tokens purchased and/or lost for whatever reason. Failure to use the Platforms correctly and/or to follow the TRVL Group’s procedures as may be made available from time to time may result in You not receiving any Tokens, losing access to the use of the Platforms or losing some or all of the amounts paid in exchange for Tokens, regardless of the purchase date.
Suspension. Notwithstanding anything contained herein, the TRVL Group reserves the right, without notice and in its sole and absolute discretion, to suspend Your right to utilise the Tokens on the Platforms, and all related information and files without liability to You, at its sole and absolute discretion, including but not limited to, in case of Your breach of these RRs or if the TRVL Group believes You have committed fraud or other misconduct or are a Prohibited Person. Upon any such suspension all rights and licenses granted to You under these RRs will immediately terminate. In the event of any Force Majeure Event, breach of these T&Cs, or any other event that would make the operation or provision of the Platforms or related services commercially unreasonable for the TRVL Group, the TRVL Group may, in its discretion and without liability to You, with or without prior notice, suspend Your ability to utilise the Tokens on the Platforms. To the extent permitted under Applicable Law (including in the event of applicable legislation change or amendment), in the event the TRVL Group revokes Your right to use the Tokens on the Platforms the TRVL Group shall not be required to provide You with any refund whatsoever.
Entire Agreement. Unless otherwise provided, these T&Cs are intended to fully reflect the terms of the agreement between the Parties, and shall supersede any previously or contemporaneously agreed upon terms or understanding. No provision of these T&Cs shall be considered waived unless such waiver is in writing and signed by the Party that benefits from the enforcement of such provision. No waiver of any provision in these T&Cs, however, will be deemed a waiver of a subsequent breach of such provision or a waiver of a similar provision. In addition, a waiver of any breach or a failure to enforce any term or condition of these T&Cs will not in any way affect, limit, or waive a Party’s rights hereunder at any time to enforce strict compliance thereafter with every term and condition hereof.
Assignment. The Company may, at its sole and absolute discretion, assign any of its rights and/or delegate its duties under these T&Cs (including, but not limited to any and all intellectual property rights in or to all technology, software, and code relating to the Tokens). You may not assign Your rights or delegate Your duties as a purchaser of Tokens, and any assignment or delegation without the written consent of the Company, which the Company may withhold at its sole and absolute discretion, shall be null and void.
Severability. In the event any one or more of the provisions of these T&Cs are for any reason held to be invalid, illegal or unenforceable in any jurisdiction, in whole or in part or in any respect, or in the event that any one or more of the provisions of these T&Cs operate or would prospectively operate to invalidate these T&Cs in any jurisdiction, then and in any such event, such provision(s) shall be deemed modified to the minimum extent necessary so that such provision, as so modified, shall no longer be held to be invalid, illegal or unenforceable. Any such modification, invalidity or unenforceability shall be strictly limited both to such provision and to such jurisdiction, and in each case to no other. Furthermore, in the event of any such modification, invalidity or unenforceability, these T&Cs shall be interpreted so as to achieve the intent expressed herein to the greatest extent possible in the jurisdiction in question and otherwise as set forth herein.
Electronic Notices and Use of Information. You (i) agree and consent to receive electronically all communications, agreements, documents, receipts, notices and disclosures (hereinafter - the “Communications”) that the TRVL Group provides in connection with Your use of the Tokens; and (ii) have read and fully understood the Company’s Privacy Notice annexed at Schedule 3 to these T&Cs. The TRVL Group and each of its Affiliates and their respective service providers may further disclose Your information to any of their respective service providers, agents, relevant custodians or similar third parties for any reason and such Persons may keep Your information for any period of time permitted by Applicable Law. You do hereby consent to such Persons disclosing any of Your information which they hold to any Governmental Authority or prosecuting authority for any reason and without notice to You. You hereby acknowledge and agree to hold the TRVL Group and each such Affiliate harmless in respect of any disclosure of information by such Persons in accordance with these T&Cs. For the avoidance of any doubt, the TRVL Group and each such Affiliate shall not be liable to You or any other Person for any loss, damage or expense incurred directly or indirectly as a result of such disclosure.
