Unsecured Line of Credit Sample Clauses

Unsecured Line of Credit. If you do not have enough funds available in your linked account(s) to cover overdrafts in your checking account, then funds will be advanced from your Unsecured Line of Credit. This is a revolving line of credit, which is available to members meeting certain credit requirements. If you are approved for an Unsecured Line of Credit, you will be provided with our Credit Line Account Agreement and Disclosure, which contains the terms and conditions applicable to the Unsecured Line of Credit. With this plan, you authorize us to automatically advance the amount of your overdraft, in increments of not less than $100, to cover your overdraft, up to your credit limit. We will not transfer more than the available credit (as of the end of the previous business day) on an Unsecured Line of Credit account, even if the amount of the overdraft is more than the available credit limit. For example, if the transaction amount that will cause your checking account to become overdrawn is $75, we will automatically advance $100 from your Unsecured Line of Credit, provided you have at least $100 in available credit. If you do not have sufficient available credit, no funds will be advanced from the Unsecured Line of Credit. Overdrafts paid by an advance on your Unsecured Line of Credit are not subject to a fee. Once your optional overdraft protection plans are exhausted, if you are eligible for the Overdraft Privilege Service, your items will be paid up to the amount of your Overdraft Privilege limit and an Overdraft Privilege Fee will be charged to your checking account for each overdraft that is authorized and paid through the Overdraft Privilege Service. If you are not eligible for, or have opted out of, the Overdraft Privilege Service, your items will not be paid, they will be returned, and an NSF Fee will be charged for each item returned. The foregoing describes how our optional overdraft protection plans work. Transfers will appear on your periodic statements for each applicable account.
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Unsecured Line of Credit. Notwithstanding any language in any agreement to the contrary, your Credit Line and this Agreement, and your obligation to pay amounts due under this Agreement, are not secured.
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Unsecured Line of Credit. Prior to incurring any indebtedness under the New Unsecured Line of Credit, Borrower shall submit executed copies of the agreement and documents relating thereto to the Lead Bank and shall receive the Lead Bank's approval as to the form thereof, which approval shall not be unreasonably withheld if such agreements and documents comply with the provisions set forth in Section 1.2 of this Agreement.
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Unsecured Line of Credit. Lender and Borrower acknowledge and agree that the Loan is an unsecured revolving line of credit. All references in the Loan Documents to collateral, security interests and remedies with respect to collateral are inapplicable, except to the extent that any advance of credit to Borrower under the Loan Documents is actually secured by Borrower's grant of a security interest in favor of Lender.
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Related to Unsecured Line of Credit

  • Line of Credit Subject to the terms and conditions of this Agreement, Bank hereby agrees to make advances to Borrower from time to time up to and including April 2, 2015, not to exceed at any time the aggregate principal amount of One Million Five Hundred Thousand Dollars ($1,500,000.00) (“Line of Credit”), the proceeds of which shall be used to finance Borrower’s working capital requirements. Borrower’s obligation to repay advances under the Line of Credit shall be evidenced by a promissory note dated as of May 1, 2012 (“Line of Credit Note”), all terms of which are incorporated herein by this reference.

  • Revolving Line of Credit (a) On the Closing Date, Lender agrees to open a Revolving Line of Credit in favor of Borrower in the maximum aggregate principal amount of Ten Million Dollars ($10,000,000), reducing to Five Million Dollars ($5,000,000), effective on December 31, 1997. Subject to the fulfillment of the conditions precedent set forth in Sections 13.1 and 13.3 hereof, during the period commencing on the Closing Date and ending on the earliest to occur of (i) the Termination Date and (ii) the date of -------- termination of the Revolving Line of Credit pursuant to Section 2.6 or Section 11 below, Borrower may borrow and repay and reborrow up to a maximum aggregate principal amount of the Revolving Line of Credit; provided, however, that (A) ----------------- each Revolving Advance must be in the amount of One Hundred Thousand Dollars ($100,000) or an integral multiple thereof, (B) Revolving Advances will be made by Lender to Borrower only on the first and the fifteenth of each calendar month (or, in each instance, the next succeeding Business Day, as the case may be), (C) any Revolving Advances constituting LIBOR Rate Borrowings must be obtained and paid in accordance with Section 2.4 below, and (D) repayments of Revolving Advances shall be made in accordance with Section 2.6(a) below; and, provided, --------- further, that at no time shall the aggregate principal amount outstanding under ------- the Revolving Line of Credit exceed the Margin (such requirement being referred to herein as the "MARGIN REQUIREMENT"). If at any time hereafter the Margin ------------------ Requirement is not satisfied, Borrower agrees to repay immediately the then principal balance of the Revolving Note by that amount necessary to satisfy the Margin Requirement.

