Terms of Service

Version 1. Document slot: terms.

These Terms of Service are the agreement between you and Gether for your Gether account, the Gether website, the Gether app and the card program they provide. They say what Gether is and is not, who may open an account, how your assets are held, how spending power is worked out, what happens when you pay with your card, what it can cost you, how you and Gether resolve a problem, and how these Terms change.

This version is dated September 26, 2026. You accept it in the app or on the website, and your acceptance is recorded with this version's label and the checksum of this exact text (Part 21). Read every Part before you accept.

In these Terms "Gether", "we" and "us" mean Gether, the operator of the Service, and "you" means the person who holds the account. "The Service" means the website, the app, the account and the card program together. Words with capitals are defined in Part 24. Names written in capital letters with underscores are Gether's published settings; their values are in the Gether Fee Schedule.

Part 1. What these Terms cover, and which document governs

1.1 These Terms cover your account and every part of the Service. Four other documents are part of your agreement with Gether and are read with these Terms: the Account and Cardholder Agreement (your card and card purchases), the Gether Fee Schedule (every figure), the Consent to Electronic Records and Signatures, and the Privacy Policy. The Tokenized Securities Disclosure applies to you when you hold a tokenized security with Gether.

1.2 If these Terms and the Account and Cardholder Agreement say different things about your card or a card purchase, the Account and Cardholder Agreement governs. On every other subject these Terms govern. The Fee Schedule governs every figure: where a document names a value and the Fee Schedule in force names another, the Fee Schedule applies.

1.3 Gether may publish further terms for card purchases on the Gether Credit Protocol. Where it does, they are part of your Account and Cardholder Agreement, you accept them before your card is activated, and they govern a Protocol purchase where they and these Terms differ.

Part 2. What Gether is and is not

2.1 Gether is a spending account and card program. You hold assets with Gether, Gether works out a spending power from them, and you spend that spending power with a card. A card purchase is paid by Gether and becomes an amount you pay back within a fixed period, backed by assets Gether sets apart for it.

2.2 Gether is not a bank. Your Gether account is not a deposit account. What you hold with Gether is not insured by any government agency or deposit insurance scheme, and no compensation scheme covers a loss.

2.3 Gether is not your broker, dealer or investment adviser, and Gether gives no investment, legal, tax or accounting advice. Nothing in the Service is a recommendation to hold, add, sell or spend against any asset. Decide for yourself, and take your own advice.

2.4 Gether does not promise that any card purchase will be approved, that any asset will keep its value or stay supported, or that any part of the Service will be available at any particular time.

Part 3. Who may open an account

3.1 You may open and keep a Gether account only if all of the following are true and stay true:

(a) you are at least 18 years old and able to enter a binding contract where you reside;

(b) you act for yourself and not for another person or business;

(c) your address is one Gether can verify, in a place where Gether offers the Service;

(d) you have completed identity verification and your status permits the actions you take; and

(e) you have verified the email address and the phone number on your account.

3.2 Identity verification runs through a hosted flow provided by Gether's card program partner Apocor. The identity documents and details you submit are collected and processed by the identity verification provider that partner uses, on that partner's behalf. The Privacy Policy describes what is collected and where it goes. For a United States address, a taxpayer identification number may be required before a card can be issued.

3.3 Gether may decline an application, ask you to verify again at any time, and suspend or close an account where verification is not completed, is withdrawn, or where information you gave is or becomes false, incomplete or unverifiable.

3.4 You may hold one account. Your account is personal to you and cannot be transferred.

Part 4. Your assets and how Gether holds them

4.1 You add assets to your account by sending a supported asset to an address Gether gives you on the network Gether names for it. Supported assets at any time are shown in the app. They may include US dollar stablecoins, crypto assets, tokenized stocks and other tokenized securities, and dollar yield vault positions.

4.2 Every asset you hold with Gether is held in accounts Gether controls, together with other members' assets. Gether holds the keys. No account at a custodian, an exchange or a venue is opened in your name. Gether's records, not a separate account in your name, say what is yours.

4.3 Because Gether holds your assets, you are exposed to Gether. If Gether fails, is attacked, or makes a mistake, you can lose assets that Gether's records say are yours, and no insurance and no government scheme makes that loss good. A venue or a network Gether uses can also fail, halt, freeze an account or close a position, and that loss can reach you.

4.4 An asset that is set apart for an open card purchase (an Earmark, Part 7) cannot be withdrawn, sold by you, or set apart for another purchase until that purchase is closed. Every other asset in your account may be withdrawn to an address you name, subject to identity verification, a freeze, a suspension, a legal hold, and the network's own rules.

