NADA

Introduction

This introduction is our loose, informal, legalese-free summary of the NADA proposition. The “TERMS” section below has all the precise, legally binding nitty gritty that let us implement NADA.

We believe that NADA represents an exciting new advance in non-redemptable, trans-scarce, intrinsic nil-value, non-entitling cryptographic assets. Read the terms for details, but in short, NADA offers:

And we don’t want to brag, but gosh darnit, we think NADA is the freeest blockchain asset out there!

At the moment, we plan to offer various amounts of NADA for sale on the Stellar network at various prices, but may also offer them free of charge, or not at all, or change between these from time to time. We may or may not airdrop NADA. This helpful prediction is not a promise to issue NADA or to offer NADA, nor to use any particular price if we do.

Remember: NADA is an intrinsic nil-value asset. NADA has its own self-worth and doesn’t stand for anything but itself. NADA entitles you to absolutely nothing else. Zip. Zero. Zilch. Bupkus. And it always will. It’s just a ledger entry on a blockchain. If you don’t want NADA’s intrinsic value, please do NOT acquire NADA. If you don’t believe in blockchain protocols as the final and absolute arbiter of ownership or control, please do NOT acquire NADA.

TERMS

Read these terms carefully. They define what you can expect from NADA, from the issuer, and from other NADA users, and what you owe them in return.

The “Definitions” section at the end defines the words and phrases “use”, “person”, “issuer”, “affiliate”, “bound party”, “holder”, “NADA”, “NADA transaction”, “Stellar network”, and others. All definitions in that section hold throughout this document.

Any person who uses or attempt to use NADA consents to be bound by these terms in all matters arising from or related to NADA. In exchange for the considerations of being permitted to use NADA and of being recognized as a NADA user by other NADA users, each such person becomes a “bound party” who must follow these terms. These terms apply to all NADA-related matters which may arise, in whole or in part, before, during, or after the time at which a bound party actually uses or attempts to use NADA.

The issuer also agrees to be a bound party, in exchange for the use of NADA by other bound parties.

General Nature and Value of NADA

All bound parties affirm that they have duly considered all of the following in determining the value they attach to NADA.

NADA offers only its own intrinsic value, and is intended to be purchased and/or held only for that intrinsic value.

At any given time, NADA may or may not be exchangeable for any other asset through any particular pathway at any particular price; thus the “price” of NADA in terms of any other asset may or may not exist and may or may not be determinable. All bound parties agree that such prices are immaterial and unconnected to the actual value of NADA, which value is entirely intrinsic to NADA itself.

To emphasize the self-sufficiency of intrinsic value and the immateriality of extrinsic prices, the value of NADA is often referred to as “nil-value”.

NADA is trans-scarce, which means that available NADA may or may not bear any particular relation to demand at any given time, and supply may change with or without any relation to demand. All bound parties agree that NADA’s scarcity or lack thereof is immaterial to their acceptance of these terms and/or to their use of NADA, and that no bound party shall ever be required to take or refrain from any action to increase, decrease, stabilize, destabilize, or otherwise influence NADA’s scarcity.

All bound parties agree and that any amount of new NADA may be created at any time and for any reason, with or without offering such newly created NADA in exchange for any other asset.

All bound parties agree that NADA is a system of fully self-sufficient, self-justifying, self-representing electronic ledger entries; that NADA is entirely internal to the Stellar system; that that there is as of the writing of these terms no current or anticipated use for NADA outside of the role of self-sufficient, self-justifying, self-representing ledger entries; and that the value of NADA is entirely intrinsic to itself and not denominable in terms of any other asset.

Except as specifically provided in these terms, no person shall ever be obliged or constrained to take or refrain from any action outside of the Stellar system; nor to transfer any thing of value in any way not wholly determined by the mechanical operation of the Stellar system; nor to provide any consideration other than adherence to these terms; because of any person’s ownership or use of NADA; or in exchange for NADA; or because of any NADA transaction.