Information Requests. The TRVL Group may determine, from time to time and in its sole and absolute discretion, that it is necessary to obtain certain information about You and Your Affiliates in order to comply with Applicable Laws in connection with Your entry into these T&Cs and Your subsequent holding of Tokens. You agree to provide the TRVL Group with such information promptly upon request, and You acknowledge and accept that the Company may refuse to accept Your application until You provide such requested information and the Company has determined that it is permissible for the Company to accept Your application and receive the purchase amount from You under Applicable Law. The TRVL Group further reserves the right to request identification documentation from You and Your Affiliates at any time. In the event that You or any such Affiliate does not provide such requested information to the satisfaction of the Company (in its sole and absolute discretion) the Company shall not be bound by the provisions of these T&Cs and shall be entitled to specifically refuse any presentation of Tokens by You to the TRVL Group or any other Relevant Party. In the event that You, directly or indirectly, sell, assign, transfers, convey or otherwise dispose of any Tokens You do hereby covenant with the TRVL Group to procure that any such acquirer of Tokens shall be under equivalent obligations to provide such information to the TRVL Group at the request of the TRVL Group from time to time.
Tax Issues. The TRVL Group makes no representations concerning the tax implications of the sale of Tokens or the possession or use of them. You bear the sole and absolute responsibility to determine if the purchase of Tokens with fiat currency or cryptocurrency or the potential appreciation or depreciation in the value of Tokens over time has tax implications for You in Your home jurisdiction or any other jurisdiction. By purchasing Tokens, and to the extent permitted by Applicable Law, You agree to be solely responsible for any applicable taxes imposed on, and agree not to hold the TRVL Group or any of its Affiliates liable for any tax liability associated with or arising from Your purchase, possession, or transfer of Tokens. All fees and charges payable by You to the Company are exclusive of any taxes, and shall certain taxes be applicable, they shall be added on top of the payable amounts. Upon the Company’s request, You will provide it any information it reasonably requests to determine whether it is obligated to collect any withholding taxes or value added or similar taxes from You, including any applicable tax identification numbers. If any deduction or withholding is required by Applicable Law, You will notify the Company and will pay the Company any additional amounts necessary to ensure that the net amount that the Company receives, after any deduction and withholding, equals the amount the Company would have received if no deduction or withholding had been required. Additionally, You will provide the Company with documentation showing that the withheld and deducted amounts have been paid to the relevant taxing authority. To the extent the Company is responsible for remitting any withholding taxes or value added or similar taxes, Your allocation of Tokens shall be reduced to the extent such taxes are required to be remitted by the Company. The TRVL Group wishes to make You aware that future use of the Tokens by You when transacting with the TRVL Group may result in withholding taxes, value added tax and/or similar taxes being imposed. You will be responsible for such taxes, however, where the Company is responsible for remitting taxes, the amount of taxes shall be deducted from the fees otherwise due and payable by You in connection with Your transactions with the Company.
Force Majeure Events. The TRVL Group shall not be liable for (1) any inaccuracy, error, delay in, or omission of (a) any information, or (b) the transmission or delivery of information; (2) any loss or damage arising from any event beyond the TRVL Group’s reasonable control, including but not limited to flood, extraordinary weather conditions, earthquake, or other act of God, fire, war, insurrection, riot, labor dispute, accident, action of Governmental Authorities, communications, power failure, or equipment or software malfunction or any other cause beyond the TRVL Group’s reasonable control (each, a “Force Majeure Event”).
Compliance Policies. The TRVL Group and its Affiliates strictly follow applicable anti-money laundering (AML), “know your customer” (KYC) and other Applicable Laws in the Cayman Islands. You fully agree to assist the TRVL Group in fulfilling the obligations of any Applicable Law and to provide any necessary information that is required from You to the TRVL Group or any relevant Governmental Authority.
