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 BULKESTATE GENERAL TERMS FOR THE USE OF THE WEB-SITE AND THE PURCHASE OF REAL ESTATE

translation from the original in Estonian

 1.        Used Terms and their Definitions

Bulkestate

OÜ “Bulkestate”, the unified registration number 14002296, that maintains and operates the Website.

Bulkestate Account/s

Bulkestate bank account/s indicated in the Website where User’s money is transferred under these Provisions for transactions within the Website, and that is/are separated from the Bulkestate property.

Deal confirmation

Appendix to this agreement with information about the Real Estate selected by the user

Transaction Term Validity

A term specified by the buyer, who placed the owned real estate in the Website, when Website Users have to select the Real estate unit and pay the Security deposit in the amount as specified in the offer.

Working Day

Any day when banks in Estonia are opened, except Saturdays, Sundays and public holidays.

Security Deposit

A sum of money equal to the price of 1 (one) square meter of the Real estate.

User’s Bank Account

The account opened on the User’s name in a credit institution subject to the Money Laundering and Terrorism Financing Prevention Act or the European Union law requirements on prevention of money laundering and terrorism financing.

User’s ID Number

A personalized number of each User by which Bulkestate can identify the User. The User’s ID number is to be used also making the payments into the Bulkestate account.

User’s Profile

The operating platform registered in the User’s Website that under the Website User’s terms and conditions is built automatically and is permanently available to the User after entering the User’s e-mail address and a password in the Website.

User

A person registered in the Website as its user.

Agreement

www.bulkestate.com Website user agreement concluded between the User and Bulkestate.

Real Estate

The real estate unit selected in the User’s Website to be purchased by the User.

Description of the Real Estate Purchase Transaction

An annex to the Agreement including information on the Real estate selected by the User.

Provisions

The general terms and conditions of the Bulkestate Website user agreement that are applicable to every User’s agreement and transaction, concluded by the User via Website.

Website

The web-sites created and maintained by Bulkestate under the domain name www.bulkestate.com, and allowing its Users to use various interactive services offered by Bulkestate operating within that site.

Minimum Transaction Volume

Transaction volume indicated in the Buyer’s Website, which in case of its performance within the Transaction term validity obliges the Buyer to conclude the Purchase agreement with the User.

Seller

Legal entity that places an offer to purchase its real estate unit/s in the Website.

Purchase Agreement

Purchase agreement concluded between the User and the Seller on Real estate purchase.

Parties

The User and Bulkestate.

Application for Registration

The application executed in the Website by the User to register for the Website and to use the services offered in the Website under the Provisions.

2. Registration and Creation of the User’s Profile

2.1. Only the registered Users, who have concluded the Agreement with Bulkestate, have the right to use the services offered by the Website.

2.2. In order to apply for registration and conclusion of the Agreement, the User must comply with, and the User confirms that during the whole period of using the Website it will comply with the following criteria:

2.2.1. the User is a physical or legal entity;

2.2.2. if the User is a physical person, the User is at least 18 years old;

2.2.3. the User has an opened bank account with which and with the funds (if any) therein he/she has the right to dispose freely;

2.2.4. the User has not been declared insolvent;

2.2.5. in accordance with a court judgment in effect the User is not limited in capacity due to mental disorders.

2.3. The User confirms that at the moment of submission of the application for registration and conclusion of the Agreement the User has legal capacity and is not influenced by alcoholic, narcotic, psychotropic, toxic or other intoxicating substances.

2.4. The User registers in the Website by filling the application for registration and approval of the present Provisions. After User’s registration the Website will automatically create the User’s profile. At the moment of the User’s registration in the Website, Bulkestate assigns a unique User’s ID number.

2.5. To access and use the User’s profile Bulkestate identifies the User by User’s e-mail address and a password. The User has the right to change the User’s e-mail address and password specified for the User’s identification according to the procedures as provided in the Website.

2.6. If the User is a legal entity which has signed the Agreement, Bulkestate have the right to identify the authorized signatory, for whom Bulkestate has registered the signatory rights, as a User.

2.7. To conclude the Agreement, to use the services offered by the Website and to acquire the Real estate, the User must take the steps mentioned in the Chapter 3 of the Provisions that are necessary for Bulkestate to identify the User.

2.8. Bulkestate has the right to refuse registration of a new User in the Website, without specifying the reason for refusal.

2.9. The User’s profile is personal, and only the User’s profile owner (the User) has the right to enter and to use it.

3. The User’s Identification and Approval of Transactions

3.1. Bulkestate identifies the User according to the Bulkestate internal control system provisions remotely, when the User after the User’s registration in the Website transfers the money means from the User’s bank account to the Bulkestate’s account. In this case, Bulkestate identifies the User by the information received from the bank. The User is obliged to indicate the User’s ID number specified in the User’s profile in the purpose of payment.

3.2. In order to fully carry out the identification of the User, Bulkestate can at its sole discretion at any time, by contacting the User, to request additional documents or information confirming the identity of the User and to unilaterally impose additional requirements for the User’s identification, as well as to modify the User’s identification process.

3.3. The Agreement between Bulkestate and the User is considered concluded and enters into force from the moment when the User in the Website has been approved under the present Provisions and Bulkestate has identified the User. Bulkestate notifies the User on the conclusion of the Agreement by sending a written notice to the User's e-mail address. The User can find the Agreement concluded and all the Real estate purchase agreements in the User’s profile.

3.4. The Application for registration submitted by the User according to the Provisions and the cash deposit to the Bulkestate’s account confirms that the User wants to use the Website and the services offered therein in accordance with the terms and conditions of the Agreement.

3.5. By registering and logging (entering) in the Website via own User profile the User must enter the User’s e-mail address and password.

3.6. The actions that are carried out by the User in the Website after entering of the User’s e-mail address and password, is considered to be the User’s signature or acceptance. All payments, payment orders, orders, applications, agreements and other documents approved or submitted by the User in the Website after the User’s e-mail address and password is entered according to the form prescribed in the Website, are binding for the User and Bulkestate.

3.7. The User’s password is confidential information that the User and Bulkestate undertake not to disclose, and to prevent the possibilities for the third parties to find it out. The User is obliged to keep safe the User’s password, and to change/restore the password regularly, but not less than within the Bulkestate’s specified period.

3.8. If the User’s password has become known or could have become known to a third party, the User shall immediately in writing or by telephone inform Bulkestate, whereupon Bulkestate at the shortest possible term shall block the access to the User’s profile until a new User’s application is given by the User upon what a new User’s password has been assigned and the User has given an order Bulkestate to unlock the User profile.