NADA is not and does not represent any stock, bond, debt instrument of any kind, nor any other security of any description. NADA does not entitle its holder to any future payment or consideration; neither to any specified sum, nor to any sum contingent on any future event, nor to any other cryptographic currency or token; nor to any share whatsoever of any ongoing stream of profit, share of the fruits of any enterprise, or other benefit; nor to any property, goods, services, or other considerations of any kind; nor to any exclusive right of any kind; nor to any other claim on any person. NADA does not represent a bailment of any kind.

No person, including without limitation any and all issuers and issuer affiliates, promises, nor shall ever be required, to redeem or repurchase NADA at any price or for any consideration. No person shall ever be required to make any payment to any other person, nor to deliver any thing or service, nor to offer any consideration whatsoever, to any holder of any quantity of NADA at any time past, present, or future; nor shall any person be required to refrain from doing any of these things.

No issuer affiliate offers any predictions or representations whatsoever regarding the amount of the past, present, or future price of NADA in terms of any other asset; regarding the past, present or future scarcity or lack thereof of NADA; regarding any possible or residual non-intrinsic value or utility of NADA, or any other value or utility of NADA other than NADA’s intrinsic nil-value; regarding any financial or other advantage or disadvantage which now or in the future may attach to using or holding NADA; nor regarding the future liquidity of NADA. Should any issuer affiliate make any future communication appearing or purporting to contain such a representation, the initial issuer prospectively disclaims that representation.

Neither any issuer affiliate nor any other person shall ever be obliged to take any action whatsoever, nor to refrain from any action whatsoever, to protect, augment, reduce, control or constrain the price or market value of NADA in terms of any other asset; or the rate or direction of change of such price or market value; or the scarcity or lack thereof of NADA; or the possibility of exchanging NADA for any other asset; nor to consider, manage, influence, control, or mitigate the impact of any NADA transaction, including without limitation the issuance or retirement of NADA, on the financial or other interests of any NADA user or of any other person.

All other provisions notwithstanding, issuer affiliates and all other persons may freely choose to take, or not to take, intentional steps whose purpose and/or effect is to increase, decrease, or otherwise manipulate the price or market value of NADA in terms of other assets; or the scarcity of NADA; or NADA’s volatility or liquidity; or any other aspect of the exchange of NADA for other assets or of any market which may exist for such exchange; for or against their own interests or those of any other person, whether through NADA issuance, NADA retirement, market manipulation, or any other means, for any reason, including without limitation fear, greed, whimsy, caprice, vindictive malice, and/or lulz.

Ownership

NADA is an entirely blockchain-internal asset. Ownership of NADA is determined by, and only according to, the mechanical operation of the Stellar system, and without reference to any consideration outside of the Stellar system.

All bound parties agree that only the actual behavior embodied in the deployed Stellar system affects the ownership of NADA. In the event that the mechanical operation of the Stellar system differs from the behavior expected, intended, desired, or agreed to by any person or persons, the Stellar system’s actual operation shall in all cases control.

Any NADA transaction which is recognized within the operation of the Stellar system shall be valid ipso facto, without regard to any other criterion.

All bound parties agree that all off-chain transfers of NADA, and all purported off-chain interests in NADA, shall be without force and void, and that no purported off-chain interest shall require any person to perform any NADA transaction or any other action within the Stellar system, nor create any obligation of any kind outside of the Stellar system. All bound parties further agree that none of them shall claim, use or enforce, or seek to induce or assist any other person to claim, use or enforce, any purported off-chain interest.

No bound party shall perform or attempt to perform any off-chain transfer; nor take any other action which might create or purport to create any off-chain interest; nor undertake any obligation to perform an off-chain transfer or to create an off-chain interest; nor intentionally or negligently cause any person to believe that an off-chain transfer can be, has been, or will be performed; nor intentionally or negligently cause any person to believe that an off-chain interest can be, has been, or will be created. Any bound party who violates this paragraph shall be solely responsible for any and all harm caused to any person or persons by the violation, and shall indemnify all other bound parties against all claims of any description arising out of the violation, whether from other bound parties or from any other source.

