Cash Advance - Terms and Conditions
These Terms and Conditions are valid on cash advances requested after the 15 of June 2023.
IT IS AGREED as follows:
(a) These SumUp Cash Advance Terms and Conditions (the CATC) form the basis of a binding legal agreement (this Agreement) between you (you) and SumUp Payments Limited a limited liability company incorporated in England and Wales, registered number 07836562, having its registered office at 16-20 Shorts Gardens, London, England, WC2H 9US, United Kingdom (SumUp, we or us).
(b) In order to participate in the cash advance program described in this Agreement (the Program), you agree to be bound by these CATC, the terms specified in your SumUp Account dashboard and all other terms, policies, and guidelines applicable to your use of the Service or the Program. You also agree that this Agreement incorporates the SumUp Terms and Conditions (available at https://sumup.co.uk/terms/) (the Terms) and that your entry into this Agreement does not waive your obligations under the Terms. In the event of any conflict between the Terms and the CATC, the Terms will prevail to the extent they reflect your rights under applicable laws and regulations; in the event of any other conflict, the CATC will prevail.
2. Purchase and Sale of Receivables
Under this Agreement, we are purchasing Future Receivables from you in exchange for the Advance Amount. We will then take the Deduction Amount from card payments made to your SumUp Account until the Collection Amount (which equals the Advance Amount plus a Fixed Fee) is satisfied. The Collection Payback Amount must be satisfied within the specified term in your offer, but in any case, within 364 days of us paying the Advance Amount.
(b) Principal Terms
A complete set of defined terms can be found in paragraph 1.1 (Glossary) of the Appendix. A selection of the defined terms is highlighted in the following table and the specific values for them are displayed in the Cash Advance section of your SumUp Account dashboard.
This is the amount you will receive from SumUp for your Future Receivables.
This is the amount charged by SumUp for purchasing Future Receivables from you.
This is the total amount of your Future Receivables that SumUp will collect and keep in exchange for paying you the Advance Amount. It is equal to the Advance Amount plus the Fixed Fee.
This is the percentage of each of your card payments processed through our Service that SumUp will keep, until the total amount we have kept adds up to the Collected Amount, subject to any increase pursuant to paragraph 2.3 (Adjusting the Minimum Purchased Receivables Requirement and Deduction Percentage) of the Appendix.
Minimum Purchased Receivables
This is the minimum total amount of your Future Receivables that SumUp must receive every month. It is minimum equal to one-twelfth of the Collection Amount, subject to any adjustment pursuant to paragraph 2.3 (Adjusting the Minimum Purchased Receivables Requirement and Deduction Percentage) of the Appendix.
Maximum Future Receivables Amount
The Maximum Future Receivables Amount represents the total amount of the Future Receivables that we will purchase from you. This amount is calculated by dividing the Collection Amount by the Deduction Percentage.
(c) Sale and Purchase
The effect of this Agreement is that, on the Start Date, you sell to us and we buy from you, in return for the Advance Amount, your Future Receivables up to the Maximum Future Receivables Amount and all of your Rights in respect of such Future Receivables, to the extent not already assigned to us pursuant to the Terms. The reason we will collect your Future Receivables, up to the Maximum Future Receivables Amount, is that we are buying your Future Receivables and the Rights in those Future Receivables, and collecting on them, on the basis set out in more detail in paragraph 2.1 (Purchase, Sale and Collections) of the Appendix.
Once we have retained the Collection Amount (the date when the Collection Amount is retained in full being the Collection Date), this Agreement will automatically terminate on the Collection Date. Following the occurrence of the Collection Date, there will be no further assignment of your Future Receivables to us. For the avoidance of doubt, any termination of this Agreement does not affect the Terms, which remain in full force and effect unless separately terminated by you or us in accordance with the Terms.
3. Representations and Warranties
(a) You represent and warrant to us that on the date of this Agreement the representations and warranties set out in paragraph 2.4 (Representations and Warranties) of the Appendix are true and correct.
(b) The representations and warranties made by you in paragraph 2.4 (Representations and Warranties) of the Appendix will be deemed to be repeated by you each day (by reference to the facts and circumstances existing on that day) until all of your obligations under this Agreement have been discharged in full.
4. Your Obligations
You shall comply with all of the obligations set out in paragraph 3 (Your Obligations) of the Appendix from the date of this Agreement until you have discharged all of your liabilities under this Agreement.
