Article 19
Disbursement policy
The crowdfunding service provider shall have in place a policy to determine how all of the following elements are considered in the decision on proceeding to any disbursement from the contingency fund to investors:
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(a) |
updated available fund balance; |
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(b) |
the share of the loans that have defaulted in a given portfolio; |
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(c) |
the interest rates and maturity of the loans that have defaulted in a given portfolio; |
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(d) |
the procedure to be followed when considering whether to make a discretionary payment from the contingency fund; |
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(e) |
the circumstances in which the contingency fund may be activated for the pay-out; |
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(f) |
the criteria to be considered in the event of competing or simultaneous claims of investors on the same defaulted loans. |