Product Advances. (A) Subject to the terms and conditions of this Agreement, IBM Credit shall make Product Advances in connection with Customer's purchase of Products from Authorized Suppliers. Customer hereby authorizes and directs IBM Credit to pay the proceeds of Product Advances directly to the applicable Authorized Supplier in respect of invoices delivered to IBM Credit for such Products by such Authorized Supplier and acknowledges that each such Product Advance constitutes a loan by IBM Credit to Customer pursuant to this Agreement as if the Customer received the proceeds of the Product Advance directly from IBM Credit.
Product Advances. (A) Subject to the terms and conditions of this Agreement, IBM Credit shall make Product Advances in connection with Customer's purchase of Products from Authorized Suppliers (as defined under WITNESSETH). Customer hereby authorizes and directs IBM Credit to pay the proceeds of Product Advances directly to the applicable Authorized Supplier in respect of invoices delivered to IBM Credit for such Products by such Authorized Supplier and acknowledges that (i) any delivery to IBM Credit of an invoice by an Authorized Supplier shall be deemed as a request for a Product Advance by Customer, and (ii) each such Product Advance constitutes a loan by IBM Credit to Customer pursuant to this Agreement as if the Customer received the proceeds of the Product Advance directly from IBM Credit. IBM Credit may, upon written notice to Customer such notice to be given as soon as possible after IBM Credit decides not to include such supplier as an Authorized Supplier, cease to include a supplier as an Authorized Supplier.
Product Advances. (A) Subject to the terms and conditions of this Agreement, IBM Credit shall make Product Advances in connection with Borrower's purchase of Products from Authorized Suppliers upon at least a two-day prior written notice from Authorized Suppliers. Borrower hereby authorizes and directs IBM Credit to pay the proceeds of Product Advances directly to the applicable Authorized Supplier in respect of invoices delivered to IBM Credit for such Products by such Authorized Supplier and acknowledges that (i) any delivery to IBM Credit of an invoice by an Authorized Supplier shall be deemed as a request for a Product Advance by Borrower, and (ii) each such Product Advance constitutes a loan by IBM Credit to Borrower pursuant to this Agreement as if the Borrower received the proceeds of the Product Advance directly from
Product Advances. (A) Subject to the terms and conditions of this Agreement, IBM Credit shall make Product Advances in connection with Customer's purchase of Products from Authorized Suppliers. Customer hereby authorizes and directs IBM Credit to pay the proceeds of Product Advances directly to the applicable Authorized Supplier in respect of invoices delivered to IBM Credit for such Products by such Authorized Supplier and acknowledges that each such Product Advance constitutes a loan by IBM Credit to Customer pursuant to this Agreement as if the Customer received the proceeds of the Product Advance directly from IBM Credit. (B) No finance charge shall accrue on any Product Advance during the Free Financing Period, if any, applicable to such Product Advance. Customer shall repay each Product Advance no later than the Common Due Date for such Product Advance. Customer may, at its option, repay each Product Advance by requesting IBM Credit to apply all or any part of the principal amount of an A/R Advance to the Outstanding Product Advances. Customer's request for such application shall be made in accordance with Section 2.3. When so requested and subject to the terms and conditions of this Agreement, IBM Credit shall apply the amount so requested to the amounts due in respect of the Outstanding Product Advances. Nothing contained herein shall relieve Customer of its obligation to repay Product Advances when due. Each Product Advance shall accrue a finance charge on the Average Daily Balance thereof from the end of the Free Financing Period, if any, for such Product Advance, or if no such Free Financing Period shall be in effect, from the date of invoice for such Product Advance, in each case, until such Product Advance shall become due and payable in accordance with the terms of this Agreement, at a per annum rate equal to the lesser of (a) the finance charge set forth in Attachment A to this Agreement as the "Product Advance Charge" and (b) the highest rate from time to time permitted by applicable law. In addition, for any Product Advance with respect to which a Free Financing Period shall not be in effect, Customer shall pay a fee equal to 50 basis points of such Product Advance. Such fee shall be due and payable on the Common Due Date for such Product Advance. If it is determined that amounts received from Customer were in excess of the highest rate permitted by law, then the amount representing such excess shall be considered reductions to principal of Advances. (C) Cu...