5. Events of Termination
(a) When or after an Event of Termination occurs, we have the right to do any of the following immediately after providing notice to you:
(i) terminate this Agreement;
(ii) demand immediate repurchase by you of the outstanding Purchased Receivables for a repurchase price equal to the then current Total Remaining Collection Amount;
(iii) recover or debit the Total Remaining Collection Amount from any and all funds that we receive for you through our Service or which are available in your SumUp Accounts or any of your related bank accounts;
(iv) seek damages equal to the Total Remaining Collection Amount; and
(v) exercise any rights, powers, discretions, authorities and remedies we have under this Agreement or the Terms or which we are given by law or equity.
(b) If any of the following events (each an Event of Repurchase) occurs and is continuing:
(i) a dispute or dilution exists or arises with respect to any Purchased Receivable:
(A) because another person claims or asserts a reduction in the receivable amount or a delay or postponement in the timing of payment; or
(B) which otherwise has a material adverse effect on the value, collectability or enforceability of such Purchased Receivable; or
(ii) a Purchased Receivable (or any part of it) is not paid by its settlement date for any reason (including because of the insolvency of any account debtors or any acquirers as defined in the Terms) obliged to make payment(s) on any Purchased Receivable; or
(iii) an Event of Termination has occurred, then, we may require you to repurchase all Purchased Receivables then outstanding which are affected by the Event of Repurchase (and, if there is an Event of Termination, all Purchased Receivables outstanding at that time shall be deemed to be affected and therefore subject to such repurchase). If so:
(A) we will notify you through your SumUp Account dashboard, and require you to pay us the Total Remaining Collection Amount relating to such Purchased Receivables on a day which is at least five (5) days after we give you notice; and
(B) you must pay the Total Remaining Collection Amount relating to such Purchased Receivables to SumUp in immediately available funds.
(C) Upon the payment by you in full of the Total Remaining Collection Amount with respect to a Purchased Receivable, such Purchased Receivable shall be repurchased by you from us without recourse to or warranty by us and shall no longer constitute a Purchased Receivable. You agree that we may exercise our rights of set-off set out in paragraph 5 (n) (Right of Set-off) of the Appendix in respect of any such payment.
Once the Total Remaining Collection Amount is irrevocably satisfied and reduced to zero, which must be before the date falling 364 days from the Start Date, the assignment to us of all Purchased Receivables purchased by us under this Agreement will be fulfilled and you shall have no further obligation to us under this Agreement.
7. Governing Law and Jurisdiction
7.1 Governing law
This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.
(a) You must address any complaints relating to this Agreement to us in the first instance by contacting our customer service department. Before referring the dispute to court, you will endeavour to resolve any dispute with us by amicable negotiations.
(b) The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a Dispute). The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no party will argue to the contrary.
(c) Notwithstanding paragraphs (a) and (b) above, we shall not be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, we may take concurrent proceedings in any number of jurisdictions.
(d) If you are not happy with the response you receive from us, or you do not hear from us within the relevant time period, the Financial Ombudsman Service (financial-ombudsman.org.uk) may be able to help you.
In this Agreement:
Advance Amount means the amount as set out in Clause 2 (Purchase and Sale of Receivables);
CATC has the meaning given to that term in Clause 1 (General);
Collections means, with respect to any Purchased Receivable, all cash collections, wire transfers, electronic funds transfers and other cash proceeds of such Purchased Receivable;
Confidential Information means the terms of this Agreement and 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;
Data Protection Laws means any applicable laws concerning the processing of data relating to living persons, each to the extent applicable to the activities or obligations under or pursuant to this agreement;
Deduction means any withholding of funds from your Payouts or debiting of funds in your SumUp Account in order to satisfy the Collection Amount;
Deduction Percentage is the amount as set out in Clause 2 (Purchase and Sale of Receivables);
Event of Repurchase has the meaning given to that term in Clause 5 (Events of Termination);
Event of Termination means any event or circumstance set out in paragraph 2.6 (Events of Termination) of the Appendix 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 in that paragraph 2.6;
Fixed Fee is the fee charged to you as set out in Clause 2 (Purchase and Sale of Receivables);
Future Receivable means any receivable (including any tax) owing to you or that will become due and owing to you after the Start Date that we process for you through our Service and your SumUp Account (e.g. any transactions made via credit cards, debit cards, alternative payment methods), and which is credited to us and due to you (after all our processing fees with respect to the funds we process and any other applicable fees are deducted or reserves are withheld in accordance with the Terms and excluding any reversed or held payments) under clause 1.4 of the Terms;
GBP, £ and Sterling means the lawful currency of the United Kingdom;
Indemnified Persons has the meaning given to that term in paragraph 5 (j) (Indemnification) of the Appendix;
IP Rights has the meaning given to that term in paragraph 5 (g) (Intellectual Property Rights) of the Appendix;