All bound parties agree to refrain from seeking, advocating, or consenting to any court order or other court or government order or action creating, or compelling any person to create or to recognize, any off-chain interest, or to perform or enable any NADA transaction. This shall not be construed to require any person to act contrary to law.

All bound parties agree that any person capable of causing the Stellar system, through its mechanical operation, to enact a NADA transaction, shall by virtue of that capability have the right to perform that transaction. This includes transactions which may modify or eliminate the ability of others to introduce subsequent transactions.

Most NADA transactions are expected to be created using cryptographic keys. It is believed that such a transaction cannot practically be made acceptable to the Stellar system without possession of some such key. However, no part of these terms is contingent on the correctness of this belief.

When a cryptographic key is used to perform a NADA transaction, the means by which that key, or the ability to use that key, has been obtained, shall be irrelevant to the force or validity of that transaction. Any person who, by obtaining a key or access to use a key, gains any form of control over NADA within the Stellar system, thereby acquires the right to exercise that control.

Although actions taken to obtain or use cryptographic keys or other means of performing NADA transactions may be tortuous or criminal in se, and although bound parties may seek redress against one another in relation to effects or aspects of such actions which do not intrinsically involve or rely upon the ownership or control of NADA, such circumstances shall not affect the validity of any NADA transaction or transactions using keys or means so obtained. The illegality of the actions by which the means to create a NADA transaction have been obtained shall not impair the effect of that transaction, nor entitle any person to compensation for any loss of NADA caused by such a transaction, nor create any other right with respect to NADA which is not automatically enforced by the mechanical operation of the Stellar system.

All bound parties acknowledge that NADA’s ownership system, prohibition of off-chain interests, and legally unconditional recognition of all technically valid transactions within the Stellar system, are incompatible with many practices of tradtional cryptocurrency exchanges. They further acknowledge that NADA’s trans-scarcity and intrinsic nil-value may be contrary to the values and goals of some, most or all operators of such exchanges. It is therefore extremely improbable that any such exchange would ever choose to list NADA for trading against other assets in any way under any circumstances. Nonetheless, no person shall be obliged to take or refrain from any action which might enable or influence any exchange or marketplace existing partly or wholly outside of the mechanical operation of the Stellar system list or delist NADA, or to otherwise enable or participate in the exchange of NADA for other assets; or which might influence the rules, practices, conditions or restrictions applied by such an exchange to the exchange of NADA for other assets or to any other interaction with NADA.

Neither any issuer affiliate nor any other person shall ever be obliged to take or refrain from any action to cause, avoid, augment, reduce, remediate or otherwise affect or influence any effect of any use of NADA, or of any other interaction with NADA, or of any other matter concerning NADA, on any other bound party’s reputation, on that bound party’s relationships with other persons regardless of whether those other persons are themselves bound parties, or on any business advantages or disadvantages which may accrue to that bound party in any way attributable to or related to NADA.

NADA issuance, distribution, redemption, and retirement

NADA is created at the whim of the issuer. There is no upper or lower limit on the total NADA to be issued, nor are there any limitations on the rates or times at which NADA may or may not be issued, or on the reasons or occasions on which NADA may be issued.

The technical ability to perform a NADA transaction issuing NADA according to the operation of the Stellar system ipso facto creates the authority to do so under any and all circumstances.

No issuer affiliate shall be bound to take any particular steps to retain, restrict, secure, or protect access to any cryptographic key which might enable or facilitate the issuance of NADA, nor to any other material contributing to the technical ability to issue NADA. Any person possessed of such technical ability may choose to share that ability with any other person for any reason, but no such person shall ever be obligated to so share that ability.

No issuer affiliate is required to provide any notice of any kind when, before, or after NADA is issued, nor to give any indication of its intentions with respect to the future issuance of NADA. No statement made regarding any issuer affiliate’s intentions with respect to the future issuance of NADA shall be taken to create any obligation on that issuer affiliate or on any other person, including without limitation any obligation to act in accordance with the stated intentions.

No issuer affiliate makes any promise that issued NADA will ever be available for sale on the Stellar network or anywhere else, nor that it will not.