Product Advances. Provided that Customer has adequate Available Credit, and provided that no Event of Default has occurred under the Agreement or would occur as a result of such Advance, IBM Credit shall advance funds for the account of Customer in payment of any invoice rendered to Customer for Customer's authorized purchases of Products. Each such Advance shall be deemed to be a Product Advance. Confirmation of each such Advance shall be reflected in a Statement of Transaction which shall identify the date upon which an Advance is made; said date shall be described in the Statement of Transaction as the "Date of Note". IBM Credit may, upon written notice to Customer, cease to include a supplier as an Authorized Supplier. Customer hereby authorizes IBM Credit to collect directly from any Authorized Supplier any credits, rebates, bonuses or discounts owed by such Authorized Supplier to Customer ("Supplier Credits"). Any Supplier Credits received by IBM Credit may be applied by IBM Credit to the Total Outstanding Indebtedness. Any Supplier Credits collected by IBM Credit shall in no way reduce Customer's debt to IBM Credit in respect of the Total Outstanding Indebtedness until such Supplier Credits are applied by IBM Credit; provided, however, that in the event any such Supplier Credits must be returned or disgorged or are otherwise unavailable for application, then Customer's Obligations will be reinstated as if such Supplier Credits had never been applied. Notwithstanding the terms of this Section 3.1 and provided no default or event of default under the Agreement has occurred and is continuing, IBM Credit shall return to Customer, on a weekly basis, all Supplier Credits.
Product Advances. (A) Subject to the terms and conditions of this Agreement, IBM Credit shall make Product Advances in connection with Customers' purchase of Products from Authorized Suppliers (as defined in the recitals to this Agreement) upon at least a two-day prior written notice from Authorized Suppliers. Each Customer hereby authorizes and directs IBM Credit to pay the proceeds of Product Advances directly to the applicable Authorized Supplier in respect of invoices delivered to IBM Credit for such Products by such Authorized Supplier and acknowledges that (i) any delivery to IBM Credit of an invoice by an Authorized Supplier shall be deemed as a request for a Product Advance by such Customer, and (ii) each such Product Advance constitutes a loan by IBM Credit to the Customers pursuant to this Agreement as if the Customers received the proceeds of the Product Advance directly from
Product Advances. 11 2.3. A/R Advances . . . . . . . . . . . . . . . . . . . . . . 13 2.4. Finance and Other Charges . . . . . . . . . . . . . . . 14 2.5. Statements Regarding Customer's Account. . . . . . . . . 15 2.6. Shortfall. . . . . . . . . . . . . . . . . . . . . . . . 15 2.7.
Product Advances. 13 2.3 A/R Advances . . . . . . . . . . . . . . . . . . . . . . 15 2.4
Product Advances. (A) Subject to the terms and conditions of this Agreement, IBM Credit shall make Product Advances in connection with Customer's purchase of Products from Authorized Suppliers (as defined under WITNESSETH). Customer hereby authorizes and directs IBM Credit to pay the proceeds of Product Advances directly to the applicable Authorized Supplier in respect of invoices delivered to IBM Credit for such Products by such Authorized Supplier and acknowledges that each such Product Advance constitutes a loan by IBM Credit to Customer pursuant to this Agreement as if the Customer received the proceeds of the Product Advance directly from IBM Credit. Customer may at any time notify IBM Credit in writing (via certified mail, recognized overnight courier, or facsimile if followed by an original by other means) that a specific Authorized Supplier has been terminated by Customer as an Authorized Supplier. IBM Credit will use commercially reasonable effort to refuse all further Product Advance requests from such Authorized Supplier. Notwithstanding the above, any Product Advance request approved by IBM Credit prior to receiving such notification from Customer shall not be affected.
Product Advances. Provided that Customers have adequate Available Credit and provided that no Event of Default has occurred under the Agreement, pursuant to the FPP Addendum, IBM Credit shall advance funds for the account of the applicable Customer in payment of invoice rendered to such Customer for such Customer’s authorized purchases of Products. Each such advance shall be deemed to be a Product Advance. Confirmation of each such advance shall be reflected in a Statement of Transaction which shall identify the date upon which an advance is made; said date shall be described in the Statement of Transaction as the “Date of Note”.