Losses has the meaning given to that term in paragraph 5 (j) (Indemnification) of the Appendix;
Minimum Purchased Receivables has the meaning given to that term in Clause 2 (Purchase and Sale of Receivables);
Collection Amount has the meaning given to that term in Clause 2 (Purchase and Sale of Receivables);
Collection Date has the meaning given to that term in Clause 2(d);
Payout has the meaning given to that term in paragraph 2.1(d) (Purchase, Sale and Collections) of the Appendix;
Program has the meaning given to that term in Clause 1 (General);
Purchased Receivable means each Future Receivable (together with Collections and proceeds with respect to that Future Receivable) sold and purchased under this Agreement except for any Purchased Receivables that have been repurchased by you pursuant to paragraph 2.2 (Repurchase of Future Receivables) or Clause 4 (Events of Termination);
Relevant Personal Data means all personal data (as defined in the Data Protection Laws) processed by the parties in connection with this Agreement;
Rights means, in relation to a Future Receivable, all rights, title, benefits and interest in and to such Future Receivable (but no underlying obligations) including any rights of indemnity, the benefit of any insurance policy and any security to which you are entitled in respect of such Future Receivable, and all rights to demand, receive or dispose of any such monies or claims, all rights to sue for or in relation thereto and all rights of action against any person in connection therewith or otherwise to enforce the same;
Security means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect;
Service means the payment processing service and other services provided by us to you pursuant to the Terms;
Start Date is the date we disburse the Advance Amount for the Future Receivables to your bank account, subject to satisfaction of conditions precedent that we may require you to fulfill with respect to our internal approval procedures;
SumUp Account means any account established under the Terms to which you have previously agreed;
Collection Date has the meaning given to that term in Clause 2(d);
Terms has the meaning given to that term in Clause 1 (General); and
Total Remaining Collection Amount means, at any given time, the Collection Amount less any Deductions retained by us.
Unless a contrary indication appears, any reference in this Agreement to:
(a) a reference to a party shall include that party's successors, permitted assigns and permitted transferees;
(b) another agreement or document will 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;
(c) the words including and inparticular will be deemed to be followed by the expression "(but not limited to)";
(d) indebtedness includes any obligation (whether incurred the Appendix as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent;
(e) a person includes any person, firm, company, corporation, government, state or agency of a state or any association, trust or partnership (whether or not having separate legal personality) or two or more of the foregoing;
(f) a regulation includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organization;
(g) a provision of law is a reference to that provision as amended or re-enacted;
(h) time of day refers to London time unless otherwise specified; and
(i) "us" includes any of our successors or assignees.
(a) This Appendix forms part of this Agreement and shall have effect as if set out in full in the body of this Agreement. Any reference to this Agreement includes the Appendix.
(b) Unless otherwise expressly indicated, all references herein to "Clause", "paragraph" or "Appendix" shall mean clauses and paragraphs of and appendices to this Agreement.
(c) Clause, appendix and paragraph headings are for the purposes of reference only and shall not otherwise affect the meaning or interpretation of this Agreement.
2. Terms and Conditions
2.1 Purchase, Sale, and Collections
(a) In return for us paying you the Advance Amount, you sell to us and we buy from you your Future Receivables up to the Maximum Future Receivables Amount and all of your Rights in respect of such Future Receivables until we have retained the Collection Amount.
(b) If a Future Receivable becomes an actual payment obligation, such Future Receivable and all of your Rights in respect of it will be automatically sold and assigned absolutely and irrevocably to us with a full title guarantee immediately upon such Future Receivable becoming an actual payment obligation. For these purposes, any Future Receivable represented by an expected future payment obligation, and the related actual future payment obligation, are one and the same thing.
(c) As owner of the Future Receivables we have bought from you, we may collect all amounts due under them. You authorize us, any of our successors or assignees, and anyone we or a successor or assignee designate to act on our or their behalf, to take any and all steps in your name or on your behalf which we (or the successor or assignee or designee) reasonably consider necessary or desirable to collect all amounts due or owing under any and all of the Future Receivables we have purchased.
(d) We may deduct and retain the Deduction Percentage directly from the funds we process though the Service that are designated to be paid to your SumUp Account related bank account under the Terms (your Payouts) up and until the Total Remaining Collection Amount is reduced to zero.
(e) If for any reason we are unable to or do not retain any amount of Future Receivables in accordance with Clause 2 (Purchase and Sale of Receivables) and this paragraph 2.1, we may subsequently deduct such amount from your SumUp Account or your SumUp Account related bank account, and you shall hold the amounts due in trust for us.
(f) For the avoidance of doubt, the Total Remaining Collection Amount must be reduced to zero on the date falling 364 days from the Start Date.
