Common use of Issue and Transfer Clause in Contracts

Issue and Transfer. 2.1 BetaCarbon will mint BCAU Tokens at the rate of 1,000 BCAU Tokens for every 1 ACCU BetaCarbon holds in a Registry Account for this purpose. Therefore, one BCAU Token will notionally represent 0.001 of an ACCU. 2.2 An ACCU represents one tonne of carbon dioxide equivalent (tCO2-e). This means that 1 BCAU Token is notionally backed by 1 kilogram of tCO2-e or 1,000 BCAU Tokens represents 1 tonne of tCO2-e. 2.3 BetaCarbon undertakes not to mint new BCAU Tokens if BetaCarbon does not hold a sufficient number of ACCUs to maintain the required ratio of BCAU Tokens to ACCUs. In such a case, before minting new BCAU Tokens, BetaCarbon undertakes to acquire further ACCUs and will release new BCAU Tokens in a quantity consistent with the ACCUs or derivatives over ACCUs acquired. 2.4 BetaCarbon has appointed the Custodian to hold all ACCUs purchased to meet the requirements contained in this Agreement in respect of minted BCAU Tokens in a Registry Account held in the Custodian’s name. In its capacity as custodian, the Custodian cannot effect transactions in respect of ACCUs held in the Custodian’s Registry Account, except to transfer the ACCUs back to BetaCarbon if they no longer nominally back BCAU Tokens. 2.5 BCAU Tokens are issued to a Token Holder in exchange for any fiat currency, coin, token, cryptocurrency, digital currency or digital asset that is listed on: 2.5.1 the Website from time to time that BetaCarbon accepts as payment in its absolute discretion; or 2.5.2 any cryptocurrency or digital asset exchange. 2.6 All transactions are final and cannot be reversed once the BCAU Token Smart Contract has been executed on the Ethereum blockchain. 2.7 The Token Holder acknowledges and agrees that: 2.7.1 BetaCarbon will issue BCAU Tokens to the Wallet address specified in the BCAU Token Smart Contract; 2.7.2 The Token Holder is solely responsible for specifying a correct, valid and current Wallet address; 2.7.3 BetaCarbon will not be responsible or liable if the Wallet address is incorrect, invalid or has expired; and 2.7.4 BetaCarbon will not be responsible or liable for BCAU Tokens once they have been transferred to the specified Wallet address.