Advance Amounts. All Varo Advance Accounts that meet the Eligibility Criteria above will be eligible for at least a $20 Advance. Subject to our underwriting standards (described below), you may become eligible for a higher Credit Limit (defined below). Your qualifications based on our underwriting standards will be evaluated periodically. You may only have one Advance outstanding at a time. You are limited to receiving one Advance per calendar day, even if you repay in full on the same calendar day. Underwriting Standards We evaluate all information and history available to us from all of your Varo accounts or accounts you have linked to Varo, including your Qualifying Direct Deposit history, transaction history, Varo Advance repayment history, and any credit, employment, income, or other investigative inquiries we deem appropriate to determine your maximum Varo Advance amount available (your “Credit Limit”) and to qualify you for higher limits.
Advance Amounts. Subject to and upon the terms and conditions of this Agreement, Borrower may request Advances in an aggregate outstanding principal amount not to exceed the Revolving Line less the aggregate outstanding principal amount of any Swingline Advances and the aggregate face amount of all Letters of Credit issued pursuant Section 2.1.1(g) below, and each Lender shall make Advances up to its Pro Rata Share of the requested Advance, provided no Lender shall at any time be required to make Advances in excess of the maximum Credit Commitment set forth below its signature to this Agreement.
Advance Amounts. Funds shall be advanced with respect to each Pledged Asset in an amount equal to the Asset Value of such Pledged Asset multiplied by the applicable Advance Rate; provided that, notwithstanding any other provisions of this Agreement, in no event shall Lender advance more than 80% of the Asset Value of any Pledged Asset.
Advance Amounts. Subject to and upon the terms and conditions of this Agreement, Borrowers may request Advances in an aggregate outstanding amount not to exceed the lesser of the Revolving Line or the Borrowing Base, in each case minus the aggregate face amount of outstanding Letters of Credit, including any drawn but unreimbursed Letters of Credit and each Lender shall make Advances up to its Pro Rata Share of the requested Advance, provided no Lender shall at any time be required to make Advances in excess of its Credit Commitment. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1.3 may be repaid and reborrowed at any time prior to the second anniversary of the Closing Date, such date being the “Revolving Facility Advance Maturity Date,” at which time all Advances under this Section 2.1.3 shall be immediately due and payable.
Advance Amounts. Provided there does not exist an Event of Default under the ARPA or this Rider, Purchaser may make advances to or for the benefit of Seller in an aggregate amount up to and not to exceed Two Hundred Fifty Thousand Dollars ($250,000.00) from time to time during the term of this Rider and upon Seller’s request therefore, which advances shall be subject to all of the terms and conditions of the ARPA and shall be revolving consisting of advances against Seller’s Eligible Inventory (as defined in section 2.6 below) as follows: The advances against Eligible Inventory, at Purchaser’s discretion, will be in amounts up to the sum fifty percent (50%) of all Eligible Inventory; provided, however, the advances against Eligible Inventory shall at no time exceed thirty three percent (33%) (known as “balance cap percentage”) of the net outstanding purchased accounts under the ARPA plus the outstanding amount due, or net funds employed, from advances made on eligible inventory within conditions contained within this Rider. The balance cap percentage shall be twenty five percent (25%) after 120 days from date of this Inventory Rider. Eligible Inventory will be valued at the lower of cost or market value.
Advance Amounts. Provided there does not exist an Event of Default under the ARPA or this Rider, Purchaser may make advances to or for the benefit of Seller in an aggregate amount up to and not to exceed Seven Hundred Thousand Dollars and 00/100 Cents ($700,000.00), from time to time during the term of this Rider and upon Seller’s request therefor, which advances shall be subject to all of the terms and conditions of the ARPA and shall be revolving, consisting of advances against Seller’s Eligible Inventory (as defined in section 2.7 below) as follows: Any advance under this Rider, at Purchaser’s sole discretion, will be in amounts up to the sum of thirty percent (30%) of all Eligible Inventory; provided, however, the advance shall at no time exceed forty percent (40%) of all total outstanding Purchased Accounts under the ARPA (specifically excluding Purchased Accounts aged over ninety (90) days) and products scheduled to be shipped in satisfaction of customer purchase orders within ninety (90) days. Eligible Inventory will be valued at the lower of cost or market value.
Advance Amounts. The Advances shall be made in the following maximum amounts:
Advance Amounts. Subject to and upon the terms and conditions of this Agreement, Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of the Revolving Line or the Borrowing Base, and each Lender shall make Advances up to its Pro Rata Share of the requested Advance, provided no Lender shall at any time be required to make Advances in excess of the maximum commitment set forth below its signature to this Agreement. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1.1 may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1.1 shall be immediately due and payable.
Advance Amounts. Subject to and upon the terms and conditions of this Agreement, Borrower may request Advances in an aggregate outstanding amount not to exceed Seven Million Five Hundred Thousand Dollars ($7,500,000) minus the aggregate face amount of outstanding Letters of Credit, including any drawn but unreimbursed Letters of Credit. At any time when the aggregate outstanding Credit Extensions exceed $7,500,000, or would exceed $7,500,000 after giving effect to a request for a Credit Extension, Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base, in each case minus the aggregate face amount of outstanding Letters of Credit, including any drawn but unreimbursed Letters of Credit. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1.1 may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1.1 shall be immediately due and payable.
Advance Amounts. Provided there is no existing or continuing Event of Default under the ARPA or this Rider, Purchaser may from time to time make advances to or for the benefit of Seller in an aggregate amount up to and not to exceed One Million Five Hundred Thousand and 00/100 Dollars ($1,500,000.00), which advances shall be subject to all of the terms and conditions of the ARPA and shall be revolving, consisting of advances against Seller’s Eligible Inventory (as defined in section 2.7 below) as follows: Advances shall be in amounts up to the sum of thirty percent (30.00%) of all Eligible Inventory, and at no time shall any advance hereunder exceed forty percent (40%) of all total outstanding Purchased Accounts, excluding Purchased Accounts aged over ninety (90) days. Eligible Inventory will be valued at the lower of cost or market value. Exhibit 10.1
