Skip to main content

Bond Token Terms Acceptance

By acquiring, holding, claiming distributions on, or redeeming a Bond Token, you agree to these terms as between you and the Issuer.

Bond Tokens ("Bond Tokens") are linked to publicly traded, USD-denominated corporate bonds held within a segregated account designated "Bondi Finance" (the "Cell") of Ensuro Re Ltd., a Bermuda-registered Segregated Accounts Company. Bond Tokens are issued by Ensuro Re Ltd. acting in respect of its segregated account designated "Bondi Finance" (the "Issuer"). The Cell is a segregated account and is not itself a legal person. Ensuro Re Ltd. holds a Class F Digital Asset Business (DAB) licence and a Class IIGB (Innovative Insurer General Business) insurance licence, both issued by the Bermuda Monetary Authority. Bondi Technology Inc. acts as Account Owner and platform operator; it does not itself issue Bond Tokens or hold underlying bond assets. The underlying bond assets are custodied through a licensed investment broker.

By completing identity verification (KYC) in the Bondi Institutional app and ticking the acceptance boxes presented to you there, you confirm the following:

Acceptance of Governing Agreements​

You have reviewed and accepted each of the legal documents published in the Bondi documentation portal, namely:

Verification is open to both individuals and legal entities; the Bondi Institutional app is not reserved for businesses.

If you are onboarding as a Main Liquidity Partner, Secondary Liquidity Partner, or Lender, you will in addition have executed a bilateral Participation Agreement with Bondi Technology Inc. as part of that institutional onboarding. A Participation Agreement is negotiated and executed separately and is not published in this portal. Where one applies, its liability, indemnification, and release provisions govern your role under it in place of Section 7 (Release of Claims) and Section 12 (Limitation of Liability) of the Terms of Service, as set out in Section 12 (Participation Agreement Precedence) of those Terms.

These documents, together with this acceptance, form the contractual framework governing your participation. This acceptance creates a direct contractual relationship between you and the Issuer in respect of Bond Tokens. Completing KYC and ticking the acceptance boxes confirms that relationship; it is also formed by acquiring, holding, claiming distributions on, or redeeming a Bond Token, as stated above. It is not limited to any single subscription or transaction: it governs your ongoing participation, including funding and primary subscription / minting, coupon distributions, issuer call proceeds, maturity redemption, and early redemption. It applies whether you acquire Bond Tokens through primary subscription or on the secondary market, and whether or not you ever subscribe for newly minted Bond Tokens.

The operative Line-specific asset allocation and limited-recourse provisions are contained in the Issuer's Governing Instrument. These terms describe that structure and constitute a direct contract between you and the Issuer, but do not replace the Issuer's Governing Instrument. Where a conflict arises between these terms and the Issuer's Governing Instrument on matters relating to Bond Token issuance, token-holder rights, Line Assets, or Cell-level mechanics, the Issuer's Governing Instrument controls, consistent with the Terms of Service.

Nature of the Bond Tokens​

Bond Tokens represent contractual economic entitlements to the Line Assets linked to the applicable Bond Token Line. Each Bond Token is a separate Bond Token Line. "Line Assets" means the underlying bond assets, coupon proceeds, redemption proceeds, reserves, and other assets identified in the Issuer's books and records as linked to a particular Bond Token Line.

You acknowledge that:

  • the Issuer of Bond Tokens is Ensuro Re Ltd. acting in respect of its segregated account designated "Bondi Finance";
  • each Bond Token is a separate Bond Token Line;
  • all obligations relating to a Bond Token are limited-recourse solely to that Line's Line Assets;
  • you have no interest in or recourse to any other Line Assets, including assets linked to any other Bond Token Line;
  • this limitation of recourse applies in default, deficiency, receivership and insolvency, subject to mandatory Bermuda law, valid security interests and preferential claims;
  • Lines are contractual divisions within one statutory segregated account, not separate statutory accounts;
  • no claim may be made against Ensuro Re Ltd.'s general account, any other segregated account, Bondi Technology Inc., or any affiliate;
  • where your Bond Token Line is linked to a Basket of underlying bonds, your interest is a pro-rata economic interest in the pooled assets of that Line, not a claim to any individual bond within the Basket;
  • Bond Tokens do not represent equity, voting rights, or ownership rights of any kind, whether in Bondi Technology Inc., Ensuro Re Ltd., or the underlying bond issuer.

