Business Credit. This Agreement and the Instruments evidence extensions of business credit exempt from the Federal Truth-In-Lending Act (15 USC 1601, et seq.), the Federal Reserve Bank’s Regulation Z (12 CFR 226, et seq.), and the Indiana Uniform Consumer Credit Code (IC 24-4.5-1-101, et seq.).
Business Credit. Vonage shall have a personal and non-transferable (notwithstanding Section 9.10) option to reduce the payment(s) that becomes due during the months following the third year of the Term pursuant to Section 4.1 through the application of a “Credit Amount” earned by Vonage as a result of New Business. Although, by definition, New Business is limited to services and products purchased under and pursuant to the terms of the AT&T Network Connections Service Agreement to be executed within 180 days of the signing of this Settlement Agreement, Vonage and AT&T may agree to include other service agreements as New Business (“Additional Business”) but AT&T is not obligated to consider Additional Business or to include Additional Business on the same formula as the Credit Amount defined herein. A Credit Amount reduces the required payment on a dollar for dollar basis. The Credit Amount shall be calculated as follows: For each calendar year, the Credit Amount shall be 10% of the New Business. The following examples illustrate how the Credit Amounts will be calculated and applied.
(a) If New Business from Vonage and its Affiliates in the calendar year 2008 totals $1,000,000, the Credit Amount would be $100,000 (10% of $1,000,000). This Credit Amount would be applied to reduce the outstanding monthly payments beginning in the first month following the third year of the Term o. The $650,000 payment due in January 2011 would be reduced from $650,000 to $550,000.
(b) Then, if the New Business from Vonage and its Affiliates in calendar year 2009 totals $2,000,000, the Credit Amount for that year would be $200,000 (10% of $2,000,000). This Credit Amount would be applied to reduce the outstanding monthly payments beginning in January 2011. The $550,000 payment due in January 2011 (resulting from the reduction applied in Section 4.7(a)) would be reduced from $550,000 to $350,000. For Vonage to exercise this option, it shall provide to AT&T within ninety (90) days of the close of each calendar year during the Term sufficient documentation to establish the amount of New Business made in that calendar year. Vonage agrees to allow AT&T, pursuant to non-use and non-disclosure obligations between the Parties, to share with its Affiliates any such New Business documentation that Vonage elects to provide to AT&T, and permit AT&T and its Affiliates to use any such information for the purpose of addressing matters regarding the Credit Amount. Within ninety (90) days of receipt of such doc...
Business Credit. (i) to execute any document which Debtor is obligated to execute under Section 4.1 of this Agreement upon Debtor's failure or inability to execute such document, (ii) to demand, collect, receive, receipt for, sue xxx recover all sums of money or other property which may now or hereafter become due, from the Collateral; (iii) to execute, sign and endorse all Claims. instruments, receipts, chicks, drafts or `warrants issued in payment for the Collateral; (iv) to settle or compromise any and all claims arising under the Collateral, and, in the place and stead of Debtor, to execute and deliver its release and settlement for the claim; (v) to file any Claim or Claims or to take any action or institute or take part in any proceedings, either in its own name or in the name of Debtor, or otherwise, which in the sole discretion of Secured Party may seem to be necessary or advisable; (vi) to transfer to Secured Party all right, title and interest of Debtor in Collateral (if any) retained by Secured Party as discharge of Indebtedness under Article 9-505 of the Uniform Commercial Code or other applicable law; and (vii) to transfer to any transferee of a Disposition of Collateral made under Section 8 hereof all right, tide and interest of Debtor in Collateral, and to execute such other documents or instruments as necessary or advisable to register, record, or prove title to or ownership of the Collateral. The Power of Attorney hereby conferred is and shall be irrevocable and shall remain in full force and until renounced in writing by Secured Party.
Business Credit. 5.1 Aged Corporation: Clients in the Diamond Program will receive an Aged Corporation which will be built up with 8 to 10 business tradelines to receive at least 5 credit cards under the Corporation and over $800,000 worth of funding.
Business Credit. SERVICE The Borrower will have access to the Operating Loan (Facility 1) via Loan Account Number 0000-0000000-01 (the "Loan Account") up to the Credit Limit of Operating Loan by withdrawing funds from the Borrower's Current Account Number 1466-0321583 (the "Current Account"
Business Credit. You hereby confirm your representation to us that no loans under this Agreement are intended to be used or shall be used for other than business and/or commercial (non-consumer) purposes. You agree that (1) Xxxxxxxx, (2) any affiliate of Borrower, (3) Guarantor (as defined in Section 8 of the Note), (4) any holder of a direct or indirect equity interest in Borrower or any such affiliate, (5) any officer, director, executive employee or manager of any
Business Credit. 9.1. Subject to the Customer’s satisfactory completion of identity, anti-fraud and credit checks (which may be conducted by Hofy’s approved Third Party Finance Provider or another appointed provider), Xxxx may make business credit available to the Customer to enable the Customer to purchase Equipment and/or Services on extended payment terms.
9.2. The Customer authorises Xxxx to provide any necessary information to the Third Party Finance Provider in order to process an application for business credit, and in order to manage invoicing and credit control during the course of any agreement between the Customer and Hofy. Applications for business credit may be submitted prior to the Customer entering into any Agreement with Hofy.
9.3. Xxxx shall communicate any business credit limit (and any updates to that limit) to the Customer.
9.4. A successful application for business credit may result in all or part of the Charges due from the Customer to Xxxx being assigned to Xxxx’s Third Party Finance Provider. In such cases, the Customer agrees to pay the Charges directly to the Third Party Finance Provider in accordance with its obligations under these Terms.
9.5. If any Customer’s order exceeds its approved level of business credit without Xxxx’s prior written consent then Hofy will require upfront payment of any orders which exceed the approved level.
9.6. Business credit is provided in Xxxx’s absolute discretion and may be reduced or withdrawn at any time. In the event of any reduction or withdrawal of business credit, Hofy may require upfront payment of new orders and/or may suspend the Services in the event that the Customer fails to make payment of any valid and proper invoice within the period of the Payment Terms, in addition to the remedies available to Hofy at clause 11.
9.7. Any Customer who applies for business credit warrants and represents as part of that application that it is a business, and not a consumer within the meaning of any applicable local consumer credit regulations.
9.8. Business credit may not be available to Customers in all jurisdictions.