4.5 A transfer on a blockchain cannot be reversed by Gether. If you send an asset on a network other than the one Gether names, send an asset Gether does not support, or send to an address Gether did not give you, Gether may not see it, may not credit it, and may not be able to recover it. Check the asset and the network before every transfer. Where Gether records an arrival it cannot credit, the app shows it to you with what you can do next.

4.6 Gether may add or remove a supported asset, or stop admitting an asset as backing for card purchases, at any time. An asset already set apart for an open purchase stays set apart under the terms that applied when the purchase opened.

Part 5. Spending power

5.1 Gether decides which assets are Admitted Assets, which class each belongs to, and the Class Cap for each class. A Class Cap is the largest share of an asset's value that a card purchase may draw against, in basis points. No Class Cap exceeds GCP_MAX_LTV_BPS, so a purchase is never more than half the value set apart for it. The classes and their Class Caps are published in the Fee Schedule.

5.2 Your spending power at any moment is the sum, over your Admitted Assets, of each asset's value at a Money-Grade Price times its Class Cap, less the spend of every open purchase, less every authorization hold. A purchase larger than your spending power is declined.

5.3 Gether values your assets from reference price sources that Gether selects. A reference price can be wrong, can be manipulated, and can stop updating. Every source carries a maximum age, and an asset whose price is older than that maximum contributes nothing to your spending power until a fresh price arrives. So your spending power can fall, including to zero, because a price source went quiet, even though nothing you hold has changed. Where a market is closed, an asset that tracks it is valued from the last price Gether trusts, which can be far from where the asset trades when the market reopens.

5.4 Gether may lower a Class Cap at any time, for new purchases only. A lower Class Cap reduces your spending power the moment it takes effect. A raise takes a new version of the Fee Schedule.

5.5 An Admitted Asset that is not set apart for a purchase stays yours to withdraw. Spending power is a measure, not a lien: nothing is set apart until you make a purchase.

Part 6. The card and the authorization decision

6.1 Your card is issued under the Account and Cardholder Agreement through Gether's card program partner Apocor and the card issuer named on your card. The card network's rules apply to every card purchase. These Terms do not change those rules; they say what Gether does on its side of each purchase.

6.2 Gether evaluates every card authorization and may decline it. Reasons include: your spending power; a limit on the size or frequency of purchases; a fraud or risk signal; the state of your identity verification, your email or your phone; your card being frozen; your account being suspended or closing; an instruction from a partner; a fault in the Service; and the Protocol or the Protocol Pool being switched off or paused. The reason shown to you in the app is a plain sentence chosen from a fixed set; Gether records the precise cause and will explain it to you on request, subject to law and to partner rules.

6.3 Gether does not promise that any purchase will be approved, and is not liable for a declined purchase or for anything that follows from one, except where the law does not allow Gether to exclude that liability.

Part 7. A card purchase: the Draw, the Earmark and the Protocol Pool

7.1 When a card purchase is authorized, a Draw opens. The Draw records the amount of the purchase (the spend), the asset and the units set apart for it (the Earmark), the value of the Earmark when the Draw opened, the Class Cap applied, the Upfront Fee, the time the Draw opened, the due time and the hold end.

7.2 The Protocol Pool, which is Gether's own USDC, pays the purchase. From the moment the Draw opens you owe Gether the spend. You owe it to Gether and to no one else.

7.3 The Earmark is worth the spend divided by the Class Cap: at the largest Class Cap the Earmark is worth twice the purchase, and at a lower Class Cap it is worth more. Gether chooses which one of your Admitted Assets to set apart when you hold more than one; you do not choose per purchase. The Earmark is moved into a Gether-controlled account that records the units as yours and as set apart, and it stays there until the Draw closes.

7.4 A Draw is not a revolving balance and carries no interest. Each Draw has its own period, due time and hold end. Paying one Draw does not change another.

7.5 A purchase that the card issuer or the card network reverses before it is completed closes the Draw as failed: the Earmark is released, the payment is released, and nothing is owed on it. A merchant refund or a reversal after completion is applied under Part 10.

Part 8. The sale, the hedge and the Receipt

8.1 By accepting these Terms you give Gether a standing instruction, for every Draw that opens while these Terms are in force, to: move the Earmark into a Gether-controlled account; sell the whole Earmark on the Venue at the time, in the batches and at the prices Gether obtains, without a confirmation screen for that purchase; use the sale proceeds first to repay the Protocol Pool and then as margin for an Exposure Position; open, hold, adjust, close and, where Part 12 applies, liquidate the Exposure Position on your behalf as a share of Gether's pooled position at the Venue; buy the asset back on the Venue when the Draw is repaid and return the units bought to your account; and do all of this with orders that combine your Draw with other members' Draws. This instruction is given once, when you accept these Terms, because a card purchase creates the obligation with no confirmation screen. You end it by ending your use of the card (Part 15), which does not affect Draws already open.

