TERMS AND CONDITIONS OF SIA “DOFINANCE” WEBSITE USAGE AGREEMENT
1. Terms used in the Agreement and their explanation
1.1. Unless expressly stated otherwise in the context of the Agreement, the explanations of the terms set out in this Section shall apply to capitalized terms used throughout the Agreement.
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Agreement |
This distance agreement between Dofinance and Investor on the procedure of using the Website. |
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Application for Registration |
An application completed on the Website by an individual or a legal entity to register as an Investor. |
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Assignee |
An Investor who has purchased a Claim or a part thereof based on the Assignment Agreement. |
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Assignor |
The Sponsor transferring, in accordance with the Assignment Agreement, to the Assignee the claim right (the Claim) against the Lender arising from the Financing Agreement, or the Lender transferring, in accordance with the Assignment Agreement, to the Assignee the claim right (the Claim) against the Borrower arising from the Loan Agreement, or the Investor in the case of Secondary Market. |
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Assignment Agreement |
The agreement between the Assignor and the Assignee, whereby the Assignor transfers the Claim to the Assignee for a charge. |
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Auto Invest |
Automatic purchasing tool of the Claims in accordance with Section 6 of this Agreement. |
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Bank Account of the Assignee |
A bank account with any credit institution registered in the Republic of Latvia, a branch of a foreign credit institution in Latvia, other credit institution in the European Union or in any EEA country, opened in the name of the Assignee. |
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Bank Account of the Investor |
A bank account with any credit institution registered in the Republic of Latvia, a branch of a foreign credit institution in Latvia, other credit institution in the European Union or in any EEA country, opened in the name of the Investor. |
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Bank Account of Dofinance |
The bank account of Dofinance specified on the Website. |
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Borrower |
Any individual, who has entered into the Loan Agreement (distance agreement) with the Lender. |
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Claim |
The claim right against the Lender arising from the Financing Agreement and specified in the Website, or the claim right against the Borrower arising from the Loan Agreement and specified on the Website. A specific Attracted Loan is linked to the Claim. The amount of the Claim and Attracted Laon is specified in the principal terms and conditions of the Assignment Agreement. |
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Claim Servicing |
Activities carried out by Dofinance in connection with the purchase, sale and settlement of the Claims, including the conclusion of the Assignment Agreements, transfer of funds to the Assignor, recovery and transfer of the funds back to the Assignee and other activities related to the Claim servicing. |
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Claim Servicing Charge |
A charge specified in the Price List on the Website that the Assignee shall pay Dofinance for the Claim Servicing. |
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Dofinance |
SIA Dofinance, unified registration number: 40203016025, registered address: Antonijas iela 5, Riga, LV 1010, Latvia - a limited liability company, which acts as investment platform and ensures the sale of the Claims, conclusion of the Assignment Agreements and the Claims Servicing directly or indirectly. |
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Sponsor |
Limited liability company “Alfa Finance”, registration number: 50003443401, registered address: Antonijas iela 5, Riga, LV-1010, Latvia. |
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Financing Agreement |
Agreement under which the Sponsor has lent the funds to the Lender with the purpose of issuing the Attracted Loans to the Borrowers. |
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Financing |
Funds issued to the Lender by the Sponsor in accordance with the procedures specified in the Financing Agreement. |
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Interest |
Compensation specified in the principal terms and conditions of the Assignment Agreement for the use of the Financing or Attracted Loan included in the Claim. Interest shall be calculated on the remaining amount of the Claim. |
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Investor |
An individual or legal entity that has registered on the Website with the purpose to purchase the Claims offered on the Website. |
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Investor Identification Number |
A customer number assigned by Dofinance to each Investor that is required for further identification of the Investor when operating on the Website, including, but not limited to making payments and supplementing the Investor’s Account. |
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Investor’s Account |
The individual account of the Investor on the Investor's Profile of the Website created and serviced by Dofinance for the purchase and management of the Claims (for concluding and executing the Assignment Agreements). |
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Investor’s Bank Account |
A bank account in the name of the Investor in any credit institution registered in the Republic of Latvia, a branch of a foreign credit institution in Latvia, other credit institution in the European Union or in an EEA country. |
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Investor's Profile |
An operating platform registered on the Website, which is available to the Investor after the Investor’s registration on the Website every time the Investor has confirmed his / her identity with his / her e-mail address and password by logging in to the Website. |
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Attracted Loan |
Funds issued by the Lender to the Borrower in accordance with the provisions of the Loan Agreement. |
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Loan Agreement |
Agreement between the Borrower and the Lender on the issuance of the Attracted Loan to the Borrower. |
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Lender |
The legal entity that has issued the Attracted Loan to the Borrower based on the Loan Agreement and that holds the claim rights against the Borrower under the Loan Agreement. |
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Price List |
Charges specified on the Website to be paid by the Investor to Dofinance for servicing the Claims and other actions taken by Dofinance. |
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Price of the Claim |
A fee that the Assignee shall pay the Assignor for the purchase of entire or part of the Claim. The Price of the Claim is specified in the principal terms and conditions of the Assignment Agreement. |
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Secondary Market |
Possibility of resale of the Claims in accordance with Section 9 of this Agreement. |
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Terms of Use of the Website |
The terms of use of the Website described in this Agreement and on the Website that are binding and mandatory for each Investor, upon registering on the Website and using it, and purchasing the Claims and entering into the Assignment Agreements. |
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Third Party |
Any third party (individual or legal entity) which is not a party to this Agreement. |
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Website |
Dofinance web site with the address www.dofinance.eu where individuals or legal entities may register as the Investors by creating an Investor's Profile. The Website provides all the necessary information on the purchase and management of the Claims. |
2. Registration of the Investor on the Website
2.1. To register on the Website and to create the Investor's profile as well as to purchase the Claim, the Investor must meet, and the Investor certifies that as at the registration on the Website and throughout the period of use of the Investor's profile it will meet the following criteria:
2.1.1. The Investor is individual or legal entity;
2.1.2. The Investor, an individual or representative of the Investor’s legal entity is at least 18 (eighteen) years old;
2.1.3. An Investor’s bank account is opened for the Investor;
2.1.4. the Investor has legal capacity and capacity to act; with regard to individual, his/her legal capacity has not been limited;
2.1.5. the Investor or its representative is not under the effect of alcoholic, narcotic, psychotropic or other intoxicating substances;
2.1.6. insolvency proceedings of an individual or legal entity, legal protection proceedings or any similar type of legal proceedings have not been initiated against the Investor;
2.1.7. if the Investor is a legal entity then it is represented by a board member or another authorised person entitled to conclude transactions for and on behalf of the respective legal entity, and holds the right of representation.