3.9. Bulkestate is entitled, but not obliged, to block access to the User’s profile if Bulkestate has suspicion of an unauthorized access to the User’s profile, including, if  Bulkestate suspects that the User’s password has become known or could have become known to a third person, or if Bulkestate suspects illegal transactions, as well as in other cases, at the discretion of Bulkestate in order to ensure the User’s and/or other Bulkestate’s customers services’ security, integrity, privacy or to prevent the possible damage to Bulkestate or customers.

3.10. Bulkestate has the right not to approve the transaction if:

3.10.1. the User does not comply with the Provisions;

3.10.2. Bulkestate has suspicion about the User’s identity and failed to contact the User to confirm the contents of the transaction;

3.10.3. the User’s order is unclear or distorted due to the communication failures;

3.10.4. other cases mentioned in the Clause 3.10 of the Provisions occur.

4. Selection and reservation of real estate 

4.1. After the User’s identification under the Provisions, the User is entitled to purchase the Real estate units offered in the Website by observing the following conditions:

4.1.1. The User at its sole discretion selects Real Estate offered in the Website;

4.1.2. The User specifies the selected Real Estate to be purchased and confirms its choice.

4.2. After confirmation, User receives Deal confirmation for the purchase of the selected Real Estate, which is an appendix to this agreement and which includes Deal Confirmation number, selected Real Estate, its address, cadastre number and purchase price.

4.3. After approval of the Deal Confirmation stated in clause 4.2. above, the User is required to transfer the Security deposit o the Bulkestate bank account within two working days.

4.4. The User is required to provide User ID and Deal Confirmation number within the bank payment order. If transfer is made without User ID or Deal Confirmation number, Bulkestate reserves the right to consider Security deposit unpaid until payment purpose has been identified.

4.5. The Annex of the Agreement ‘Summary of Real estate purchase transaction’ comes into force from the day when the Security deposit is transferred to the Bulkestate bank account.

4.6. Deposit of illegally obtained funds to the Bulkestate account is unlawful. In the case of such suspicious activities, it will be reported to the relevant competent authorities, and it can lead to the freezing of all the funds in the User’s account, as well as to the closure of the User account and confiscation of the funds. If Bulkestate during the User registration or during the term of the Agreement has the suspicion of money laundering, financing of terrorism or of the attempt of such operations, Bulkestate has the right not to register the User in the Website, not to accept the User’s funds and/or to block the access to, or to close the User profile.

4.7. The User confirms, and is aware of the fact that the right to purchase the selected Real estate comes into force solely under the condition, that until the Transaction term validity specified in the Website, the Minimum transaction amount has been reached, and in this case, the relevant Seller of the Real estate is ready to sell the Real estate.

4.8. If until the Transaction term validity, the Minimum transaction amount is not reached, Bulkestate returns the Security deposit received from the User, withholding the commission at the amount of 5 (five) euro, whilst the Annex to the Agreement – Deal Confirmation – is considered invalid without signing any additional documents.

4.9. The User is entitled via the User’s profile at any time to get acquainted with the information on all the transactions concluded by the User within the Website.

4.10. The User confirms, that has acquainted with the draft Real Estate Purchase agreement available on the Website, and consents to purchase the selected Real Estate under the terms and conditions therein. The User is informed that in case of signing the Purchase agreement the Security deposit will be deducted from the Purchase price.

5. Procedure of the Purchase Agreement Conclusion 

5.1. In case within the Transaction term validity the Minimum transaction volume is reached, Bulkestate ensures the Real Estate Seller no later than within 10 (ten) working days from the termination of the Transaction term validity invites the User to sign the Purchase agreement and request for corroboration on property rights in Land register.

6. User’s Rights and Obligations 

6.1. The User undertakes:

6.1.1. not to use the Website for illegal activities, including fraud and unscrupulous money laundering;

6.1.2. to provide only truthful information while signing up in the Website;

6.1.3. to use only secure electronic communication and data transfer tools and equipment;

6.1.4. immediately, but no later than within 3 (three) Working days to inform in writing Bulkestate of a change of User name, surname, e-mail address, account number or other information submitted in the Website;

6.1.5. communicating with Bulkestate to act politely, respecting the moral norms generally accepted by the society.

6.2. Approving the present Provisions, the User confirms that he/she is able to make independent decisions about the purchase of Real estate, as well as is aware of all the risks and expenses in regards to Real estate purchase and its future maintenance.

6.3. The User is aware that a third party, which has got known the User’s password can access the User’s profile and assume obligations on behalf of the User. If actions are being taken (including purchase of Real Estate) with a User profile, using the correct User e-mail address and password, then it is considered that the activity in the User profile is made by the User itself.

6.4. After paying the Security deposit to Bulkestate, the User has duty not to communicate directly with the Real Estate Seller without Bulkestate mediation.

7. Bulkestate Rights and Obligations 

7.1. Bulkestate confirms that the Security deposit will be held in a Bulkestate account, which is separated from the Bulkestate property.

8. Responsibility

8.1. The User is responsible for all the losses resulting from unauthorized activities, if the User has acted unlawfully or intentionally (deliberately) or due to the gross negligence has failed to comply with the requirements stipulated by the Clause 3.7 or 3.8 of the present Provisions.

8.2. The User assumes responsibility for any losses, commitments or other activities carried out in the User profile until Bulkestate has been warned of the cases mentioned in the Clause 3.8 of the Provisions and until Bulkestate has had the sufficient time to block the access to the User’s profile.

8.3. If the illegal activities of Bulkestate are resulting in damage to the User, Bulkestate reimburse the direct damages incurred to the Users. The amount of compensation is limited to the Security deposit transferred by the User.

8.4. Bulkestate is fully released from its liability in regards to the User for any damages that have been arisen or may arise from the use of the Website or from the purchase of Real estate, including:

8.4.1. if the User has not complied with the terms and conditions of the Agreement;

8.4.2. due to the illegal action by the third parties till the time when the User profile has been blocked according to the procedures specified in the Clause 3.8 of the present Provisions;

8.4.3. if in accordance with the Agreement the access to the User profile has been blocked;

8.5. The Users conclude transactions in the Website directly and on their own responsibility. The Users have the right to use the contract forms offered at the Website at their own risk. Bulkestate is not responsible for the possible liabilities arising from the legislation acts that may arise to the Users due to the transactions concluded in the Website.

