Granting of Credit Clause Samples

Granting of Credit. The decision to extend credit to any Applicant under the Program shall be Bank’s decision. Bank shall establish and administer the underwriting and credit decisions for the Program. Applicants deemed qualified by Bank and who desire to use the Program shall be granted an Account by Bank with a credit line in an amount to be determined by Bank in its discretion for each individual applicant. Subject to applicable law, Bank shall determine the terms and conditions of the Account in its sole discretion.
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Granting of Credit. In-service credit hours shall be cumulative only in pre-approved programs or activities of related topics, spread over several sessions. Unit members may accumulate in-service hours in order to receive payment for the in- service credit.
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Granting of Credit. 4.1 The college may grant credit for prior formal learning which is assessed by determining the extent to which the applicant’s prior studies and assessed standards are equivalent to the content and learning outcomes of one or more units in the higher education course. The educational judgement concerning equivalence is based on the discipline context, content, standards and assessment in the program or unit the applicant has undertaken. 4.2 The college may grant credit based on prior informal and non-formal learning which is assessed by determining the extent to which the applicant has achieved the learning outcomes of one or more units in the higher education course. The educational judgement concerning equivalence is based on the extent to which the applicant can demonstrate they have achieved the required learning outcomes. 4.3 Decisions regarding the granting of credit will: 4.3.1 Be evidenced based, equitable and transparent 4.3.2 Be applied consistently and fairly with decisions subject to appeal and review 4.3.3 Recognise learning, provided that the learning is relevant and current and has a relationship to the learning outcomes of the unit 4.3.4 Be academically defensible and take into account the student’s ability to meet the learning outcomes of the unit and course successfully 4.3.5 Recognise the unique quality of a college higher education award 4.3.6 Be decided in a timely way 4.3.7 Allow for credit outcomes to be used to meet prerequisites or other specified requirements for entry into a course leading to a qualification or for the partial fulfilment of the requirements of a qualification 4.3.8 Be formally documented for the student including any reasons for not giving credit. 4.4 Credit should not be granted where it is likely to result in the student experiencing difficulty in making satisfactory academic progress, or if their English competency is not appropriate for the remainder of the course.
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Granting of Credit. 2.1 All sales will be on a strictly cash basis with payment secured in advance, unless the Supplier in its sole discretion agrees in writing to extend the Customer credit terms. 2.2 Subject to the written approval of a director of the Supplier, the Customer shall be entitled to place orders for Goods and Services up to the maximum amount stipulated on the application form (“the credit limit”), provided the relevant security remains valid and executable. 2.3 The credit limit may, on the request of the Customer, be increased by the Supplier in its sole discretion. The credit limit and/or the provision of credit may be varied or terminated at any time by the Supplier in its sole and absolute discretion and without notice, for any reason including breach of any of the provisions of this agreement by the Customer. 2.4 The Customer must periodically provide Supplier with such financial information or security required by the Supplier to support any request for credit or increase in the credit limit. If the financial capacity of the Customer becomes impaired or unsatisfactory to the Supplier, advance cash payment or security satisfactory to the Supplier shall be given by the Customer on demand by the Supplier and provision of the Goods and Services may be withheld until such payment or security is received. 2.5 Should the provision of credit be terminated by the Supplier for any reason, then all amounts outstanding in respect of Goods and Services provided, but not yet paid, will immediately become due and payable on demand.
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Granting of Credit. The Company does not advance monies to its employees, nor does it grant loans.
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Granting of Credit. 4.1 The granting of Credit to the Customer in terms hereof shall be entirely to the discretion of United Bulk. 4.2 The Customer shall be entitled to place Orders up to the Credit Limit. 4.3 Subject to clauses 4.1 and 4.2, the Credit Limit may be reduced by either United Bulk or the Customer on written notice (which shall specify the new Credit Limit and when it will take effect), signed by an authorised representative (details of the Customer's authorised representative are set out in the Credit Application), provided that where the Customer requests a decrease in the Credit Limit this will apply only if and to the extent that there is unutilised credit available to the Customer unless the Customer reduces the Outstanding Amount. 4.4 The Credit Limit may only be temporarily or permanently increased by agreement between the Customer and United Bulk. 4.5 Should the Customer exceed the Credit Limit at any time, United Bulk shall at its sole discretion and without prejudice to any of its rights or remedies in terms hereof and at law, be entitled to refuse to accept an Order Confirmation, even though any amount in respect the Services already rendered may not yet be due and payable. 4.6 The fact that the Customer receives Credit in terms of this Agreement does not mean and shall not be construed as obliging United Bulk to render Services to the Customer, it being understood that United Bulk shall always be entitled to refuse to render Services required by the Customer.