2.2 Repurchase of Future Receivables
(a) Prior to the Collection Date, you may request to repurchase any amount of the Purchased Receivables sold to us under this Agreement at a purchase price equal to the then current Total Remaining Collection Amount relating to such Purchased Receivables [by making a request through your SumUp Account dashboard] and we may, in our sole discretion, accept your request.
(b) If we accept your request to repurchase any amount of the Purchased Receivables:
(i) we will notify you through your SumUp Account dashboard, and require you to pay us the Total Remaining Collection Amount relating to such Purchased Receivables; and
(ii) you must pay the Total Remaining Collection Amount relating to such Purchased Receivables to SumUp in immediately available funds.
(c) Upon the payment by you in full of the Total Remaining Collection Amount with respect to the Purchased Receivables repurchased by you pursuant to this paragraph 2.2, such Purchased Receivables shall be repurchased by you from us without recourse to or warranty by us and shall no longer constitute a Purchased Receivable. You agree that we may exercise our rights of set off set out in paragraph 5 (n) (Right of Set-off) of the Appendix in respect of any such payment.
(d) The amount of Purchased Receivables repurchased by you pursuant to this paragraph 2.2 will count as part of the Minimum Purchased Receivables on the date of their repurchase.
2.3 Adjusting the Minimum Purchased Receivables Requirement and Deduction Percentage
(a) Prior to the Termination Date, we may, at our sole discretion, waive (fully or partially) the Minimum Purchased Receivables requirement for any given month for which the Minimum Purchased Receivables requirement is calculated.
(b) From the date of any such waiver:
(i) the Minimum Purchased Receivables requirement for such period will be reduced or, as applicable, disapplied; and
(ii) following notice from us to you, we may:
(A) increase the Deduction Percentage applicable for the life of this Agreement (the effect of any increase to the Deduction Percentage will be that we will keep a higher percentage of each of your card payments processed through our Service); and/or
(B) recalculate the Minimum Purchased Receivables requirement for any future period (the effect of any increase to the Minimum Purchased Receivables will be that the minimum total amount of the Future Receivables that SumUp must receive every month will be increased), such that the requirement that the Total Remaining Collection Amount must be reduced to zero on the date falling 364 days from the Start Date, as set out in paragraph 2.1(f) of the Appendix, will be satisfied, notwithstanding any adjustment to the Minimum Purchased Receivables requirement pursuant to this paragraph 2.3.
2.4 Representations and Warranties
(a) You represent and warrant to us on the dates set out in Clause 3 (Representations and Warranties):
(i) no Event of Termination has occurred or is continuing, or is reasonably likely to result from the entry into or the performance of any transaction contemplated by this Agreement;
(ii) you operate the SumUp Account for business purposes and not for personal, family, or household purposes;
(iii) other than pursuant to this Agreement or the Terms,
(A) you have not sold and are not subject to any other contract that provides for the sale, assignment or any other transfer of any interest in the Future Receivables or your Rights in respect of such Future Receivables and
(B) the Future Receivables and your Rights in respect of such Future Receivables are not and will not be subject to any claims, charges, liens, restrictions, encumbrances or security interests of any nature whatsoever or any dispute;
(iv) the Future Receivables will be bona fide existing obligations arising out of the sale of goods and/or services in the ordinary course of your business;
(v) you possess and are in compliance with all permits, licenses, approvals, consents and any other authorisations necessary to conduct your business;
(vi) you are solvent and fully authorized to assign and sell the Future Receivables under this Agreement;
(vii) the execution, delivery and completion of the transactions contemplated under this Agreement, and compliance with the provisions of this Agreement, do not and will not conflict with other agreements to which you are a party or beneficiary, or result in any of the following:
(A) a material breach or default of other agreements to which you are a party;
(B) entitlement of any person or entity to receipt of notice or right of consent;
(C) a right of termination, cancellation or acceleration of any obligation or to loss of a benefit;
(D) any increased, additional, accelerated or guaranteed rights or entitlement of any person or entity; or
(E) creation of any claim over your properties or assets;
(viii) the obligations expressed to be assumed by you in this Agreement are legal, valid, binding and enforceable obligations;
(ix) prior to the assignment pursuant to this Agreement, you are the sole legal and beneficial owner of the Future Receivables and your SumUp Accounts and any related bank accounts with the right to assign and transfer with full title guarantee all or any part of such Future Receivables, all of your Rights in respect of such Future Receivables and amounts standing to the credit of the SumUp Accounts and the related bank accounts;
(x) all information provided and confirmations given by or on your behalf to us (including, without limitation, any financial information in relation to Future Receivables provided to us) 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 stated;
(xi) 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 you or your business and operations;
(xii) you do not have any material financial indebtedness other than financial indebtedness, details of which it has provided to us in writing prior to the date of this Agreement or otherwise we have provided our written consent to. Material in this context shall mean the lower of £50,000 or 100% of your annual sales; and
(A) corporate action, legal proceeding or other procedure or step described in paragraph 4(f) (Insolvency proceedings); or
(B) creditors' process described in paragraph 2.6(g) (Creditors' process), has been taken or, to your knowledge, threatened in relation to you and none of the circumstances described in paragraph 4 (e) (Insolvency) applies to you.