2.2. When starting the registration process, the Investor shall fill out the Application for Registration on the Website, thus confirming his/her consent to this Agreement and the Terms of Use of the Website. After completing the Application for Registration, the Investor's profile is created on the Website by granting the identification number and password chosen by the Investor.
2.3. Only registered Investors are entitled to receive the services listed on the Website and the Investor's Profile may be used only by the Investor himself/herself and the Investor’s representative who performed the registration. Only the Investor or the Investor's (legal entity's) representative may use the chosen access password, he/she is obliged to keep the password carefully and it may not be passed on to other persons. Each time before using the Investor's profile, the Investor logs in to his/her profile, providing his/her e-mail address and password.
2.4. Dofinance is not obliged to register any person as an Investor and it may refuse registration of an Investor without giving reasons for the refusal.
3. Identification of the Investor
3.1. After the Investor has registered on the Website and before transferring the funds to the Bank Account of Dofinance, the Investor shall electronically send to Dofinance or upload to the Website his/her identity document. A representative of a legal entity shall electronically send to Dofinance e-mail or upload to the Website his/her identity document and shall attach documents certifying the grounds for representation (for instance, Articles of Association, certification from the Register of Enterprises, Power of Attorney).
3.2. To identify the Investor, Dofinance shall use information received from the bank in which the Bank Account of the Investor has been opened. Before the identification process, the Investor shall add funds to the Investor’s Account by transferring respective funds to the Bank Account of Dofinance. Investor’s identification number must be specified in the payment order.
3.3. For the purpose of identification, Dofinance is entitled to contact the Investor at its sole discretion, at any time, and ask for additional identification documents or additional information that would confirm the identity of the Investor and/or confirm other details provided by the Investor about himself/herself.
3.4. Dofinance is entitled to unilaterally change the rules of identification of the Investor and the process of identification of the Investor as well as to specify additional requirements for the identification of the Investor.
3.5. It is deemed that at the moment when the Investor has submitted the Application for Registration in accordance with the procedure specified in this Agreement and made a transfer of funds to the Bank Account of Dofinance, the Investor thereby has confirmed that he/she is willing to use the Website and its services in accordance with this Agreement and the Terms of Use of the Website.
3.6. The Agreement between Dofinance and the Investor shall enter into force as of the moment when the Investor, has confirmed the Terms of Use of the Website, agreed to the terms and conditions of the Agreement, completed the registration process on the Website, and paid the funds to the Bank Account of Dofinance.
3.7. Dofinance shall notify the Investor on conclusion of the Agreement in writing by sending information to the e-mail address specified by the Investor.
3.8. The Investor shall log in to his/her Investor's Profile by indicating his/her email address and password. Dofinance shall be entitled to block the Investor's Profile if the password is entered incorrectly 5 (five) times in a row.
3.9. Dofinance shall be entitled to restore the Investor's password if the Investor requests that in writing. A unique Internet link shall be sent to the email address specified by the Investor, upon the activization of which the Investor shall have the opportunity to renew the password.
3.10. The Investor shall not disclose his/her Investor's password to any Third Party. In the event that the password has become available to a Third Party, the Investor is obliged to immediately change it and at the same time to promptly notify Dofinance of the password becoming available to Third Parties and the need to block the Investor's Profile until the Investor changes the password.
3.11. In the event that Dofinance has suspicions regarding any unauthorized activities of the Investor on the Website and/or Investor's Profile, Dofinance may refuse to approve activities carried out on the Website and/or Investor's Profile and/or block the Investor's Profile until Dofinance is able to contact the Investor to validate the activities carried out and to verify the identity.
4. Investor’s Account
4.1. In order to add funds to the Investor’s Account, the Investor shall use only EUR currency.
4.2. If the Investor has made a payment to Dofinance or added funds to the Investor’s Account by using another currency, Dofinance is entitled to convert the transferred currency to EUR according to the currency exchange rate determined by the bank holding the account that the currency has been transferred into. All costs associated with currency conversion to EUR shall be covered by the Investor.
4.3. In order to add funds to the Investor’s Account, the Investor shall transfer the funds to the Bank Account of Dofinance and afterwards they are reflected in the Investor’s Account.
4.4. The Investor is entitled to add funds to the Investor’s Account only from his/her own Investor’s Bank Account, and only on its own behalf, by transferring funds from the Investor’s Bank Account to the Bank Account of Dofinance.
4.5. When making the first payment to the Investor’s Account as well as when adding funds to the Investor’s Account, the Investor confirms that he/she is not performing and throughout the period of validity of this Agreement will not perform any action related to money laundering.
4.6. Upon adding funds to the Investor’s Account by transferring funds to the Bank Account of Dofinance, it is mandatory to specify the Investor’s identification number in the purpose of payment order.
4.7. If Dofinance has received payment from an Investor that cannot be identified, such payment shall not be considered to have been received until the moment of its identification.
4.8. Interest, including statutory interest, shall not be paid for the funds stored on the Account of an Investor.
4.9. The Investor instructs Dofinance to use the funds in the Investor’s Account in accordance with the provisions of this Agreement and the activities carried out by the Investor on the Investor's Profile.
4.10. Dofinance shall be entitled to close the Investor’s Account in the following cases:
4.10.1. if it is requested in writing by the Investor himself/herself;
4.10.2. if the Investor has not purchased any Claim for more than 12 (twelve) consecutive months;
4.10.3. if the Investor’s Account has reached a negative value;
4.10.4. if this Agreement is terminated and/or the Investor's Profile is deleted;
4.10.5. if the Investor is in breach of the terms and conditions of this Agreement or has committed other unlawful activities;
4.10.6. if information has become known to Dofinance that insolvency proceedings of an individual or legal entity, legal protection proceedings or any similar type of legal proceedings have been initiated against the Investor in any country.
4.11. The Investor is entitled to request, at any time, that Dofinance pays out the funds in the Investor’s Account that have not been used for the purchase of the Claims, to the Investor’s Bank Account from which the Investor had previously made a transfer.
4.12. Dofinance shall ensure the pay out of the funds from the Investor’s Account to the Investor within 5 (five) business days after receipt of the request by the Investor on the Investor's Profile.
4.13. In order to ensure the performance of this Agreement, the Assignment Agreement or other actions, Dofinance is entitled to transfer the funds from the Investor’s Account to the Bank Account of Dofinance and/or Assignor’s bank account.
4.14. The Investor agrees to add to his/her Investor’s Account only funds of legal origin, the origin of which the Investor can prove at any time.