Further Assistance. You shall cooperate with and assist the TRVL Group and its Affiliates in connection with any investigation, examination or enquiry by any Governmental Authority. You shall promptly provide the TRVL Group and its Affiliates with any documents, certification, record or other materials they may request in connection with such investigation, examination or enquiry.
Headings. Headings are for convenience only and shall not be used to limit or construe any provisions of these T&Cs.
* * *
Intellectual Property Notification: This document belongs to the Company and is protected by copyright laws. Its copying and/or use by any third party in full or in part without prior written consent of the Company is strictly prohibited.
If You have any question or notice any bugs, errors or violations, you may send any questions regarding these T&Cs via e-mail at [email protected]
LIST OF PROHIBITED JURISDICTIONS
Democratic People’s Republic of North Korea
Islamic Republic of Iran
People’s Republic of China
The United States of America
Any jurisdiction in which the entry into these T&Cs or the ownership of the Tokens is prohibited by Applicable Law
Any jurisdiction which is subject to United States, United Nations or other applicable sanctions or embargoes
The Company reserves the right to add any additional jurisdictions at any time and without prior notice.
RISK DISCLOSURES: CERTAIN RISK FACTORS
While the Tokens are available only to purchasers that are not Prohibited Persons (which therefore excludes sales to U.S. Persons) there is the possibility that Tokens could be acquired over time or following changes in the regulatory landscape by U.S. Persons and/or persons in other jurisdictions currently restricted from acquiring Tokens and, accordingly, the risk factors set out below may include certain risk factors specific to certain jurisdictions even though the Company will not at present make the Tokens available at this time to persons from such jurisdictions.
BY PARTICIPATING IN ANY ACQUISITION OF TOKENS, YOU EXPRESSLY ACKNOWLEDGE AND ASSUME ALL RISKS RELATED THERETO INCLUDING (WITHOUT LIMITATION) THE RISKS SET OUT BELOW.
Risk of Losing Access to Tokens Due to Wallet Incompatibility: Your cryptocurrency wallet must possess technical infrastructure that is compatible with the receipt, storage and transfer of the Tokens. Non-compatible wallet addresses will not be accepted. In addition, Your wallet address must not be associated with a third party exchange or service that has custody over the private key. You must own the private key if Your address is an exchange address. The Company reserves the right to prescribe additional conditions relating to specific wallet requirements at any time, acting in its sole discretion.
Risks Associated with the Blockchain Protocols: Any malfunction, breakdown, abandonment, unintended function, unexpected functioning of or attack on the protocol upon which the Tokens are issued may have an adverse effect on the Tokens, including causing them to malfunction or function in an unexpected or unintended manner.
Risks Associated with Your Credentials: Any third party that gains access to or learns of Your wallet login credentials or private keys may be able to dispose of Your Tokens. To minimize this risk, You should guard against unauthorized access to Your electronic devices. Best practices dictate that You safely store private keys in one or more backup locations geographically separated from the working location. In addition, You are responsible for giving us the correct wallet address to which to send Your Tokens. If You give us the incorrect address to which to send Your Tokens, we are not responsible for any loss of Tokens that may occur.
Risk of Unfavorable Regulatory Action in One or More Jurisdictions:
Blockchain technologies and cryptographic tokens have been the subject of scrutiny by various regulatory bodies around the world. Blockchain technology allows new forms of interaction and it is possible that certain jurisdictions will apply existing regulations on, or introduce new regulations addressing, blockchain technology based applications, which regulations may be contrary to the current setup of the Platforms or its smart contract system and, therefore, may result in substantial modifications to the Platforms and such smart contract systems, including its termination and the loss of Tokens.