(b) If you are a company, partnership or other legal body you also represent and warrant to us on the dates set out in Clause 3 (Representations and Warranties):
(i) you are a company duly constituted, organized and validly existing under the laws of your country of incorporation;
(ii) you operate under the business name as set out in this Agreement and are the entity which operates the SumUp Account;
(iii) you are in compliance with this Agreement, and the execution of this Agreement and completion of the transaction contemplated under this Agreement will not conflict with, (A) any laws and regulations, (B) any agreements to which you are a party, or (C) your articles of association or other corporate documents;
(iv) you have the power and authority to enter into and perform your duties and obligations under this Agreement and any documents required to facilitate the transactions contemplated by this Agreement and have taken all necessary action to authorize your execution, delivery and performance of this Agreement and the transactions contemplated by this Agreement and all such authorisations are in full force and effect; and
(v) you are not trading or carrying on, and have not traded or carried on since the date of your incorporation or formation, any business except for the business which you are carrying on the date of this Agreement.
(c) If you are an individual you also represent and warrant to us on the dates set out in Clause 3 (Representations and Warranties) you are in compliance with this Agreement, and the execution of this Agreement and completion of the transaction contemplated in this Agreement will not conflict with, (i) any laws and regulations, and (ii) any agreements to which you are a party.
3. Your Obligations
(a) Information Undertakings
(i) You acknowledge that we have and will continue to rely on the validity, completeness and accuracy of all information (whether financial and otherwise) provided by you or on your behalf in connection with this Agreement.
(ii) If reasonably requested by us, you shall supply to us:
(A) any requested information regarding your financial condition, business and operations (including but not limited to your bank statements and any processing agreements with third parties); and
(B) any transaction files maintained by you, and any other information related to Future Receivables, past sales volumes or the transactions contemplated by this Agreement, whether prepared for the purpose of an audit or otherwise.
(iii) You shall notify us of any Event of Termination (and the steps, if any, that are being taken to remedy it) promptly upon becoming aware of its occurrence.
(iv) You shall promptly notify us of (A) any dispute of which you become aware that affects your business and operations; and (B) the occurrence of any event, which in either case, will or may prevent or render impracticable the carrying on by you of your business or operations.
(b) General Undertakings
You irrevocably covenant and agree that, during the term of this Agreement, you shall:
(ii) maintain at all times a SumUp Account with us (in your name as at the date of this Agreement) and keep open and in good standing any related bank account, which is your primary current account, with a view to ensuring that you are able to meet your obligations under this Agreement;
(iii) ensure that no SumUp Account you have with us is closed or terminated by us due to a failure by you;
(iv) deliver to us any processing reports in respect of your SumUp Accounts and Future Receivables as reasonably requested by us;
(v) continue to accept payments through the Service with a view to ensuring that you are able to meet your obligations under this Agreement;
(vi) not allow any event to occur that could cause a diversion of any of your Future Receivables from us to any other entity with a view to ensuring that you are able to meet your obligations under this Agreement;
(vii) conduct your business and carry out your operations under the name provided in this Agreement and in a manner that is materially consistent with past practice, maintain any and all of your physical or virtual places of business and not conduct any business other than the business you conduct on the date of this Agreement, unless you provide prior written notification to us;
(viii) not create or permit to subsist any mortgage, pledge, charge, lien or other security interest over any of the Future Receivables;
(ix) not allow another person or company (including without limitation a franchisor company if you are a franchisee) to assume or take over the operation and/or control of your business or business location, whether physical or virtual;
(x) not, without our prior written consent:
(A) incur, or have outstanding, any financial indebtedness which is greater than the lower of £50,000 or the equivalent of 100% of your annual sales;
(B) sell, dispose, convey or otherwise transfer any of your business or assets (other than in the ordinary course of business);
(C) make any substantial investment which might change the conduct or scale of your business as compared to its conduct or scale at the date of this Agreement; or
(D) enter into any amalgamation, demerger, merger or reconstruction; and
(xi) cooperate fully with us to take all reasonably necessary actions required to effectuate each of your obligations under this Agreement, including but not limited to signing any and all documents (including any power of attorney) we reasonably deem necessary and providing us with such information as we may reasonably request from time to time.
