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The official escrow address for this transaction is, LXB7FHJSxmsq5xXqSHGsrLMSxC7g2Qo7PZ
250 litecoins will be held in escrow until:
a: nomadcrypto repays 2.1 bitcoins, within the term length starting from the loan sent date, to marcotheminer and marcotheminer confirms full repayment. Escrowed litecoins are then to be released back to nomadcrypto.
b: defaults, which means that repayment is not made 48 hours after loan is due (1 month from loan sent date). If full payment (plus any late fees) is made during those 48 hours, nomadcrypto is to be sent back all escrowed litecoins. If payment is not made in those 48 additional hours but contact is made between nomadcrypto and marcotheminer, marcotheminer will decide the outcome of the loan depending on the situation. In case of default, I will release all escrowed litecoins to an address chosen, if needed, by marcotheminer.
c: price hits a minimum threshold, (loan + interest)/(total escrow) = complete bail out point at which all escrowed litecoins are to be released immediately to marcotheminer or sold by myself - all bitcoins to go to marcotheminer.
This complete bailout point is if the exchange rate on cryptsy hits 0.0084btc/ltc.
Nomadcrypto will be notified if the exchange rate on cryptsy breaches below 0.0088btc/ltc which is (loan+10%interest)/(total escrow). From this moment he will be given 5 hours or before the price per litecoin reaches the complete bailout point, 0.0084btc/ltc (whichever comes first) to repay the full loan + interest to marcotheminer, otherwise all escrowed litecoins will be released immediately to marcotheminer or sold by myself - all bitcoins to go to marcotheminer.
Exchange rate to be determined from
https://www.cryptsy.com/markets/view/LTC_BTC by the average between the highest buy and lowest sell order.
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