8.2 The sale is a sale of your assets. Until the buy-back, you do not own the units that were sold; you hold the Receipt described in 8.5 and Gether owes you what these Terms say it owes you. The sale executes at the prices available on the Venue at the time. Gether sets a maximum slippage against the reference price at which it will not send or will cancel an order, and promises no price. The Venue takes its trading fee from the proceeds.

8.3 From the sale proceeds, an amount equal to the spend repays the Protocol Pool; the remainder stays at the Venue as margin for the Exposure Position: a long perpetual futures position in the market for the same asset, sized so that your dollar exposure after the sale equals the value of the Earmark when the Draw opened, and never above the leverage cap published in the Fee Schedule. Where the cap binds, your exposure after the sale is lower than that value.

8.4 The Exposure Position is a derivative. It is not the asset. It carries no dividend, no vote and no other right of a holder of the asset. Its value is its equity: the margin plus the change in the perpetual's mark price times the units, less funding paid and less Venue fees, and it can fall to zero. Gether holds one pooled position per market at the Venue; your Draw holds a recorded share of it with its own margin, leverage, entry price and funding. A loss the Venue imposes on the pooled position is shared across every share in proportion, and a Venue liquidation of the pooled position closes every share at once at the Venue's price.

8.5 While your Exposure Position is open, Gether records a Receipt in your holdings whose units are the size of your share. The Receipt is a record of a claim against Gether under these Terms. It is not the asset, not a security, not a share of the position at the Venue, not a token on any chain, and it cannot be moved, sold or pledged. The app shows a value for the Receipt from the Venue's mark price when that price is fresh, and shows no value otherwise. A value shown is a mark, not a price you can realise.

8.6 A small purchase, a purchase in an asset with no market on the Venue, a purchase while Gether's execution is switched off, or a sale that fills too far below the reference price rests UNHEDGED: the Earmark stays as the asset in the Gether-controlled account, there is no sale and no Exposure Position, and the period, the Upfront Fee, the late charge, the hold and the sale at the hold end all still apply. The floors and the per-member cap for UNHEDGED Draws are published in the Fee Schedule.

8.7 The Venue is a third-party exchange for spot and perpetual futures trading, operated on its own blockchain by parties unrelated to Gether and chosen by Gether. Gether does not control it and does not promise its availability, its prices, its solvency, its rules or its continued listing of any market. Gether's account at the Venue is Gether's, in Gether's name, under the Venue's own terms; no identifier of yours is sent to the Venue. Risks you take while your Draw has an Exposure Position include: the Venue's own liquidation of the pooled position; loss the Venue imposes on profitable positions when other traders' losses exceed their margin; halts, outages, delistings, withdrawal freezes and rule changes; a difference between the perpetual's mark price and the asset's spot price, including at the moment your position is closed and the asset bought back; failure, hack or insolvency of the Venue, in which margin, equity and proceeds held there may be lost in whole or in part; and a bridge between the Venue's chain and the chain your assets are held on failing or delaying. A loss of that kind is not Gether's fault and Gether does not make it good, except as the law requires. Gether passes through to you what it recovers for your share, less the charges these Terms allow.

8.8 A perpetual futures position pays or receives a funding payment every hour. Your Exposure Position is a long position, so you bear the funding on your share while it is open. Funding is charged to you when the Draw opens as an estimate and trued up when it closes (Part 9).

Part 9. What a purchase costs

9.1 Every charge Gether can make is in the Fee Schedule, and Gether charges no fee that is not in it. The table below names each charge and where its figure is published. No figure appears in these Terms, so that a number here can never disagree with the number Gether applies.

9.2 The Upfront Fee is charged once per Draw and is not refunded if the Draw is repaid early. It is refunded only when the purchase is reversed before completion and the Draw closes as failed.

9.3 The Exposure Cost Estimate is an estimate. It is worked out per Draw from recent market conditions, so it differs from Draw to Draw, and the actual cost can be higher or lower. Both figures are shown on the Draw with the word estimate beside them. At close, the funding component is compared with the funding actually accrued: if the actual was lower, the difference is added to your USDC balance; if it was higher, the difference is charged to your USDC balance, and if that balance cannot cover it, taken from the value returning to you before your assets are returned. On an UNHEDGED Draw the whole funding estimate is returned. The venue fee component is returned in full at close while the Venue takes its fees in kind, so you pay each Venue fee once.

9.4 There is no charge for paying a Draw back, early or on time. There is no charge for the return of your assets. There is no charge for a statement, a notice or a record. Adding assets, sending assets to your own address, your account itself and paying with your card carry no Gether charge; the network you send on and any payment partner you buy or sell through set their own costs, and Gether adds nothing to them.