4.15. The Investor is not entitled to add funds to his/her Investor’s Account that have been acquired in bad faith or illegally. Dofinance is entitled to report any suspicious activity to law enforcement agencies as well as to block access to Investor’s Account and/or the Investor's Profile.
4.16. The Investor hereby understands and agrees that any funds transferred to the Bank Account of Dofinance and stored there for any reason shall not be considered as a deposit or equivalent savings and Dofinance is not obliged to pay/accrue interest for holding such funds in the Bank Account of Dofinance.
5. Purchase of the Claims and entering into the Assignment Agreement
5.1. An Investor is entitled to purchase the Claims offered on the Website, provided that Dofinance has identified the Investor and that there are sufficient funds available on the Investor’s Account for the purchase of the selected Claim.
5.2. When purchasing the Claims, the Investor shall comply with the following:
5.2.1. The Investor is entitled to choose one or more Claims from all the Claims that are offered on the Website;
5.2.2. If the Investor is willing to purchase only a part of the Claim, the Investor shall indicate the amount of the Claim that the Investor is ready to purchase;
5.2.3. The Investor is entitled to purchase an unlimited number of Claims, including an unlimited number of Claims to which the Attracted Loans have been received by the same Borrower, if such are offered on the Website, both in the full amount and in any part thereof;
5.2.4. The Investor is entitled to purchase the Claims in accordance with the funds that are in the Investor’s Account and available to the Investor.
5.3. Dofinance shall record the Investor's applications to purchase the Claims in chronological order, starting with the oldest. Dofinance has the right to amend the sequence of the purchase of the Claims.
5.4. Simultaneously with the application to purchase the Claim, the Investor authorises Dofinance to transfer the Price of the Claim from the Investor’s Account to the Bank Account of the Assignor.
5.5. After the Investor has selected the chosen Claim(s) and amount(s) of the Claim(s) that the Investor is willing and agrees to purchase (if purchases only part), Dofinance shall inform the Investor, on his/her Profile, about the selected Claims and submit to the Investor the Assignment Agreement for review and approval. If the Investor agrees to enter into the Assignment Agreement, the Investor shall confirm it on his/her Investor’s Profile.
5.6. The Assignment Agreement is deemed to be concluded at the moment the Investor has approved the terms and conditions of the Assignment Agreement and Dofinance has transferred the Price of the Claim for all Claims purchased under the Assignment Agreement from the Investor’s Account to the Assignor’s bank account.
5.7. After conclusion of the Assignment Agreement, the concluded Assignment Agreement is available in the Investor's Profile throughout the period of its validity.
5.8. All documents with respect to the Claim are stored only with Dofinance and are not handed over to the Assignee.
5.9. In the event that the Assignee has purchased the Claim only in its part, the Assignee is informed and agrees that it is not entitled to the Claim in full and that the right to the Claim is partially owned by the Assignor or another Third Party, and Dofinance is entitled to service the Claim in favour of the Assignee only in the purchased part of the Claim.
5.10. The Assignee obtains the right to enforce the purchased Claim when the Lender has received repayment of the Attracted Loan from the Borrower, i.e. as soon as the Lender receives any payment from the Borrower in accordance with the terms and conditions of the Loan Agreement, Dofinance reduces or settles the Assignee's Claim against the Lender (if the Claim derives from the Financing Agreement) or the Borrower (if the Claim derives from the Loan Agreement). The amount by which the Claim is reduced or settled is calculated considering the following:
5.10.1. The principal amount of the Attracted Loan, which the Borrower has repaid to the Lender. If the Assignee has not purchased the entire Claim, but only a part, then the principal amount of the repaid Attracted Loan is divided proportionally to the purchased part of the Claim, i.e. in the Assignee’s calculation the principal amount repaid is attributed in the same proportion as the part of the Claim purchased by the Assignee to the total amount of the Claim.
5.10.2. Interest paid by the Borrower to the Lender for the use of the Attracted Loan. The amount of interest is specified in Clause 5 of the principal terms and conditions of the Assignment Agreement. If the Assignee has not purchased the entire Claim, but only a part, then the received interest payment for the use of the Attracted Loan is divided proportionally to the purchased part of the Claim, i.e. in the Assignee’s calculation the interest paid is attributed in the same proportion as the part of the Claim purchased by the Assignee to the total amount of the Claim.
5.11. Dofinance shall take all responsibly feasible actions in the interests and at the expense of the Assignee, to ensure that the Lender continues to service the Attracted Loan of the Claim, to service all payments made by the Borrower in accordance with the terms of the Loan Agreement, and to perform dept recovery and any other actions for the debt repayment. Dofinance shall transfer to the Investor’s Account all payments due to the Investor immediately, but no later than within 5 (five) business days from the moment when the Lender has received them from the Borrower in accordance with the terms and conditions specified on the Website.
5.12. Prior to transferring any payments to the Investor on the Investor’s Account, Dofinance shall be entitled to withhold the Claim Servicing Charge and other payments in accordance with Section 10 of this Agreement and the Price List specified on the Website.
5.13. The Investor is entitled to become acquainted with all actions carried out on the Investor's Profile, including payments made and received, subject to restrictions set forth in this Agreement.
5.14. If during the use of the Investor's Profile any activities of the Investor have been considered and/or registered incorrectly, Dofinance is entitled to correct the respective errors and make amendments to the Investor's Profile.
5.15. In case Dofinance recognizes that the Investor's Profile has a negative balance, Dofinance immediately notifies the Investor, who is obliged to add funds to the Investor’s Account, not later than within 5 (five) business days after receipt of the notification from Dofinance, to the extent that the negative balance of the Investor’s Account is covered.
5.16. The Assignee is informed and agrees that Dofinance is not and cannot be held liable for the security of the Claim and for the Borrower’s ability to repay the Attracted Loan of the Claim and to settle the Claim, as well as Dofinance is not obliged to repay or compensate the Assignee the unsettled part of the Claim.
6. Automatic procedure for purchase of the Claims and conclusion of the Assignment Agreements (Auto Invest)
6.1. The Investor has an option to purchase the Claims by using the automatic purchase process Auto Invest in his/her Investor's Profile.
6.2. In order to activate the automatic Claim acquisition tool Auto Invest, the Investor, in his/her profile, fills in the offered details for the purchase of the Claims, based on which Dofinance will be selecting the necessary Claims for the needs of the Investor.
