Rent My Place

LOAN CASH ADVANCE TERMS AND CONDITIONS


LOAN CASH ADVANCE TERMS AND CONDITIONS

 

It is important that you read the terms and conditions in full before accepting them. The Agreement is legally binding and, once accepted, you will be expected to comply with all of your responsibilities under its terms. In particular, we wanted to draw your attention to the following provisions:

 

  • Clause 5 – The Loan Fixed Fee, Purchase Price, Applicable Percentage and Specified Amount:

 

For an explanation of these terms, please see Clause 1 below.

 

Loan Creditor

Fixed Term

Purchase Price

 

(In other communications

this may be referred to as

 the Cash Amount)

Applicable Percentage

 

(In other communications

 this   -may be referred to as the Repayment Percentage)

Specified Amount

 

This is the Fixed Fee plus the Purchase Price.

 

(In other communications this may be referred to as Total Repayment Amount)

Kyle Mahoney

 

6 Months

 

£20,000

 

1% per month

 

£22,400

 

Clause 3.6 – Your right to deduct its share of the Future Receivables.

  • Clause 7 – Your right to take “Catch-Up Payments”.                                                             

Clause 3.13 – Your rights to repurchase the Future Receivables and end the Agreement early.

  • Clause 1 – Your covenants to Loan Creditor during the term of the Agreement.                                                          

Clauses 4.2 – The Minimum Future Receivables.

Minimum Future Receivables

 

£2,400

This is the minimum level of Future Receivables to be transferred to

Loan Creditor in 182 days, assessed as set out in Clause 4.3 below.

(In other communications, this may be referred to as the Minimum Repayment Amount)

  • Clause 5 – Your representations and warranties during the term of the

The section above is not and should not be considered an exhaustive statement of your obligations under this Agreement. In the event of any conflict between the section above and the full terms and conditions as set out below, the full terms and conditions shall prevail.

 

This Agreement is made between the Loan Creditor, as identified in Clause 1 below, and Kyle Mahoney of Rent My Space Ltd  (“Loan Creditor”), a limited liability partnership registered as number ( ) of 17 Fairfield Crescent, Liverpool, L6 8PH.

 

1.                      Interpretations:

 

  • Unless inconsistent with the context or otherwise specified these expressions shall have the meaning set out opposite them:

 

Applicable Amount                                                                                     has the meaning provided in Clause 3.2.2;

 

Applicable Percentage                                                                               means the percentage set out in Clause 3.5;

 

Bank Accounts                                                                                             means the bank account(s) that is attached as a funding source to the Loan Creditor Account held by Loan Creditor;

 

Catch-Up Payments                                                                                    has the meaning provided in Clause 3.7;

 

Fixed Fee                                                                                                        means the amount set out in Clause 3.5 being the fee charged to the Loan Creditor;

 

Future Receivables                                                                                      means the Loan Creditor’s rights over prospective payments that will become due and

owing to it and which are processed through Loan Creditor after the date of this Agreement. Future Receivables excludes transaction reversals, transactions made between accounts linked to Loan Creditor’s Loan Creditor Account and any non-business and/or non-commercial person-to-person transactions conducted through the Loan Creditor’s Loan Creditor Account;

 

Indemnified Persons                                                                                   has the meaning provided in Clause 8.7;

 

Losses                                                                                                              has the meaning provided in Clause 8.7;

 

Loan Creditor                                                                                               is the business name listed in the application form and means the natural person or the entity who operates the Loan Creditor Account primarily for business purposes and not for personal, family, or household purposes and who is entering into this Agreement;

 

Minimum Future Receivables                                                                 is the minimum level of Future Receivables that Loan Creditor expects to receive from

the Loan Creditor every 90 days, as specified in Clause 4.2 and as assessed in accordance with Clause 4.3;

 

Outstanding Specified Amount                                                               means, at any given time, the Specified Amount less the aggregate monetary

amount received by Loan Creditor under Clause 3;

 

Loan Creditor Account                                                                             has the meaning set forth in the User Agreement for Loan Creditor Service to which Loan Creditor has previously agreed;

 

Purchase Price                                                                                              means the price for which Loan Creditor will purchase Loan Creditor’s Future Receivables, as set out in Clause 3.5;

 

Specified Amount                                                                                        means the monetary amount as set out in the table in Clause 3.5;

 

Trigger Breach                                                                                             means any event or circumstance set out in Clause 6 or any such event or circumstance which would (with the giving of notice, the making of any determination under this Agreement or any combination of any of the foregoing) give rise to an event or circumstance specified therein;

 

We                                                                                                                    means Loan Creditor; and

 

You                                                                                                                  means the Loan Borrower.