9.5 A Draw keeps the figures that were in force when it opened. A change to a figure is a new version of the Fee Schedule with a notice period (Part 21) and applies to new Draws only.

Part 10. The period, repayment, autopay and refunds

10.1 Each Draw has a period of GCP_PERIOD_DAYS days from the moment it opened. The due time is the end of the period, recorded on the Draw and shown in the app in your device's time zone. Nothing accrues inside the period.

10.2 You repay a Draw from your USDC balance with Gether, any amount at any time, before or after the due time, through the repayment door in the app. A payment is applied first to the late charge accrued and unpaid, then to the spend. A payment is final when recorded and cannot be reversed by you; if a payment was made in error, contact Gether (Part 23). When what you owe reaches zero the Draw is repaid and Part 11 begins.

10.3 USDC is valued at the US dollar rate your units were credited at, so one USDC may count as slightly more or less than one dollar. A payment is rounded up to the smallest unit of USDC. When a payment leaves less than one cent owed, the Draw is treated as fully paid and Gether absorbs the difference; when a payment comes to less than one cent more than what you owe, the Draw is treated as fully paid and Gether keeps the difference. A payment record never shows zero for a payment you made.

10.4 Autopay is on for every member unless you turn it off in the app. With autopay on, Gether attempts to take the full amount you owe on a Draw from your USDC balance at the due time, and once a day for the number of days the Fee Schedule states while the Draw stays open and unpaid. Autopay takes the full owed figure or nothing. Turning autopay off does not change the due time or the late charge. Gether sends you a notice when autopay pays a Draw and the first time an attempt cannot be taken.

10.5 A merchant refund, a reversal after completion, or a dispute you win on the card transaction behind an open Draw is applied to what you owe on that Draw, in the order in 10.2. The part above what you owe, and the whole refund on a Draw already closed, is added to your balance as a refund in the ordinary way. A refund does not undo the sale in Part 8; if it brings what you owe to zero, your assets are bought back at the price then available and Part 11 applies.

Part 11. Return of your assets when you repay

11.1 When a Draw is repaid, Gether closes your Exposure Position in the next batch, buys the asset back on the Venue's spot market with the closed equity plus the spend you repaid, and returns the units bought to your account at the fill. The Receipt is removed.

11.2 The number of units that returns can differ from the number set apart. A gain on the Exposure Position buys more units back; a loss buys fewer. Venue fees taken in kind, lot rounding, and any difference between the perpetual's mark price and the spot price at close all change the count. Gether does not promise that the same number of units returns.

11.3 On an UNHEDGED Draw that is repaid, the units return to your account as they are, with no sale and no buy-back.

11.4 A buy-back that fills in more than one batch returns units as each batch fills. Until the last batch fills, the Draw is shown in the app as closing. If the Venue cannot fill the buy-back, Gether holds the US dollar value for you until it can, or returns the value to your USDC balance if the market is gone. Gether sends you a notice when the Draw is paid back and a notice when your assets are back.

Part 12. Past due, the hold, margin calls and the sale to cover

12.1 If a Draw is not repaid in full by its due time, it is past due. From the due time a late charge (the Penalty) accrues on the unpaid spend at the rate fixed for that Draw when it opened and shown on it. The rate is simple, per 30 days, on the unpaid spend only, never on the late charge itself and never on a fee. The most any Draw can carry is GCP_PENALTY_MONTHLY_RATE_BPS, published in the Fee Schedule. The late charge is a rate per 30 days, not an annual rate. Gether sends you a notice when a Draw becomes past due.

12.2 After the due time the Draw enters hold. The hold ends GCP_HOLD_DAYS days after the due time, recorded on the Draw and shown in the app as the sale date. During hold the late charge keeps accruing and you may still repay in full or in part. Gether sends you a notice before the hold end, the number of days ahead the Fee Schedule states. If the Draw is still not repaid in full at the hold end, Gether sells to cover under 12.4, and may do so without further notice to you on that day. The sale at the hold end runs on the clock; Gether does not promise to delay it, to wait for a better price, or to sell only part of the position.