The regulatory status of cryptographic tokens and distributed ledger technology is unclear or unsettled in many jurisdictions. It is difficult to predict how or whether regulatory authorities may apply existing regulation with respect to such technology and its applications, including specifically (but without limitation to) the Platforms and Tokens. It is likewise difficult to predict how or whether any legislative or regulatory authorities may implement changes to law and regulation affecting distributed ledger technology and its applications, including specifically (but without limitation to) the Platforms and Tokens. Regulatory actions could negatively impact the Platforms and Tokens in various ways, including, for purposes of illustration only, through a determination that Tokens are a regulated financial instrument that requires registration, licensing or restriction. The Company may cease operations in a jurisdiction if regulatory actions, or changes to law or regulation, make it illegal to operate in such jurisdiction, or commercially undesirable to obtain the necessary regulatory approval(s) to operate in such jurisdiction. The functioning of the Platforms and the Tokens could be impacted by any regulatory inquiries or actions, including restrictions on the use, sale or possession of digital tokens like the Tokens, which restrictions could impede, limit or end the development of the Platforms and increase legal costs.
The cryptocurrency exchange market, the token listing and trading market, initial coin offerings, and by extension the Platforms, is subject to a variety of federal, state and international laws and regulations, including those with respect to “know you customer” and “anti-money laundering” and customer due diligence procedures, privacy and data protection, consumer protection, data security, and others. These laws and regulations, and the interpretation or application of these laws and regulations, could change. In addition, new laws or regulations affecting the Platforms could be enacted, which could impact the utility of the Tokens in the Platforms. Additionally, users of the Platforms are subject to or may be adversely affected by industry specific laws and regulations or licensing requirements. If any of these parties fails to comply with any of these licensing requirements or other applicable laws or regulations, or if such laws and regulations or licensing requirements become more stringent or are otherwise expanded, it could adversely impact the Platforms and the Tokens, including the utility of Tokens with respect to the Platforms.
The Company may need to obtain approvals from one or more Governmental Authorities and there is a risk that securing such approvals may delay or prevent the Token generation event, the development of the Platforms and/or the Company’s ability to issue the Tokens.
Risk of Alternative, Unofficial Platforms: Following the issue of the Tokens and the continued development of the Platforms, it is possible that alternative applications or Platforms could be established, which use the same or similar open source code and protocol underlying the Platforms. The Tokens may have no intrinsic value with respect to such alternative applications. The Platforms may compete with these alternative, unofficial token-based applications, which could potentially negatively impact the Platforms and the Tokens.
Token Integration Risk and Risk of Insufficient Interest in the Platforms: There are no guarantees as to the timing of the Tokens being integrated into the Platforms or the release of the Platforms, each of which is dependent on many factors, including many outside the Company’s control. The Platforms may not be owned, operated or controlled by the Company. Further, it is possible that the Platforms will not be used by a large number of businesses, individuals, and other organizations and that there will be limited public interest in the Platforms. Such a lack of interest could negatively impact the Tokens and the Platforms.
Operating History: The Company has no operating history and will be operating in an evolving industry that may not develop as expected. Assessing the business and future prospects of the Company is challenging in light of the risks and difficulties the Company may encounter. These risks and difficulties include, but are not limited to, the Company’s ability to:
navigate complex and evolving regulatory and competitive environments;
obtain the requisite regulatory and other licenses in the relevant jurisdictions;
obtain and retain customers;
successfully develop, maintain and update internal controls to manage compliance within an evolving and complex regulatory environment;
effectively identify and react to market trends;
be involved in the successful development and deployment of the Platforms;
implement new products and services;
successfully execute the Company’s funding strategy;
effectively compete with other companies;
successfully navigate economic conditions and fluctuations in the market;
effectively manage the growth of the business;
continue to develop, maintain and scale the Platforms;
effectively use finite personnel and technology resources;
effectively maintain and scale financial and risk management controls and procedures;
maintain the security of technology infrastructure, and the confidentiality of the information provided and utilized therein; and
attract, integrate and retain qualified employees and contractors.