8.6. If the User denies having authorized (given his consent) to conduct a transaction, a usage of the User profile and password is considered to be sufficient proof that the User has given a consent for a transaction or acted fraudulently or intentionally or negligently failed to comply with any of the obligations imposed by the Clause 3.7 or 3.8 of the present Provisions.

8.7. The Parties are not responsible for failure to fulfil their obligations if this is due to reasons beyond the control of the Parties, caused by force majeure circumstances.

9. User's Personal Data

9.1. Bulkestate is entitled to perform the processing of all the User’s personal data (registered in the State Data Inspectorate of the Republic of Estonia) received from the User, as well as to transmit and receive the User’s personal data and other information from third parties, databases, accounting systems (e.g., the Population Register, the State Social Insurance Agency etc.) and to process them.

9.2. The goal of the processing of the User’s personal data by Bulkestate is customer records, service offering, provision and maintenance, financial and statistical analysis, realization and protection of the Bulkestate and/or the User’s rights arising from the Agreement.

9.3. Bulkestate has the right to disclose the User’s personal data to:

9.3.1. any person in connection with the obligations of Bulkestate arising from the Agreement (including communication services, payment intermediaries, credit institutions, IT service providers, etc.);

9.3.2. external service providers attracted by Bulkestate for rendering the services arising from the Agreement to the extent that information is required for the transferred functions;

9.3.3. personal data processing system, the manager of which Bulkestate is, to the personal data operators registered in the State Data Inspectorate of the Republic of Estonia, insofar as the information is required for the transferred functions;

9.3.4. a third party that performs the recovery action against the User (for example, debt collection companies, lawyers, bailiffs, insolvency administrators, etc.);

9.3.5. Bulkestate legal, accounting or audit services, ensuring that such persons have committed themselves not to disclose such information.

9.4. The User agrees that Bulkestate uses the address, email address and/or phone number specified in the User profile for sending commercial notes about Bulkestate products or special offers.

9.5. Bulkestate have the right to call and send text messages (SMS) to the connection number granted by the mobile operator or any other phone number that is specified in the User profile, send an e-mail to the e-mail address that is specified in the User profile, and send the mail to the User’s postal address, in order to reach the User.

10. Termination of the Agreement

10.1. Bulkestate has the right to limit without notice the User’s right to use the Website and/or terminate the Agreement and delete the User profile if:

10.1.1. The User violates the terms of the present Provisions or otherwise unlawfully uses the Website;

10.1.2. The User has submitted Bulkestate the false or misleading information or false documents;

10.1.3. if Bulkestate has a suspicion of actual or attempted money laundering, financing of terrorism involving the User or the User profile.

10.2. Bulkestate has the right to unilaterally terminate the Agreement at any time of the Agreement by sending the User to the User’s e-mail address the notice at least 10 (ten) Working days in advance. In this case, from a moment a notice was sent the User is deprived of the opportunity to enter into new transactions, as well as it is deprived of the opportunity to use the User’s profile. In this case, all the concluded agreements remain valid until the fulfilment of the obligations therein.

10.3. The User at any time of the Agreement has the right to require a deletion of the User’s profile and termination of the Agreement, ensuring that the User does not possess any transactions in action.

10.4. If the User wants to delete the User’s profile and to terminate the Agreement, the User from the User’s e-mail address sends to Bulkestate or via the User’s profile completes and approves the respective request.

11. The Action in Case of Bulkestate Insolvency

11.1. In case of Bulkestate insolvency, the conclusion of new Security deposit agreements within the Website shall be immediately terminated. All the money funds transferred to the Bulkestate bank account shall be returned to the Users.

11.2. In case of Bulkestate insolvency, the Users shall receive full information from the Website data base on their conducted transactions via Website.

12. Other Terms and Conditions

12.1. All transactions in the Website shall be made exclusively in euro (EUR).

12.2. If the verbal expression of numbers mentioned in the text of the Agreement differs from their numerical expression, the verbal expression deems to be contracted.

12.3. All the statements of the Parties within the Website are to be presented in writing and sent to the other Party by mail or e-mail, postal and/or e-mail address that is indicated in the User’s profile. The outgoing correspondence by mail is deemed received on the 5th (fifth) calendar day following the postal service’s date stamp indicated on the registered letter received. The messages sent to the User’s e-mail address, are deemed received 24 hours after they have been sent.

12.4. In order to develop and improve the services offered by the Website, Bulkestate is entitled to make unilaterally the amendments to the present Provisions. The proposals for the amendments to the Provisions, in the version that they are sent to the User to the User’s specified e-mail address Bulkestate publishes in the Website and sends to the User’s specified e-mail address.

12.5. The User within 30 (thirty) calendar days from receipt of the offer of amendments to the Provisions accepts or rejects the offer in writing or gives its counterproposals, which can be approved or rejected by Bulkestate. About the amendments relating to the payments resulting of the Provisions, Bulkestate notifies the User individually within 30 (thirty) calendar days before that changes take an effect.

12.6. The User agrees/disagrees to amendments to the Provisions (the new version of the Provisions) proposed by Bulkestate, expressing its agreement/disagreement via Website.

12.7. The Parties undertake not to disclose to third parties the information which arises from the Agreement, with the exception of cases stipulated in the legislation of the Republic of Estonia and in the Agreement.

12.8. The Parties are not responsible for failure to fulfil their obligations in the event they are not fulfilled the obligations for the reasons beyond the will of the Parties, caused by force majeure circumstances. The Parties consider as force majeure the circumstances, which the Parties have not been able to anticipate and influence in advance, including the power supply disruption, laws and regulations adopted by the Republic of Estonia or the European Community institutions, strikes, acts of war, natural disasters or other reasons that the Parties have not been able either to prevent nor predict. A Party may rely on the force majeure circumstances only if it had taken all the dependent activities in order to meet its obligations under the Rules. After the force majeure prevention the Party is obliged to proceed without delay with its obligations.

12.9. For the legal relationship arising from the present Agreement the legislation of the Republic of Estonia is applicable.

12.10. The disputes of the Parties regarding the usage of the Website and the Provisions shall be settled in the Riga City Vidzeme Suburb Court or in the Riga Regional Court, according to jurisdiction, pursuant to valid legislation of the Republic of Estonia.

12.11. The Agreement is stored in the Bulkestate’s database as a PDF file. The concluded Agreement shall be kept in the Bulkestate’s database for an unlimited period of time.

 ***

BULKESTATE’S GENERAL TERMS FOR USING WEBSITE AND PURCHASING OF CLAIMS

1. Used Terms and their Definition

Loan Agreement

An agreement between Bulkestate and the Borrower concluded in a format of distant agreement on lending the Loan to the Borrower.