(c) Data Protection Obligations
(i) You warrant and undertake that:
(A) you have collected and shall collect any Relevant Personal Data in accordance with Data Protection Laws; and
(B) you have the right to disclose that Relevant Personal Data to us and that disclosure is in compliance with Data Protection Laws.
These undertakings and your other obligations under the Agreement are without prejudice to your rights under applicable laws and regulations, including under the Interchange Fee Regulation (EU) 2015/751 or the Payment Services Regulations (you can ask us for details of these rights, which may for example include rights to end our Service in accordance with the Terms).
4 Events of Termination
Each of the following events or circumstances is an Event of Termination:
(a) Breach of obligations
(b) Minimum Purchased Receivables
You fail to comply with the Minimum Purchased Receivables requirement.
Any representation or statement made or deemed to be made by you in this Agreement is or proves to have been materially incorrect or misleading when made or deemed to be made.
(d) Cross default
Any of your material financial indebtedness (i) is not paid when due, (ii) becomes due and payable prior to its specified maturity; or (iii) is canceled by a creditor as a result of an event of default.
(A) are unable or admit inability to pay your debts as they fall due;
(B) suspend making payments on any of your debts; or
(C) by reason of actual or anticipated financial difficulties, commence negotiations with one or more of your creditors (excluding us in our capacity as such) with a view to rescheduling any of your indebtedness.
(ii) The value of your assets is less than your liabilities (taking into account contingent and prospective liabilities).
(iii) A moratorium is declared in respect of any of your indebtedness.
(f) Insolvency proceedings Any corporate action, legal proceedings or other procedure or step is taken in relation to:
(i) your suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganization (by way of voluntary arrangement, scheme of arrangement or otherwise);
(ii) a composition, compromise, assignment or arrangement with any of your creditors;
(iii) the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of you or any of your assets; or
(iv) enforcement of any Security over any of your assets, or any analogous procedure or step is taken in any jurisdiction.
This paragraph (f) shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within 5 days of commencement.
(g) Creditors' process
Any expropriation, attachment, sequestration, distress or execution or any analogous process in any jurisdiction affects any of your asset or assets.
(h) Repudiation and Rescission
You rescind or purport to rescind or repudiate or purport to repudiate this Agreement.
(i) Cessation of Business
You suspend or cease to carry on (or threaten to suspend or cease to carry on) all or a material part of your business.
(j) Closure of SumUp Account
You close your SumUp Account.
(i) It is or becomes unlawful for you to perform any of your obligations under this Agreement.
(ii) Any of your obligations under this Agreement are not or cease to be legal, valid, binding or enforceable and the cessation individually or cumulatively materially and adversely affects our interests under this Agreement.
(iii) This Agreement ceases to be in full force or is alleged by a party to it (other than us) to be ineffective.
(l) Change of control
If you are a company, partnership or other legal body, you cease to be legally and beneficially owned by the persons who own you as at the date of this Agreement or the legal, beneficial or economic interest of your owners is materially reduced (in our opinion).
Any litigation, arbitration, administrative, governmental, regulatory or other investigations, proceedings or disputes are commenced or threatened, or any judgment or order of a court, arbitral body or agency is made, in relation to this Agreement or the transactions contemplated by this Agreement or against you or your assets which have or are reasonably likely to in our opinion have a material adverse effect on your business or operations or financial standing.
(n) Material adverse change
Any other event or circumstance occurs which we reasonably believe has or is reasonably likely to have a material adverse effect on your business or operations or financial standing which shall include a substantial decline in Future Receivables (in our opinion).
(o) The end of the 364 days period
The date falls 364 days from the Start Date.
(p) Termination of the Terms
You fully or partially terminate the Terms (including by exercising any termination rights you have under applicable laws and regulations or to reflect applicable laws and regulations).
5. Additional Terms
(a) Sale of Future Receivables
The parties to this Agreement agree that payment of any Advance Amount by us in exchange for the relevant Future Receivables is a purchase of receivables and is not intended to be, nor shall it be construed as, a loan from us to you.
(b) Remedies; Liquidated Damages
(i) If you materially breach any provision of this Agreement, we shall immediately be entitled to damages equal to the then current Total Remaining Collection Amount. You consent to and authorize us to debit from any of your SumUp Account(s) and to deduct from the proceeds of Purchased Receivables all or any portion of such Total Remaining Collection Amount.
(ii) The remedies provided under this Agreement are cumulative and not exclusive of any remedies provided by law or equity.
