Common use of CUSTOMER CREDIT APPROVAL Clause in Contracts

CUSTOMER CREDIT APPROVAL. Client shall submit to Factor the principal terms of each of Client's Customers' orders for Factor's written credit approval. Factor may, in Factor's discretion, approve in writing all or a portion of Client's Customers' orders, either by establishing a credit line limited to a specific amount for a specific Customer, or by approving all or a portion of a proposed purchase order submitted by Client. No credit approval shall be effective (a) unless in writing or transmitted by Factor electronically; (b) unless the goods are shipped or the services rendered within the time specified in Factor's written credit approval or within forty-five (45) days after the approval is given, if no time is specified and (c) unless the assignment of the invoice evidencing the applicable Account is received by Factor within ten (10) business days from the date of such invoice. After the Customer has accepted delivery of the goods or performance of the services, Factor shall then have the Credit Risk (but not the risk of non-payment for any other reason), to the extent of the dollar amount specified in the credit approval, on all Accounts evidenced by invoices which arise from orders approved by Factor in writing except for those Accounts evidenced by invoices less than Two Hundred Fifty Dollars ($250.00) and invoices evidencing charges for samples supplied to Client's Customers. Factor shall have neither the Credit Risk nor the risk of non-payment for any other reason on Accounts arising from orders not approved by Factor in writing. Factor may withdraw Factor's credit approval or withdraw or adjust a credit line at any time before Client delivers the goods or renders the services.

CUSTOMER CREDIT APPROVAL. Client shall submit to Factor the principal terms of each of Client's ’s Customers' ’ orders for Factor's ’s written credit approval. Factor may, in Factor's ’s discretion, approve in writing all or a portion of Client's ’s Customers' ’ orders, either by establishing a credit line limited to a specific amount for a specific Customer, or by approving all or a portion of a proposed purchase order submitted by Client. No credit approval shall be effective (a) unless in writing or transmitted by Factor electronicallywriting; (b) unless the goods are shipped or the services rendered within the time specified in Factor's ’s written credit approval or within forty-five (45) days after the approval is given, if no time is specified and (c) unless the assignment of the invoice evidencing the applicable Purchased Account is received by Factor within ten (10) business days from the date of such invoice. After the Customer has accepted delivery of the goods or performance of the services, Factor shall then have the Credit Risk (but not the risk of non-payment for any other reason), to the extent of the dollar amount specified in the credit approval, on all Purchased Accounts evidenced by invoices which arise from orders approved by Factor in writing except for those Purchased Accounts evidenced by invoices less than Two One Hundred Fifty Dollars ($250.00150.00) and invoices evidencing charges for samples supplied to Client's ’s Customers. Factor shall have neither the Credit Risk nor the risk of non-payment for any other reason on Purchased Accounts arising from orders not approved by Factor in writing. Factor may withdraw Factor's ’s credit approval or withdraw or adjust a credit line at any time before Client delivers the goods or renders the services.

CUSTOMER CREDIT APPROVAL. Client shall submit to Factor the principal terms of each of Client's ’s Customers' ’ orders for Factor's ’s written credit approval. Factor may, in Factor's ’s discretion, approve in writing all or a portion of Client's ’s Customers' ’ orders, either by establishing a credit line limited to a specific amount for a specific Customer, or by approving all or a portion of a proposed purchase order submitted by Client. No credit approval shall be effective (a) unless in writing or transmitted by Factor electronically; (b) unless the goods are shipped or the services rendered within the time specified in Factor's ’s written credit approval or within forty-five (45) days after the approval is given, if no time is specified and (c) unless the assignment of the invoice evidencing the applicable Account is received by Factor Factor, in accordance with Paragraph 8(a) hereof, within ten (10) business days from the date of such invoice. After the Customer has accepted delivery of the goods or performance of the services, Factor shall then have the Credit Risk (but not the risk of non-payment for any other reason), to the extent of the dollar amount specified in the credit approval, on all Accounts evidenced by invoices which arise from orders approved by Factor in writing except for those Accounts evidenced by invoices less than Two Hundred Fifty Dollars ($250.00) and invoices evidencing charges for samples supplied to Client's ’s Customers. Factor shall have neither the Credit Risk nor the risk of non-payment for any other reason on Accounts arising from orders not approved by Factor in writing. Factor may withdraw Factor's ’s credit approval or withdraw or adjust a credit line at any time before Client delivers the goods or renders the services.

CUSTOMER CREDIT APPROVAL. Client Borrower shall submit to Factor ------------------------ the principal terms of each of ClientCustomer's Customers' orders for Factor's written credit approval. Factor mayFactor, may in Factor's discretionits credit judgment, approve in writing all or a portion of Clientsuch Customer's Customers' orders, either by establishing a credit line limited to a specific amount for a specific Customer, or by approving all or a portion of a proposed purchase order submitted by ClientBorrower. No credit approval shall be effective (ai) unless in writing or transmitted by Factor electronically; writing, (bii) unless the goods are shipped or the services rendered within the time specified in Factor's written credit approval or within forty-five (45) days after the approval is given, if no time is specified specified, and (ciii) unless the assignment of the invoice evidencing the applicable Account Receivable is received by Factor within ten five (105) business days Business Days from the date of such invoice. After the Customer has accepted delivery of the goods or performance of the services, Factor shall then have the Credit Risk (but not the risk of non-payment for any other reason), to the extent of the dollar amount specified in the credit approval, on all Accounts Factored Receivables evidenced by invoices which arise from orders approved by Factor in writing except for those Accounts Receivables evidenced by invoices less than Two Hundred Fifty Dollars ($250.00) 150.00 and invoices evidencing charges for samples supplied to Client's Customers. Factor shall have neither the Credit Risk nor the risk of non-payment for any other reason on Accounts Factored Receivables arising from orders not approved by Factor in writing. Factor may may, upon written notice to Borrower, withdraw Factor's its credit approval or withdraw or adjust a credit line at any time before Client Borrower delivers the goods or renders the services.