Auto Invest

A functionality of the Website enabling the User to automatically make Claim Applications and acquire Claims with specific characteristics determined by the User as set forth in the Provisions.

Loan

The unpaid loan principal or its part lent to the Borrower under the Loan Agreement, which according to the Loan Agreement has to be repaid by the Borrower to Bulkestate and afterwards Bulkestate diverts it in favour of the Assignee.

Borrower

A legal person with whom Bulkestate has concluded a Loan Agreement under which Bulkestate undertakes to lend a certain amount of money subject to agreed terms.

Service Fee

The fee specified in the Price List that the User pays to Bulkestate for the services provided under the Provisions and/or Cession Agreement.

Bulkestate

Bulkestate OÜ, Estonian commercial registry code 14002296, which maintains and operates the Website and transfers its Claim to the Assignee.

Bulkestate Account/-s

Bulkestate’s bank account/s indicated on the Website where the User can, in accordance with the Provisions, transfer money for transactions within the Website, and which is/are kept separately from the property of Bulkestate.

Price List

The prices specified on the Website that the User pays to Bulkestate for the services provided under the Provisions and/or Cession Agreement.

Cession Agreement

Cession agreement concluded between Bulkestate as the assignor and the User as the Assignee to transfer the Claim arising from the Loan Agreement from Bulkestate to the User (the Assignee).

Assignee

The User, who has purchased the Claim from Bulkestate, replacing Bulkestate as the creditor of the Claim.

Working Day

Any day, when the banks are opened in Estonia, except Saturdays, Sundays and public and national holidays.

Deal Confirmation

Main terms and conditions of the Cession Agreement created automatically on the Website after the User has selected the Claim and specified the Claim Amount.

User’s Bank Account

A bank account opened in the User’s name in a credit institution subject to the Money Laundering and Terrorism Financing Prevention Act of Estonia or equivalent requirements on prevention of money laundering and terrorism financing deriving from applicable law, unless Bulkestate accepts a different bank account opened in the User’s name.

User’s ID Number

A personalized number assigned to each User specified in the User’s Profile by which Bulkestate can identify the User. The User’s ID Number must also be used when making the payments into the Bulkestate Account.

User’s Profile

An operating platform registered in the Website which is created for the User automatically upon the registration of the User and is accessible to the User after entering the User’s e-mail address and password on the Website (logging in).

User’s Virtual Account

A virtual account opened in the User’s name on the User’s Profile for keeping records of the monetary transactions performed via the Website.

User

A person registered on the Website as its user.

Agreement

An agreement concluded between the User and Bulkestate for using the Website and purchasing Claims, including the Provisions.

Minimum Claim Amount

The minimum Claim Amount specified by Bulkestate on the Website which the User can purchase.

Security

Mortgage on real estate, any kind of commercial pledge, share pledge, guarantee and other securities provided for the benefit of Bulkestate that ensure the fulfilment of the Borrower’s obligations arising from the Loan Agreement.

Provisions

These general terms and conditions of the Agreement, as amended from time to time, that are applicable to each agreement and transaction concluded by the User via the Website.

Website

The website under the domain name www.bulkestate.com and its subpages created and maintained by Bulkestate allowing its Users to use various interactive services offered by Bulkestate operating within that site.

Claim Amount

The Loan or any part thereof Bulkestate transfers to the Assignee.

Claim Application

The application on the Website filled in by the User to purchase one or more Claims (cession) selected by the User.

Claim

Monetary claim or its part against the Borrower that arises from the Loan Agreement and is assigned from Bulkestate (as the original creditor) to the Assignee. The Claim can consist of the Loan, Interest and other additional claims in full or partly, pursuant to § 164 of the Law of Obligations Act of the Republic of Estonia.

Interest

The remuneration for the usage of the Loan paid by the Borrower that shall be calculated according to the Loan Agreement.

Parties

The User and Bulkestate.

Application for Registration

The application executed on the Website by the User to register as the user of the Website for using the services offered on the Website.

 2. Registration and Creation of the User’s Profile

2.1. Only the registered Users, who have concluded the Agreement with Bulkestate have the right to use the Website and the services offered on the Website.

2.2. For submitting the Application for Registration and concluding the Agreement, the User must comply with, and the User confirms that during the whole period of using the Website he/she will comply with, the following criteria:

2.2.1. the User is a physical or a legal person;

2.2.2. if the User is a physical person, he/she is at least 18 years old;

2.2.3. the User has a bank account and he/she is entitled to use it and the funds therein (if any) freely;

2.2.4. there is no insolvency proceeding initiated with respect to the User and the User has not been declared insolvent;

2.2.5. the User is not limited in legal capacity.

2.3. The User confirms that at the time of submitting the Application for Registration and concluding the Agreement the User has full legal capacity and is not in any way influenced by alcoholic, narcotic, psychotropic, toxic or other intoxicating substances.

2.4. The User registers by filling in the Application for Registration and approving the Provisions. When registering on the Website, a unique User’s ID Number is assigned to the User. After the registration, the Website will automatically create the User’s Profile for the User.

2.5. To access and use the User’s Profile, Bulkestate identifies the User by the e-mail address and password provided by the User when registering or as later changed according to the procedures provided on the Website.

2.6. If the User is a legal entity which has concluded the Agreement, Bulkestate has the right to identify the authorized representative, for whom Bulkestate has registered the representation rights, as the User.

2.7. To conclude the Agreement, to use the services offered on the Website and to purchase the Claims, the User must take the steps described in Chapter 3 of the Provisions enabling Bulkestate to identify the User.

2.8. Bulkestate has the right to refuse registration of a new User on the Website, without specifying the reason for refusal.

2.9. The User’s Profile is personal and only the owner of the User’s Profile (the User) has the right to access and to use it. The User is liable for ensuring that no one else is able to use his/her e-mail, password or other relevant means of identification to access the User’s Profile.

3. The User’s Identification and Approval of Transactions

3.1. Bulkestate identifies the potential User in accordance with Bulkestate’s internal procedures which at the minimum include requiring the User to transfer a sum of money from the User’s Bank Account to the Bulkestate Account. In this case, Bulkestate identifies the User by the information received from the bank. The User is obliged to indicate the User’s ID Number in the payment purpose specification of the abovementioned transfer.

3.2. In order to verify the identity of the User, Bulkestate can, at its sole discretion, at any time, contact the User and request additional documents or information confirming the identity of the User, and unilaterally impose additional requirements for the User’s identification, as well as modify the User’s identification process.