6.3. The Investor authorizes Dofinance to conclude the Assignment Agreements and to purchase the Claims in accordance with the details of the automatic Claim purchase process Auto Invest selected in the Investor’s Profile and the current standard provisions of the Assignment Agreement. The current terms and conditions of the Assignment Agreement are available to the Investor in the Investor’s Profile.
6.4. The Investor is informed and agrees that only the Investor himself/herself is responsible for the indicated details of the automatic Claim purchase process Auto Invest and waives any claims against Dofinance in this regard.
6.5. The Investor shall provide his/her Investor’s Account with the funds in order to receive the services of automatic Claim purchase process Auto Invest.
6.6. Simultaneously with setting up the automatic Claim purchase process Auto Invest in the Investor's Profile the Investor authorises Dofinance to transfer from the Investor’s Account to the Assignor’s bank account the Price of the Claim for the Claims meeting the details specified by the Investor and to register the Claims on the Investor's Profile.
6.7. The automatic Claim purchase process Auto Invest is terminated at the moment when the term to which Auto Invest was connected has expired and if in accordance with the Terms of Use of the Website the Investor has not duly extended this term. Upon expiration of the term of the Auto Invest service, the existing Assignment Agreements and Claims concluded by the Investor within it shall remain in force until the settlement or redemption of the Claim in a specific order based on the provisions of the Assignment Agreement.
6.8. Dofinance has no obligation to additionally inform the Investor about the Claims purchased during the period of receipt of services of the automatic Claim purchase process Auto Invest and the rights and obligations arising from such Claims. The Investor is obliged to get acquainted with the documents, notifications and other information placed on the Investor's Profile and relating to the Investor and the Claims purchased by him/her.
7. Rights and obligations of Dofinance
7.1. Dofinance shall execute this Agreement and ensure the Claim Servicing in accordance with the provisions of this Agreement.
7.2. The Investor authorises Dofinance to manage all Claims of the Investor and carry out the Claim Servicing, including the settlement and recovery of the Claims, if necessary, on behalf and in the interests of the Investor.
7.3. Dofinance shall carry out the Servicing of Claims according to the laws and regulations in order to ensure their recovery.
7.4. Dofinance shall not be liable either to the Investor or their legal successors or heirs, or any other Third Party in the event that the Loan Agreement is not performed by the Borrower fully or in any part and therefore the Claim is not repaid and settled.
7.5. Based on the authorization of the Assignee provided in this Agreement and the Assignment Agreement, Dofinance has the right to manage the Claim until its full repayment and settlement in accordance with the provisions of the Assignment Agreement or this Agreement, or until one of the following circumstances occurs:
7.5.1. The impossibility of repayment and recovery of the Attracted Loan has been established. Impossibility of repayment and recovery of the Attracted Loan occurs if the Borrower has been announced as insolvent, the Borrower has died and the Borrower has no heirs who have taken over the obligations arising from the Attracted Loan Agreement or the Lender has not been able to recover the Attracted Loan from the Borrower within 3 (three) years after final repayment term of the Attracted Loan.
7.5.2. The Claim has been sold on behalf of the Investor to another Investor in accordance with Section 9 of the Agreement or to a buyer selected by Dofinance in accordance with Section 15 of this Agreement.
7.5.3. The Lender or Sponsor has settled the Claim before the precondition of the right to enforce the Claim occurs (the Attracted Loan has not been repaid) by transferring the remaining amount of the Claim to the Investor in accordance with the provisions of the Assignment Agreement;
7.5.4. If the Claim derives from the Financing Agreement - the Lender has cancelled the Claim before the precondition of the right to enforce the Claim occurs (the Attracted Loan has not been repaid), by transferring (assigning) its claim against the Borrower, arising from the Attracted Loan Agreement to the Investor.
7.5.5. The Sponsor or Borrower has exercised the buyback of the Claim from the Investor.
7.6. Dofinance undertakes to make all payments in favour of the Investor and deduct payments from the Investor’s Account only in accordance with Section 10 of this Agreement and the Price List indicated on the Website.
8. Rights and obligations of the Investor
8.1. The Investors confirms that he/she has got acquainted with the provisions of this Agreement, the Assignment Agreement, the Financing Agreement (if a Claim arising from the Financing Agreement is assigned) and the Attracted Loan Agreement, they are clear and understandable to the Investor and the Investor is willing to undertake the liabilities, rights and obligations arising from such agreements, and the Investor waives any claims whatsoever against Dofinance that such provisions have not been discussed or have been unilaterally determined by Dofinance.
8.2. All activities carried out from the Investor's Profile shall be regarded as activities carried out by the Investor himself/herself, and thus shall be recognised as binding to the Investor.
8.3. The Investor shall ensure the performance of the provisions of this Agreement and other agreements that he/she has undertaken with respect to Dofinance.
8.4. The Investor shall ensure sufficient funds on his/her Investor’s Account for the performance of the Agreement and settlement of the payments arising from it.
8.5. If the Investor has failed to provide sufficient amount of the funds in the Investor’s Account, Dofinance is not obliged to accept and execute the respective assignment, transaction or payment of the Investor.
8.6. The Investor agrees not to disclose to Third Parties the information related to this Agreement that may affect the interests of Dofinance or the Borrower.
8.7. The Investor agrees not to request information about the Lender and not to start servicing the Claim, and/or not to commence the Claim enforcement process. The Assignee shall not, personally or through other authorised representatives, contact the Borrower of Attracted Loan Agreement in any way in connection with the concluded Assignment Agreement and the purchased Claim.
8.8. The Investor hereby understands and agrees that he / she is bound by the investment terms and conditions of the selected Auto Invest indicated on the Website.
8.9. The Investor undertakes to cover the expenses incurred or may be incurred by Dofinance as a result of non-performance of this Agreement.
8.10. The Investor shall:
8.10.1. use the Website only for the performance of actions specified in it and in this Agreement;
8.10.2. when registering and carrying out activities on the Website, entering into agreements with Dofinance or communicating with Dofinance, provide true information both about himself/herself and on other questions;
8.10.3. take all necessary measures to prevent the access of any Third Party to the Investor's Profile;
8.10.4. immediately inform Dofinance on any changes in the information that the Investor has provided to Dofinance by making respective changes in the Investor's information available in the Investor's Profile on the Website.
9. Secondary market for Resale of Claims
9.1. The Investor may use the Secondary Market option of the Website to sell the purchased Claims to other Investors registered on the Website, including back to the Sponsor or Lender. The Secondary market opportunity is not available for the Claims purchased by the Investor through the automatic Claims purchase process Auto Invest with validity term up to 28 March 2020.