  • Credit Line If your application is approved by us, this agreement will constitute a revolving line of credit for an amount which will be the credit line under your Account. We will advise you of the amount of your credit line. That amount will be the maximum amount you may have outstanding at any time. You agree not to attempt to obtain more credit than the amount of your credit line. However, if you temporarily exceed your credit line, you agree to repay the excess immediately, even if we have not yet billed you. Obtaining such credit does not increase your credit line and if you exceed your Credit Limit repeatedly, we may suspend your credit privilege under this Agreement. We retain the right to increase or decrease your credit line at any time for any reason. Any increase of reduction on the limit of your credit line will be shown on your monthly statement or by separate notice together with any changes in the applicable minimum monthly payments. Your eligibility for this credit line is determined by our loan policy and may be terminated at our sole discretion, without demand or notice. You may close your credit line at any time by notifying us in writing and returning all Cards cut in half. If you terminate this Agreement or if we terminate or suspend your credit privileges, the provisions of this Agreement and your liability hereunder shall otherwise remain in full force and effect until you have paid us all sums due under this Agreement and returned all Cards.

  • Line of Credit Amount (a) During the availability period described below, the Bank will provide a line of credit to the Borrowers. The amount of the line of credit (the “Facility No. 1 Commitment”) is Twenty Million and 00/100 Dollars ($20,000,000.00).

  • Use of Credit Neither the Borrower nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part of the proceeds of any extension of credit hereunder will be used to buy or carry any Margin Stock.

  • Letter of Credit Accommodations (a) Subject to and upon the terms and conditions contained herein, at the request of Borrower, Lender agrees to provide or arrange for Letter of Credit Accommodations for the account of Borrower containing terms and conditions acceptable to Lender and the issuer thereof. Any payments made by Lender to any issuer thereof and/or related parties in connection with the Letter of Credit Accommodations shall constitute additional Revolving Loans to Borrower pursuant to this Section 2.

  • Amendment of Credit Agreement The Credit Agreement is hereby amended as follows:

  • Term Advances The Borrower shall pay to the Administrative Agent for the ratable benefit of each Term Lender the aggregate outstanding principal amount of the Term Advances in quarterly installments each equal to $412,500 (which is equal to five percent (5%) of $8,250,000). Such quarterly installments shall be due and payable on each March 31st, June 30th, September 30th, and December 31st, commencing with December 31, 2012, and a final installment of the remaining, unpaid principal balance of the Term Advances payable on the Term Maturity Date.

  • Loan Advances During the Revolving Period, the Borrower may, at its option, request the Revolving Lenders to make advances of funds (each, a “Loan Advance”) by delivering a Funding Notice with respect to such Loan Advance to the Administrative Agent, which shall provide notification to the Revolving Lenders with respect thereto, in an aggregate amount up to the Availability as of the proposed Funding Date of the Loan Advance; provided, however, that no Revolving Lender shall be obligated to make any Loan Advance on or after the date that is two (2) Business Days prior to the earlier to occur of the applicable Revolving Period End Date or the Termination Date. Following the receipt of a Funding Notice during the Revolving Period, subject to the terms and conditions hereinafter set forth, the Revolving Lenders shall fund such Loan Advance.

  • Pledge of Credit Now or hereafter pledge Agent’s or any Lender’s credit on any purchases or for any purpose whatsoever or use any portion of any Advance in or for any business other than such Borrower’s business as conducted on the date of this Agreement.

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