 

  • In this Agreement:

 

  • references to another agreement or document shall be construed as a reference to that other agreement or document as the same may have been or may from time to time be amended, varied, supplemented or novated;

 

  • unless otherwise specified, references to Clauses are to clauses of this Agreement;

 

  • references to any of the masculine, the feminine and the neuter shall include the other genders and references to the singular shall include the plural, and vice versa;

 

  • the words “include”, “includes” and “including” shall be construed as if they were followed by the words “without limitation”; and

 

  • headings are for ease of reference only and do not affect the interpretation of this Agreement (save where they are used for the purpose of cross-referencing).

 

2.               Purchase and Sale of Future Receivables

 

In consideration of the payment of the Purchase Price, the Loan Creditor hereby sells to Loan Creditor, and Loan Creditor hereby purchases from the Loan Creditor with full title guarantee, free and clear of any and all liens and encumbrances, Future Receivables of the aggregate value of the Specified Amount.

 

3.              Transfer of Future Receivables to Loan Creditor

 

  • The Loan Creditor will fulfil the transfer to Loan Creditor of all of the Future Receivables purchased by Loan Creditor under Clause In satisfaction of this obligation, the Loan Creditor will transfer to Loan Creditor (and ensure that Loan Creditor receives) in clear funds amounts equivalent to the proceeds attributable to those Future Receivables in accordance with the terms of this Clause 3.

 

  • For each payment of Future Receivables received by the Loan Creditor, the Loan Creditor irrevocably authorises and instructs Loan Creditor, at its sole discretion, to either:

 

  • deduct the Applicable Percentage directly from the funds processed by Loan Creditor that are designated to be placed into Loan Creditor’s Loan Creditor Account; or

 

  • deduct an amount equivalent to that which Loan Creditor would be entitled to deduct under Clause 2.1 (the “Applicable Amount”) directly from the Loan Creditor’s Loan Creditor Account.

 

  • In accordance with the terms of this Agreement, the deduction of an Applicable Amount shall reduce the Outstanding Specified Amount by the same amount on a cumulative basis until the Outstanding Specified Amount stands at

 

  • For the avoidance of doubt, the amount to be collected by Loan Creditor for the fulfilment of the transfer of Future Receivables according to this Clause 1 shall be calculated after the deduction of Loan Creditor processing fees with respect to the funds processed by Loan Creditor that are designated to be placed into Loan Creditor’s Loan Creditor Account.

 

  • For purposes of this Agreement, the Loan Creditor, Fixed Fee, the Purchase Price, Applicable Percentage and Specified Amount are:

 

  •  

Loan

Creditor

Term

Purchase Price

 

(In other communications

this may be referred to

as the Loan)

Applicable Percentage

 

(In other communications

this may be referred to as the

Repayment Percentage)

Specified Amount

 

This is the Fixed Fee plus the Purchase Price.

 

(Total Repayment Amount)

Borrower

Services

6 Months

 

£20,000

 

1% pm

 

£22,400

 

  • Loan Creditor shall deduct the Applicable Amount from the Loan Creditor’s Loan Creditor Account, in accordance with Clause 3.2 above, on a real time or daily basis. If for any reason Loan Creditor is unable to or does not deduct the Applicable Amount in accordance with this Clause, Loan Creditor reserves the right to subsequently deduct the relevant Applicable Amount from the Loan Creditor’s Loan Creditor Account, and the Loan Creditor shall hold the amounts due in trust for Loan Creditor.

 

  • The Loan Creditor will, at all times, keep its Loan Creditor Account in sufficient available and unrestricted funds in the currency of the Purchase Price to cover the Applicable Amounts to be deducted. If, at the time of attempted deduction of an Applicable Amount, there are insufficient funds, the Loan Creditor authorises Loan Creditor to deduct such amount on any subsequent occasion when the Loan Creditor’s Loan Creditor Account holds funds, until the unpaid Applicable Amount has been remitted in full. The deduction of these unpaid Applicable Amounts by Loan Creditor may be referred to elsewhere as Loan Creditor taking “Catch-Up Payments”.

 

  • If, in the first 30 days after the Purchase Price has been received by the Loan Creditor, Loan Creditor has to take Catch-Up Payments (as described in Clause 3.7) equivalent to more than fifty percent (50%) of the aggregate Applicable Amount recovered over this 30 day period, this shall be considered a Trigger

 

  • If the Loan Creditor’s Loan Creditor Account holds insufficient funds in the currency of the Purchase Price to cover the amount to be deducted, Loan Creditor may convert the applicable amount from balances in other currencies in the Loan Creditor’s Loan Creditor Account into the currency of the Purchase Price (for which Your standard currency conversion fees will apply) and deduct the converted amount as required. Any transfers under this Clause 3.9 shall, at Your sole discretion in accordance with Clause 3.2, be made after Loan Creditor deducts the Applicable Amount directly from funds processed by Loan Creditor.

 

  • Loan Creditor also reserves the right to request that the Loan Creditor adds sufficient funds to its Loan Creditor Account to satisfy any Applicable Amount that could not be deducted due to insufficient unrestricted funds being available.