9.2. If the Investor is willing to sell all its purchased Claims, a separate Claim or the purchased part of the Claim, the Investor shall mark the respective Claims on the Website in his Investor’s Profile. The Investor has no right to divide and sell the purchased Claims or parts of the Claim in other parts, i.e. the Investor is entitled to sell only the purchased Claim or the purchased part of the Claim as a whole.
9.3. The Investor is entitled to sell his/her Claim for the remaining principal amount of the Attracted Loan of the Claim as indicated on the Website, with or without a discount or a premium. If the Investor is willing to sell the Claim with a discount or a premium, then the discount or premium is calculated from the remaining principal amount of the Attracted Loan of the Claim as indicated on the Website. The resale price of the Claim (Price of the Claim) consists of the remaining principal amount of the Attracted Loan of the Claim to be sold as indicated on the Website, and of a discount or a premium, if any, specified by the Investor.
9.4. In case of resale of an individual Claim manually, the Investor must fill in the details of the resale offer of the Claim on the Website and confirm them according to the procedure established on the Website. In case of resale of an individual Claim the offer shall be considered made at the time when the Investor has confirmed all details of the resale offer of the Claim on the Website.
9.5. The Claim resale offer shall be considered as a binding offer of the Investor expressed for all Investors of the Website. The offered Claim becomes available for purchase for the Investors of the Website, and any Investor is entitled to purchase it at the Price of the Claim offered by the Investor (Assignor) in compliance with procedures established in the Terms of Use of the Website and the Assignment Agreement. The Investor is entitled to call off the resale offer of the Investor proposed on the Website at any time. The Investor’s resale offer shall be deemed called off at the time, when the offer is no longer available for other Investors in the Website.
9.6. The purchase of the Claims is organized by the Sponsor (if a Claim arising from the Financing Agreement is being sold) or the Lender exercising buyback of the Claim from the selling Investor (Assignor) or the Lender settling the Claim of the selling Investor (Assignor) in full and by concluding a new Assignment Agreement on the purchase of the Claim by the Investor (Assignee) making the purchase. The actions specified in this Section of the Agreement shall be performed in accordance with the Price of the Claim indicated by the selling Investor (Assignor) on the Secondary Market and approved by the Investor (Assignee) or the Sponsor (if a Claim arising from the Financing Agreement is being sold) or the Lender making the purchase, following the procedures set forth in Sections 5 and 6 of this Agreement.
9.7. The Assignment Agreement shall be deemed concluded at the moment, when the Investor (Assignee), the Sponsor (if a Claim arising from the Financing Agreement is being sold) or the Lender making the purchase has accepted the offer on the Website in accordance with Clause 9.5. of this Agreement. At the time of concluding the Assignment Agreement, the Claim shall be deemed transferred to the Investor (Assignee), the Sponsor or the Lender making the purchase.
9.8. After concluding the Assignment Agreement, Dofinance withholds the Price of the Claim specified in the Assignment Agreement from the Investor’s Account (Assignee), the account of the Sponsor or the Lender making the purchase respectively. If the sold Claims are part of a valid Auto Invest purchase process concluded in accordance with Clause 6.2 of the Agreement after the transfer of the Price of the Claim to the Investor’s (Assignor’s) Account, the Investor’s Auto Invest purchase process shall be reduced by the respective amount.
9.9. After the transfer of the Claim, the Investor (Assignee), the Sponsor or the Lender making the purchase, obtains the right to all subsequent payments related to the Claim, including those arising of the principal amount and interest payments of the Attracted Loan. If the Lender receives late payments of principal amount and / or interest from the Borrower under the Attracted Loan Agreement after the transfer of the Claim, the right to enforce the purchased Claim in accordance with the provisions of this Agreement and the Assignment Agreement is obtained by the Investor (Assignee), the Sponsor or the Lender making the purchase, not the selling Investor (Assignor). Any payments related to the Claim, including that are calculated based on the principal amount and interest payments of the Attracted Loan, which the selling Investor (Assignor) has received prior to the transfer of the Claim, shall remain with the selling Investor (Assignor).
9.10. Dofinance is entitled to unilaterally and without prior notice to the Investor terminate resale of the Claims on the Secondary market, in case if any material circumstances have occurred which in the opinion of Dofinance may cause substantial loss to Dofinance, the Sponsor and/or the Investor or Dofinance has initiated claim recovery and enforcement actions against the Borrower. Acting in accordance with this Clause Dofinance is not liable to the Investor and Third Parties for any losss or expenses.
10. The Claim Servicing Charge and other charges
10.1. For the services rendered, the Investor shall pay Dofinance the Claim Servicing Charge and other charges in accordance with the Price List specified on the Website.
10.2. The Investor is obliged to cover all actual costs related to provision of the Claim Servicing and enforcement of the Claims, including the costs of recovery of the Attracted Loan (proportionally to the purchased part of the Claim) incurred by Dofinance as the Investor's representative fulfilling the authorization granted in this Agreement and / or Assignment Agreement to ensure the enforcement of the Claim on behalf and in the interests of the Assignee (proportionally to the purchased part of the Claim).
10.3. In special cases Dofinance may individually agree with the Investor on the Claim Servicing or determine amounts of other charges.
10.4. Simultaneously with entering into the Assignment Agreement, the Investor authorises Dofinance to transfer, without prior confirmation of the Investor, from the Investor’s Account to the Bank Account of Dofinance, the Claim Servicing Charge including costs incurred by Dofinance while ensuring that the Lender continues servicing and recovery of the Attracted Loan and other charges in accordance with the Price List specified on the Website.
10.5. Dofinance is entitled to withhold the Claim Servicing Charge, including costs incurred by Dofinance while ensuring that the Lender continues servicing and recovery of the Attracted Loan and other payments in accordance with the Price List indicated on the Website from the funds to be transferred to the Investor for settlement of the Claim before they are paid into the Investor's Account.
10.6. The Investor is aware and agrees that the bank servicing the Investor and Dofinance may withhold a commission for adding funds to the Investor’s Account in accordance with the terms and price list of the bank servicing the Investor. These costs are borne by the Investor and Dofinance is entitled to withhold them from the amounts paid to the Investor.
10.7. The Investor is aware that there are laws and regulations applicable to the Investor, including laws and regulations governing the payment of tax for the income received by the Investor for the Claim. The Investor himself/herself is responsible for payment of all the necessary duties and taxes in accordance with the requirements of the laws and regulations in force in the country of his/her residence.
11. Liability and guarantees
11.1. The Investor shall be liable for the truthfulness, accuracy, completeness and compliance of all the details he/she has provided to Dofinance.