Although as of the writing of these terms no issuer affiliate anticipates ever repurchasing any NADA at any price, and although no issuer affiliate promises to do so or would be permitted under these terms to make such a promise, issuer affiliates may in the future choose to repurchase NADA if they happen to feel like it. Repurchased NADA may be resold, transferred, or retired as the issuer or affiliate sees fit, limited only by the operation of the Stellar network.

Purchasing or repurchasing NADA on any occasion, from any holder, or on any terms, shall not obligate anyone to purchase or repurchase NADA on any other occasion, and/or from any other holder, nor to do so on similar terms, at the same or any later time.

Discrimination and favoritism

In any matter concerning NADA, issuer affiliates and/or any and all other persons, not limited to bound parties, may, at their sole discretion, discriminate and play favorites among past, present, and/or future NADA users and/or other bound parties. All bound parties authorize the issuer to so discriminate, and agree to hold the issuer, the discriminating party, and all others harmless for any and all consequences of any such discrimination.

Discrimination may include, without limitation, offering special considerations to a favored person, and/or denying to a disfavored person considerations given to some, most, or all others. This may include, but is not limited to, selectively purchasing or repurchasing NADA, offering discriminatory sale or purchase pricing, offering free NADA or other considerations, and/or offering or providing sloppy wet kisses.

The same person may be favored in some ways and disfavored in others. Any person may favor or disfavor anyone for any reason and based on any criterion or criteria, including without limitation personal preference, infatuation, caprice, random chance, and matters entirely unrelated to NADA. Such criteria may be changed at any time and for any reason.

Favoritism shown toward one person shall never entitle any other person to expect or demand any corresponding favor, regardless of the similarity of that person’s status or situation to that of the favored person. Favoring or disfavoring a particular person or class of persons in any way or on any occasion shall not obligate the any party to favor or disfavor that same person or class of persons in any other way or on any other occasion.

No party shall ever be obligated to disclose or explain its reasons for any discrimination, its criteria for choosing favored or disfavored holders, or the identitities of favored or disfavored holders, or the nature or extent of any discrimination in which it has engaged, is engaging, or intends to engage.

Security

Neither any issuer, any issuer affiliate, nor any other person, shall be required to maintain any particular level of security or to take any security measure concerning any aspect of the NADA system, and no bound party shall seek to demand that any other person apply any security measure or measures with respect to NADA, or to obtain any compensation for harm suffered as a result of the absence of any such measure or measures.

Without limitation, the preceding paragraph implies that the issuer, issuer affiliates, and other bound parties do not promise to, are not required to, and may in fact fail to, take any steps to secure or limit control over their own cryptographic keys, including, again without limitation, any key or keys permitting the issuance or transfer of NADA.

Any NADA transaction enacted by the mechanical operation of the Stellar system shall have full effect, regardless of who performed that transaction, the means used to perform it, or the means used to obtain or use any keys, software, or other instruments involved in its peformance. This includes, without limitation, the issuance of new NADA and other “administrative” actions concerning NADA within the Stellar system, and the transfer of NADA. No person shall ever be entitled to any compensation or consideration outside of the Stellar system because of any NADA transaction, however performed.

No bound party shall ever seek to require any issuer affiliate, or any other person, to disclose, to anyone, any information whatsoever concerning its security measures or lack thereof as related to NADA, nor concerning its knowledge, opinions, or conjectures regarding whether or how its computer systems or keys may have been compromised or may be subject to future compromise, or regarding the impact or potential impact of any such compromise.

Each bound party is solely responsible for ensuring that that party’s ownership of, trading of, and any and all other use of or interaction with NADA, with the NADA system, with the Stellar system, with other bound parties, and/or with others interacting with or in any way affected by NADA or the Stellar system, are compliant with all applicable laws, and do not violate or infringe on the rights of others.

These terms shall not be construed to make any issuer affiliate, or any other person, responsible for providing any assistance or advice in ensuring legal compliance by any other person.

