Line of Credit Advances Sample Clauses
Line of Credit Advances. (i) Upon Borrower’s execution of this Agreement and a Line of Credit Note and compliance with the terms of this Agreement, and subject to Bank’s confirmation if requested by Aaron’s that Bank has a first priority security interest in the Collateral, Bank shall notify Borrower that Borrower may request Advances pursuant to the Line of Credit Commitment. Bank shall make such Advances into the DDA Account (or, with the written consent of Aaron’s, such other account for which wiring instructions have been provided to the Bank) for the sole purposes of (x) honoring requests from Borrower, made through the Aaron’s Proprietary System, for ACH transfers (or such other method approved in writing by Aaron’s) to suppliers of Merchandise in payment of Approved Invoices, including any freight charges to the extent Aaron’s consents thereto, or with Aaron’s consent, to Borrower’s own account for the payment of sales use taxes or (y) honoring requests from any Borrower for Advances made via ACH transfers to an operating account or other location specified by such Borrower (and granted a vendor identification number by Aaron’s) and, to the extent permitted by Aaron’s, for working capital and for other purposes to the extent approved by Aaron’s. The maximum principal amount of Advances under the Line of Credit Commitment at any time outstanding shall not exceed the committed amount of the Line of Credit Commitment. Each Advance shall be in the amount of not less than $500.
(ii) Borrower shall submit purchase order requests for Merchandise to Aaron’s from time to time. In the event that the purchase order is authorized pursuant to the Franchise Agreement, Aaron’s will prepare the purchase order and submit the same to the appropriate supplier requested by Borrower. The supplier will be instructed to ship all Merchandise directly to Borrower and Borrower will be responsible for (i) inspecting all Merchandise and resolving all disputes regarding the Merchandise with such supplier and (ii) paying all freight and other shipping and/or insurance charges arising in connection therewith with funds other than Loan proceeds, unless otherwise agreed by Aaron’s. The supplier will invoice Borrower for such Merchandise in accordance with normal industry practice. When Borrower wishes to pay such invoice, Borrower, subject to availability of the Line of Credit Commitment, shall pay such invoice by directing the Bank, through the Aaron’s Proprietary System, to pay such invoice by means of a...
Line of Credit Advances. The amount of line of credit advances you may make is limited to your daily ATM withdrawal limit, POS limit and available credit. Line of credit advances are governed by your previously executed Consumer Credit Card Loan Agreement and Disclosures.
Line of Credit Advances. Borrower may borrow, repay and reborrow, and Bank may advance and readvance under the Note respectively from time to time until the maturity hereof (each an "Advance" and together the "Advances"), so long as the total principal balance outstanding under the Note at any one time does not exceed the principal amount stated on the face of the Note, subject to the limitations described in any loan agreement to which the Note is subject. Bank's obligation to make Advances under the Note shall terminate if Borrower is in Default. As of the date of each proposed Advance, Borrower shall be deemed to represent that each representation made in the Loan Documents is true as of such date. If Borrower subscribes to Bank's cash management services and such services are applicable to this line of credit, the terms of such service shall control the manner in which funds are transferred between the applicable demand deposit account and the line of credit for credit or debit to the line of credit.
Line of Credit Advances. You may request and obtain a Line of Credit account from the Credit Union. You will receive Line of Credit Account Disclosures at the time your account is opened which will contain specific disclosures regarding interest charges, fees, and terms related to the account. At the time of your initial Line of Credit advance, you will receive Line of Credit Advance Disclosures which will contain specific disclosures regarding your approved credit limit, payment terms, and security related to the account. For a Line of Credit account, you may access credit on your account up to your approved credit limit, prepay any portion of the balance, and request subsequent advances from time to time without limitation, provided you are not in default. The approved credit limit for a Line of Credit account is the maximum amount you may draw upon at any time under that account without getting specific approval for additional Line of Credit advances. If you overdraw a deposit account of yours, you agree we may treat that transaction as a request for an advance and your authorization to transfer funds to cover such overdraft.