 

  • The Outstanding Specified Amount shall be cumulatively reduced by the transfer to and receipt by Loan Creditor of Future Receivables from the Loan Creditor in accordance with this Clause

 

  • Once the Outstanding Specified Amount is reduced to zero, the transfer to Loan Creditor of all Future Receivables purchased by Loan Creditor under this Agreement shall be fulfilled and the Loan Creditor shall have no further obligation to Loan Creditor under this Loan Creditor shall not be required to accept any amounts from any source or party not described herein to facilitate the completion of transfers.

 

  • For the avoidance of doubt, the Loan Creditor can repurchase the rights to the Future Receivables at any time without penalty by paying Loan Creditor a purchase price equivalent to the Outstanding Specified

 

4.                        Loan Creditor Covenants

 

  • The Loan Creditor irrevocably covenants and agrees that, during the term of this Agreement, it shall:

 

  • comply with its Loan Creditor Processing Agreement and the User Agreement, which incorporates certain policies including (without limitation) the Privacy Policy and the Acceptable Use Policy for processing payments for duration of this Agreement;

 

  • maintain Loan Creditor as a payment method set forth on Loan Creditor’s website in a no less favorable position than as displayed on the date of this Agreement;

 

  • not claim that another payment method is preferable or superior to Loan Creditor;

 

  • not mischaracterise or disparage Loan Creditor as a payment method;

 

  • not take any action to discourage Loan Creditor use or permit any event to occur which could have an adverse effect on the

 

acceptance, authorisation or use of Loan Creditor by purchasers of the Loan Creditor’s products and/or services or allow any event to occur that could cause a diversion of any of the Loan Creditor’s Future Receivables from Loan Creditor to any other entity;

 

  • maintain its existing line(s) of business;

 

  • at all times conduct its business and carry out its operations in a manner that is, as a minimum, consistent with past practice;

 

  • use its best endeavors to maintain performance at a level that is, at a minimum, consistent with the past 12 months prior to the date of this Agreement;

 

  • conduct its business and carry out its operations under the name provided herein and maintain any and all of its physical or virtual places of business, unless the Loan Creditor provides prior written notification to Loan Creditor; and in a manner that is materially consistent with past practice, and shall not conduct any business other than the business it conducts on the date of this Agreement

 

  • not allow another person or company, including without limitation a franchisor company (if the Loan Creditor is a franchisee), to assume or take over the operation and/or control of the Loan Creditor’s business or business location, whether physical or virtual;

 

  • not sell, dispose, convey or otherwise transfer any of its business or assets (other than in the ordinary course of business), without Your written consent;

 

  • not permit any event to occur that could cause diversion of any of the Future Receivables from Loan Creditor to any other entity; and

 

  • cooperate fully with Loan Creditor to take all necessary actions required to effectuate each of its obligations hereunder, including but not limited to signing any and all documents Loan Creditor deems necessary and furnishing Loan Creditor with such information (including updated financial statements) as Loan Creditor may reasonably request from time to

 

  • Your entry into this agreement is based on the performance and consistency of a Loan Creditor’s To help support this and the covenants made by the Loan Creditor in Clause 4.1 above, the Minimum Future Receivables transferred to Loan Creditor, in accordance with Clause 3 and as assessed in accordance with Clause 4.3, are £1,294.

It is the Loan Creditor’s responsibility to ensure it conducts its business in a way that allows this level of Minimum Future Receivables to be realised. The failure of the Loan Creditor to meet the Minimum Future Receivables shall be a Trigger Breach actionable in accordance with Clause 6.1.2

 

  • The Minimum Future Receivables transferred are assessed by Loan Creditor as follows:

 

  • an assessment shall take place every 90 days, measured from the date falling 3 days after the date on which the Purchase Price is received by the Loan Creditor; and

 

  • each assessment under Clause 4.3.1 shall consider the aggregate Future Receivables transferred to Loan Creditor over the prior 90 days, and whether this is equal to or greater than the level of Minimum Future Receivables specified in Clause 2.

 

  • Where requested by Loan Creditor, the Loan Creditor shall supply to Loan Creditor within 30 days of the end of each three month period of its financial year, the Loan Creditor’s management accounts in respect of the 12 month period ending at the end of that three month period showing sufficient detail to enable Loan Creditor to determine the Loan Creditor’s compliance and on-going ability to comply, with the Minimum Future Receivables requirement in Clause 4.2 above.