12.3 Gether calls a Draw before its hold end when the market moves against it. For a Draw with an Exposure Position, Gether calls it when the position's equity falls below the share of its margin published in the Fee Schedule (GCP_MARGIN_CALL_RETENTION_BPS), or below the coverage floor published there (GCP_MIN_COVERAGE_RATIO), whichever comes first; the call price is shown on the Draw. For an UNHEDGED Draw, Gether calls it when the value of the units set apart, at a Money-Grade Price, falls below the coverage floor published for it (GCP_UNHEDGED_MIN_COVERAGE_RATIO). A fall that reaches a trigger can come from the market, from the source Gether uses to price the asset, from the perpetual's mark diverging from spot, or from a change Gether makes to a Class Cap. A margin call is not an invitation to add margin: you cannot add to an Earmark, add margin, or substitute an asset. The only way to protect a Draw from a call is to repay it before the trigger is reached; a part payment raises the coverage floors in your favour. Gether sends you a notice when a Draw is called and does not promise that the notice reaches you before the position is closed, because prices move faster than a message can.

12.4 When a Draw is called or its hold end passes unpaid, Gether sells to cover. For a Draw with an Exposure Position, Gether closes your share with a reduce-only order in the next batch at the price the Venue gives; the closed equity is the proceeds. For an UNHEDGED Draw, Gether sells the units set apart on the sale rail published in the Fee Schedule; the proceeds are what that sale yields, net of the rail's costs. From the proceeds Gether takes the Liquidation Fee. The rest pays the late charge, then the spend, then any Upfront Fee or true-up charge still outstanding. The Receipt is removed and the Draw is closed as sold to cover. Gether sends you a notice that the assets are being sold and a notice when they have been.

12.5 If the proceeds after the Liquidation Fee exceed what you owe, the difference is yours. On an Exposure Position the surplus is cash at the Venue and moves to Gether's custody in the Protocol Pool's next net settlement; it is added to your USDC balance when it lands and is shown on the Draw as pending until then. On an UNHEDGED Draw the surplus is added to your USDC balance when the Draw closes. Gether sends you a notice when the surplus is added.

12.6 If the proceeds after the Liquidation Fee are less than what you owe, nothing more is owed by you on that Draw: not the unpaid spend, not the late charge, not the Upfront Fee, not a true-up charge. The part of the spend the proceeds did not cover is the loss of the Protocol Pool, and the charges the proceeds did not cover are Gether's loss. Gether does not pursue you for the difference and does not set it off against your other balances.

12.7 A sale of your assets, whether at a purchase, at a call or at the hold end, is a sale in a year you may not have chosen. It can have tax consequences for you. Gether does not give tax advice and does not withhold tax for you. Gether gives you the record of every sale, buy-back, funding payment and charge for your own reporting, and any tax form the law requires Gether to produce.

Part 13. Records, statements and notices

13.1 For every Draw the app shows: the amount owed and its parts; the due date; the Upfront Fee and the Exposure Cost Estimate with the word estimate beside it; the late charge so far; the sale date if there is one; which asset and how many units are set apart, and whether they are held as the asset or as exposure kept through a Receipt; the leverage and the call price of your share; each step Gether took with the assets behind the Draw, with its date, its fill price and the Venue fee; your payments; and the disclosure you agreed to. These records are Gether's ledger. If a record in the app and Gether's ledger differ, the ledger governs and Gether corrects the app.

13.2 Your monthly statement is provided electronically in the app. It includes a section for card purchases on the Protocol whenever a Draw opened, was charged, accrued a late charge, was paid, was held, was returned or was sold to cover in the month. Check your statements and your transaction list; they are how Gether tells you what happened on your account.

13.3 Gether sends you notices about your account and your Draws in the app, by email to the address on your account, and by push notification where you have turned it on: a due reminder before the due time and again the morning of; autopay taken or not taken; past due; the sale notice before the hold end; closing; sold to cover; the surplus added; paid back; assets returned; and the true-up notices. A notice is information. Gether's action does not depend on your having received it, and a notice that does not reach you does not stop a clock or a sale. Every notice names what you can do next or says that there is nothing to do.

13.4 You must keep the email address and the phone number on your account current. Delivery to the details on your account is delivery to you.

Part 14. Errors, disputes and complaints

14.1 If you think a card transaction or a Draw is wrong, or that you did not make the purchase behind it, tell Gether right away through the dispute door in the app or through the contact in Part 23. Report a lost or stolen card, or any use of your account you did not authorize, right away, the moment you know about it.

14.2 Gether records your dispute with the reason you give, investigates it, and tells you the outcome within the time the law that applies to your account requires. A dispute you open with Gether is decided by Gether: Gether does not file it with the card network for you, and no outside body reviews Gether's decision. A purchase found to be unauthorized is reversed and treated as a full refund of the Draw, including the Upfront Fee.

14.3 Nothing in this Part takes away a right you have under law. Where the law gives you a procedure for reporting an error or an unauthorized transaction, limits what you can be held liable for, or requires Gether to credit you provisionally while it investigates, that law applies and this Part gives way to it.

14.4 While a dispute is open, the Draw's clocks keep running, its late charge keeps accruing and its Exposure Position stays open, unless Gether tells you in writing that it has paused them.