No bound party shall make any statement or representation, or take any action, purporting the existence, creation of, or right or ability to create any obligation binding on any other party with respect to any matter concerning NADA which in any way conflicts with, or in any way limits the operation or practical effect of, any of these terms. No bound party shall attempt, nor encourage, enable, or permit any other person to attempt, to hold anyone responsible or answerable for any action or inaction related to NADA in any way which would conflict with, or would in any way limit the operation or practical effect of, any of these terms.

Any bound party who violates any prohibition of the preceding paragraph shall bear sole responsibility for any and all harm incurred by any person or persons, including any issuer, any other bound party, and/or any non-bound person, partly or wholly because of that or any other person’s reliance on or action in accordance with the violating statement, representation, encouragement, enablement, or permission, and shall indemnify all bound parties and all other persons against all claims arising from any such harm.

Should any bound party initiate, prolong, or complicate any dispute related to NADA in which the initial issuer is not found to be at fault (including a dispute to which the issuer is not directly a party), or any dispute which the initial issuer ultimately prevails on the questions predominantly in dispute, that party shall bear all costs incurred by the any other bound party as a result of the dispute, including without limitation legal fees, court fees, travel, research, expert witness fees, and all other expenses incidental to the dispute and to that bound party’s response to the dispute. To the greatest extent permitted by law, the necessity and appropriateness of such costs shall be determined at the sole discretion of the initial issuer.

Limitation of liability

All bound parties agree that disputes concerning, arising from, or involving NADA are to be resolved by the mechanical operation of the Stellar system, to the maximal extent permitted by law.

All bound parties prospectively abandon and disclaim any present or future right to enforce any off-chain interest, to be protected from and/or compensated for any loss of NADA unless such protection and/or compensation is provided by the mechanical operation of the Stellar system, or to realize any advantage arising from or related to NADA in any way outside of the mechanical operation of the Stellar system, even if the harm or advantage in question itself is or would be experienced outside of the Stellar system.

In no case shall any person be required to act outside of the mechanical operation of the Stellar system, or to refrain from any act outside of the mechanical operation of the Stellar system, or to perform or refrain from performing a NADA transaction or to otherwise take outside action to influence the operation of the Stellar system, in order to prevent, remedy, or compensate any bound party for any loss of NADA, or to permit any bound party to enjoy any benefit arising in any way from any person’s possession of NADA.

In any case in which the above paragraphs in this section may be found to be wholly or partly invalid, unenforceable, or inapplicable, all bound parties agree that every obligation concerning, arising from, or involving gain or loss of NADA may be discharged by payment in NADA, that every harm concerning, arising from, or involving NADA may be remedied by payment in NADA, and that the payment in question shall in no case exceed the quantity of NADA originally engendering the obligation or harm being discharged.

In any case in which the above paragraphs in this section may be found to be wholly or partly invalid, unenforceable, or inapplicable, all bound parties agree that every obligation concerning, arising from, or involving gain or loss of NADA may be discharged by payment in US Dollars or in Stellar Lumens, that every harm concerning, arising from, or involving NADA may be remedied by payment in US Dollars or in Stellar Lumens, and that the payment in question shall in no case exceed the price at which the NADA engendering the obligation or harm being discharged were first purchased after their creation. For purposes of this paragraph, the first purchase price is to be reckoned in Stellar Lumens, but the resulting obligation may be discharged, at the sole option of the obliged party, by payment in Stellar Lumens, by payment of US Dollars equivalent to the fair market value of such Stellar Lumens as of the date of first purchase of the NADA in question, or by payment in US Dollars equivalent to the fair market value such Stellar Lumens as of the date of discharge of the liability.

Except as provided under “Legal Responsibility and Indemnity” above, no bound party shall be responsible for any legal fees, court fees, travel, research, expert witness fees, or other costs of whatever description incurred by any other bound party in the course of establishing that same or any other bound party’s liability, or in collecting any amounts due, in any matter related to NADA.

Each bound party agrees to hold all issuer affiliates jointly and severally harmless in any matter and/or for any harm arising, in any way and/or under any legal theory, purely from the existence or nature of NADA; from its use or ownership by any person; from its issuance, transfer, retirement, or administration; from any third party conduct contrary to these terms; and/or from any expectation contrary to these terms on the part of any person.