Risk that the Platforms, as Developed, Will Not Meet Expectations: The Platforms presently is under continued development by its owners and may undergo significant changes. Any expectations or assumptions regarding the form and functionality of the Platforms or the Tokens (including participant behavior) held by the owners of the Platforms, the Company or you may not be met, for any number of reasons, including, without limitation, mistaken assumptions or analysis, a change in the design and implementation plans, and changes in the execution of the Platforms. Moreover, we may not be able to retain full and effective control over how other participants will use the Platforms, what products or services will be offered through the Platforms by third parties, or how third-party products and services will utilize Tokens (if at all). This could create the risk that the Tokens or Platforms, as further developed and maintained, may not meet your expectations. Furthermore, despite our good faith efforts to assist the owners of the Platforms to develop and participate in the Platforms, it is still possible that the Platforms will experience malfunctions or otherwise fail to be adequately maintained, which may negatively impact the Platforms and Tokens, and the potential utility of the Tokens.
The value of the Tokens will be affected by the success of the Platforms: Because the Tokens are intended for use on the Platforms, a failure by the owners of the Platforms to successfully develop and/or maintain the Platforms would negatively affect the value of the Tokens. There is no guarantee that the Platforms will develop as planned or become successful in the marketplace.
Long-term viability of cryptoassets: Cryptoassets, including those like the Tokens, are a new and relatively untested product. There is considerable uncertainty about their long-term viability, which could be affected by a variety of factors, including many market-based factors such as economic growth, inflation, and others. In addition, the success of cryptoassets (including the Tokens) will depend on the long-term utility and economic viability of blockchain and other new technologies related to cryptoassets. Due in part to these uncertainties, the price of cryptoassets are volatile and the Tokens may be hard to sell. The Company does not control any of these factors, and therefore may not be able to control the ability of the Tokens to maintain their value over time.
Further innovations in the cryptoasset industry may cause the Tokens to lose value: The development and acceptance of the cryptographic and algorithmic protocols governing the issuance of, and transactions in, cryptoassets is subject to a variety of factors that are difficult to evaluate and predict. The use of cryptoassets to, among other things, buy and sell goods and services is part of a new and rapidly evolving commercial practice that employs digital assets based on a computer-generated mathematical and/or cryptographic protocol. The growth of this commercial practice in general, and the use of cryptoassets in particular, is subject to a high degree of uncertainty. Factors affecting further development of the cryptoasset industry include, among other things, the continued worldwide adoption of cryptoassets; governmental and quasi-governmental regulation of cryptoassets and/or cryptoasset exchanges; changing consumer demographics, tastes and preferences; sustained development and maintenance of open-source software protocols; the popularity and availability of alternative and/or new payment services; and general economic conditions. If these factors negatively affect or impede the development of the cryptoasset industry, the value of your Tokens may also be negatively affected.
Inability to Fund Development or Maintenance: The Company may not be able to fund development of the Tokens while the owners of the Platforms may not be able to develop or maintain the Platforms in the manner that it was intended.
Risks from Taxation: The tax characterization of the Tokens is uncertain. You must seek Your own tax advice in connection with acquiring and holding Tokens, which may result in adverse tax consequences to You, including withholding taxes, income taxes, and tax reporting requirements. An investment in the Tokens may result in adverse tax consequences, including withholding taxes, income taxes, and tax reporting requirements. Additionally, subsequent transactions in cryptoassets such as the Tokens may cause investors to incur tax liabilities. Further, any reward received in the form of, or through the use of, Tokens may result in additional tax liability. Each investor should consult with and must rely upon the advice of its own professional tax advisors.
Risk of Theft and Hacking:
Smart contracts, software applications and the Platforms may be exposed to attacks by hackers or other individuals, groups, organizations or countries that interfere with the Platforms or the availability of the Tokens in any number of ways, including denial of service attacks, Sybil attacks, spoofing, smurfing, malware attacks, or consensus-based attacks, or phishing, or other novel methods that may or may not be known. Any such successful attacks could result in theft or loss of Tokens, adversely impacting the ability to further develop the Platforms and/or related Platforms and derive any usage or functionality from Tokens. You must take appropriate steps to satisfy Yourself of the integrity and veracity of relevant websites, systems and communications. Furthermore, because the Platforms could be based on open-source software, there is a risk that a third party or a member of the Platforms’ team may intentionally or unintentionally introduce weaknesses or defects into the core infrastructure of the Platforms, which could negatively affect the Platforms and Tokens.