(c) Assignment by the Parties
(i) We may:
(A) assign, novate, transfer, declare a trust over, grant Security over, or otherwise dispose of any of our rights, interests, benefits and/or obligations under this Agreement and, for the avoidance of doubt, of any Purchased Receivable and the related Rights acquired by us under this Agreement without prior notice to you; and
(B) delegate any part of our obligations under or in connection with this Agreement to a third party, provided that we shall remain liable for the acts and omissions of any such delegate as if they were our acts or omissions.
(ii) You may not assign, transfer, declare a trust over, grant security over or otherwise dispose of or delegate or subcontract any of your rights, interests, benefits and/or obligations under this Agreement (and for the avoidance of doubt, including in respect of any Future Receivables) or purport to do so.
We may change any term of this Agreement by giving notice to you of any such change, except that the provisions of Clause 2 (Purchase and Sale of Receivables) can only be changed with the agreement of all parties to this Agreement, save for the date on which the Total Remaining Collection Amount must be reduced to zero which shall not be amended in any circumstances.
(e) Remedies and Waivers
No failure by us to exercise, nor any delay in exercising, any right or remedy under this Agreement shall operate as a waiver of any such right or remedy or constitute an election to affirm this Agreement. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law.
You agree that we may provide communications about this Agreement and the transactions contemplated herein electronically. We reserve the right to contact you via letter or telephone, when appropriate.
All notices, requests and demands given or made under this Agreement from us to you may be given or made via electronic means, including by email to your registered email address and/or by notification on your SumUp Account dashboard.
Any notice to us under this Agreement must be sent by email to [email protected].
All notices or other communication under this Agreement will be deemed to have been received:
(i) in the case of electronic communications made by us to you, within twenty-four (24) hours of the time we post it to our website, the SumUp Account dashboard or email it to you; and
(i) if sent by post, five (5) days after being deposited in the post with first class prepaid postage.
(g) Intellectual Property Rights
(i) Intellectual Property Rights (IP Rights) means any and all rights related directly or indirectly to this Agreement, the Service and the SumUp website, the internet domain names, all content and technology related thereto and all logos including, but not limited to, copyrights, moral rights, database rights, trademarks, name rights, utility models and design rights, patents, and all other exclusive and non-exclusive rights worldwide as may now exist or come into existence, are granted or transferred in the future.
(ii) We (or our licensors) are the exclusive owner of all IP Rights and nothing in this Agreement or the Terms will be construed as transfer or concession of the IP Rights to you. You may not copy, imitate or use the IP Rights without our prior written consent. Logos, trademarks and images in particular may not be copied, used, linked, disseminated, etc. without our prior express written approval.
(iii) We grant you a personal, limited, non-exclusive, revocable, non-transferable license (without the right to sublicense) to electronically access and use the Service for the purposes of this Agreement. You must not use our intellectual property as your own, except as permitted under this Agreement or the Terms, and to enjoy the Service. You may not duplicate, publish, modify, create derivative works from, participate in the transfer of, post on the World Wide Web, or in any way distribute or exploit the Service and our website for any public or commercial use without our express written consent.
(iv) If you decide to submit comments or ideas about the Service, you agree that we are free to use the ideas without any additional compensation to you, and/or to disclose or exploit the ideas as we wish.
(h) Links to other Websites
Our website may contain links to third party websites related to the Service. The inclusion of any website link does not imply an approval, endorsement, or recommendation by us. Such third-party websites are not governed by this Agreement or the Terms. You access any such website at your own risk and we expressly disclaim any liability for these websites.
(i) English Language
Any notice and all other documents given or provided under or in connection with this Agreement must be in English.
(i) In addition to all rights and remedies available to the parties at law or in equity, you shall indemnify us, our parent, our officers, directors, employees, agents, suppliers, successors, and assigns (collectively, the Indemnified Persons), hold harmless from and against and pay on behalf of or reimburse each such Indemnified Person within five days of demand for any and all loss, liability, demand, claim, action, cause of action, cost, damage, deficiency, audit, investigation, inquiry, or other proceeding, 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, legal fees and expenses and all amounts paid in investigation, defense or settlement of any of the foregoing (including all legal fees and expenses incurred in connection with the enforcement of this paragraph (j)) (collectively, the 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: (A) any actual or alleged misrepresentation or breach of warranty given by you under this Agreement; (B) any nonfulfillment, default or breach of any covenant or agreement by you in this Agreement; (C) your wrongful or improper use of the Service; or (D) your violation of any third-party right, including without limitation any right of privacy, publicity rights or IP Rights.
(ii) You agree to fully indemnify us and hold us harmless on written demand for any Losses suffered as a result (direct or indirect) of your failure to comply with any applicable laws relating to taxes or tariffs that you are responsible for. The Losses which are covered by this indemnity are, however, subject always to being limited to the amount of such taxes or tariffs (plus any interest or penalties that may be added by the relevant taxing authority) that you were responsible for paying.
