Samson Funding Inc.
1. Introduction
Welcome to Samson Funding Inc. ("Company," "we,""our," or "us"). By applying for and accepting a merchantcash advance ("Advance") from us, you ("Merchant,""you," or "your") agree to be bound by these Terms andConditions ("Terms"). These Terms constitute a legally bindingagreement between you and Samson Funding Inc. Please read them carefully.
2. Merchant Cash Advance
- 2.1 Nature of Advance: The Advance is not a loan. It represents a purchase of a percentage of your future receivables ("Purchased Receivables") as specified in the Merchant Agreement.
- 2.2 Use of Funds: The funds provided under the Advance may only be used for business purposes and not for personal, household, or family purposes.
3. Merchant’s Obligations
- 3.1 Daily Payment: You agree to remit the agreed-upon percentage of your daily receivables until the full amount of the Purchased Receivables has been collected.
- 3.2 Accurate Information: You represent and warrant that all information provided to us, including financial and business information, is accurate, complete, and not misleading.
- 3.3 Bank Account: You agree to maintain a designated business bank account and processing account for the duration of the Advance agreement.
4. Company’s Rights and Obligations
- 4.1 Monitoring Receivables: We reserve the right to monitor your receivables to ensure compliance with the Merchant Agreement.
- 4.2 Adjustments: If your business experiences significant changes in receivables, we may adjust the daily remittance amount in good faith to reflect your current business conditions.
- 4.3 Security Interest: To secure your obligations, you grant us a security interest in the Purchased Receivables and related rights, as outlined in the Merchant Agreement.
5. Fees and Costs
You agree to pay any fees or costs outlined in the Merchant Agreement,including but not limited to administrative fees, returned payment fees, orlegal fees arising from the enforcement of these Terms.
6. Events of Default
An "Event of Default" includes but is not limited to:
- 6.1 Misrepresentation: Providing false or misleading information.
- 6.2 Interference with Receivables: Failing to remit receivables as agreed or obstructing our access to receivables.
- 6.3 Bankruptcy or Insolvency: Initiating bankruptcy proceedings or becoming insolvent.
7. Remedies in the Event of Default
If an Event of Default occurs, we may:
- Terminate the Merchant Agreement and demand immediate payment of any unpaid Purchased Receivables.
- Take legal action to enforce our rights under these Terms.
- Apply any remedies available under applicable law.
8. Confidentiality and Data Usage
- 8.1 Confidentiality: Both parties agree to maintain the confidentiality of each other’s non-public information, except as required by law or necessary to perform under these Terms.
- 8.2 Data Usage: We may collect and use your data in accordance with our Privacy Policy, which is incorporated by reference.
9. Indemnification
You agree to indemnify, defend, and hold harmless Samson Funding Inc. and itsaffiliates from any claims, damages, losses, or expenses arising from yourbreach of these Terms or any negligent or wrongful act by you.
10. Governing Law and DisputeResolution
- 10.1 Governing Law: These Terms are governed by the laws of the state of [State], without regard to its conflict of laws principles.
- 10.2 Arbitration: Any dispute arising under these Terms will be resolved through binding arbitration in accordance with the rules of the American Arbitration Association. The arbitration shall take place in New York, New York.
11. Entire Agreement
These Terms, together with the Merchant Agreement and any other documents referenced herein, constitute the entire agreement between you and SamsonFunding Inc. regarding the Advance and supersede all prior agreements and understandings.
12. Amendments
We reserve the right to amend these Terms at any time. Any amendments willbecome effective upon written notice to you or by posting updated Terms on ourwebsite.
13. Contact Information
If you have any questions about these Terms, please contact us at:
Samson Funding Inc.
17 State St, New York, NY 10004
347-442-7999
Info@samsonfuning.com