You acknowledge, understand and accept that if Your private key or password gets lost or stolen, the Tokens associated with Your wallet address may be unrecoverable and permanently lost. Additionally, any third party that gains access to Your private key, including by gaining access to the login credentials relating to Your wallet, may be able to misappropriate Your Tokens. Any errors or malfunctions caused by or otherwise related to the digital wallet or vault You choose to receive and store Tokens, including Your own failure to properly maintain or use such digital wallet or vault, may also result in the loss of Your Tokens, for which the Company shall have no liability.
Risk of Security Weaknesses in the Platforms: The Platforms may consists of open source software that may be based on other open source software. There is a risk that the owners or other third parties may intentionally or unintentionally introduce weaknesses or bugs into the core infrastructural elements of the Platforms interfering with the use of or causing the loss of Tokens.
Risk of Weaknesses or Exploitable Breakthroughs in the Field of Cryptography: Advances in cryptography, or technical advances such as the development of quantum computing, could present risks to cryptocurrencies and the Platforms by rendering ineffective the cryptographic consensus mechanism that underpins the Platforms protocol, which could result in the theft, loss or decreased utility of the Tokens. Smart contracts, blockchain application software and blockchain Platforms protocols are still in an early development stage and relatively unproven. There is no warranty or assurance that the process for creating Tokens will be uninterrupted or error-free and there is an inherent risk that the software could contain defects, weaknesses, vulnerabilities, viruses or bugs causing, inter alia, the complete loss of contributions and/or Tokens.
Risk of Lack of Adoption or Use of the Platforms: While the Tokens should not be viewed as an investment, they may have value over time. That value may be limited or non-existent if the Platforms lacks acceptance, use and adoption, which may have an adverse impact on the Tokens.
Risk of an Illiquid Market for Tokens: There may never be any marketplace for Tokens. There are currently no exchanges upon which the Tokens would trade. If exchanges do develop, they will likely be relatively new and subject to poorly understood regulatory oversight. They may, therefore, be more exposed to fraud and failure than established, regulated exchanges for other products and have a negative impact on the Tokens. To the extent that any third party ascribes an external exchange value to Tokens (e.g. as denominated in a crypto or fiat currency), such value may be extremely volatile and diminish to zero. If (despite Your representations to us to the contrary) You are holding Tokens as a form of investment on a speculative basis or otherwise, or for a financial purpose, with the expectation or desire that their inherent, intrinsic or cash-equivalent value may increase with time, You assume all risks associated with such speculation or actions, and any errors associated therewith, and accept that the Tokens are not offered by the Company or its Affiliates on an investment basis.
Risk of Dissolution of the Platforms: It is possible that, due to any number of reasons, including development issues with the Platforms, the failure of business relationships, lack of public interest, lack of funding, or competing intellectual property claims, the Platforms may no longer be viable as a business or otherwise and may dissolve or fail to maintain commercial or legal viability, or be abandoned. There is no assurance that You will receive any benefits through the Tokens.
Risk of Malfunction in the Platforms: It is possible that the Platforms malfunctions in an unfavorable way, including one that results in the loss of the Tokens.
Risk Arising from Lack of Governance Rights: All decisions involving the Company (including to sell or liquidate the Company) will be made by the Company acting in its sole and absolute discretion, and all decisions to create and issue more Tokens, will be made by the Company. These decisions could adversely affect the Platforms and/or Tokens You hold.
Risks Associated with Incomplete Information regarding the Tokens or the Platforms: You may not have full access to all the information relevant to the Company, the Tokens and/or the Platforms. You are responsible for making Your own decision in respect of the acquisition of the Tokens. The Company does not provide You with any recommendation or advice in respect of the acquisition of the Tokens. You may not rely on the Company to provide You with complete or up to date information.
