Common use of Interactive Features Clause in Contracts

Interactive Features. Interactive features of the CLM include the ability to obtain credit advances from the available, pre-approved credit on a line of credit and/or the ability to make payments from a Customer-owned depository account at Bank to a loan or line of credit. The following terms apply to interactive features: (i) Advances from any line of credit will be allowed only from such lines in which advances are permitted by the credit agreement that governs the line, and will be limited to the amount of the approved credit limit remaining available under the line at the time the request is submitted. (ii) Payments to any loan or line of credit will be limited to the available balance of the deposit account from which the payment is drawn. (iii) Interactive features will be established according to Customer’s written instruction as either manual, Customer-initiated transactions or automated, Bank-initiated transactions. 1. Customer-initiated transactions shall be conducted through Bank’s Treasury Solution Service. 2. Customer-initiated transactions shall be in the amounts entered by Customer at each use of the Service. 3. Bank-initiated transactions shall be in the amounts necessary to maintain Customer’s designated depository account at the target balance specified by Customer in writing to Bank. 4. Manual controls shall be disabled for any loan or line designated by Customer for automated, Bank initiated transactions.