 

  • The Loan Creditor shall supply to Loan Creditor any information regarding the financial condition, business and operations of the Loan Creditor (including but not limited to the Loan Creditor’s bank statements and any processing agreements with a party other than Loan Creditor) as Loan Creditor may

 

  • The Loan Creditor shall notify Loan Creditor of any Trigger Breach (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its

 

  • Loan Creditor shall not:

 

  • create or permit to subsist any mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect over any of the Future Receivables; or

 

  • dispose of any of the Future Receivable on recourse terms or enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts or enter into any other preferential arrangement having a similar effect, in each case, in circumstances where the arrangement or transaction is entered into primarily as a method of raising financial indebtedness or of financing the acquisition of an

 

  • Without the prior written consent of Loan Creditor, the Loan Creditor shall not:

 

  • incur, or have outstanding, any material financial Material in this context shall mean the lower of

£50,000 or the equivalent of 100% of a Loan Creditor’s annual sales;

 

  • in a single transaction or a series of transactions (whether related or not) and whether voluntary or involuntary dispose of its business or the whole or substantially the whole of its assets;

 

  • make any substantial acquisition, subscription or investment which might reasonably be expected to change the conduct or scale of its business or operations as at the date of this Agreement; or

 

  • enter into any amalgamation, demerger, merger or

 

  • The Loan Creditor shall promptly notify Loan Creditor of any dispute of which it becomes aware that affects the Loan Creditor’s business and operations and if any event occurs of which it becomes aware which will or may prevent or render impracticable the carrying on by the Loan Creditor of its business or

 

  • Loan Creditor shall:

 

  • maintain at all times the Loan Creditor Account in its name as at the date of this Agreement with Loan Creditor;

 

  • ensure that no Loan Creditor Account is closed or terminated by Loan Creditor as a result of anything the Loan Creditor does or fails to do (whether by any words, action, inaction or omission);

 

  • maintain and keep in good standing a Bank Account, which should be the Loan Creditor’s primary current account; and

 

  • if so requested by Loan Creditor, ensure that the Loan Creditor delivers processing reports in respect of the Loan Creditor Accounts of the Loan Creditor to Loan Creditor.

 

5.               Loan Creditor’s Representations and Warranties

 

  • The Loan Creditor represents and warrants that as of the date of this Agreement and during the term of this Agreement:

 

  • The Loan Creditor is entering into this Agreement wholly or predominantly for the purposes of a business carried on by it or intended to be carried on by it.

 

  • The Loan Creditor has not sold and is not subject to any other contract that provides for the sale, assignment or any other transfer of any interest in the Future Receivables. The Future Receivables are not subject to any claims, charges, liens, restrictions, encumbrances or security interests of any nature whatsoever with any dispute. The Future Receivables will be bona fide and existing obligations of the Loan Creditor’s customers arising out of the sale of goods and/or services in the ordinary course of the Loan Creditor’s business. The Loan Creditor’s receivables are and will be free and clear of all claims, charges, liens, restrictions, encumbrances or security interests of any nature

 

  • The Loan Creditor acknowledges that Loan Creditor has and will continue to rely upon the validity, accuracy and completeness of all information (financial and otherwise) provided by or on behalf of the Loan Creditor in connection this Agreement and, in particular, with Your obligations

 

  • The Loan Creditor possesses and is in compliance with all permits, licenses, approvals, consents and any other authorisations necessary to conduct its The Loan Creditor is in compliance with, and the execution of this Agreement and consummation of the transaction contemplated herein will not conflict with, (i) any laws and regulations, (ii) any agreements to which the Loan Creditor is a party, and (iii) the Loan Creditor’s articles of association or other corporate documents. The Loan Creditor possesses all requisite permits, authorisations and licenses to own, operate and lease its properties and to conduct the business in which it is presently engaged.

 

  • The Loan Creditor has the power and authority to enter into and perform its duties and obligations under this Agreement and any documents required to facilitate the transactions contemplated by this Agreement. The Loan Creditor is not a party to any contract or aware of any existing situation that would prevent the Loan Creditor from entering into this Agreement. The Loan Creditor has taken all necessary action to authorise its execution and delivery of, and performance under, this The Loan Creditor is solvent and fully authorized to assign and sell the Future Receivables hereunder.

 

  • The execution and delivery of, the consummation of the transactions contemplated hereunder, and compliance with the provisions of this Agreement, do not and will not conflict with other agreements to which the Loan Creditor is a party or beneficiary, or result in any of the following: (1) breach or default of other agreements to which the Loan Creditor is a party; (2) entitlement of any person or entity to receipt of notice or right of consent; (3) a right of termination, cancellation or acceleration of any obligation or to loss of a benefit; (4) any increased, additional, accelerated or guaranteed rights or entitlement of any person or entity; or (5) creation of any claim on the properties or assets of the Loan Creditor.

