Written Credit Approval Sample Clauses

Written Credit Approval. Client shall submit to Factor the principal terms of each customers’ orders for written credit approval. Factor may, in its discretion, approve in writing all or a portion of Client’s customers’ orders either by establishing a credit line limited to a specific amount for a specific customer, or by approving all or a portion of a proposed purchase order submitted by Client (“Approved Receivables”). No credit approval shall be effective unless in writing and unless the goods are shipped or the services rendered within the time specified in the written credit approval or within 30 days after the approval is given, if no time is specified. No written credit approval or terms of sale shall be changed without Factor’s written approval. Factor shall have the right to withdraw its credit approval or withdraw or adjust a credit line at any time before delivery of merchandise or rendition of services. Factor shall not be liable to any person or in any manner for refusing to approve the credit of any customer.
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Written Credit Approval. Client shall submit to Administrative Purchaser a request for written credit approval of the Accounts of Client’s Customers. Purchaser may, in its discretion, approve such request by establishing a credit line limited to a specific amount for such specific Customer (all such Accounts owing by a specific Customer not exceeding the credit line established by Purchaser, “Approved Accounts”). No credit approval shall be effective unless notice thereof shall be received by Client from Administrative Purchaser (either in writing or electronically via any internet accessible website provided by Administrative Purchaser to Client in connection herewith). No such credit approval or terms of sale of a Purchased Account shall be changed without Administrative Purchaser’s approval (either in writing or electronically via any internet accessible website provided by Administrative Purchaser to Client in connection herewith). If there is any change in the amount, terms, shipping date or delivery date for any shipment of goods or rendition of services under a Purchased Account (a “Change of Terms”), Client shall submit a change of terms request to Administrative Purchaser and Administrative Purchaser shall advise Client of Purchaser’s decision either to retain the Credit Risk or to withdraw the credit approval for such Purchased Account. Administrative Purchaser, on behalf of Purchaser, shall have the right, at any time, to withdraw or adjust a credit line of a Customer (provided, such withdrawal or adjustment shall not be effective with respect to Purchased Accounts then outstanding). Purchaser and Administrative Purchaser shall not be liable to any person or in any manner for refusing to approve the credit of any Customer.
Sample 1
Written Credit Approval. Client shall submit to Factor the principal terms of each order from a customer of Client (each, a “Customer”) for credit approval prior to shipment of the goods or rendition of the services so ordered. Factor may, in its sole discretion, approve all or a portion of such Customers’ orders, either by establishing a credit line limited to a specific amount for a specific customer, or by approving all or a portion of a Customer order submitted by Client. Each Account arising from a Customer order that is the subject of a credit approval is referred to herein as a “Factor-Risk Account.” No credit approval shall be effective unless it is confirmed in a visible communication in characters by handwriting, or type and delivered physically, by facsimile, by email or other electronic communication acceptable to Factor (each, a “Writing” and, as the context may require “Written”) and unless the goods are shipped or the services are rendered within the time specified in the Written credit approval or, if no time is specified, within thirty (30) days after the date that the Written credit approval is given. No Written credit approval or terms of sale may be changed without Factor’s prior Written approval. If Client desires to make any changes in the amount, terms, shipping date or delivery date for any shipment of goods or rendition of services with respect to any Customer order previously submitted to Factor, Client shall submit to Factor a Written request to change such terms and, if such request pertains to a Factor-Risk Account, Factor shall promptly advise Client of Factor’s decision to either maintain the credit approval or withdraw the credit approval with respect to such Factor-Risk Account. Factor may withdraw its credit approval or withdraw or adjust a credit line at any time before delivery of the goods or rendition of the services giving rise to a Factor-Risk Account. After the Customer has accepted delivery of the goods or the services giving rise to a Factor-Risk Account have been rendered, Factor shall have the risk of loss thereon resulting solely and exclusively from the financial inability of the applicable Customer to pay the Account in full when due (the “Credit Risk”), but not the risk of non-payment of such Account for any other reason, and only to the extent of the dollar amount specified in Factor’s Written credit approval thereof. Factor’s Credit Risk on an Account shall not include a Customer’s inability to pay an Account at its longest maturi...
Sample 1

Related to Written Credit Approval

  • Credit Approval 2.1 Requests for credit approval for all of your orders must be submitted to our Credit Department via computer by either: (a) On-Line Terminal Access, or (b)

  • Letter of Credit Application The Administrative Agent shall have received a properly completed letter of credit application if the issuance of a Letter of Credit will be required on the Effective Date.

  • Letter of Credit Applications Each Letter of Credit Application shall be completed to the satisfaction of the Agent. In the event that any provision of any Letter of Credit Application shall be inconsistent with any provision of this Credit Agreement, then the provisions of this Credit Agreement shall, to the extent of any such inconsistency, govern.

  • Requisite Lenders’ Consent Subject to Section 10.5(b) and 10.5(c), no amendment, modification, termination or waiver of any provision of the Credit Documents, or consent to any departure by any Credit Party therefrom, shall in any event be effective without the written concurrence of the Requisite Lenders.

  • Conflict with Letter of Credit Application In the event of any conflict between the terms hereof and the terms of any Letter of Credit Application, the terms hereof shall control.

  • Notice of Borrowing; Letter of Credit Request (a) Prior to the making of each Loan (other than a Swingline Loan or a Revolving Loan made pursuant to a Mandatory Borrowing), the Administrative Agent shall have received a Notice of Borrowing meeting the requirements of Section 2.03(a). Prior to the making of each Swingline Loan, the Swingline Lender shall have received the notice referred to in Section 2.03(b)(i).

  • Effect of Letter of Credit Application To the extent that any provision of any Letter of Credit Application related to any Letter of Credit is inconsistent with the provisions of this Article III, the provisions of this Article III shall apply.

  • Required Lenders’ Consent Subject to Section 11.4(b) and Section 11.4(c), no amendment, modification, termination or waiver of any provision of the Credit Documents, or consent to any departure by any Credit Party therefrom, shall in any event be effective without the written concurrence of the Administrative Agent and the Required Lenders; provided that (i) the Administrative Agent may, with the consent of the Borrower only, amend, modify or supplement this Agreement to cure any ambiguity, omission, defect or inconsistency, so long as such amendment, modification or supplement does not adversely affect the rights of any Lender or the Issuing Bank, (ii) each of the Fee Letter and any Auto Borrow Agreement may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto, (iii) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitments, Loans and/or Letter of Credit Obligations of such Lender may not be increased or extended without the consent of such Lender, (iv) each Lender is entitled to vote as such Lender sees fit on any bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code of the United States supersedes the unanimous consent provisions set forth herein and (v) the Required Lenders shall determine whether or not to allow any Credit Party to use cash collateral in the context of a bankruptcy or insolvency proceeding and such determination shall be binding on all of the Lenders.

  • Credit appraisal by the Lenders Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to the Agent and the Arranger that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to:

  • Letter of Credit Requests (a) Whenever the Borrower desires that a Letter of Credit be issued for its account or for the account of any of its Subsidiaries, it shall give the Administrative Agent and the Letter of Credit Issuer at least five (or such lesser number as may be agreed upon by the Administrative Agent and the Letter of Credit Issuer) Business Days’ written notice thereof. Each such notice shall be executed by the Borrower and shall be in the form of Exhibit G (each a “Letter of Credit Request”).

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