14.5 A complaint about a sale price, a fill, a funding charge, a call, a sale to cover, or a return is a complaint to Gether, not a card dispute. Gether gives you the ledger record of each step. Gether does not promise any price, and a lawful execution at the Venue at a price you do not like is not an error.

14.6 You may make a complaint about any part of the Service through the complaint door in the app. Gether records it, acknowledges it, and answers it; you can read the status of every complaint you made, and Gether's response when there is one, in the app. You may withdraw a complaint at any time.

Part 15. Suspension, freezing, closure and ending the card

15.1 You may freeze your card at any time in the app. A frozen card makes no new purchases. Freezing is never blocked by anything else in these Terms.

15.2 You may stop using the card by turning it off or by closing your account. Doing so withdraws the standing instruction in Part 8 for future Draws. Open Draws are not affected: each must be repaid or will run to its hold end and the sale to cover under Part 12. You may close your account at any time. Closing completes when every Draw is closed and what you owe is paid; until then, closing is pending and the Earmarks stay set apart. On closure, the assets that remain are returned to an address you name, after any lawful set-off.

15.3 Gether may freeze your card, suspend your account, or close your account. Gether may act where: it suspects fraud, unauthorized access, or use of your account by someone else; it suspects money laundering, terrorist financing, sanctions evasion or another financial crime, including where a partner or a data source says so and Gether cannot verify it; a court, a regulator, a law enforcement agency, a tax authority or a partner in the card program directs it to, or serves an order, levy or demand; you breach these Terms, the Account and Cardholder Agreement or Part 17; you fail to complete identity verification, fail to verify again when asked, or information you gave is or becomes false, incomplete or unverifiable; you misuse the Service's limits or controls, misuse the dispute or complaint process, or abuse Gether's staff; you die or become incapacitated, or a claim is made on your account for your estate; Gether stops offering the Service, or stops offering it where you reside, or a partner stops serving the program; or Gether reasonably concludes that continuing to serve you would expose Gether, a partner or another member to a legal, regulatory or financial risk it is not willing to take.

15.4 A freeze stops the card. A suspension stops new purchases and may stop withdrawals and sends. A closure ends your account. In every case your open Draws continue under these Terms: the clocks run, the late charge accrues, the calls fire, and the sale to cover happens as Part 12 states. Gether tells you when it freezes, suspends or closes your account, and why, unless the law, a court order or a partner's instruction stops Gether from telling you, or telling you would defeat the purpose of the action.

15.5 Gether may at any time, without notice where the law allows, switch the Protocol off for all members or for you, stop opening new Draws, pause the Protocol Pool, stop admitting an asset, stop hedging so that new Draws rest UNHEDGED, or change where and how it sells and hedges. None of these changes a Draw that is already open. Gether may close your Exposure Position early and hold its US dollar value for you, or return it to your USDC balance, if the Venue delists the market, becomes unavailable, or Gether stops using the Venue; your exposure then ends at the close price and Gether owes you the closed equity less what you owe on the Draw.

15.6 Gether may end your use of the Protocol on notice, or without notice where 15.3 or the law permits, and may end the Protocol for everyone. For each open Draw Gether may then let it run to repayment or hold end under these Terms, or declare it due on a date not earlier than the end of its period, close the Exposure Position, buy the asset back, return the units, and collect what you still owe from the returning value first.

15.7 Suspension and closure do not release you from a Draw that is open, and the Parts of these Terms that by their nature should survive do survive (Part 22).

Part 16. Death or incapacity

16.1 If Gether learns that you have died or become incapacitated, Gether freezes the account. What you owe on an open Draw stays owed and its clocks keep running: the Draw is repaid from your USDC balance, or runs to its hold end and the sale to cover under Part 12, so the value of your estate can change during the time it takes to administer it. A person acting for you or for your estate must give Gether the documents Gether asks for before Gether acts on their instructions. What remains after every Draw is closed is returned as the law directs.

Part 17. What you may not do

17.1 You may not use the Service: for anything unlawful, or to help anyone else do anything unlawful; for money laundering, terrorist financing or sanctions evasion; for a purchase Gether's partners or the card network prohibit; to get around a limit, a control, a decline, a freeze, a suspension or a closure; to give Gether false information, or to impersonate anyone; on behalf of another person without telling Gether; or to attack, probe, overload, reverse engineer or interfere with the Service or anyone else's use of it. Breaking this Part is a ground for freeze, suspension and closure under Part 15, and is a default under the Account and Cardholder Agreement.

