In addition to the capitalized terms defined elsewhere in these Terms, the following capitalized terms shall have the meanings specified in this Article II:
“Business Day” shall mean Monday through Friday and non-bank holidays.
“Foreign Bank” shall mean an organization that (i) is organized under the laws of a foreign country, (ii) engages in the business of banking, (iii) is recognized as a bank by the bank supervisory or monetary authority of the country of its organization or principal banking operations, (iv) receives deposits to a substantial extent in the regular course of its business, and (v) has the power to accept demand deposits, but does not include the U.S. branches or agencies of a foreign bank.
“Foreign Shell Bank” shall mean a Foreign Bank without a Physical Presence in any country, but does not include a regulated affiliate.
“Fork” shall mean a change to the protocol of a cryptocurrency wherein a permanent divergence in the block chain results in two or more versions of a single cryptocurrency.
“Loss” shall mean any claim, cost, loss, damage, judgment, penalty, interest, and/or expense (including reasonable attorneys’ fees) arising out of any Claim.
“Market Price” shall mean the actual market price of the cryptocurrency being traded at the time the transaction is executed by CoinFlip Trade Desk. CoinFlip Trade Desk uses multiple counterparties to determine the Market Price on a case by case basis and will use commercially reasonable methods to determine the lowest transaction price for each purchase agreement.
“Non-Cooperative Jurisdiction” shall mean any country or territory that has been designated as non-cooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering (“FATF”), of which the United States is a member and with which designation the United States representative to the group or organization continues to concur. See http://www.fatf-gafi.org for FATF’s list of non-cooperative countries and territories.
“OFAC” shall mean the United States Office of Foreign Assets Control. The lists of OFAC prohibited countries, territories, persons and entities can be found on the OFAC website at http://www.treas.gov/offices/enforcement/ofac/.
“Person” shall mean any individual, corporation, partnership, association, limited liability company, trust, estate or other entity, either individually or collectively.
“Physical Presence” shall mean a place of business that is maintained by a Foreign Bank and is located at a fixed address, other than solely a post office box or an electronic address, in a country in which the Foreign Bank is authorized to conduct banking activities, at which location the Foreign Bank (i) employs one or more individuals on a full-time basis, (ii) maintains operating records related to its banking activities, and (iii) is subject to inspection by the banking authority that licensed the Foreign Bank to conduct banking activities.
“Purchase Order” shall mean the instructions provided by you to CoinFlip Trade Desk in a purchase order which a link to can be found in the email you received from CoinFlip Trade Desk approving you as a client.
“Settlement Date” shall mean the date of each Purchase Order.