11.2. The Investor shall be liable for all the activities carried out on the Investor's Profile.
11.3. The Investor shall be liable for any damage caused by his/her activity (action or omission) to Dofinance, the Assignor, the Lender or any other Third Party.
11.4. Dofinance shall not be liable in cases where the representative of the Investor (as a legal entity) had not been authorised to represent the respective legal entity (both when entering into the Agreement and upon receipt of payments related to this Agreement). In that case, the individual who has signed this Agreement and registered the legal entity as an Investor on the Website is liable for the performance of the Agreement, the loss incurred, and all other actions performed in the Investor's profile.
11.5. Dofinance shall be liable for any damages caused by its activity (action or omission) to the Investor only insofar as Dofinance can be directly and distinctly blamed for the occurrence of such damages and only to the extent of the funds on the Investor’s Account at the moment of the occurrence of the damage. Dofinance shall not be held liable for indirect damages and loss of profit.
11.6. During the performance of the Agreement, when using means of communication, Dofinance shall not be liable for damages incurred due to disturbances in using mail, facsimile, electronic or other means of communication as well as technical equipment ensuring the relevant Dofinance services, including, but not limited to communications failures, Website malfunction, the malfunction of electronic data exchange and payment systems (including online banking) of the credit institutions.
11.7. Dofinance shall not be liable for damages that have been or may be caused to the Investor in connection with entering into the Assignment Agreement, including the impossibility to enforce the Claims due to inability of the Borrower of the Attracted Loan to properly perform its obligations under the Attracted Loan Agreement.
11.8. Dofinance confirms that Lenders are issuing Attracted Loans in accordance with the laws and regulations of the country where the agreement is entered into, as well as with the Loan Agreement, and that the Lender complies with such laws and regulations throughout the period of validity of the Loan Agreement.
11.9. Dofinance shall not be liable for losses incurred by the Investor as a result of the activities of Third Parties.
12. Confidentiality, personal details of the Investor and information on the legal entity
12.1. Any information arising from this Agreement, the Financing Agreement, the Loan Agreement or the Assignment Agreement, as well as any other information received by the Investor from Dofinance which was not publicly available at the time of receipt, shall be considered confidential and commercial secret of Dofinance. The Investor is entitled to disclose confidential information to Third Parties only if it is required by the applicable law or by order of a court or other competent authority. Prior to the disclosure of the confidential information in accordance with this Clause of the Agreement, the Investor is obliged to inform Dofinance about the disclosure.
12.2. The Investor is informed and aware that upon registration on the Website, the Agreement is approved and signed and the personal data of the Investor (individual) or its officials, employees (in the case of a legal entity) is transferred to Dofinance. Investor is informed that Dofinance carries out processing of personal data of the Investor or its officials and / or employees as an independent controller in accordance with applicable personal data processing laws and regulations for the purpose of ensuring the provision of services specified in the Agreement. Other information about the processing of personal data of the Investor and its officials and / or employees carried out by Dofinance within the framework of the Agreement can be found in the Dofinance Privacy Policy (link to the privacy policy - https://www.dofinance.eu/lv/privacy-policy).
12.3. By registering on the Website, the Investor is informed that Dofinance shall add personal data of the Investor available to Dofinance (information that the Investor has provided upon registration on the Website, as well as information that has become available to Dofinance in connection with the performance of the Agreement) to its customer database. The Investor is informed that this data may be passed on to Dofinance employees, consultants, auditors, cooperation partners, as well as to third parties who have directly or indirectly acquired a significant shareholding in Dofinance or in which Dofinance has acquired a direct or indirect shareholding, and a personal data processing system managed by Dofinance, personal data processors, insofar as the information is necessary for the performance of the functions entrusted to them.
12.4. By registering on the Website and signing the Agreement, the Investor, as the controller, confirms the accuracy of personal data submitted to Dofinance and is responsible for ensuring legal basis for transferring personal data to Dofinance and informing data subjects whose personal data is transferred to Dofinance in accordance with Dofinance privacy policy (link to the privacy policy - https://www.dofinance.eu/lv/privacy-policy).
12.5. The Investor is informed that within the course of ensuring the performance of the Agreement, Dofinance is entitled to exchange (receive and transfer) personal data of the Investor or its employees and / or officials with Third Parties, including, but not limited to, transfer and receive personal data of the Investor or its employees / officials from such third parties that provide database and accounting system services (including, but not limited to, such registers of state importance as the Population Register, the Credit Register of the Bank of Latvia, the State Revenue Service, the State Social Insurance Agency). Dofinance confirms that in each case, when transferring or receiving the personal data specified in this paragraph, Dofinance, as the controller, ensures the legal purpose and basis for such actions.
12.6. The Investor is informed that Dofinance has the right to entrust the processing of the Investor's personal data to personal data processors who carry out processing of personal data of the Investor or its employees and / or officials in the name and on behalf of Dofinance in accordance with Dofinance's instructions.
12.7. The Investor is informed that Dofinance has the right to transfer the personal data of the Investor and its employees and / or officials to Third Parties that provide professional services to Dofinance, including but not limited to debt collection companies that collect debts against the Investor, as well as any other a person who provides support to Dofinance within the framework of ensuring the fulfilment of obligations arising from the Agreement.
12.8. By registering on the Website and signing this Agreement, the Investor confirms that he has read the information provided under the Dofinance Privacy Policy (link to the privacy policy - https://www.dofinance.eu/lv/privacy-policy), the information provided under the Investor’s Privacy Policy is understandable and there are no objections to it.
13. Entry into force and termination of the Agreement
13.1. The agreement between Dofinance and the Investor shall enter into force from the moment when the Investor has confirmed the Terms of Use of the Website, agreed to the Agreement, completed the registration process on the Website and transferred the funds to the Bank Account of Dofinance.
13.2. The terms and conditions of the Agreement are available on the Investor’s Profile of the Website throughout the period of validity of the Agreement.
13.3. The Investor is entitled to use his/her Investor’s Profile only after approval of the terms and conditions of the Agreement. In case of amendments to the terms and conditions of the Agreement, the Investor is entitled to continue to use his / her Investor’s Profile on the Website only after approval of the amendments in the Investor's Profile or when the amendments have entered into force in accordance with this Agreement.
