Direct loans are subordinated loans with a qualified subordination clause. This means that no money has to be repaid if this jeopardizes the initiative’s solvency. Secondly, in the event of insolvency, all senior bank loans and receivables are serviced first and only then the direct lenders. We are therefore obliged to point out that direct loans are associated with considerable risks and that, in the (unlikely) event of insolvency, the assets invested may be partially or completely lost.
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