 

  • The entry into and performance by the Loan Creditor of, and the transactions contemplated by this Agreement do not and will not conflict with any law or regulation applicable to it or any of the Loan Creditor’s constitutional documents or any agreement or instrument binding upon it or any of its

 

  • The Loan Creditor has the power to own its assets and carry on its business as it is being

 

  • The obligations expressed to be assumed by the Loan Creditor in this Agreement are legal, valid, binding and enforceable

 

  • The Loan Creditor has the power to enter into, exercise its rights under, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, this Agreement and the transactions contemplated by this

 

  • All authorisations required or desirable to enable the Loan Creditor to lawfully enter into, exercise its rights and comply with its obligations in this Agreement and to make this Agreement admissible in evidence in any relevant legal jurisdiction have been obtained or effected and are in full force and effect.

 

  • The Loan Creditor is the sole legal and beneficial owner of the Future Receivables, the Loan Creditor Accounts and the Bank Accounts with the right to transfer with full title guarantee all or any part of such Future Receivables and amounts standing to the credit of the Loan Creditor Accounts and the Bank Accounts it has good marketable title to all its business assets including but not limited to the Future Receivables and amounts standing to the credit of the Loan Creditor Accounts and the Bank

 

  • No event or circumstance has occurred or is continuing which constitutes a default under any other agreement or instrument which is binding on the Loan Creditor or on its

 

  • All information provided and confirmations given by or on behalf of the Loan Creditor to Loan Creditor (including, without limitation, any financial information in relation to Future Receivables provided to Loan Creditor) was true, complete and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is

 

  • The financial projections on the basis of which the Loan Creditor undertakes to deliver the Minimum Future Receivables at the request of Loan Creditor and any other information referred to in this Agreement above have been prepared on the basis of recent historical information and on the basis of reasonable

 

  • The Loan Creditor has disclosed to Loan Creditor all covenants, restrictions, easements, encumbrances and outgoings relating to its respective business assets and operations.

 

  • No litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency have been started or threatened which, if adversely determined, would reasonably be expected to have a material adverse effect on the Loan Creditor or the Loan Creditor’s business and operations.

 

  • The Loan Creditor is not trading or carrying on, and has not traded or carried on since the date of its incorporation or formation, any business except for the business which it is carrying on the date of this

 

  • Loan Creditor does not have any material financial indebtedness other than financial indebtedness, details of which it has provided to Loan Creditor in writing prior to the date of this Agreement or otherwise Loan Creditor has provided it’s written consent Material in this context shall mean the lower of £50,000 or 100% of the Loan Creditor’s annual sales.

 

  • Loan Creditor is able to pay its debts as they fall due, has not suspended making payments on any of its debts or, by reason of actual or anticipated financial difficulties, has not commenced negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness.

 

  • Loan Creditor has sufficient funding available to it to enable it to meet its liabilities for the next twelve months and to fund all expenditure contemplated by or otherwise necessary to carry on its business and operations consistent with past

 

  • The Loan Creditor is not subject to any corporate action, legal proceedings or other procedure or step in relation to any insolvency proceedings including (without limitation) in relation to:

 

  • the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of the Loan Creditor;

 

  • a composition, compromise, assignment or arrangement with any creditor of the Loan Creditor;

 

  • the appointment of a liquidator, receiver, administrator, administrative receiver, compulsory manager, trustee in bankruptcy or other similar officer in respect of the Loan Creditor or any of the Loan Creditor’s assets;

 

  • enforcement of any security over any assets of the Loan Creditor;

 

  • the bankruptcy of the Loan Creditor or of any officer or owner of the Loan Creditor; or

 

  • any analogous procedure or step is taken in any

 

  • The representations and warranties made by the Loan Creditor in Clause 1 shall be deemed to be repeated by the Loan Creditor on each day until all the obligations of the Loan Creditor under this Agreement have been discharged or satisfied in full as if made by reference to the facts and circumstances then existing.

 

6.                      Trigger Breaches

 

  • Each of the following events or circumstances is a “Trigger Breach”:

 

  • Breach of Loan Creditor does not comply with any term of this Agreement, except for Clause 4.2 a breach of which is addressed in Clause 6.1.2 below.

 

  • Breach of Minimum Future Receivables. At its absolute discretion, Loan Creditor may regard a breach of Clause 2 in relation to Minimum Future Receivables as a circumstance which amounts to a Trigger Breach.

 

  • Any representation or statement made or deemed to be made by the Loan Creditor in this Agreement or any other document delivered by or on behalf of the Loan Creditor under or in connection with this Agreement is or proves to have been incorrect or misleading in any material respect when made or deemed to be made.

 

6.1.4                         Cross default:

 

  • Any financial indebtedness of the Loan Creditor is not paid when

 

  • Any financial indebtedness of the Loan Creditor is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described).

 

  • Any commitment for any financial indebtedness of the Loan Creditor is cancelled or suspended by a creditor of the Loan Creditor as a result of an event of default (however described).

 

  • Any creditor of the Loan Creditor becomes entitled to declare any financial indebtedness of the Loan Creditor due and payable prior to its specified maturity as a result of an event of default (however described).