13.4. Dofinance is entitled to restrict the access of the Investor to the Website, to block the Investor's Profile or to unilaterally terminate this Agreement and to delete the Investor's Profile if the following has been established:
13.4.1. the Investor has breached the terms and conditions of this Agreement or the terms and conditions of the Assignment Agreement;
13.4.2. the Investor has provided Dofinance with false or inaccurate information and was aware of that;
13.4.3. the Investor uses the Website for illegal purposes;
13.4.4. Dofinance has suspicions that the Investor is using illegally obtained funds to purchase the Claims, is financing terrorism or performs other activities punishable under the Criminal Law of the Republic of Latvia and/or the Investor has been involved in such activities;
13.4.5. if the Investor is an individual to whom Dofinance has notified on the amendments of the Agreement and he / she has submitted objections to the amendments of the Agreement and / or has expressed a wish to withdraw from the Agreement.
13.5. The Investor is entitled to request Dofinance to terminate the Agreement and to delete the Investor's Profile and Dofinance approves it, provided that the Investor does not have any active Claim serviced by Dofinance, all Dofinance actual expenses and charges have been paid in accordance with the Price List, and the Investor has no debt to Dofinance.
13.6. If Dofinance unilaterally terminates this Agreement, a notice thereof shall be sent to the Investor at least 10 (ten) business days in advance to the Investor's Profile on the Website or to the e-mail specified by the Investor if the Investor's Profile has been deleted or blocked. The Investor shall send Dofinance a request to terminate the Agreement and delete the Investor's Profile at least 10 (ten) business days before the intended termination date of the Agreement to the following e-mail: [email protected].
13.7. The parties shall not be liable for non-performance or inappropriate performance of obligations under this Agreement if it is due to force majeure. Force majeure means any unforeseeable emergency or event beyond the control of the Investor, the Sponsor, Lender or Dofinance and not caused by their mistake or negligence or which prevents the performance of any of the obligations under the Agreement and which could not have been avoided by taking reasonable precautions. Each of the following cases, events or circumstances shall be considered as a force majeure for the purposes of this Agreement (the list is not exhaustive):
13.7.1. uprising, revolution, civil war, armed conflict, terrorism, riot, rebellion, insurrection, civil commotion or disorder, usurpation of civil or military government, hostilities, war or warlike operations (whether a state of war be declared or not), invasion, act of foreign enemy, as well as strike, lockout, boycott;
13.7.2. confiscation, nationalization, mobilization, or commandeering under the order of any government de iure or de facto, ruler or any other act or failure to act of any local or national government;
13.7.3. hurricane, earthquake, landslide, floods, inundation, lightning, cyclones, storms, other extreme climatic or environmental circumstances which have been declared or recognized as natural disasters under applicable law, and pandemics, epidemics and other large-scale diseases;
13.7.4. nuclear explosion or any other explosion, radioactive contamination (including, but not limited to that from nuclear fuel, nuclear waste, nuclear explosives), ionizing radiation, chemical or biological contamination;
13.7.5. crashing aircraft, spacecraft or satellite, or any part thereof, and/or pressure waves caused by supersonic speed devices;
13.7.6. events, occasions or circumstances which under the applicable laws are declared as emergency, crisis or extraordinary situation in the Republic of Latvia or any administrative territory thereof;
13.7.7. The Borrower fails to perform its obligations under the provisions of the Attracted Agreement based on any of the cases of force majeure described in this Clause of the Agreement.
In the occurrence of such force majeure circumstances, the party to the Agreement who has suffered from the circumstances caused by force majeure, is obliged to immediately inform the other party of the Agreement in writing. If further performance of the Agreement is not possible due to force majeure, then either party of the Agreement has the right to terminate the Agreement by notifying the other party in writing at least 10 (ten) business days in advance in accordance with the Terms of Use of the Website. The notice to the Assignor is provided in its Investor’s Profile.
13.8. In the event of termination of the Agreement in accordance with the procedures specified in this Agreement, the Investor is prohibited to use the Investor's Profile, as well as to purchase new Claims and enter into Assignment Agreements.
13.9. In the event of termination of the Agreement in accordance with the procedure specified in this Agreement, Dofinance shall make a transfer from the Investor's Account to the Investor's Bank Account, of all funds in the Investor's Account, withholding the Claim Service Charges and other payments, if any.
14. Other provisions
14.1. This Agreement is concluded by electronic confirmation (authorization) in accordance with the procedure specified in the Agreement and it is valid without the signatures of the Parties.
14.2. All activities on the Website and the Investor's Profile shall be carried out only by using the euro (EUR) currency.
14.3. The Investor agrees that Dofinance is entitled to communicate with the Investor 1) by sending an SMS and/or calling to the Investor's mobile number specified in the Investor's Profile; 2) by calling other numbers specified in the Investor's Profile; 3) by sending a notice to the Investor's Profile or the e-mail address indicated in the Investor's Profile; 4) by sending a letter through a courier service provider 5) by sending an ordinary or registered letter to the Investor's actual and / or declared residence address or legal address indicated in the Investor's Profile. A letter sent by courier shall be deemed received at the moment when it is delivered to the address of residence indicated by the Investor. A message sent in the form of an SMS or e-mail is considered received within 2 (two) business days from sending of the respective message to the Investor. Correspondence sent by post shall be deemed received on the 3rd (third) business day after the date indicated on the stamp of Latvian post for the acceptance of the registered letter.
14.4. Dofinance shall send the link to this Agreement to the Investor by sending it electronically to the e-mail address specified by the Investor or posting it in the Investor’s Profile.
14.5. Dofinance is entitled to unilaterally amend the provisions of the Agreement by notifying the Investor thereof at least 10 (ten) business days in advance, by sending the amendments electronically to the e-mail address specified by the Investor or posting in the Investor’s Profile.
14.6. Dofinance is entitled to amend the Claim Servicing Charge and other charges specified on the Website and related to the provision of the offered services as well as to determine additional charges by notifying the Investor of such at least 10 (ten) days in advance.
14.7. If the Investor, who is considered a consumer, has not submitted objections to the amendments of the Agreement and has not made a request to terminate the Agreement within 10 (ten) business days from the date of notification of the amendments, the amendments to the Agreement shall be deemed mutually approved and valid.
14.8. This Agreement shall be valid and binding to the parties of the Agreement until the full fulfilment of the obligations specified therein, or until it is terminated in accordance with the procedures specified in the Agreement.
14.9. The Agreement is governed by the laws and regulations of the Republic of Latvia. The provisions of the Agreement have been drafted and shall be interpreted in accordance with the laws and regulations of the Republic of Latvia.
14.10.Disputes arising in the course of fulfilment of this Agreement and which cannot be resolved through mutual negotiations shall be settled in the courts of the Republic of Latvia in accordance with the applicable laws and regulations of the Republic of Latvia.