Part 18. Tokenized securities

18.1 A tokenized stock, treasury or note is a token on a network that an issuer unrelated to Gether issues against a holding of the underlying instrument. It is not the share or the note itself, it carries no shareholder rights, and it carries the credit risk of its issuer. The Tokenized Securities Disclosure explains what holding one with Gether means, what the issuer's own terms may say, and the risks. Read it before you add one. It is part of your agreement with Gether when you hold a tokenized security.

Part 19. Data, privacy and records

19.1 The Privacy Policy describes what Gether collects, who it shares it with, and how long it keeps it. Two points are terms as well as descriptions. First, Gether is required to keep records about you and your transactions for a period set by law, and that requirement outlives your account: closing your account, and asking Gether to delete your data, do not end it, and Gether keeps what it is required to keep. Second, transfers to and from your addresses are recorded on public networks; that record is permanent, is outside Gether's control, and cannot be edited or deleted by Gether or by you.

19.2 What leaves Gether for a card purchase on the Protocol: to the Venue, Gether's own account address, orders and Gether-generated identifiers, and no identifier of yours; to the card program partner and its identity verification provider, what the Account and Cardholder Agreement and the Privacy Policy describe; to no one else for the Protocol.

Part 20. Electronic records and signatures

20.1 The Service is delivered electronically. You agree to receive these Terms, the Fee Schedule, every notice, every statement and every record electronically, in the app, by email and by push notification, under the Consent to Electronic Records and Signatures you have accepted. Your acceptance of a document, recorded as Part 21 describes, is your electronic signature. Your card purchase is your instruction for each purchase under the standing consent in Part 8.

Part 21. How these Terms change, and how acceptance is recorded

21.1 These Terms are registered by Gether as a document under the slot named at the top with a version label and the SHA-256 checksum of this exact text. A registered version cannot be edited. A change is a new version with a new label.

21.2 A new version is published when registered and becomes mandatory on the date Gether sets for it. The time between publication and that date is your notice period, and the app shows a pending version to you with its date. Accepting one version is not acceptance of another. On and after the mandatory date, until you have accepted the version in force, Gether refuses the actions on your account that move value or commit you: adding money, setting assets aside, issuing or activating a card, making a card purchase on the Protocol, withdrawing or sending assets, and transfers to another member. You can always sign in, read your account, repay a Draw, freeze your card, close your account, contact Gether and accept the pending version.

21.3 Your acceptance is recorded with: your member identifier; the slot and the version; the checksum of the text you were shown, which must equal the registered checksum or the acceptance is refused; the surface you accepted on; the instant; your network address and client identifier where present; and a signature Gether can re-verify. You can read the current version, every version you accepted, and the checksum of each, in the app.

21.4 A change to a Fee Schedule value that is more favourable to you (a lower fee, a lower late charge rate, a longer period, a lower Class Cap) may take effect for new Draws without a new version of these Terms. Any other change to a value these Terms name takes effect only through a new version of the Fee Schedule with its own notice period.

Part 22. Legal terms

22.1 Disclaimers. The Service is provided as it is and as it is available. To the fullest extent the law allows, Gether disclaims every warranty not stated in these Terms, including any implied warranty of merchantability, fitness for a purpose or non-infringement, and any warranty that the Service, the Venue, the networks or the bridges will be uninterrupted, timely, secure or error-free. Gether does not warrant the price, value, liquidity or availability of any asset, market or Venue, or the accuracy of any price it displays. Digital assets are volatile and can lose all of their value.

22.2 Limitation of liability. To the fullest extent the law allows, Gether, its affiliates and their directors, officers, employees and agents are not liable to you for any indirect, incidental, special, consequential, exemplary or punitive damages, or for lost profits, lost value, lost data or lost opportunity, arising out of the Service, however caused, even if Gether was told they were possible. To the fullest extent the law allows, Gether's total liability to you for all claims arising out of the Service in any twelve month period does not exceed the greater of the fees you paid Gether in that period and one hundred US dollars. Nothing in this Part limits liability that cannot be limited by law, including for fraud, for gross negligence where the law so provides, or for Gether's failure to return assets or value that its own ledger records as yours and that Gether holds.

22.3 Indemnity. You agree to indemnify Gether against any claim, loss, cost or expense, including reasonable attorneys' fees, brought by a third party and arising out of your breach of these Terms, your unlawful use of the Service, or your violation of a third party's rights, except to the extent caused by Gether's own breach or negligence.

22.4 Resolving a dispute with Gether. If you have a dispute with Gether, contact Gether first (Part 23) so that Gether can try to resolve it with you. These Terms do not require arbitration, do not choose a court or a governing law, and do not ask you to give up a class action, a jury or any other right. Nothing in these Terms takes away a right you have under the law that applies to you.