 

  • The Loan Creditor is unable to pay its outstanding debts of more than £750, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties has not paid secured or compounded a statutory demand for the debt in question within three weeks or being served with the demand (and has not applied to Court to set aside the statutory demand).

 

6.1.6                                       Insolvency

 

  • The Loan Creditor is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its

 

  • A moratorium is declared in respect of any indebtedness of the Loan Creditor.

 

6.1.7                                     Insolvency proceedings

 

Any corporate action, legal proceedings or other procedure or step is taken in relation to:

 

  • the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of the Loan Creditor;

 

  • a composition, compromise, assignment or arrangement with any creditor of the Loan Creditor; or

 

  • the appointment of a liquidator, receiver, administrator, administrative receiver, compulsory manager, trustee in bankruptcy or other similar officer in respect of Loan Creditor or the Loan Creditor’s assets;

 

  • enforcement of any security over any assets of Loan Creditor;

 

  • the bankruptcy of the Loan Creditor or any Owner or officer of Loan Creditor; or

 

  • any analogous procedure or step is taken in any

 

  • Creditors’ Any expropriation, attachment, sequestration, distress or execution affects any asset or assets of the Loan Creditor.

 

  • The Loan Creditor repudiates this Agreement or does or causes to be done any act or thing evidencing an intention to repudiate this Agreement.

 

  • Cessation of The Loan Creditor ceases, or threatens to cease, to carry on all or a substantial part of its business.

 

  • Closure of Loan Creditor The Loan Creditor closes its Loan Creditor Account.

 

  • It is or becomes unlawful for the Loan Creditor to perform any of its respective obligations under this Agreement.

 

  • Agreement This Agreement is not or ceases to be in full force and effect or is alleged by the Loan Creditor to be ineffective for any reason.

 

  • Change of ownership or The Loan Creditor ceases to be legally and beneficially owned by the persons who own the Loan Creditor as at the date of this Agreement or the legal, beneficial or economic interest of these owners in the Loan Creditor is materially reduced.

 

  • Material adverse Any event or series of events occurs which Loan Creditor has reason to believe is likely to have a material adverse effect on the business or operations or financial standing of the Loan Creditor which shall include but is not limited to a substantial decline in Future Receivables.

 

  • Action to discourage use of Loan Creditor. The Loan Creditor takes any action to discourage Loan Creditor use or permit any event to occur which could have an adverse effect on the acceptance, authorisation or use of Loan Creditor by purchasers of the Loan Creditor’s products and/or services or allow any event to occur that could cause a diversion of any of the Loan Creditor’s Future Receivables from Loan Creditor to any other

 

  • On and at any time after the occurrence of a Trigger Breach, Loan Creditor may (and to the extent necessary, the Loan Creditor consents

 

to and authorises the same):

 

  • unilaterally terminate this Agreement;

 

  • recover the Outstanding Specified Amount through any and all funds available in the Loan Creditor’s Loan Creditor Accounts as such funds will be deemed to be Future Receivables;

 

  • debit the Outstanding Specified Amount from Loan Creditor’s Bank Accounts or Loan Creditor Accounts (For the avoidance of doubt, Loan Creditor may exercise this right against any Loan Creditor Account held by the Loan Creditor);

 

  • seek damages equal to the Outstanding Specified Amount;

 

  • seek liquidated damages equal to the Outstanding Specified Amount; and/or

 

  • exercise any rights, powers, discretions, authorities and remedies vested in Loan Creditor by this Agreement, by the User Agreement or by law or

 

7.                      Additional Terms

 

  • Sale of Future Receivables; Not a Loan. The Loan Creditor and Loan Creditor agree that payment of the Purchase Price by Loan Creditor in exchange for the Future Receivables as described herein is a purchase of receivables and is not intended to be, nor shall it be construed as, a loan from Loan Creditor to the Loan Creditor. Loan Creditor does not charge any origination or broker fees for the Loan Creditor selling its Future Receivables to Loan Creditor. Loan Creditor does not charge any interest, finance charges, points, late fees or similar fees (except as permitted by applicable law in connection with civil judgments). Loan Creditor is purchasing the Future Receivables at a discount and, for the avoidance of doubt, the Loan Creditor and Loan Creditor agree that Loan Creditor shall be the sole and exclusive owner of the Outstanding Specified Amount, and the Outstanding Specified Amount contained in the Loan Creditor Account shall not be part of the Loan Creditor’s estate in a bankruptcy of the Loan Creditor.