The holders of Tokens will not be in any fiduciary, partnership, trustee, agency or similar relationship with the Company or any of its Affiliates and will not be owed any fiduciary duty by the Company or any of its Affiliates. The holders of Tokens have no direct management, equity, voting or similar rights in the Company or any of its Affiliates.
In order to seek compliance with (or to seek to mitigate the impact of) any laws, statutes, ordinances, rules, regulations, judgments, injunctions, orders, treaties, administrative acts or decrees of any nation or government, any state or other political subdivision thereof, any entity exercising legislative, judicial or administrative functions of or pertaining to government, including, without limitation, any government authority, agency, department, board, commission or instrumentality, and any court, tribunal or arbitrator(s) of competent jurisdiction, and any self-regulatory organization believed by the Company or its Affiliates to apply to or affect the Company or its Affiliates, the Platforms or the Tokens, the Company may in its sole and absolute discretion take such steps as it considers necessary or convenient to comply with such matters including, without limitation, the termination of the Tokens and/or its contract/affiliations with the Platforms. In addition, the Company may take such steps as it considers necessary or convenient where it believes or suspects the Tokens may be used, trafficked or applied in the attempted furtherance of money laundering, terrorist financing, tax evasion or other unlawful activity or where it believes the Platforms is no longer viable.
Regulation of (i) tokens (including the Tokens); (ii) cryptocurrencies (iii) blockchain technologies; and (iv) cryptocurrency exchanges is currently underdeveloped and is likely to evolve rapidly, vary significantly among international, national, federal, state and local jurisdictions and is subject to significant uncertainty. Various legislative and executive bodies in the United States, South Korea, China, Singapore, among other countries, are currently considering, or may in the future consider, laws, regulations, guidance, or other actions, which may severely impact the development and growth of the Platforms, the Company and the Tokens. Other countries may adopt similar approaches. Failure by the Company or users of the Platforms to comply with any laws, rules and regulations, some of which may not exist yet or are subject to interpretation and may be subject to change, could result in a variety of adverse consequences, including civil penalties and fines. New or changing laws and regulations or interpretations of existing laws and regulations would likely have numerous material adverse consequences on the Company and the Tokens. Therefore, there can be no assurance that any new or continuing regulatory scrutiny or initiatives will not have a material adverse impact on the value of the Tokens or impede the activities of the Company.
Representation by legal counsel: Travers Thorp Alberga (as to matter of Cayman Islands law) currently represents the Company. Travers Thorp Alberga does not represent any current or prospective investors with respect to an investment the Tokens. No separate counsel has been engaged by the Company to represent any current or prospective investors with respect to an investment in the Tokens. Travers Thorp Alberga may be removed as counsel by the Company at any time without the consent of, or notice to, investors. In addition, Travers Thorp Alberga does not undertake on behalf of or for the benefit of investors to monitor the compliance of the Company with applicable laws.
The Company has the exclusive right, in its sole and absolute discretion, to address and remediate any of the operational, legal or regulatory risks presented as of the date hereof or hereafter. In the exercise of such rights, it is possible that the Company may determine that the continued development of the Token is not feasible. Accordingly, there is a material risk that the Company and its Affiliates may not successfully continue to develop, market and operate the Tokens.
Unanticipated Risks: Cryptographic tokens are a relatively new and comparatively untested technology. In addition to the risks discussed herein, there are risks that the Company cannot anticipate. Further risks may materialize as unanticipated combinations or variations of the discussed risks or the emergence of new risks.
CAYMAN PRIVACY NOTICE
This privacy notice (the “Cayman Privacy Notice”) explains the manner in which TRVL Holdings and its Affiliates (the “TRVL Group”) collects, processes and maintains personal data about You pursuant to the Cayman Islands Data Protection Act (Revised), and any regulations or orders promulgated pursuant thereto (the “DPA”).