Nothing in this section is to imply or indicate that there are any circumstances under which any person could actually be liable to any bound party or to any other person for anything related to NADA.

Privacy, Confidentiality, and Disclosure

Under no circumstances shall any bound party attempt to coerce; nor voluntarily seek or induce that any agency or authority require or coerce; nor demand while claiming any real or purported right or ability to require or coerce; nor demand while claiming any real or purported ability or to induce any agency or authority to require or coerce; nor, knowing that compliance would breach any duty of confidentiality, induce, request, or encourage; any person to disclose, confirm, or deny, any information whatsoever concerning itself or any other person, or concerning NADA, nor any information which could be used in combination with other information to make inferences or conduct investigations concerning any person or concerning NADA, if such a requirement or attempt to coerce disclosure is made in the course of any activity which is significantly related to the use of NADA, or if any purpose for which the information is sought is primarily directed toward NADA or toward matters related to NADA.

The facts affected by the preceding paragraph include, without limitation, any person’s name; legal form of organization; place of residence; past, present or future location; places or lines of business; appearance or identifying features; owners or ownership; beneficiaries; directors; officers; partners; members; employees; employers; associates; financial condition; assets; liabilities; addresses; telephone numbers; electronic mail addresses; or other communication contact points; Internet connections; Stellar or other cryptocurrency wallet addresses or holdings; or motivations.

A bound party may request the purely voluntary disclosure of the information described in the above paragraphs of this section only if the request clearly and explicitly states that the bound party has no right or intention to coerce the recipient of the request to provide the information, and that the bound party is forbidden by these terms to claim any such right.

These terms shall not be interpreted to impose or increase any positive obligation on any person to maintain the secrecy or confidentiality of any information concerning any bound party’s interaction with NADA, nor any obligation to refrain from voluntarily disclosing any such information. Neither shall these terms be interpreted to diminish any such obligation which may arise from any outside source.

In addition to any other effects it may have, all bound parties accept that lack of information concerning issuer affiliates and others may severely limit or eliminate their ability to effectively pursue legal or administrative process against, or with regard to, issuer affiliates, other bound parties, or other persons, in respect to matters concerning NADA. To the maximum degree permitted by any applicable law, all bound parties specifically abandon and disclaim any rights they might otherwise have to compel the disclosure of information described in this section; and/or to request or demand that any court, government, or any other entity whatsoever compel such disclosure; for use in any such process or in aid of any such process.

Changes

At any time and at its sole discretion, the initial issuer may change any part of these terms to reduce or eliminate any effect on NADA, or on any NADA-related action by any bound party, including the initial issuer itself, which effect occurs or arises from outside of the mechanical operation of the Stellar system. The effects which may be so reduced or eliminated include, without limitation, burdens, prohibitions, obligations, liabilities, impediments, incentives, costs, gains, punishments, rewards, restrictions, requirements for compensations, or other consequences of any kind attaching to such actions. Such effects may arise, without limitation, from external laws, rules, entities, customs, practices, or other considerations.

Such a change may be made with or without prior notice to any bound party or to any other person.

Should the initial issuer change these terms, the initial issuer will update NADA’s stellar.toml file, or will take or cause to be taken equivalent measures following the practices common on the Stellar network at that time. Persons holding NADA who do not divest themselves of such holdings within 10 days after any such change will be bound by the updated terms. Persons who divest themselves within 10 days of the change will remain bound by the pre-existing terms.

Should these terms come to be interpreted under any system of laws in which the above 10 day period would be considered inadequate, “10 days” shall be replaced with the shortest legally acceptable period. Those subject to these terms agree that it is their responsibility to be aware of the minimum acceptable period under their local laws or under any other system of laws under which they may possess any right to enforce any of these terms.

Choice of law

Should any dispute arise from these terms, or from any use of or interaction with NADA, regardless of whether the initial issuer is a party to that dispute, that dispute shall be adjudicated according to the laws of the jurisdiction in which principal respondent in that dispute resides.

