BULKESTATE DIRECT EXIT TERMS

1. The “Bulkestate General Terms of Purchasing Claims and Using the Website” regulating the use of the www.bulkestate.com platform (hereinafter referred to as the Terms) apply to the use of the Direct Exit function (defined in Clause 2 below, hereinafter Direct Exit), taking into account the specifications set out in these “Bulkestate Direct Exit Terms” (hereinafter the Direct Exit Terms). The definitions with a capital first letter are used in the Direct Exit Terms in the meaning given to them in the Terms unless otherwise defined in the Direct Exit Terms.

2. Direct Exit is a functionality of the Website that allows the Users to, at their own discretion, liquidate their investment portfolio by selling to Bulkestate or a third party designated by Bulkestate (hereinafter the Purchaser) the claims they have purchased via the Website and that are explicitly stated on the Website to be eligible for Direct Exit.

3. When using the Direct Exit feature, a discount is automatically applied to the outstanding principal amount of the claim to be sold. The discounted principal amount is considered to be the purchase price for the claim sold via Direct Exit. Upon using the Direct Exit feature, the User waives their right to receive any other payments in relation to the claim sold in addition to the purchase price, including any Interest, penalty for late payment and other ancillary claims and amounts payable on the basis of the Terms and the Assignment Agreement. The User acknowledges and agrees that the purchase price will be their sole compensation for selling the claim.

4. The Direct Exit feature is only available to Users if there are sufficient funds in the pool of funds maintained by the Purchaser and designated for purchasing claims from Users using the Direct Exit feature (hereinafter the Direct Exit pool) and the pool has not reached its pre-set exposure limits (defined below). The following limitations apply on claims purchased via the Direct Exit feature:

4.1. Maximum exposure into one individual claim – 5-10% (of the total Direct Exit pool)

4.2. Maximum exposure into claims against one project – 5-10%

4.3. Maximum exposure into claims secured by one collateral property – 5-10%

5. By accepting these Direct Exit Terms and starting to use the Direct Exit feature, the User accepts and agrees that Bulkestate has the right to change or limit the functionality of, restrict access to or deactivate the Direct Exit feature in respect of some or all of the claims purchased via the Website at any time at its own discretion, whereas the User waives all claims and objections to Bulkestate’s such right.

6. The User activates the Direct Exit feature in respect of a specific claim by choosing to apply the Direct Exit functionality to that claim through their User Profile and submitting a respective declaration of intent in accordance with clause 3 of the Terms. Any declaration of intent made through the Users Profile to activate Direct Exit in respect of a claim shall be deemed to have been submitted by the User and, as such, to be binding and irrevocable to the User.

7. The User has access to information concerning the Direct Exit functionality via their User Profile. By activating Direct Exit in respect of a specific claim, the User confirms that (i) they have read and fully understood the operation principles of Direct Exit and the potential consequences associated with its activation, and (ii) have also read and fully understood these Direct Exit Terms, agree to follow and comply with them and look forward to the consequences described in them.

8. Monetary obligations arising from transactions made as a result of the User activating the Direct Exit feature in respect of specific claims shall be executed via the User’s Virtual Account in accordance with Clause 8 below and the Terms.

9. Within 1-3 business days after the User has used the Direct Exit functionality in respect of a specific claim by submitting a respective declaration of intent in accordance with Clause 6 above, the purchase price accepted by the User upon submitting the declaration of intent, minus Service Charges and other charges applicable in accordance with the List of Charges (if relevant), shall be transferred to the User’s Virtual Account.

10. Via the User Profile, the User can review the claims sold via Direct Exit at any given time and get an overview of the transfer of proceeds from selling the claims via Direct Exit to their Virtual Account. Additionally, Bulkestate shall send a notification to the User’s e-mail address regarding each claim sold via Direct Exit.

11. The User is at all times free to choose whether or not to activate the Direct Exit functionality in respect of eligible claims in their portfolio. The decision to activate Direct Exit in respect of specific claims does not prevent the User from using any other functionality or feature of the Website, incl. purchasing new claims.

12. The provision of the opportunity to use the Direct Exit functionality of the Website shall not in any way constitute an independent offer or recommendation made by or obligation undertaken by Bulkestate or any third party in respect of purchasing claims from Users. Only the transactions concerning specific eligible claims initiated by the User by activating the Direct Exit functionality on the Website and consequently accepting these Direct Exit Terms shall be considered valid and binding between the parties of said transactions. Bulkestate shall not be liable for any loss that the User has incurred or may incur upon using the Website or the services offered by it, including when selling claims at a discount via Direct Exit.

Bulkestate is a proud member of the German-Baltic chamber of commerce, the European Crowdfunding Network and Fintech Finland
  • European Crowdfunding Network
  • AHK
  • Fintech Finland