3.3. The Agreement between the User and Bulkestate is considered to be concluded and enters into force from the moment the User has approved the Provisions and Bulkestate has identified the User. Bulkestate notifies the User on the conclusion of the Agreement by sending a written notice to the User's e-mail address. The User can see the concluded Agreement and (all) the Cession Agreement(s) in the User’s Profile.

3.4. By submitting the Application for Registration according to the Provisions and transferring a sum of money to the Bulkestate Account, the User confirms that he/she wants to use the Website and the services offered therein in accordance with the terms and conditions of the Agreement.

3.5. In order to submit the Application for Registration and to log in to the Website via the User’s Profile, the User must enter the User’s e-mail address and password. Bulkestate may require additional information at its discretion.

3.6. The actions that are carried out via the User’s Profile after logging in are considered to be made personally by the User (even if the action was not carried out or authorised by the User). All payments, payment orders, orders, applications, agreements and other documents approved or submitted on the Website after logging in as the User (i.e. via the User’s Profile) are binding for the User and Bulkestate.

3.7. The User’s password is confidential information that the User and Bulkestate undertake not to disclose to third parties. The User is obliged to keep the User’s password safe and change/renew the password regularly (at least as often as specified by Bulkestate).

3.8. If the User’s password has become known or could have become known to a third party, the User shall immediately inform Bulkestate in writing or by telephone, whereupon Bulkestate shall block the access to the User’s Profile. The access to the User’s Profile shall be blocked until, based on the User’s application, a new password has been established for the User and the User has requested the User’s Profile to be unlocked.

3.9. Bulkestate is entitled, but not obliged, to block access to the User’s Profile if Bulkestate has a suspicion of an unauthorized access to the User’s Profile, including if Bulkestate suspects that the User’s password has become known or could have become known to a third party or if Bulkestate suspects illegal transactions, as well as in other cases, at the discretion of Bulkestate, in order to ensure the security of the services offered on the Website and the integrity and privacy of the User and/or other Bulkestate’s customers or to prevent possible damage to Bulkestate or its customers.

3.10. Bulkestate has the right to refuse or cancel a Claim Application, cancel the Agreement, return any amount paid to the Bulkestate Account and/or cancel any other transaction if:

3.10.1. the User does not comply with the Provisions;

3.10.2. Bulkestate has a suspicion about the User’s identity and has not received the requested information from the User in due time to confirm the identity of the User;

3.10.3. Bulkestate wishes to clarify the circumstances related to a transaction,  but does not receive the requested information from the User in due time;

3.10.4. the User’s order is unclear or distorted due to the communication failures;

3.10.5. the User does not respond to any other communication from Bulkestate in due time;

3.10.6. the Claim specified in the Claim Application cannot be allocated to the User for any reason;

3.10.7. at Bulkestate’s discretion.

4. User’s Virtual Account, Bulkestate Account and Payment Provisions

4.1. Together with the registration and creation of the User’s Profile, the User’s Virtual Account in the User’s Profile shall be established.

4.2. Fulfilment of any and all financial obligations resulting from transactions performed via the Website and from the Agreement shall be carried out via the User’s Virtual Account, unless otherwise provided in the Provisions. In order to use the services offered by the Website, the User shall transfer funds to the Bulkestate Account.

4.3. The User shall transfer funds to Bulkestate Account only on its own behalf from the User’s Bank Account or any other account opened in the name of the User and accepted by Bulkestate. The funds received are reflected in the User’s Virtual Account and shall be used to perform obligations of the User arising from transactions made via the Website or from the Agreement.

4.4. When making any transfer to the Bulkestate Account, the User is obliged to indicate the User’s ID Number number in the purpose specification of the payment order. If the transfer is made without indicating the User’s ID Number, Bulkestate reserves the right to consider such payments as not received until the purpose of the transfer has been identified.

4.5. Bulkestate has the right to use the funds transferred to Bulkestate Account only in accordance with the Agreement and the Cession Agreements.

4.6.  The funds transferred to Bulkestate by the User according to the Provisions shall be regarded as the means handed over for the performance of the mandate for the purposes of § 626 of the Law of Obligations Act. The respective amount of money in the bank is by its nature a claim (against the bank) that Bulkestate has acquired in its name but on behalf of the User and only with the purpose of using it for the performance of the mandate. Consequently, the respective funds are distinct from the Bulkestate’s property and are not reflected in the financial statements of Bulkestate. The User confirms that by making payments to the Bulkestate Account, he/she is not transferring these funds to Bulkestate’s property.

4.7. All payments to the Bulkestate Account shall be made in euros or in other currency accepted by Bulkestate and listed on the Website. If the User makes a payment in any other currency than the euro, the amount shall be converted to euros by a credit institution or payment service provider selected by Bulkestate according to the commercial exchange rate applied by such service provider or the Estonian Bank exchange rate at the date of the receipt of payment. Any costs related to the payments and conversion shall be covered by the User.

4.8. The User shall ensure a sufficient non-booked credit balance on the User’s Virtual Account in order to perform obligations arising from the transactions in a due manner, otherwise the User shall not be able to use the services offered by the Website.

4.9. The User may, at any time, request from Bulkestate, to the extent of the positive balance of the non-booked funds reflected in the User’s Virtual Account, payment of the funds in the User’s Virtual Account to the User, by giving a payment order to Bulkestate. The User may only request payment of the funds to the User’s Bank Account. All payments by Bulkestate shall be made in euros.

4.10. Bulkestate has the right to make deductions from the payments that are made from the Bulkestate Account to the User’s Bank Account to ensure the fulfilment of the User’s obligations deriving from the Agreement and/or the Cession Agreement, including, among other, the payments of the Bulkestate’s Service Fee and for transactions concluded via Auto Invest.

4.11. Transferring illegally obtained funds to the Bulkestate Account is unlawful. In case of such suspicious activities, it will be reported to the relevant competent authorities which can lead to the freezing of all the funds in the User’s Bank Account or any other account of the User, as well as to the closure of any such Account and confiscation of the funds. If during the User’s registration or during the term of the Agreement Bulkestate has the suspicion of money laundering or financing of terrorism or of the attempt of such operations, Bulkestate has the right not to register the User on the Website, not to accept the User’s funds and/or to block the access to, or to close the User’s Profile.