Nothing in this section shall be taken to imply that it is possible for a dispute involving NADA to require resolution by any means outside of the mechanical operation of the Stellar system.

Binding Arbitration

Should a dispute among bound parties arise from these terms, and should no party to that dispute be an affiliate of the initial issuer, the initial issuer may, within 10 days of becoming aware of the dispute, require the parties to submit the dispute to arbitration by the initial issuer or by its designees.

Such arbitration may be conducted under such laws, rules, and/or procedures as the arbitrator may see fit, including without limitation games of chance, substantively irrelevant and/or subjectively evaluated tests of skill, subjective judgements concerning which party has the most honest face, trial by fire, and trial by combat (either between the parties to the dispute or between others chosen at the arbitrator’s discretion, including without limitation toy robots).

The arbitrator shall likewise have absolute discretion in choosing remedies or penalties, subject only to limitations contained within these terms.

Should applicable law limit the arbitrator’s discretion in choosing laws, rules, procedures, remedies, or penalties, the arbitrator shall enjoy the most complete legally permissible discretion.

Whenever a dispute is decided by such arbitration, the decision shall be absolutely final and shall not be subject to review or appeal in any forum or for any reason. All bound parties specifically disclaim and abandon any rights they might otherwise have to subject the arbitrator’s decision to review by any court, government agency, or other arbitrator.

The initial issuer and/or its designated arbitrator shall enjoy absolute immunity from all liability, punishment, or accountability for the propriety of its arbitration process or for any consequence of its decisions as arbitrator, within or outside of the NADA system, under any theory whatsoever. Should a provision of applicable law limit the this immunity, the greatest degree of immunity permissible under the law shall be provided.

Notwithstanding the above, no issuer affiliate shall be obligated to provide arbitration services, nor to respond in any way to any request to provide such services.

Nothing in this section shall apply to any dispute in which the initial issuer or any issuer affiliate of the initial issuer is a party.

Nothing in this section shall be taken to imply that it is possible for a dispute involving NADA to require resolution by any means outside of the mechanical operation of the Stellar system.

Severability

Should any of these terms be found to be in conflict with applicable law, or otherwise unenforceable, the remaining terms shall continue to apply, except insofar as the remaining terms would place any more obligation or liability on any bound party than they would have placed upon that party if the inapplicable term had continued in force.

Implications and Imputations

These terms shall not be taken to imply or create any obligation on any person which obligation is not explicitly contemplated within the terms, or to confer on any bound party the right to make any demand on any person which demand is not explicitly contemplated within the terms.

The failure of these terms to explicitly disclaim any obligation of any person, or to explicitly mention that any person is not subject to any obligation, or to explicitly disclaim any right of any bound party or parties to subject any other person to any obligation, shall not be taken to imply or accept the existence of such an obligation or right.

Definitions

The term “person” includes any natural person; and/or any other entity formally or informally recognized as having an independent legal personality, however limited, including without limitation corporations, partnerships, trusts, unincorporated associations and other informal entities; and/or any group of these acting in concert.

Terms such as “anyone” and “entity” include all persons as defined herein, and are not limited to natural persons or other legal entities.

Throughout this document, “NADA” means any nonzero quantity or number of the asset designated within the Stellar system as “NADA” and initially issued by the Stellar account identified as “GD7VZ7ZGSSRM6DORC3Y2BOBFUMN3AMXHYZR4VOPE2NEGWBEHIVLZOUWQ”, whether integral or fractional, and/or, as appropriate in the context of use, the Stellar-based technical system underlying the NADA asset, and/or any use of the NADA asset, and/or any action incidental to the use of the NADA asset.

“Issuer” or “the issuer” means any person issuing NADA, except that “initial issuer” means the person controlling the key creating the first NADA to be issued as of the time of that initial issuance, and in warnings or statements of fact restricted to the time of writing of these terms, “the issuer” means the initial issuer.

An “affiliate” of a person is that person, and/or anyone acting in concert with or at the direction or under the inducement of that person, anyone with a professional or fiduciary obligation to that person, and anyone lawfully controlling or directing the actions of that person.