Payment Flow​

Coupon and principal redemption proceeds flow from the Cell through Ensuro Re Ltd. into Bondi's non-custodial distribution smart contracts, which disburse amounts to verified Bond Token holder wallets on a pro-rata basis, net of applicable fees. Bondi does not hold, custody, or intermediate these funds at any point; all distributions are executed programmatically via smart contract.

Default and Passive Holdership​

In the event of a default, restructuring, or analogous event affecting an underlying bond, the Issuer's policy in respect of the Cell is one of passive holdership: neither Bondi nor the Issuer will exercise voting, consent, acceleration, or enforcement rights attaching to the underlying bond on your behalf. You will receive, pro-rata and net of fees, only amounts actually received to the credit of the Cell in respect of the bond, if and when received. See the Terms of Service for the full default and passive holdership provisions.

No Offer of Securities​

Information provided by Bondi does not constitute a public securities offering or solicitation. Bond Tokens are not registered under the U.S. Securities Act of 1933 or under any other securities regulation.

Jurisdictional Eligibility​

You confirm that you are not a U.S. Person and that you are not located in, resident of, or accessing from any restricted jurisdiction, and you understand that onboarding is not permitted for individuals or institutions in those jurisdictions.

KYC and Redemption Requirements​

To receive Bond Tokens, coupon distributions, or principal redemption (including at maturity), your KYC status must be fully verified and in good standing. KYC/AML verification is conducted by Ensuro Re Ltd. as Class F DAB licence holder and regulatory principal; Bondi presents Ensuro's verification flow on its frontend and whitelists your wallet address upon Ensuro's confirmation of approval. Failure to maintain KYC/AML approval will prevent interaction with gated smart contract functions, including minting, coupon distributions, and redemptions.

Early Redemption and Off-Chain Broker Sales​

Where early redemption is made available before maturity, you acknowledge that redemption is effected through an off-chain sale of the underlying bond executed by the Cell's licensed broker, and that:

  • requests are pooled into batches and are only executed once a batch reaches the applicable minimum lot size, so execution may be delayed or may not occur at all;
  • the redemption price reflects the price actually achieved on the off-chain sale and may differ materially from any oracle or indicative price shown in the Platform;
  • all depositors in a batch settle at a single exchange rate for that batch, net of the Early Redemption Fee; and
  • a defaulted or distressed bond may have limited or no secondary market liquidity, in which case early redemption requests may fail to execute.

Full mechanics are described in the Redemption documentation.

SEAL Safe Harbor​

By proceeding, you also consent to be bound by the SEAL Safe Harbor Agreement for Whitehats as adopted by Bondi (Base mainnet, March 22, 2026), as set out in full in the Terms of Service.

Acknowledgment​

By proceeding, you acknowledge that:

  • you agree to these terms as between you and the Issuer;
  • you understand that Bond Tokens are issued by Ensuro Re Ltd. acting in respect of its segregated account designated "Bondi Finance", that each Bond Token is a separate Bond Token Line, and that your recourse is solely to that Line's Line Assets;
  • you understand that Lines are contractual divisions within one statutory segregated account, not separate statutory accounts;
  • you understand that this limitation of recourse applies in default, deficiency, receivership and insolvency, subject to mandatory Bermuda law, valid security interests and preferential claims;
  • you understand the limited-recourse structure under Bermuda law;
  • you understand the non-custodial payment flow described above;
  • you understand the financial, operational, and smart-contract risks associated with Bond Tokens;
  • you agree to be bound by the legal documents listed above and, if you are onboarding as a Main Liquidity Partner, Secondary Liquidity Partner, or Lender, by your Participation Agreement.