Termination of Credit Risk Sample Clauses

Termination of Credit Risk. Factor’s Credit Risk on any Factor-Risk Account shall immediately terminate without any further action or notice if: (a) Client fails to timely deliver to Factor an assignment schedule for such Account, together with copies of the assigned invoices (or equivalent thereof if Client delivered such invoice to its Customer electronically) and such other information or documentation as requested by Factor in accordance with Section 1.3 of this Agreement; (b) the Customer obligated on such Factor-Risk Account asserts any reason (regardless of merit) for nonpayment of an Account, other than solely resulting from the financial inability of such Customer to pay such Account when due, including any alleged offset, defense or counterclaim (in any case, a “Dispute”); (c) any representation or warranty made by Client hereunder with respect to such Factor-Risk Account is untrue, incorrect or misleading in any respect at any time; (d) any covenant or agreement made by Client hereunder with respect to such Factor-Risk Account is breached; or (e) this Agreement is terminated by Client.
Sample 1
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Related to Termination of Credit Risk

  • Termination of Credit Facility The Credit Facility shall terminate on the earliest of (a) the third anniversary of the Closing Date (the "Maturity Date"), (b) the date of termination by the Borrower pursuant to Section 2.5(a) and (c) the date of termination by the Administrative Agent on behalf of the Lenders pursuant to Section 10.2(a).

  • Application of credit balances Each Creditor Party may without prior notice:

  • Extension of Credit For the purposes hereof, each drawdown, rollover and conversion shall be deemed to be an extension of credit to the Borrower hereunder.

  • Conditions to all Credit Extensions The obligation of each Lender to honor any Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Committed Loans to the other Type, or a continuation of Eurodollar Rate Loans) is subject to the following conditions precedent:

  • Conditions of Credit Extensions The obligations of the Lenders to make Loans hereunder are subject to the satisfaction of the following conditions:

  • Each Extension of Credit The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of the Issuing Lender to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions:

  • All Credit Extensions The obligation of each Lender and each Issuer to make any Credit Extension shall be subject to the satisfaction of each of the conditions precedent set forth below.

  • Conditions to Credit Extensions SECTION 4.01. Conditions to Initial Credit Extension........................62 SECTION 4.02. Conditions to All Credit Extensions...........................67 ARTICLE V

  • Initial Credit Extension The Lenders shall not be required to make the initial Credit Extension hereunder unless each of the following conditions is satisfied:

  • Revolving Line of Credit (a) From and after the date of this Agreement to and including May 31, 2003, the Bank agrees, upon the terms and subject to the conditions of this Agreement, to lend to the Borrowers, and the Borrowers may from time to time borrow from the Bank and repay and reborrow, up to a maximum aggregate principal amount at any one time outstanding under the Revolving Line of Credit Note of $5,000,000. In no event will Advances be made at such times or in such amounts that the aggregate principal amount of all such Advances hereunder at any one time outstanding would exceed the lesser of $5,000,000 and (i) 80% of the then Eligible Accounts, plus (ii) 50% of the then Eligible Inventory. Each Advance under this Agreement will be made upon the written request or, at the option of the Bank, oral request, of the Borrowers to the Bank, which request shall, if written, be in the form of a Request for an Advance and, if oral, shall contain the same certification and information as a Request for an Advance and shall be confirmed by a facsimile of a Request for an Advance followed by the original thereof. All requests for Advances (and the facsimile concerning any oral Request for an Advance) shall be received by the Bank no later than 12:00 noon of the Business Day on which the Advance is to be made. To induce the Bank to accept oral requests for Advances, the Borrowers agree that the Bank may rely on instructions given by telephone by any person purporting to be authorized to act on behalf of the Borrowers , and the Borrowers agree to indemnify and hold harmless the Bank against all damages, losses, costs and expenses (including attorney's fees) arising out of or relating to the reliance by the Bank on any oral request for Advances. Provided the same is a Business Day, on the date of the requested Advance, upon satisfaction of the conditions specified in Article 5, the Bank shall make the amount of the Advance available to the Borrowers by crediting the proceeds thereof to the general deposit account in the name of one or more of the Borrowers, as designated in writing by certificate signed by all of the Borrowers, in the Bank. If the date of the requested Advance is not a Business Day, the Advance shall be made on the first Business Day thereafter, upon the satisfaction of the conditions specified in Article 5. No Advance shall be in an amount less than $1,000. Not more than one request for an Advance shall be made on any day.

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