“Issuer affiliate” means any affiliate of any issuer. “Initial issuer affiliate” means any affiliate of the initial issuer.

To “use” NADA is to buy, sell, hold, issue or retire NADA; to willingly receive, or transfer to another, any form of ownership of NADA, whether it be ownership as defined in these terms or any other right or status styled as “ownership”; to willingly receive, or transfer to another, any such ownerhsip or other proprietary interest in NADA; to claim or purport to possess any such ownership or proprietary interest in NADA; to take any action intended to influence the technical operation of the NADA system or the ownership or disposition of NADA; to direct or induce others to do any of these things; or to participate in active concert with others in any course of conduct involving doing any of these things.

“Bound party” means anyone who becomes subject to these terms for any reason. Without limitation, bound parties at any given time include all persons who are using NADA at that time, and all persons who have used NADA at any time before it.

The “Stellar network” is the combination of hardware and software, collectively created, deployed, and managed by a diverse group of developers, users and other operators; which maintains; records the state of; and generates, validates, and/or implements changes to the state of; that particular Stellar block chain whose “network passphrase” is “Public Global Stellar Network ; September 2015”, and/or any successors or substitutes which may in the future be generally recognized as being or constituting the “Stellar Pubnet” or “Stellar main net”, and/or which may in the future be used to represent the cryptocurrency commonly designated by the name “Stellar Lumens” and the symbol “XLM”.

The “Stellar system” is the Stellar network together with the content of its block chain and the common interpretation of the meaning of data recorded in that block chain and of data exchanged between hardware and software entities within the Stellar network.

The “NADA system” is the combination of all portions of the Stellar network or of the operation of the Stellar network which concern, represent, or act upon NADA.

A “NADA transaction” is a change in the state of the Stellar system, including without limitation the content of the Stellar block chain, which affects the Stellar system’s handling or interpretation of any NADA or of any information concerning any NADA, and includes without limitation any change which may modify the conditions under which the Stellar system accepts any subsequent NADA transaction as valid.

To “perform” a NADA transaction is to cause or enable such a transaction, whether by positive action or by omission, or to take any action directly or indirectly causing such a transaction to be presented for processing by the Stellar system.

To “issue” NADA is to perform any NADA transaction which increases the overall quantity of NADA recognized to exist under the usual interpretation of the data contained in the Stellar system.

A “holder” or “owner” of NADA is a person who, at some specific time for which ownership is determined, is able to cause the Stellar system, by its mechanical operation, to change the cryptographic keys or other conditions used by the Stellar system to determine the validity of subsequent NADA transactions affecting the status of the NADA in question. Such a transfer is ordinarily effected by using an existing cryptographic key to produce a digital signature on a transaction transferring control to a new cryptographic key, however ownership of NADA is defined only by the ability to cause the mechanisms of the Stellar system to make the described state change, regardless of whether any key is in fact used.

An “off-chain interest” is any legal right, or purported legal right, to claim any form of ownership of NADA, whether it be ownership as defined in these terms or any other right or status styled as “ownership”; to claim any other proprietary interest in NADA; to use, control, or in any way benefit from NADA; to perform any NADA transaction; to challenge the validity of any NADA transaction; or in any other way to cause, affect or impede the use, manipulation, ownership, or transfer of NADA; or to do any of these things subject to conditions or delays; or to coerce or otherwise require that any other person do any of these things; if that legal right or purported legal right is not entirely embodied and enforced within the mechanical operation of the Stellar system itself. It is the intent of these terms to eliminate the possibility of creating of off-chain interests. To the extent that these terms may fail to eliminate the possibility of creating off-chain interests, it is the intent of these terms to prohibit their creation.

An “off-chain transfer” is any gift, purchase, sale, loan, lease, option, contract, pledge, hypothecation, bequest, promise, or any other action; or any speech action purporting to constitute one of these; which creates or purport to create any off-chain interest. It is the intent of these terms to eliminate the possibility of off-chain transfers. To the extent that these terms may fail to eliminate the possibility of off-chain transfers, it is the intent of these terms to prohibit such transfers.