The Site allows you, the user, to bid for a personal loan (a “Loan”) – via an automated order book (the “Market”) run on an open-source code decentralized permissionless blockchain maintained by Teller Labs (the “Protocol”) – directly to, and for potential acceptance by, a third party lender (the “Lender”) on economic terms and conditions that you independently propose on a binding basis (a “Bid”) in that Market.
[NOTE: placeholder for software License from Teller Labs to the Borrower to use the Protocol for purposes under this specific terms]
TELLER LABS IS NOT THE LENDER OR A BROKER, NOR IS ANY PARTY AFFILIATED WITH OR CONTROLLED BY (OR IN COMMON CONTROL WITH) TELLER LABS. BY ENTERING INTO A LOAN AGREEMENT (DEFINED BELOW) WITH A LENDER YOU ARE ONLY ENTERING INTO AN AGREEMENT WITH THE LENDER, AND NOT TELLER LABS, NOR ANY PARTY AFFILIATED WITH OR CONTROLLED BY (OR IN COMMON CONTROL WITH) TELLER LABS.
THERE IS NO GUARANTEE THAT A LENDER WILL ACCEPT YOUR BID. YOU ASSUME ALL RISK OF ENTERING INTO A LOAN AGREEMENT. BY SUBMITTING A BID YOU IRREVOCABLY AGREE TO REPAY THE LOAN ON THE TERMS AND CONDITIONS OF THE LOAN AGREEMENT (DEFINED BELOW), INCLUDING YOUR OBLIGATION TO REPAY YOUR LOAN AND PAY THE PRESCRIBED INTEREST TO THE LENDER. EACH LOAN AGREEMENT IS A SEPARATE AND DISTINCT AGREEMENT BETWEEN Y
To place a Bid and enter into a Loan Agreement in a Market you must be over 18 years of age on the date you place your Bid.
If your Bid is accepted, you will be informed of the Lender in the acceptance documentation (the “Acceptance”).
The Loan is a separate agreement between you and the Lender, consisting of your Bid and the Lender’s Acceptance (the “Loan Agreement”). Upon a Lender accepting your Bid, you are required to repay the principal amount of your Loan along with the interest, as detailed in the Loan terms outlined in the Acceptance. Repayment must be made in USDC. If you do not pay an amount due as set forth in the Acceptance (including the minimum amount of principal due plus accrued interest) within  calendar days, you will be considered in breach of your Loan. You will have  calendar days from any default to cure such default by paying in full such defaulted amounts. If you further fail to cure in full, you will be deemed to be default under the Loan Agreement (“Default”). [Upon such Default the Site and the Protocol allow the Lender to pursue any remedies available to the Lender available under applicable law.]
If you are Default, as part of your Loan Agreement, you agree to allow the Lender to report such delinquency to any credit bureau. You are aware that this same payment delinquency could reflect in your credit report. As part of your Loan Agreement, you agree to allow the Lender to send a non-fungible token (NFT) to your Loan wallet address reflecting the Default. You are aware that this NFT is a non-transferrable & non deletable record of your delinquency. The Lender will keep the NFT in your Loan wallet address until you pay back in full the amount that is delinquent]