22.5 Assignment. Gether may assign these Terms and its rights under any Draw to an affiliate or a successor, or in connection with a financing of the Protocol Pool, on notice to you. You may not assign these Terms, your account or any Draw.

22.6 Severability and waiver. If a provision of these Terms is held unenforceable, the rest stays in force and the provision is enforced to the fullest extent the law allows. A failure by Gether to enforce a provision is not a waiver of it.

22.7 Entire agreement. These Terms, the Account and Cardholder Agreement, the Fee Schedule, the Consent to Electronic Records and Signatures, the Privacy Policy, the Tokenized Securities Disclosure where it applies to you, and any further terms Gether publishes for card purchases under 1.3, are the whole agreement between you and Gether about the Service. The disclosure sentences shown to you before you activate your card restate these documents and do not add to or vary them; if they and a document differ, the document governs and Gether corrects the sentences.

22.8 Force majeure. Gether is not liable for a failure or delay caused by events beyond its reasonable control, including chain congestion or halts, Venue or bridge outages, network failures, acts of government and acts of third parties, provided that this does not excuse Gether from returning assets or value its ledger records as yours once it is able to.

22.9 Survival. Parts 4, 8, 9, 10, 11, 12, 13, 14, 19, 21, 22 and 24 survive the closing of your account and of every Draw.

22.10 Interpretation. Headings are for convenience. "Including" means including without limitation. A reference to a Part is to a Part of these Terms. Where a document names a value and the Fee Schedule in force names another, the Fee Schedule governs.

Part 23. Contact

23.1 Contact Gether through the support door in the app, or through the ways to reach us published on the support page of the Gether website. Notices from Gether to you are sent to the email address and the devices on your account.

Part 24. Definitions

24.1 In these Terms:

"Admitted Asset" means an asset Gether has admitted to a class as backing for card purchases (Part 5).

"Class Cap" means the largest share of an asset's value that a purchase may draw against, in basis points, published in the Fee Schedule (Part 5).

"Draw" means the record one card purchase creates: the spend, the Earmark and everything owed on it (Part 7). Shown in the app as a purchase to pay back.

"Earmark" means the units of one Admitted Asset set apart for a Draw (Part 7). Shown in the app as assets set aside for the purchase while the Draw is in its period, and as assets held for the purchase after the due time.

"Exposure Cost Estimate" means the funding estimate plus the venue fee estimate collected when a Draw opens (Part 9). Shown in the app as the estimated cost of keeping your exposure.

"Exposure Position" means the long perpetual futures share opened for a Draw (Part 8). Shown in the app as exposure kept through a receipt.

"Fee Schedule" means the Gether Fee Schedule, a registered and mandated document (Part 9).

"hold end" means the instant GCP_HOLD_DAYS days after a Draw's due time (Part 12). Shown in the app as the sale date.

"Liquidation Fee" means GCP_LIQUIDATION_FEE_BPS of the proceeds of a sale to cover (Part 12).

"Money-Grade Price" means a price from Gether's pricing resolver carrying trust sufficient for a money decision. A display price is never used for a money decision.

"Penalty" or "late charge" means the charge that accrues on unpaid spend after the due time (Part 12).

"Protocol" means the Gether Credit Protocol: the way a card purchase is paid, backed, sold, hedged, repaid and returned under Parts 7 to 12.

"Protocol Pool" means the USDC Gether holds to pay purchases (Part 7). It is Gether's money.

"Receipt" means the record of an open Exposure Position in your holdings (Part 8).

"UNHEDGED" describes a Draw with no sale and no Exposure Position (Part 8).

"Upfront Fee" means the fee charged when a Draw opens (Part 9).

"USDC balance" means the USDC recorded as yours in Gether's custody.

"Venue" means the third-party exchange on which Gether sells, hedges and buys back (Part 8).

24.2 Every name written in capital letters with underscores is a Gether setting whose current value is published in the Fee Schedule. The names in these Terms are: GCP_MAX_LTV_BPS, GCP_UPFRONT_FEE_BPS, GCP_UPFRONT_FEE_MIN_USD, GCP_FUNDING_ESTIMATE_DAYS, GCP_FUNDING_TRAILING_HOURS, GCP_VENUE_FEE_ESTIMATE_BPS, GCP_PENALTY_MONTHLY_RATE_BPS, GCP_LIQUIDATION_FEE_BPS, GCP_PERIOD_DAYS, GCP_HOLD_DAYS, GCP_MARGIN_CALL_RETENTION_BPS, GCP_MIN_COVERAGE_RATIO, GCP_UNHEDGED_MIN_COVERAGE_RATIO, SWAP_FEE_BPS, fees.network_cost_recovery_mode and fees.network_fee_max_usd.

End of the Gether Terms of Service, version 1.