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Granting of Credit. 2.2 Subject to the written approval of a director of the Supplier, the Customer shall be entitled to place orders for Goods and Services up to the maximum amount stipulated on the application form (“the credit limit”), provided the relevant security remains valid and executable. 2.3 The credit limit may, on the request of the Customer, be increased by the Supplier in its sole discretion. The credit limit and/or the provision of credit may be varied or terminated at any time by the Supplier in its sole and absolute discretion and without notice, for any reason including breach of any of the provisions of this agreement by the Customer. 2.4 The Customer must periodically provide Supplier with such financial information or security required by the Supplier to support any request for credit or increase in the credit limit. If the financial capacity of the Customer becomes impaired or unsatisfactory to the Supplier, advance cash payment or security satisfactory to the Supplier shall be given by the Customer on demand by the Supplier and provision of the Goods and Services may be withheld until such payment or security is received. 2.5 Should the provision of credit be terminated by the Supplier for any reason, then all amounts outstanding in respect of Goods and Services provided, but not yet paid, will immediately become due and payable on demand.
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Related to Granting of Credit

  • 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, Borrower 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 Loans to Borrower pursuant to this Section 2. (b) In addition to any charges, fees or expenses charged by any bank or issuer in connection with the Letter of Credit Accommodations, Borrower shall pay to Lender a letter of credit fee at a rate equal to two percent (2%) per annum on the daily outstanding balance of the Letter of Credit Accommodations for the immediately preceding month (or part thereof), payable in arrears as of the first day of each succeeding month; provided, that, if any of the Letter of Credit Accommodations have expired with any amount remaining unpaid thereunder, such Letter of Credit Accommodation shall continue to be included in the daily outstanding balance of the Letter of Credit Accommodations for purposes of calculating such letter of credit fee until the earlier of (i) the payment under the Letter of Credit Accommodation of all amounts which were unpaid upon its expiration date or (ii) a period of thirty (30) days after the stated expiration date of such Letter of Credit Accommodation. Such letter of credit fee shall be calculated on the basis of a three hundred sixty (360) day year and actual days elapsed and the obligation of Borrower to pay such fee shall survive the termination or non-renewal of this Agreement. (c) Borrower shall give Lender two (2) Business Days’ prior written notice of Borrower’s request for the issuance of a Letter of Credit Accommodation. Such notice shall be irrevocable and shall specify the original face amount of the Letter of Credit Accommodation requested, the effective date (which date shall be a Business Day and in no event shall be a date less than ten (10) days’ prior to the end of the then current term of this Agreement) of issuance of such requested Letter of Credit Accommodation, whether such Letter of Credit Accommodations may be drawn in a single or in partial draws, the date on which such requested Letter of Credit Accommodation is to expire (which date shall be a Business Day), the purpose for which such Letter of Credit Accommodation is to be issued, and the beneficiary of the requested Letter of Credit Accommodation. Borrower shall attach to such notice the proposed terms of the Letter of Credit Accommodation. (d) In addition to being subject to the satisfaction of the applicable conditions precedent contained in Section 4 hereof and the other terms and conditions contained herein, no (i) Borrower shall have delivered to the proposed issuer of such Letter of Credit Accommodation at such times and in such manner as such proposed issuer may require, an application, in form and substance reasonably satisfactory to such proposed issuer and Lender, for the issuance of the Letter of Credit Accommodation and such other documents as may be required pursuant to the terms thereof, and the form and terms of the proposed Letter of Credit Accommodation shall be reasonably satisfactory to Lender and such proposed issuer, (ii) as of the date of issuance, no order of any court, arbitrator or other Governmental Authority shall purport by its terms to enjoin or restrain money center banks generally from issuing letters of credit of the type and in the amount of the proposed Letter of Credit Accommodation, and no law, rule or regulation applicable to money center banks generally and no request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over money center banks generally shall prohibit, or request that the proposed issuer of such Letter of Credit Accommodation refrain from, the issuance of letters of credit generally or the issuance of such Letters of Credit Accommodation; and (iii) the Excess Availability, prior to giving effect to any Availability Reserves with respect to such Letter of Credit Accommodations, on the date of the proposed issuance of any Letter of Credit Accommodations, shall be equal to or greater than: (A) if the proposed Letter of Credit Accommodation is for the purpose of purchasing Eligible Inventory consisting of leaf tobacco Inventory and the documents of title with respect thereto are consigned to the issuer, the sum of (1) the percentage equal to one hundred percent (100%) minus the then applicable percentage with respect to Eligible Inventory consisting of leaf tobacco set forth in Section 2.1(a) multiplied by the Value of such Eligible Inventory, plus (2) freight, taxes, duty and other amounts which Lender estimates must be paid in connection with such Inventory upon arrival and