(k) Limitation of Liability
To the maximum extent permitted by applicable law, in no event will we be liable for any direct, indirect, punitive, incidental, special, consequential, or exemplary damages, including without limitation damages for loss of profits, goodwill, use, data, or other intangible losses, that result from your entry into this Agreement, and the use of, inability to use, or unavailability of the Service. In all cases, we will not be liable for any loss or damage that is not reasonably foreseeable. The limitation of our liability applies whether the alleged liability is based on contract, tort, negligence, strict liability, or any other basis. Our total liability to you under this Agreement arising in tort (including negligence), contract, or otherwise, will not exceed the aggregate Advance Amount paid by us under this Agreement. You agree that this is a reasonable allocation of risk, which we have relied upon and without which we would not have entered into this Agreement.
(l) Partial Invalidity
Each of the provisions of this Agreement shall be severable and distinct from one another and if at any time any one or more of these provisions (or any part of them) is or becomes invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.
(m) Entire Agreement
This Agreement and each document referred to in it constitutes the entire agreement between you and us in relation to the subject matter of this Agreement and supersedes all previous proposals, agreements and other written and oral communications in relation thereto.
(n) Right of Set-off and Taxes
(i) Without prejudice to any other rights of set-off or deduction we may have under this Agreement, we will be entitled to deduct from the Collections any sum which is due and payable by you to us under this Agreement. We may at any time set off any matured obligation owed by us to you under this Agreement against any obligation, whether or not matured, owed by you to us whether arising under this Agreement or otherwise.
(ii) We may make any deduction or withholding from a payment under this Agreement which is required by applicable law (whether in respect of any taxes or otherwise), and any payment required in connection with that deduction or withholding, and we shall not be required to increase any payment in respect of which we make such a deduction or withholding or otherwise compensate you for that deduction or withholding.
(iii) You shall not be entitled to exercise any set-off, counterclaim, withholding or deduction in respect of any payment obligations owed by you to us under this Agreement. If any deduction or withholding is required by applicable law, your payment shall be increased so that the net amount received by us after such deduction or withholding is equal to the amount we would have been entitled to receive in the absence of any requirement to make such deduction or withholding.
(iv) All amounts payable under this Agreement by you to us which, in whole or in part, constitute consideration for any supply for VAT purposes shall be deemed to be exclusive of any VAT which is chargeable on such supply.
No Collections will be deemed received by us for purposes of this Agreement until funds are credited to our account as immediately available funds or otherwise actually received by us. If Collections are received in a currency other than GBP, we can convert the funds into GBP at our standard currency conversion rate and deduct the converted amount as required. Our standard currency conversion fees will apply to such conversion.
Each party to this Agreement agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by paragraph (q) (Disclosure of Confidential Information) and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information.
The obligations of this paragraph (p) shall survive termination of this Agreement for six years.
(q) Disclosure of Confidential Information
(i) Any party to this Agreement may disclose to:
(A) any of its affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and representatives such Confidential Information as that party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (i) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there will be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;
(B) any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation;
(C) any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes; and
(D) any person with our consent.
(ii) We may disclose to any person to (or through) whom we assign or transfer (or may potentially assign or transfer) all or any of our rights and/or obligations under this Agreement or the Purchased Receivables, to any rating agency, to any entity providing financing or a guarantee to us or in respect of any financing provided to us or taking security over our rights under this Agreement or the Purchased Receivables or any party related to such financing or guarantee and, to any of that person's affiliates, representatives and professional advisers.
(iii) The obligations of paragraph (p) (Confidentiality) 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.
(r) Data Protection
(i) You acknowledge that, for the purposes of the Data Protection Laws:
(A) we are an independent controller of the Relevant Personal Data; and
(B) we, independently of you, determine the purposes for which, and the manner in which, Relevant Personal Data is, or is to be, processed.
(ii) Each party to this Agreement agrees to comply with all applicable Data Protection Laws in respect of the processing of Relevant Personal Data.
Older version of these Terms and Conditions:
https://sumup.co.uk/terms-cash-advance-until-2020-06-18/ (Valid on cash advances requested prior to the 18th of June 2020)
https://sumup.co.uk/terms-cash-advance-until-2020-10-01/ (Valid on cash advances requested prior to the 1st of October 2020)
https://sumup.co.uk/terms-cash-advance-until-2021-10-06/ (Valid on cash advances requested prior to the 6th of October 2021)
https://sumup.co.uk/cash-advance-terms-conditions-until-14-06-2023/ (Valid on cash advances requested prior to 15 of June 2023)