 

  • Return of Any Amounts Determined to be in Excess of Usurious Rate. Notwithstanding the parties’ express intent to the contrary set forth out in Clause 3, in the event that Your purchase of the Future Receivables is finally determined by a court of competent jurisdiction to constitute a loan from Loan Creditor to the Loan Creditor, the parties agree that Your sole obligation hereunder shall be to return to the Loan Creditor any interest deemed to have been received by Loan Creditor in excess of the maximum amount of interest permitted by applicable law to be received by Loan Creditor, notwithstanding any other remedy required by or authorised by applicable

 

  • Processing Fees. The Loan Creditor shall be solely responsible for the payment of any fees and charges imposed with respect to its Loan Creditor Account or any processing agreement with Loan Creditor. The amount deducted from your Loan Creditor transactions on a daily basis for repayment of the Outstanding Specified Amount is calculated after the deduction of processing fees.

 

  • Loan Creditor’s Transactional Information. The Loan Creditor hereby agrees to provide to Loan Creditor, from time to time at Your request, transaction files maintained by the Loan Creditor, and any other information related to past volumes, Future Receivables, or the transactions contemplated by this Agreement, whether formed for the purpose of audit or

 

  • Term of Agreement. This Agreement shall be in full force and effect until the Outstanding Specified Amount has been reduced to zero pursuant to the terms of this Because Loan Creditor is not providing the Loan Creditor with a loan under this Agreement, there are no scheduled payments and no repayment term.

 

  • Rescission of The Loan Creditor agrees that if the Loan Creditor in any way breaches the terms of this Agreement, Loan Creditor may unilaterally terminate this Agreement, subject to the Loan Creditor’s obligation to deliver to Loan Creditor the Outstanding Specified Amount through any and all funds available in the Loan Creditor’s Loan Creditor Account as such funds will be deemed to be Future Receivables.

 

7.7                          Remedies; Liquidated Damages.

 

  • If the Loan Creditor breaches any provision of this Agreement, Loan Creditor shall be entitled to damages equal to the Outstanding Specified The Loan Creditor consents to and authorises Loan Creditor to debit from any of the Loan Creditor’s Loan Creditor Account(s) all or any portion of the Specified Amount owed if the Loan Creditor breaches this Agreement.

 

  • In the event the Loan Creditor takes any action that breaches this Agreement, the Loan Creditor agrees that Loan Creditor immediately shall be entitled to, but not limited to, liquidated damages equal to the Outstanding Specified

 

  • The remedies provided hereunder are cumulative and not exclusive of any remedies provided by law or

 

8.                                Miscellaneous

 

  • Currency If for any reason Loan Creditor is required to carry out a currency conversion any fees charged will be in accordance with the User Agreement or a Payment Processing Agreement.

 

  • Except as otherwise expressly provided in this Agreement, no variation of this Agreement shall be effective unless it is in writing and signed by the parties.

 

  • No Waiver. No failure or delay by a party to exercise any right or remedy provided under this Agreement or by law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or No single or partial exercise of such right or remedy shall prevent or restrict the further exercise of that or any other

 

right or remedy.

 

  • The Loan Creditor agrees that Loan Creditor may provide communications about this Agreement and the transactions contemplated herein electronically. Any electronic communications will be considered to be received by the Loan Creditor within twenty-four (24) hours of the time Loan Creditor posts it to its website or emails it to the Loan Creditor. Any communications sent to the Loan Creditor by post will be considered to be received by Loan Creditor three (3) business days after Loan Creditor sends it. Except as otherwise stated, notices to Loan Creditor must be sent by postal mail to: Loan Creditor (Europe) Sarl et Cie, SCA, 5th Floor, 22-24 Boulevard Royal, L- 2449, Luxembourg

 

  • Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Loan Creditor, Loan Creditor and their respective successors and assigns, except that Loan Creditor shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of Loan Creditor, which consent may be withheld in Your sole discretion. Loan Creditor reserves the right to assign this Agreement with or without prior notice to the Loan Creditor.

 

  • Costs Payable By Loan Creditor. Loan Creditor shall be entitled to receive from the Loan Creditor, and the Loan Creditor shall pay, all reasonable costs associated with a breach by the Loan Creditor of any of its obligations, covenants (including but not limited to the Loan Creditor Covenants) or any of the representations and warranties of the Loan Creditor and the enforcement thereof, including but not limited to court costs and attorney’s fees. For this purpose, “reasonable costs” shall include the costs, including legal fees, associated with defending, protecting, or enforcing Loan Creditor’s rights under this Agreement including in any bankruptcy or insolvency If the Loan Creditor files an action against Loan Creditor and the matter is dismissed or Loan Creditor prevails in the matter, the Loan Creditor agrees to pay all of the Loan Creditor’s legal fees and costs incurred in the matter, whether in court or arbitration.