The TRVL Group is committed to processing personal data in accordance with the DPA. In its use of personal data, certain members of the TRVL Group will be characterised under the DPA as a “data controller”, whilst certain of the TRVL Group’s service providers, Affiliates and delegates may act as “data processors” under the DPA. For the purposes of this Cayman Privacy Notice, we, us or our means each member of the TRVL Group in its capacity (as relevant) as data controller of the personal data and You or Your means the Tokenholder or relevant individual affiliated or connected with the Tokenholder receiving this Cayman Privacy Notice.
If You are a nominee Tokenholder or a corporate entity, this Cayman Privacy Notice will be relevant for those individuals connected to You and You should transmit this document to such individuals for their awareness and consideration.
Personal data: By virtue of acquiring Tokens, the TRVL Group and certain other service providers and their respective Affiliates and delegates (the “Authorised Entities”) may collect, record, store, transfer and otherwise process personal data by which individuals may be directly or indirectly identified. We may combine personal data that You provide to us with personal data that we collect from or about You. This may include personal data collected in an online or offline context including from credit reference agencies and other available public databases or data sources, such as news outlets, websites and other media sources and international sanctions lists. It may also include data which, when aggregated with other data, enables an individual to be identified, such as an IP address and geolocation data.
Why is Your personal data processed: The storage, processing and use of personal data by the TRVL Group will take place for lawful purposes, including:
to comply with any applicable legal, tax or regulatory obligations on the TRVL Group or another Authorised Entity under any applicable laws and regulations;
to perform a contract to which You are a party or for taking pre-contractual steps at Your request;
to operate the TRVL Group, including managing and administering the Tokens and the business of the TRVL Group on an on-going basis which enables the TRVL Group and its Tokenholders to satisfy their contractual duties and obligations to each other;
to verify the identity of the TRVL Group to third parties for any purpose which the TRVL Group considers necessary or desirable;
to assist the TRVL Group in the improvement and optimisation of advertising (including through marketing material and content) its services;
for risk management and risk control purposes relating to the TRVL Group;
to pursue the TRVL Group’s or a third party’s legitimate interests: (i) for direct marketing purposes; or (ii) to help detect, prevent, investigate, and prosecute fraud and/or other criminal activity, and share this data with legal, compliance, risk and managerial staff to assess suspicious activities; and/or
where You otherwise consent to the processing of personal data for any other specific purpose.
As a data controller, we will only use Your personal data for the purposes for which we collected it as set out in this Cayman Privacy Notice. If we need to use Your personal data for an unrelated purpose, we will contact You. In certain circumstances, we may share Your personal data with regulatory, prosecuting and other governmental agencies or departments, and parties to litigation (whether pending or threatened), in any country or territory.
We may transfer Your personal data outside of the Cayman Islands, as permitted under the DPA. We will not sell Your personal data.
Your rights: You have certain rights under the DPA, including:
the right to be informed as to how we collect and use Your personal data;
the right to access Your personal data;
the right to require us to stop direct marketing;
the right to have inaccurate or incomplete personal data corrected;
the right to withdraw Your consent and require us to stop processing or restrict the processing, or not begin the processing, of Your personal data;
the right to be notified of a data breach (unless the breach is unlikely to be prejudicial);
the right to complain to the Data Protection Ombudsman of the Cayman Islands. You can access their website here: ombudsman.ky; and
the right to require us to delete Your personal data in some limited circumstances.
Please note that if You do not wish to provide us with requested personal data or subsequently withdraw Your consent, You may not be able to hold or otherwise deal with the Tokens or remain as a holder of the Tokens as it will affect our ability to provide our services to You as a Tokenholder.
Retention of Personal Data: The personal data shall not be held by the TRVL Group for longer than necessary with regard to the purposes of the data processing.
Changes to Privacy Notice: We encourage You to regularly review this and any updated Cayman Privacy Notice to ensure that You are always aware of how personal data is collected, used, stored and disclosed.
Contact Us: Please contact the TRVL Group if You have any questions about this Cayman Privacy Notice, the personal data we hold about You or to discuss Your rights under the DPA.