14.11.This Agreement has been concluded using electronic confirmation (authorization) on the Website in Latvian and English and is available on the Website in the Investor's Profile. A link to the location of the Agreement on the Website has been sent to the Investor to the specified e-mail address. By approving the Agreement on the Website, the Investor agrees to the terms and conditions of the Agreement. In case of discrepancies, the Latvian version of the Agreement shall prevail.
14.12.The Investor agrees and has no objection to receive any kind of commercial and non-commercial announcements, promotional materials, various news and all kinds of information that would be sent to the mobile phone number and e-mail address provided by the Investor. The Investor confirms that he has no objections to the way such information was sent or to its possible content.
14.13.The Investor agrees and confirms that he/she loses the right of withdrawal specified in the Consumer Rights Protection Law of the Republic of Latvia on the day when the Investor has concluded the Assignment Agreement using the service provided by Dofinance, i.e. the Investor has approved the Assignment Agreement in his Investor Profile and the price of the Claim has been transferred to Dofinance.
15. Authorisation
15.1. With this Agreement, the Investor authorizes Dofinance with the right of sub-authorization to perform the following activities upon conclusion of the Assignment Agreement:
15.1.1. To manage the Claim on behalf and in the interests of the Investor, including, but not limited to, receiving the payments and recovering the debt, exercising all rights granted to the Investor by the relevant Assignment Agreement on behalf of the Investor;
15.1.2. to manage the Claim in full extent and take all necessary actions to ensure that the Lender continues servicing and recovery of the Attracted Loan, performs the Attracted Loan Agreement until the full repayment of the Attracted Loan, resulting in full settlement of the Claim or until in accordance with the provisions of the Assignment Agreement the Claim is redeemed in a specific order, or until the Claim is sold to a buyer selected by Dofinance in accordance with Section 15 of the Agreement;
15.1.3. to make amendments and supplements to the Financing Agreement at its own discretion without prior conformation of the Investor.
15.2. The Investor is informed that the authorization is valid for Dofinance for the entire term of the respective Assignment Agreement and the actions performed by Dofinance in this regard are binding on the Investor, and the Investor refuses to file any claims against Dofinance with this respect.
15.3. Simultaneously with this Agreement, the Investor authorizes Dofinance to perform the following activities:
15.3.1. to transfer the Price of the Claim from the Investor's (Assignee's) Account to the Assignor's account or the Assignor's bank account;
15.3.2. to divide the payments received from the Lender for the performance of the Claim among all Investors (Assignees) who have valid rights to the respective Claim and to transfer the payments to the Investor's (Assignee's) Account;
15.3.3. withhold all payments in accordance with Section 10 of this Agreement;
15.3.4. at any time to enter into a buyback agreement of the Claim with the Sponsor or the Lender by repurchasing the Claim from the Investor (Assignee), the Sponsor or the Lender paying to the Investor's (Assignee's) Account an amount equal to the remaining principal amount of the Attracted Loan of the Claim and the accrued but not yet paid Interest;
15.3.5. at any time on behalf of the Lender to settle the Claim by transferring to the Investor's (Assignee's) Account an amount equal to the remaining principal amount of the Attracted Loan of the Claim and accrued but not yet paid Interest or transferring (assigning) to the Investor the Lender's claim against the Borrower arising from the Attracted Loan Agreement.
15.4. The Investor is informed that the provided authorization with respect to Dofinance is valid for the entire term of this Agreement, is irrevocable and the actions taken by Dofinance in this regard are binding on the Investor and the Investor refuses to file any claims against Dofinance in this respect.
15.5. Dofinance, as the Investor's authorized representative, is liable for loss caused to the Investor by its actions (actions or omissions) only to the extent that it can be directly and distinctly blamed for the occurrence of such losses and only in the amount of funds in the Investor's Account. Dofinance is not liable for indirect losses and lost profits.
15.6. If the Assignment Agreement is concluded in regards to the Claim arising from the Loan Agreement or the Financing Agreement and for which the Borrower has delayed payment of the principal amount and interest of the Attracted Loan by more than six months from the payment term specified in the Loan Agreement, and in the opinion of Dofinance the costs of recovery and enforcement of the Attracted Loan are disproportionate with the amount of the Claim that the Investor would receive as a result of recovery after covering the costs of recovery of the Attracted Loan, or the recovery and collection of the Attracted Loan and accrued interest in full in Dofinance's opinion is impossible or unlikely, with this Agreement the Investor authorizes Dofinance with the right of substitution to sell or re-sale the Claim to a qualified buyer at an appropriate price and on terms at Dofinance's discretion. The sale price of the Claim will in any case be considered adequate if (i) the benefit that the Investor will receive as a result of the sale exceeds the amount of the Claim that the Investor would likely receive if Dofinance (or another person on Dofinance's behalf) would continue to recover and collect the Claim, or (ii) corresponds to the valuation of an independent appraiser, or (iii) is the best of at least two purchase price offers that Dofinance has received from unrelated third parties. Dofinance shall use the right mentioned in this paragraph if, as a result of the transaction, Dofinance stops servicing the Claim no later than within 6 months after concluding the sale or re-sale transaction of the Claim.
15.7. If the Assignment Agreement is concluded in regards to the Claim arising from the Financing Agreement and for which the Borrower has delayed payment of the principal amount and interest of the Attracted Loan by more than six months from the payment term specified in the Loan Agreement, and in the opinion of the Lender the costs of recovery and enforcement of the Attracted Loan are disproportionate with the amount of the Claim that the Investor would receive as a result of recovery after covering the costs of recovery of the Attracted Loan, or the recovery and collection of the Attracted Loan and accrued interest in full in the opinion of the Lender is impossible or unlikely, with this Agreement the Investor authorizes Dofinance to allow the Lender to sell the claim of the Attracted Loan and related Interest claims at an appropriate price. The sale price of the Claim will in any case be considered appropriate if (i) the benefit that the Investor will receive as a result of the sale exceeds the amount of the Claim that the Investor would likely receive if the Lender (or another person on behalf of the Lender) would continue to recover and collect the Claim, or (ii) corresponds to the valuation of an independent appraiser, or (iii) is the best of at least two purchase price offers that Dofinance or the Lender has received from unrelated third parties. In such a case, the Claim is considered fulfilled when the Lender receives the purchase price of the Attracted Loan.
15.8. Dofinance may enter into the repurchase transactions of Claims under Section 15.6 with the Sponsor (if the Claim arises from the Financing Agreement) or the Lender (if the Claim arises from the Loan Agreement), if due to legal or other considerations such transaction is necessary or useful for the resale of the Claim to another unrelated person and the Sponsor or the Borrower does not receive income from the transaction.
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