Line of Credit Advances. (a) The Lender hereby establishes, subject to the terms and conditions hereof and relying upon the representations and warranties herein set forth, and upon and subject to the terms and conditions hereof, the Lender agrees to make from time to time on and after the date hereof and until February 28, 1998, upon the request of the Borrower therefor, Line of Credit Loans (each, a "Line of Credit Advance") as it in its sole and absolute discretion elects to make in an aggregate amount outstanding, which shall not exceed $6,000,000. The Lender forthwith shall inform the Borrower whether or not it elects to make such Line of Credit Advance.
(b) The Line of Credit shall be evidenced by a promissory note (the "Line of Credit Note") to be executed and delivered by the Borrower immediately following its execution of this Agreement in form satisfactory to the Lender. The Line of Credit Note shall be payable to the order of the Lender and shall represent the obligation of the Borrower to repay the amount of the Line of Credit or, if less, the aggregate unpaid principal amount of all Line of Credit Advances made by the Lender to the Borrower with interest thereon as prescribed in Section 2.3 hereof. The date and amount of each Line of Credit Advance by the Lender and the payment of principal with respect thereto shall be recorded on the books and records of the Lender, which books and records shall constitute prima facie evidence of the accuracy of the information therein recorded.
(c) In the event that the outstanding balance of the Line of Credit shall, at any time, exceed $6,000,000, the Borrower shall, within 2 Business Days after notice of such determination by the Lender, repay the Line of Credit in the amount of such excess. Any mandatory prepayment pursuant to this Section 2.2(c) shall be accompanied by the payment of accrued and unpaid interest on the amount being prepaid through the date of such prepayment. No prepayment fee shall be payable in respect of any mandatory prepayment under this Section 2.1(c).
Line of Credit Advances. Borrower may borrow, repay and reborrow, and Bank may advance and readvance under this Note respectively from time to time until the maturity hereof (each an "Advance" and together the "`Advances"), so long as the total indebtedness outstanding at any one time does not exceed the principal amount stated on the face of this Note. Bank's obligation to make Advances under this Note shall terminate if Borrower is in Default or a representation in any of the Loan Documents is false or has become false. As of the date of each proposed Advance, Borrower shall be deemed to represent that each representation made in the Loan Documents is true as of such date. 30-
Line of Credit Advances. (i) Upon Borrower’s execution of this Agreement and a Line of Credit Note and compliance with the terms of this Agreement, and subject to Bank’s confirmation if requested by Aaron’s that Bank has a first priority security interest in the Collateral, Bank shall notify Borrower that Borrower may request Advances pursuant to the Line of Credit Commitment. Bank shall make such Advances into the FCTA for the sole purposes of (x) honoring requests from Borrower, made through Aaron’s by fax, email or other electronic form of notification to Aaron’s by 12:00 noon (Charlotte, North Carolina time) on the last Business Day immediately prior to the 10th or the 25th day of each month, for SWIFT transfers to suppliers of Merchandise in payment of Approved Invoices and, to the extent permitted by Aaron’s, to pay sales and use taxes and freight charges, for working capital and for other purposes to the extent approved by Aaron’s. Each Advance shall be made by Servicer for the sole purposes of (i) honoring requests from any US Borrower, made through the Aaron’s Proprietary System, for ACH transfers to suppliers of Merchandise in payment of Approved Invoices, (ii) honoring requests from any US Borrower for Advances made via ACH transfers to an operating account or other location specified by such Borrower (and granted a vendor identification number by Aaron’s) and, to the extent permitted by Aaron’s, for working capital and for other purposes to the extent approved by Aaron’s or (iii) honoring requests from any Canadian Borrower, made through Aaron’s by fax, email or other electronic forms of notification to the Servicer. The maximum principal amount of Advances under the Line of Credit Commitment at any time outstanding shall not exceed the committed amount of the Line of Credit Commitment. Each Advance shall be in the amount of not less than $500.