5. Purchase of Claim

5.1. After the User’s identification in accordance with these Provisions, the User has the right to buy the Claims offered on the Website by using the User’s Virtual Account under the following conditions:

5.1.1. the User at his/her own discretion selects a Claim that is offered on the Website;

5.1.2. the User indicates and confirms the Claim Amount in the Claim Application. At the time of executing the Claim Application, an amount equal to the respective Claim Amount is booked on the User’s Virtual Account;

5.2. In case the User wishes to buy a Claim arising from each Loan Agreement which corresponds to the characteristics determined by the User (one or more of the following: Claim Amount, expected return, maximum loan term), the User may set up Auto Invest. In case the User has confirmed the use of Auto Invest on his/her User’s Profile, the User is considered to have automatically executed one Claim Application for the specified Claim Amount per each Loan Agreement (i) which corresponds to the characteristics determined by the User and (ii) Claims arising from such Loan Agreement become available for purchase after the use Auto Invest was confirmed by the User.

5.3. By confirming the use of Auto Invest, the User confirms that (i) he/she has read and fully understood the operation principles of Auto Invest as well as the potential consequences and (ii) confirms the intention and consent for Auto Invest to automatically submit declarations of intention in the name of the User (i.e. Claim Applications) according to the conditions specified by the User for Auto Invest. Any declaration of intention submitted via Auto Invest is deemed to have been made and confirmed by the User without any additional action (other than confirming the use of Auto Invest) and, as such, is binding and irrevocable to the User.

5.4. The User may edit or cancel the setup of Auto Invest according to his/her discretion at any given time. Editing or cancellation of Auto Invest does not invalidate or otherwise affect the declarations of intention previously submitted via Auto Invest. Setting up Auto Invest does not prevent the User from acquiring Claims in accordance with Clause 5.1 of the Provisions.

5.5. Auto Invest will make Claim Applications only in case there is a sufficient non-booked credit balance in the User’s Virtual Account  (i.e., the User has transferred sufficient funds to the Bulkestate Account as provided in Clause 4.3 of the Provisions) at the time the Claims arising from a particular Loan Agreement become available for purchase (at least in the amount of the Claim Amount specified for Auto Invest). The same applies for acquiring Claims in accordance with Clause 5.1 of the Provisions.

5.6. All the Claim Applications shall be registered and executed in chronological order. The time of the registration shall be determined according to the Website’s system time. The Claim Applications of all Users made by Auto Invest shall all be registered at the same time the Claims arising from a particular Loan Agreement become available for purchase, however, they shall be executed in the order the Auto Invests which made Claim Application in respect to a particular Loan Agreement were set up by relevant Users. Bulkestate has the right at any time, without prior notice to the User, to unilaterally amend and supplement the existing procedure for processing the Claim Applications.

5.7. After the User has selected the Claim and specified the Claim Amount, the User will receive a Deal Confirmation generated by the Website. The User verifies the completeness and accuracy of the information provided in the Deal Confirmation and, if it is in line with the User’s intentions, confirms the transaction (in case of using Auto Invest, the User will not separately confirm the Deal Confirmation – such confirmation is deemed to have been given upon setting up Auto Invest). The Deal Confirmation is binding to the User and the respective price for the Claim (equal to the Claim Amount) is automatically debited from the User’s Virtual Account and credited to Bulkestate within 2 (two) Working Days.

5.8. From the moment Bulkestate is credited in the amount of the Claim Amount, the transfer of the respective Claim is considered as binding on Bulkestate and the Claim is passed to the User.

5.9. The User confirms and understands that the User can purchase all the Claims against the Borrower arising out of the Loan Agreement, in full or only in part. Purchasing only the part of the of the Claim, the User confirms and understands that the User’s Claim does not include all the Claims against the Borrower, the User does not become the sole creditor of the Borrower in accordance with the Loan Agreement and in such case pursuant to the Provisions, Bulkestate manages the Claim together with the other Users’ Claims arising from the Loan Agreement.

5.10. The User is entitled at any time to get acquainted with the information on all the transactions concluded by the User within the Website via the User’s Profile, on payments made to the User by Bulkestate and on the deductions made by Bulkestate from the User in accordance with the Provisions and the Cession Agreement.

6. The Procedure of Concluding the Cession Agreement

6.1. Simultaneously with the Deal Confirmation mentioned in Clause 5.7 of the Provisions or, in case of using Auto Invest, upon confirming the use of Auto Invest, the User approves the terms of the Cession Agreement on the Claim purchase in accordance with the procedures set out on the Website.

6.2. From the moment the User has approved the terms of the Cession Agreement on the Claim purchase and paid for the Claim in accordance with the procedures stipulated on the Website, the Cession Agreement shall be deemed to be concluded and the User becomes the creditor in the sense of the Cession Agreement.

6.3. The Cession Agreement shall be available to the User via the User’s Profile as of the conclusion of the Cession Agreement and remain available throughout its period of validity. The User shall also have the right to get acquainted with the purchased Claim and expected Loan repayment and Interest payment schedule via the User’s Profile. The Loan Agreement and other related documents shall not be passed to the User (the Assignee) with regards to the conclusion of the Cession Agreement and shall be kept by Bulkestate.

6.4. Upon receipt of the payments the Borrower makes under the Loan Agreement, Bulkestate distributes all the received funds between the Users owning the Claims against the Borrower as follows:

6.4.1. the received Loan principal shall be distributed proportionally to each User’s Claim Amount against the Borrower;

6.4.2. the received Interest and other adjacent claims arising from the respective Claim shall be paid to the User, who owns the respective Claim;

6.5. Immediately after the distribution of the received funds Bulkestate registers the respective amount of money to the User’s Virtual Account, deducting the Service Fees and other charges in accordance with the Price List (if any).

6.6. The User is informed and agrees that when calculating the Interest, the statutory default interest and other ancillary claims, as well as the sums payable under the Provisions or Cession Agreement, it is assumed that a year consists of 360 days.

6.7. The User hereby irrevocably authorises Bulkestate to sell the User’s Claim at any given time (without notice) back to Bulkestate at a price of the outstanding principal and accrued interest of the Claim at the time of the transaction. The Claim transfer is deemed to have been executed upon payment of the said amount to the User’s Virtual Account.

6.8. The User is aware of the Borrower’s default risk, as a result of which the User may not recover the full amount of the Claim. In case of the Borrower’s default Bulkestate assumes no responsibility for recoverability of the Claim or the enforceability of the Security (if any) and Bulkestate has no obligation to reimburse to the User the price paid for the Claim or any part of it.

6.9. If so indicated on the Website, the performance of a specific Loan Agreement is secured by a Security. In such case, Bulkestate shall ensure that the Security is established before the final repayment date set forth in the Loan Agreement.

