Common use of Existing Advance Clause in Contracts

Existing Advance. If You have not yet paid Your previous Specified Amount from Your prior advance in full and therefore have an outstanding advance (“Existing Advance”) with Parafin and are agreeing to the new Capital Amount herein, You agree and acknowledge that Parafin may use Your Capital Amount to pay Your Existing Advance’s outstanding balance. You further agree and acknowledge that the amount You receive in Your Linked Bank Account (the “Net Financing Amount”) is lower than the total amount of Your Capital Amount, because Parafin has deducted the outstanding balance of Your Existing Advance from the Capital Amount. The details of this payment have been communicated to You at the time of the offer, and are also included in the Capital Advance Details above. By agreeing to this Agreement, and using Your Capital Amount to pay the Existing Advance outstanding balance, Your Existing Advance obligations have been terminated and Your Capital Amount with Parafin is solely governed by this Agreement. For California and New York Merchants, additional details of Your Net Financing Amount are included in the Net Financing Disclosure that was provided to You prior to Your acceptance of Your offer.