(ii) Borrower shall submit purchase order requests for Merchandise to Aaron’s from time to time. In the event that the purchase order is authorized pursuant to the Franchise Agreement, Aaron’s will prepare the purchase order and submit the same to the appropriate supplier requested by Borrower. The supplier will be instructed to ship all Merchandise directly to Borrower and Borrower will be responsible for (a) inspecting all Merchandise and resolving all disputes regarding the Merchandise with such supplier and (b) paying all freight and other shipping and/or insurance charges arising in connection therewith with funds other tha...
Line of Credit Advances. Borrower may borrow, repay and reborrow, and Bank may advance and readvance under this Note respectively from time to time until the maturity hereof (each an "Advance" and together the "Advances"), so long as the total indebtedness outstanding under this Note at any one time does not exceed the principal amount stated on the face of this Note minus the sum of (i) the amount available to be drawn plus (ii) the amount of unreimbursed drawings under all letters of credit issued by Bank for the account of Borrower. The total amount of letters of credit to be issued under the Line of Credit Note shall not exceed $1,000,000.00 at any time. Bank's obligation to make Advances under this Note shall terminate if Borrower is in Default or a representation in any of the Loan Documents is false or has become false. As of the date of each proposed Advance, Borrower shall be deemed to represent that each representation made in the Loan Documents is true as of such date. 45-
Line of Credit Advances. (i) Upon Borrower’s execution of this Agreement and a Line of Credit Note and compliance with the terms of this Agreement, and subject to Bank’s confirmation if requested by Xxxxx that Bank has a first priority security interest in the Collateral, Bank shall notify Borrower that Borrower may request Advances pursuant to the Line of Credit Commitment. Bank shall make such Advances into the FCTA for the sole purpose of honoring requests from Borrower, made through Xxxxx by fax, email or other electronic form of notification to Xxxxx by 12:00 noon (Atlanta, Georgia time) on the last Business Day immediately prior to the 10th or the 25th day of each month, for SWIFT transfers to suppliers of Merchandise in payment of Approved Invoices, including any freight charges to the extent Xxxxx consents thereto, or with Aaron’s consent, to Borrower’s own account for the payment of sales use taxes. Borrower shall not use the FCTA for any purpose other than as contemplated by this Agreement. The maximum principal amount of Advances under the Line of Credit Commitment at any time outstanding shall not exceed the committed amount of the Line of Credit Commitment. Each Advance shall be in the amount of not less than $500.
(ii) Borrower shall submit purchase order requests for Merchandise to Xxxxx from time to time. In the event that the purchase order is authorized pursuant to the Franchise Agreement, Xxxxx will prepare the purchase order and submit the same to the appropriate supplier requested by Borrower. The supplier will be instructed to ship all Merchandise directly to Borrower and Borrower will be responsible for (a) inspecting all Merchandise and resolving all disputes regarding the Merchandise with such supplier and (b) paying all freight and other shipping and/or insurance charges arising in connection therewith with funds other than the proceeds of Loans, unless otherwise agreed by Xxxxx. The supplier will invoice Borrower for such Merchandise in accordance with normal industry practice. When Borrower wishes to pay such invoice, Borrower, subject to availability of the Line of Credit Commitment and the minimum borrowing threshold, shall pay such invoice by requesting, by way of fax, email or other electronic form of notification by 12:00 noon (Atlanta, Georgia time) on the last Business Day immediately prior to the 10th or the 25th day of each month, that Xxxxx direct Bank to pay such invoice by initiating a SWIFT transfer from Borrower’s FCTA to the applicable ve...
Line of Credit Advances. You may request and obtain a Line of Credit account from the Credit Union. You will receive Line of Credit Account Disclosures at the time your account is opened which will contain specific disclosures regarding interest charges, fees, and terms related to the account. At the time of your initial Line of Credit advance, you will receive Personal Line of Credit Advance