1. Definitions and construction
1. In this Agreement the following expressions shall apply (save where the context otherwise requires):
“Account” means a user account which is individual to the User, which is create for the purpose of becoming a user of the Platform.
“Affiliate” means each and any Subsidiary or Holding Company of a party and each and any Subsidiary of a Holding Company of a party.
“Applicant” means an individual who uses the Services to apply for a loan, including, without limitation, by submitting a Loan Application.
“Business Day” means a day other than a Saturday, Sunday or public holiday in England, when banks in London are open for business.
“Commencement Date” means the date on which the User accepts this Agreement by clicking the “I Accept” button when creating an Account to use the Services.
“Data Protection Legislation” means, for such time as they are in force in England and Wales, the DPA, the GDPR and all related legislation which may supplement, amend, implement or replace them and which relates to the protection of individual’s rights in their personal data and the protection of their privacy.
“DPA” means the Data Protection Act 2018.
“Downtime” means a period during where there is a partial or total loss of use of the Platform.
“GDPR” means Regulation (EU) 2016/679 and/or such legislation as may give effect to its terms in England and Wales.
“Intellectual Property Rights” means all copyrights, patents, database rights, registered and unregistered design rights, trademarks and service marks and applications for any of the foregoing, together with all trade secrets, know-how, rights to confidence and other intellectual and industrial property rights in all parts of the world and for the full term thereof including all rights to renew the same.
“Introducer” means an individual who introduces the Lender to an Applicant.
“Introduction Fee” means a fee which the Introducer may be entitled to for introducing the Applicant to the Lender.
“Introduction Fee Value” has the meaning given to it in clause 7.3.
“Loan” means a sum of money which the Lender lends to the Applicant in accordance with the terms of a Loan Agreement.
“Loan Agreement” means an agreement between the Lender and the Applicant for the provision of a Loan.
“Loan Application” means an application submitted by an Applicant (or the Introducer on behalf of the Applicant) via the Platform (or in some circumstances in hardcopy) for a Loan.
“Loan Completion” means the point in time when the funds to be loaned are transferred from the Lender to the Applicant.
“Loan Offer” means the Lender’s offer of a Loan to the Applicant following a Loan Application.
“Outage” means an instance of Downtime.
“Personal Data” has the meaning set out in Article 4(1) of the GDPR.
“Privacy Notice” means the Lender’s privacy notice published on its website www.Sonic-funding.com as may be updated by the Lender from time to time.
“Purchase Order” has the meaning given to it in clause 7.6
“Qualified Introduction” means where:
- the Introducer informs the Lender of the Applicant’s wish to submit a Loan Application via the Services; and
- the Introducer facilitates the completion of a Loan Application by the Applicant by way of doing it on their behalf.
“Services” means services in relation to any:
Loan Applications submitted; and/or
Loan Offers made,
which are provided via the Platform (or in some circumstances, in hard copy), and other related services.
“Platform” means the platform used by Lender to enable use of the Services, which is either Lender’s proprietary software or third party software licensed to Lender.
“Term” means the effective term of this Agreement.
“User” means the user of the Services that might either be an Applicant or an Introducer.
“User Data” means all data submitted to the Lender by a User when using the Services, including when making a Loan Application.
“User Equipment” means such hardware and software as may be specified on the Website which the User is required to have in use in order to use and enable the Services to be provided in accordance with this Agreement.
2. The headings in this Agreement do not affect its interpretation. Save where the context otherwise requires, references to clauses and schedules are to clauses and schedules of this Agreement.
3. Unless the context otherwise so requires:
i. references to Lender and the User include their permitted successors and assigns;
ii. references to statutory provisions include those statutory provisions as amended or re-enacted;
iii. references to any gender include all genders;
iv. words in the singular include the plural and, in the plural, include the singular.
4. In the event of any conflict between the terms and conditions of this Agreement and any provision of any schedule, the terms and conditions of this Agreement shall prevail.
5. Holding company shall be construed in accordance with section 1159 of the Companies Act 2006.
6. Subsidiary shall be construed in accordance with section 1159 of the Companies Act 2006.