Flyte Funding

Merchant Application Terms & Conditions and Credit Report Authorization

Flyte Funding, LLC · 7242 Wrightsville Avenue, 3rd Floor, Wilmington, NC 28480 · (888) 864-3735 · info@flytefunding.com

These Terms & Conditions apply to the Merchant Application (the “Application”) submitted to Flyte Funding, LLC (“Flyte,” “we,” “us,” or “our”). By signing or submitting the Application, the applicant business (the “Business”) and each owner, officer, member, or personal guarantor who signs (each an “Owner,” and together with the Business, “you”) agree to the following. The current version of these Terms & Conditions is posted at flytefunding.com/terms and is available in paper form on request.

1. Commercial Purpose Only

You certify that the financing requested is solely for business or commercial purposes and will not be used for personal, family, or household purposes. Flyte does not extend consumer credit. Any financing that may be offered — whether a commercial loan or a purchase of future receivables (merchant cash advance) — is a commercial transaction (each, a “Transaction”).

2. Accuracy of Information

You certify that all information provided in and with the Application — including each Owner’s name, date of birth, and Social Security number, and all business, financial, and banking information — is true, accurate, and complete. You agree to promptly notify Flyte of any material change to this information while the Application is pending. Providing false or misleading information may result in denial of the Application and may violate applicable law.

3. Authorization to Obtain Consumer and Business Credit Reports

Each Owner, signing individually and as an authorized representative of the Business, provides written authorization for Flyte and its representatives, successors, assignees, affiliates, and designees involved in evaluating or funding a Transaction (collectively, “Recipients”) to:

  1. (a) Obtain consumer reports. Request and obtain consumer reports, credit reports, and investigative reports about each Owner from one or more consumer reporting agencies — such as TransUnion, Experian, and Equifax — and from other credit bureaus and third-party sources. This authorization is given under Section 604(a)(2) of the federal Fair Credit Reporting Act (“FCRA”). Flyte also has a legitimate business need for this information under FCRA Section 604(a)(3)(F) because each Owner is expected to personally guarantee the requested financing in connection with a business transaction that you initiated.
  2. (b) Obtain business credit and financial information. Request and obtain business credit reports, trade references, and commercial credit information about the Business from commercial credit bureaus and other third parties.
  3. (c) Verify information. Contact and obtain information from banks, creditors, credit card processors, landlords, and other third parties to verify the information you provided, and you consent to the release of such information by those parties to Flyte and the Recipients.
  4. (d) Ongoing authorization. Obtain updated consumer and business credit reports and other information at any time while the Application is pending and, if a Transaction is consummated, thereafter in connection with servicing, reviewing, renewing, updating, extending, or collecting on the Transaction, to the extent permitted by applicable law. This authorization remains in effect until the Transaction (if any) is fully satisfied, or, if no Transaction is consummated, until the Application is withdrawn or declined.

Credit inquiries made in connection with this Application may appear on an Owner’s consumer credit report.

4. Use and Sharing of Your Information

Flyte will use the Application and the reports and information described above solely to evaluate the Application and any related personal guaranty, and to underwrite, fund, service, review, renew, or collect on a Transaction. Flyte may transmit the Application and such information to Recipients for these purposes. Consumer reports are reviewed only by authorized personnel, and Flyte will not disclose the information contained in an Owner’s consumer credit report to third parties except as authorized above or as required by law.

5. No Obligation; Application Is Not a Commitment

Submission of the Application does not obligate Flyte to provide financing, and Flyte may decline the Application for any lawful reason. No Transaction exists unless and until the parties execute a separate, definitive financing agreement, whose terms will govern that Transaction. Flyte may decline the Application without returning any materials submitted with it.

6. Your Rights Under the FCRA

If Flyte declines the Application, or takes other adverse action, based in whole or in part on information contained in a consumer report, you will be provided the notices required by applicable law, including the name and contact information of the consumer reporting agency that furnished the report. The consumer reporting agency did not make the decision and cannot explain why it was made. You have the right to obtain a free copy of your report from that agency within 60 days and to dispute the accuracy or completeness of any information in it.

7. Signature Authority

Each person signing the Application certifies that he or she is authorized to sign on behalf of the Business, and signs both individually (as to the authorizations and certifications applicable to Owners) and as an authorized representative of the Business.

8. Miscellaneous

A photocopy, facsimile, scan, or electronic image of this authorization is as valid as the original. If any provision of these Terms & Conditions is held unenforceable, the remaining provisions remain in full force. These Terms & Conditions are governed by the laws of the State of North Carolina, without regard to its conflict-of-laws principles, except where federal law applies.

By signing the Merchant Application, you acknowledge that you have read, understand, and agree to these Terms & Conditions, and that the authorizations above constitute your written instructions under the FCRA for Flyte and the Recipients to obtain consumer reports about each Owner.