Advances and Charges. 2.1 Upon request of Borrower, from time to time during the term hereof, provided the representations and warranties of paragraph 5. hereof are then true, and so long as no event of default hereunder has occurred and Borrower is in full, faithful and timely compliance with each and all of the covenants, conditions, warranties, and representations, contained in this Agreement or in any other agreement between FCFC and Borrower, FCFC agrees to make advances to Borrower in an amount which when added to the advances then outstanding does not exceed the lesser of the Credit Facility or 65% of the amount of Eligible Accounts of Borrower (less discounts, credits, allowances, service charges, commissions, and freight charges which may be granted to or taken by the account debtors). FCFC may at any time and from time to time change the percentage of Eligible Accounts to be advanced to Borrower. FCFC is hereby authorized to make said advances based upon instructions received from the list of authorized signers attached to this Agreement.
Advances and Charges. 2.1. Upon request of Borrower from time to time during the term hereof, Lender shall loan and advance to Borrower on a revolving basis the amount requested, provided the amount requested does not itself or when combined with the then aggregate outstanding principal amount of all sums previously advanced hereunder, exceed either (a) the sum of (i) seventy-five percent (75%) of the amount of Eligible Accounts of Borrower (less discounts, credits, allowances, service charges, commissions, and freight charges which may be granted to or taken by the account debtors) and (ii) Loan Value of Eligible Inventory of Borrower; or (b) $4,500,000.00. Lender reserves the right at any time and from time to time, upon 10 days advance written notice to Borrower, to change the percentage to be advanced by Lender to Borrower on its Accounts based upon increases in the Dilution of Borrower’s Accounts as determined by Lender’s audits or review of monthly adjustments to Accounts.
Advances and Charges. 2.1. Upon request of Borrower from time to time during the term hereof, FCFC shall loan and advance to Borrower the amount requested, provided that said amount together with the then outstanding balance of advances previously made does not exceed fifty percent (50%) of the amount of Borrower’s Eligible Accounts (less discounts, credits, allowances, service charges, commissions, and freight charges which may be granted to or taken by the account debtors). FCFC reserves the right at any time and from time to time to change the percentage to be advanced to Borrower.
Advances and Charges. 2.1. Upon request of Borrower from time to time during the term hereof, Lender shall loan and advance to Borrower the amount requested, provided that said amount together with the then outstanding balance of advances previously made does not exceed eighty-five percent (85%) of the amount of Borrower’s Eligible Accounts (less discounts, credits, allowances, service charges, commissions, and freight charges which may be granted to or taken by the account debtors). Upon the occurrence of an Event of Default per Section 10 of this Agreement or if Lender reasonably believes, in the exercise of its best judgment and in good faith, that there has been a Material Impairment in the value of its Collateral or in the prospect of repayment of Borrower's Obligations, Lender reserves the right at any time and from time to time to change the percentage to be advanced to Borrower.
Advances and Charges. 2.1. Upon request of Borrower from time to time during the term hereof, FCFC shall loan and advance to Borrower the amount requested, provided that said amount together with the then outstanding balance of advances previously made does not exceed seventy-five percent (75%) of the amount of Borrower's Eligible Accounts defined as commercial accounts and fifty percent (50%) of the amount of Borrower's Eligible Accounts defined as reseller accounts (less discounts, credits, allowances, service charges, commissions, and freight charges which may be granted to or taken by the account debtors). Eligible Accounts will be net of all credit balance accounts resulting from prepayment of service fees. FCFC reserves the right at any time and from time to time after an Event of Default has occurred, to change the percentage to be advanced to Borrower.