6.10. If no specific Security is referred to on the Website in respect to a specific Loan Agreement, the Loan Agreement will not be secured and the User is aware and accepts that this may cause a higher risk for the due performance and recoverability of the Claim.

6.11. The procedure for paying for the Claim, the terms for the recovery of the Claim and other cession terms are contained in the Cession Agreement.

7. User’s Rights and Obligations

7.1. User undertakes:

7.1.1. not to use the Website for illegal activities, including fraud or money laundering;

7.1.2. not to transfer any acquired Claim to any third party;

7.1.3. to provide only truthful information while registering on the Website;

7.1.4. to use only secure electronic communication and data transfer tools and equipment;

7.1.5. to inform Bulkestate in writing of any changes in the User’s name, surname, e-mail address, account number or other information submitted on the Website immediately, but no later than within 3 (three) Working Days;

7.1.6. to act politely and respecting the moral norms generally accepted by the society when communicating with Bulkestate.

7.2. Approving these Provisions, the User confirms that he/she is able to make independent decisions about purchasing of claims and concluding cession agreements, as well as is aware of all the risks, including the risk of non-recovery of the acquired Claim or part of it. The User understands that with the cession of the Claim, the Securities (if any) shall not be re-registered to the Assignee and they shall remain provided for the benefit of Bulkestate.

7.3. The User is aware that a third party who has become aware of the User’s password can access the User’s Profile and assume obligations on behalf of the User. All actions made via the User’s Profile using the correct User’s e-mail address and password (including purchasing the Claim) are considered to be made by the User.

7.4. The User understands and is aware that Bulkestate is, to a certain extent, obliged to ensure the confidentiality of data of the Borrowers or third parties which provide Securities, so Bulkestate will, within the framework of the Cession Agreement, reveal to the User (the Assignee) only such information on the Borrowers and the Security that is necessary for the User for exercising his/her rights. The User undertakes not to require Bulkestate to disclose information exceeding the extent specified in the previous sentence, as well as waives his/her claims against Bulkestate and the Borrower in this regard.

8. Bulkestate’s Rights and Obligations

8.1. Bulkestate manages the User’s Claims on the User’s behalf. The User appoints and authorizes and Bulkestate assumes the obligation to manage the User’s Claim in the interests of the User but in its own name.

8.2. Bulkestate manages the User’s Claim separately from its own assets. The User grants Bulkestate the legal authorization to manage the User’s Claim in its own name, but in the interests of the User. The User undertakes not to unilaterally withdraw the authorization granted upon the Provisions and the Cession Agreement.

8.3. Bulkestate confirms that the User’s Claim arising from the Loan Agreement is solely User’s property in the amount specified in the Cession Agreement and Bulkestate only manages the User’s Claim in the framework set out in the Agreement, the Loan Agreement and the Cession agreement. The User’s Claim is considered to be the User’s property despite the fact that Bulkestate has entered into the Loan Agreement as the lender and issued the Loan to the Borrower and despite the fact that the Security is provided for the benefit of Bulkestate.

8.4. Bulkestate manages the User’s Claim until it is fully repaid, acting as the mandatary of the User in accordance with the terms of the Chapter 35 of the Law of Obligations Act.

9. Payment for the Website’s Services

9.1. For services rendered by Bulkestate the User pays to Bulkestate the Service Fee(s) in accordance with the Price List or the Service Fee individually agreed on by the User and Bulkestate, as well as other payments specified in the Price List, if applicable.

9.2. The User agrees and authorizes Bulkestate to withhold the Service Fee(s) from the payments made to the User from Bulkestate Account without any additional coordination with the User.

9.3. All payments between the Parties are deemed to be received at the moment the payee’s account is credited in the amount of the payment.

9.4. The User is aware and understands that, in accordance with the tax law and other laws and regulations on income applicable to the User, the income received by the User from the User’s Claim is subject to taxation. The User is fully responsible for complying with all the tax obligations that may arise with regards to the User’s Claim in accordance with applicable legislation. The applicable withholding tax shall be withheld from respective payments made to Users who are natural persons residing in Estonia.

10. Responsibility

10.1. The User is responsible for all the losses resulting from unauthorized activities until the access to the User’s Profile has been blocked according to the procedures specified in the Clause 3.8 of the Provisions.

10.2. The User assumes responsibility for any losses, commitments or other activities carried out via the User’s Profile until Bulkestate has been notified in accordance with Clause 3.8 of the Provisions and until Bulkestate has had the sufficient time to block the access to the User’s Profile.

10.3. If the illegal activities of Bulkestate result in damage to the User, Bulkestate compensates only the direct damages incurred to the User. The amount of compensation is limited to the amount transferred by the User to the Bulkestate Account at the moment the loss incurred.

10.4. Bulkestate is fully released from its liability to the User for any damages that have been arisen or may arise from the use of the Website or from the purchase of Claims, including if the damage results from the following:

10.4.1. the User has not complied with the provisions of the Agreement;

10.4.2. illegal actions by the third parties until the time when the User’s Profile has been blocked according to the procedures specified in Clause 3.8 of the Provisions;

10.4.3. communication failures and other interference or obstacles independent of Bulkestate;

10.4.4. blocking the access to the User’s Profile in accordance with the Agreement;

10.4.5. the violations of the Loan Agreement or illegal activities of the Borrower;

10.4.6. implementation or delay in implementation of the User’s obligations arising from the Cession Agreement.

10.5. Bulkestate has no obligation to perform the User’s Claim or make any other payments to the User until Bulkestate has received such payment(s) from the respective Borrower under the Loan Agreement.

10.6. The User concludes transactions in the Website directly and on his/her own responsibility. The User has the right to use the contract forms offered on the Website at his/her own risk. Bulkestate is not responsible for the possible liabilities arising from the legislative acts that may arise to the Users due to the transactions concluded on the Website.

10.7. If the User denies having authorized (given his consent) the execution of a transaction, the usage of the User’s Profile and password is considered to be sufficient proof that the User has either authorized the relevant transaction or that he/she has fraudulently, intentionally or negligently failed to comply with any of the obligations specified in Clause 3.7 or 3.8 of the Provisions.

10.8. The Parties are not responsible for the failure to fulfil their obligations for the reasons beyond the will of the Parties, caused by the force majeure circumstances. The Parties consider as force majeure the circumstances, which the Parties have not been able to anticipate and influence in advance, including the power supply disruption, laws and regulations adopted by the Republic of Estonia or the European Community institutions, strikes, acts of war, natural disasters or other reasons that the Parties have not been able either to prevent nor predict. A Party may rely on the force majeure circumstances only if and to the extent that it has taken all its dependent activities in order to meet its obligations under the Agreement. Upon the elimination of force majeure circumstances, the Party is obliged to proceed promptly with the fulfillment of its obligations.