 

  • In addition to all rights and remedies available to the parties at law or in equity, the Loan Creditor shall indemnify Loan Creditor, its parent, the officers, directors, employees, agents, suppliers, successors, and assigns of Loan Creditor or its parent, (collectively, the “Indemnified Persons”), harmless from and against and pay on behalf of or reimburse each such Indemnified Person for any and all loss, liability, demand, claim, action, cause of action, cost, damage, deficiency, tax, penalty, fine or expense, whether or not arising out of any claims by or on behalf of such Indemnified Person or any third party, including interest, penalties, reasonable legal fees and expenses and all amounts paid in investigation, defense or settlement of any of the foregoing (including all reasonable legal fees and expenses incurred in connection with the enforcement of this Section ) (collectively, “Losses”), that any such Indemnified Person may suffer, sustain, incur or become subject to, as a result of, in connection with, relating or incidental to or by virtue of: (i) any misrepresentation or breach of warranty of the Loan Creditor under this Agreement; or (ii) any nonfulfillment, default or breach of any covenant or agreement of the Loan Creditor in this Agreement.

 

  • Enforceability of Representations, All representations, warranties and covenants herein will be enforceable upon the execution and delivery of this Agreement and will continue in full force and effect until this Agreement has been terminated.

 

8.9                                      Severability.

 

  • If any provision or part-provision of this Agreement is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed Any modification to or deletion of a provision or part-provision under this clause shall not affect the validity and enforceability of the rest of this Agreement.

 

8.9.1 If any provision or part-provision of this Agreement is invalid, illegal or unenforceable, the parties shall negotiate in good faith to amend such provisions so that, as amended, it is legal, valid and enforceable, and, to the greatest extent possible, achieves the intended commercial result of the original provision.

 

  • Entire Agreement. This Agreement, and any addendum and forms provided herewith, along with the User Agreement and where applicable a Payment Processing Agreement for Loan Creditor Services and any addendum, contains the entire agreement and understanding between the Loan Creditor and Loan Creditor and each party acknowledges that in entering into this Agreement it does not rely on any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this

 

8.11                          Confidential Information

 

  • Confidential Information means any information of the disclosing party that the receiving party should reasonably understand to be confidential based on the context of disclosure or the information itself and the terms of this Agreement are included as Confidential Information

 

  • Mutual Each party shall hold the other party’s Confidential Information in confidence and neither shall disclose such Confidential Information to third parties other than companies under common ownership or control. Neither party may use the other party’s Confidential Information for any purpose other than those of this Agreement

 

  • The obligations of the preceding clause shall not apply to Confidential Information which (a) is already known by the recipient, (b) becomes publicly known through no act or fault of the recipient, (c) is received by recipient from a third party without a restriction on its disclosure or use, or (d) is independently developed by the recipient without reference to any Confidential Information.

 

  • The obligations of this Clause 8.11 shall survive termination of this agreement for six years.

 

8.12                                       Applicable Law and Jurisdiction

 

  • Applicable law

 

The validity, construction and performance of this Agreement (and any claim, dispute or matter arising under or in

 

connection with it or its enforceability and any non-contractual obligations arising out of or in connection with it) shall be governed by and construed in accordance with the laws of England and Wales.

 

8.12.2                                                     Jurisdiction

 

The Loan Creditor irrevocably agrees for the exclusive benefit of Loan Creditor that the English or Welsh courts shall have exclusive jurisdiction over any claim, dispute or matter arising under or in connection with this Agreement or its enforceability or any non-contractual obligation arising out of or in connection with this Agreement and that accordingly any proceedings in respect of any such claim, dispute or matter may be brought in such courts. Nothing in this Clause 8 shall limit the right of Loan Creditor to take proceedings against the Loan Creditor in any other court of competent jurisdiction, nor shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdiction or jurisdictions, whether concurrently or not, to the extent permitted by the law of such other jurisdiction or jurisdictions.

Signed by the Borrower

Borrower Name: Kyle Mahoney T/A Rent My Place Ltd

Date: 13/02/2025

 

The Creditor:

Creditor Name: 

Signed by the Creditor:  

Date: 13/02/2025

  

 

Leave this empty:

Signed by Kyle Mahoney
Signed On: 02/02/2023

Rent My Place https://rentmyplace.eu
Signature Certificate
Document name: LOAN CASH ADVANCE TERMS AND CONDITIONS
Unique Document ID: e9e87d62b5b513f1610905119d01458732337b07
Timestamp Audit
02/02/2023 12:31 PM GMTLOAN CASH ADVANCE TERMS AND CONDITIONS Uploaded by Kyle Mahoney - contracts@rentmyplace.eu IP 82.46.179.45
02/02/2023 4:55 PM GMTRomeo Riley - romeonriley@gmail.com added by Kyle Mahoney - contracts@rentmyplace.eu as a CC'd Recipient Ip: 82.46.179.45
02/02/2023 5:04 PM GMTRomeo Riley - romeonriley@gmail.com added by Kyle Mahoney - contracts@rentmyplace.eu as a CC'd Recipient Ip: 82.46.179.45
02/02/2023 5:07 PM GMTRomeo Riley - romeonriley@gmail.com added by Kyle Mahoney - contracts@rentmyplace.eu as a CC'd Recipient Ip: 82.46.179.45