11. User's Personal Data

11.1. Bulkestate is entitled to perform the processing of all the User’s personal data received from the User, as well as to transmit and receive the User’s personal data and other information from third parties, databases, accounting systems (e.g. the Population Register, the State Social Insurance Agency etc.) and to process them.

11.2. Based on the legitimate interests to pursue the business activities of Bulkestate and the rights and obligations deriving from the Agreement and the Cession Agreement(s), the personal data of the User will be processed in accordance with the principles set out in the Agreement and the Privacy Policy published on the Website for the following purposes:

11.2.1. providing services offered on the Website;

11.2.2. processing transactions conducted on the Website;

11.2.3. identifying the User;

11.2.4. carrying out financial and statistical analysis;

11.2.5. exercising the rights and obligations arising from the Agreement and other agreements concluded with the User;

11.2.6. sending commercial notes about Bulkestate products or special offers to the address, e‑mail address and/or phone number specified in the User’s Profile;

11.2.7. any other purposes deriving from the Agreement or Privacy Policy;

11.3. Bulkestate has the right to disclose the User’s personal data to:

11.3.1. any person in connection with the obligations of Bulkestate arising from the Agreement (including communication services, payment intermediaries, credit institutions, IT service providers, etc.) and Cession Agreement(s);

11.3.2. external service providers engaged by Bulkestate for rendering the services arising from the Agreement to the extent that information is required for the transferred functions;

11.3.3. by transfer (cession) of Claim;

11.3.4. a third party that performs the recovery action against the User (for example, debt collection companies, lawyers, bailiffs, insolvency administrators, etc.);

11.3.5. persons providing legal, accounting or audit services to Bulkestate, ensuring that such persons have committed themselves not to disclose such information.

11.4. In order to contact the User, Bulkestate has the right to call and send text messages (SMS) to the contact number granted by the mobile operator or any other phone number that is specified in the User’s Profile, send an e-mail to the e-mail address that is specified in the User’s Profile and send the mail to the User’s postal address User.

12. Termination of the Agreement

12.1. Bulkestate has the right to limit without a notice the User’s right to use the Website and/or terminate the Agreement and delete the User’s Profile if:

12.1.1. the User violates the terms of the Provisions or the Cesssion Agreement or otherwise unlawfully uses the Website;

12.1.2. the User has submitted false or misleading information or false documents to Bulkestate;

12.1.3. Bulkestate has a suspicion of actual or attempted money laundering or financing of terrorism involving the User or the User’s Profile.

12.2. Bulkestate has the right to unilaterally terminate the Agreement at any time by sending the termination notice to the User’s e-mail address at least 10 (ten) Working Days in advance. In this case, from the moment the notice was sent, the User is deprived of the right to enter into new Cession Agreements, purchase new Claims and otherwise use the User’s Profile. In the case of terminating the Agreement, Bulkestate continues to manage all the User’s Claims (in accordance with the Provisions and the  Cession agreement) that have been purchased before Bulkestate sent the termination notice.

12.3. The User has the right to request the deletion of the User’s Profile and to terminate the Agreement at any time, ensuring that the User does not possess any Claim, which is managed by Bulkestate.

12.4. If the User wants to delete the User’s Profile and to terminate the Agreement, the User sends the respective request to Bulkestate from the User’s e-mail address or completes and approves the respective request via the User’s Profile.

13. The Action in the Event of Insolvency of Bulkestate

13.1. In the event of insolvency of Bulkestate, the conclusion of new Cession Agreements shall be terminated immediately.

13.2. Bulkestate’s insolvency does not affect the contractual relationship between the User and the Borrower.

13.3. In the event of Bulkestate’s insolvency Bulkestate will take all the steps necessary for a third party to take over the administration and management of all the Claims arising from the Website and informs all the Users thereof.

14. Other provisions

14.1. All transactions on the Website shall be made in euros (EUR) or in other currency accepted by Bulkestate and listed on the Website.

14.2. If the verbal expression of numbers mentioned in the text of the Agreement differs from their numerical expression, the verbal expression is deemed to be contracted.

14.3. All the statements of the Parties are to be presented in writing and sent to the other Party through the Website, by mail or e-mail to the postal and/or e-mail address that is indicated in the User’s Profile. The outgoing correspondence by post is deemed to be received on the 5th (fifth) calendar day after the letter has been sent. The messages sent to the User’s e-mail address are deemed received in 24 hours after they have been sent.

14.4. To develop and improve the services offered on the Website, Bulkestate is entitled to unilaterally amend and modify the Provisions. The notice with the amendments and modifications of the Provisions shall be sent to the User’s e-mail address and published on the Website as the new version of the Provisions.

14.5. Amendments and modifications of the Provisions shall enter into force on the 30 (thirtieth) calendar day from the moment the new version of the Provisions has been published on the Website. If the User does not terminate the Agreement within 30 (thirty) calendar days from the moment the new version of the Provisions has been published on the Website, the User is deemed to have accepted the new version of the Provisions.  

14.6. Bulkestate is entitled to unilaterally amend the Price List at any time, including to impose new fees and grant discounts for the Service Fees specified in the Price List upon the Bulkestate’s sole discretion. The information about the changes in the Price List is available on the Website. The information about the changes in the Price List shall be sent to the User via the means of communication with User available for Bulkestate at least 10 (ten) days in advance.

14.7. The Parties undertake not to disclose to third parties the information which arises from the Agreement, except in cases stipulated in the legislation of the Republic of Estonia and in the Agreement.

14.8. For the legal relationship arising from the Agreement, the legislation of the Republic of Estonia is applicable.

14.9. The disputes of the Parties regarding the use of the Website and the Provisions shall be settled according to the jurisdiction applicable pursuant to the legislation of the Republic of Estonia.

14.10. The Provisions (as may be amended) are binding to the User until the User’s Profile has been deleted and all the Borrowers’ obligations arising from the Loan Agreement(s) regarding the User’s Claim(s) are entirely fulfilled.

14.11. The Agreement is stored in the Bulkestate’s database as a PDF file and shall be kept in the Bulkestate’s database for an unlimited period of time. Only the information in the Agreement (including the Provisions, as may be amended) and the Cession Agreement may be relied upon and have a binding effect between the Parties.

Bulkestate is a member of the German-Baltic chamber of commerce and the European Crowdfunding Network.