for delivery to one of Borrower’s locations for Eligible Inventory within the United States of America and (B) if the proposed Letter of Credit Accommodation is for any other purpose or the documents of title are not consigned to the issuer in connection with a Letter of Credit Accommodation for the purpose of purchasing Inventory, an amount equal to one hundred percent (100%) of the face amount thereof and all other commitments and obligations made or incurred by Lender with respect thereto. Effective on the issuance of each Letter of Credit Accommodation, an Availability Reserve shall be established in the applicable amount set forth in Section 2.2(d)(iii)(A) or Section 2.2(d)(iii)(B). (e) Except in Lender’s discretion, the amount of all outstanding Letter of Credit Accommodations and all other commitments and obligations made or incurred by Lender in connection therewith, shall not at any time exceed $5,000,000. At any time an Event of Default exists or has occurred and is continuing, upon Lender’s request, Borrower will either furnish cash collateral to secure the reimbursement obligations to the issuer in connection with any Letter of Credit Accommodations or furnish cash collateral to Lender for the Letter of Credit Accommodations, and in either case, the Loans otherwise available to Borrower shall not be reduced as provided in Section 2.2(d) to the extent of such cash collateral (f) Borrower shall indemnify and hold Lender harmless from and against any and all losses, claims, damages, liabilities, costs and expenses which Lender may suffer or incur in connection with any Letter of Credit Accommodations and any documents, drafts or acceptances relating thereto, including, but not limited to, any losses, claims, damages, liabilities, costs and expenses due to any action taken by any issuer or correspondent with respect to any Letter of Credit Accommodation, other than any such loss, claim, damage, liability, cost or expense resulting only from the gross negligence or willful misconduct of Lender. Borrower assumes all risks with respect to the acts or omissions of the drawer under or beneficiary of any Letter of Credit Accommodation and for such purposes the drawer or beneficiary shall be deemed Borrower’s agent Borrower assumes all risks for, and agrees to pay, all foreign, Federal, State and local taxes, duties and levies relating to any good subject to any Letter of Credit Accommodations or any documents, drafts or acceptances thereunder. Borrower hereby releases and holds Lender harmless from and against any acts, waivers, errors, delays or omissions, whether caused by Borrower, by any issuer or correspondent or otherwise with respect to or relating to any Letter of Credit Accommodation. The provisions of this Section 2.2(f) shall survive the payment of Obligations and the termination or non-renewal of this Agreement. (g) In connection with Inventory purchased pursuant to Letter of Credit Accommodations, Borrower shall, at Lender’s request, instruct all suppliers, carriers, forwarders, customs brokers, warehouses or others receiving or holding cash, checks, Inventory, documents or instruments in which Lender holds a security interest to deliver them to Lender and/or subject to Lender’s order, and if they shall come into Borrower’s possession, to deliver them, upon Lender’s request, to Lender in their original form. Borrower shall also, at Lender’s request, designate Lender as the consignee on all bills of lading and other negotiable and non-negotiable documents. (h) So long as no Event of Default exists or has occurred and is continuing, Borrower may (i) approve or resolve any questions of non-compliance of documents, (ii) give any instructions as to acceptance or rejection of any documents or goods, (iii) execute any and all applications for steamship or airway guaranties, indemnities or delivery orders, and (iv) with Lender’s consent, grant any extensions of the maturity of, time of payment for, or time of presentation of, any drafts, acceptances, or documents, and agree to any amendments, renewals, extensions, modifications, changes or cancellations of any of the terms or conditions of any of the applications, Letter of Credit Accommodations, or documents, drafts or acceptances thereunder or any letters of credit included in the Collateral. (i) Borrower hereby irrevocably authorizes and directs any issuer of a Letter of Credit Accommodation to name Borrower as the account party therein and to deliver to Lender all instruments, documents and other writings and property received by issuer pursuant to the Letter of Credit Accommodations and to accept and rely upon Lender’s instructions and agreements with respect to all matters arising in connection with the Letter of Credit Accommodations or the applications therefor. Nothing contained herein shall be deemed or construed to grant Borrower any right or authority to pledge the credit of Lender in any manner. Lender shall have no liability of any kind with respect to any Letter of Credit Accommodation provided by an issuer other than Lender unless Lender has duly executed and delivered to such issuer the application or a guarantee or indemnification in writing with respect to such Letter of Credit Accommodation. Borrower shall be bound by any reasonable interpretation made in good faith by Lender, or any other issuer or correspondent under or in connection with any Letter of Credit Accommodation or any documents, drafts or acceptances thereunder, notwithstanding that such interpretation may be inconsistent with any instructions of Borrower. (j) At any time an Event of Default exists or has occurred and is continuing, Lender shall have the right and authority to, and Borrower shall not, without the prior written consent of Lender, (i) approve or resolve any questions of non-compliance of documents, (ii) give any instructions as to acceptance or rejection of any documents or goods, (iii) execute any and all applications for steamship or airway guaranties, indemnities or delivery orders, (iv) grant any extensions of the maturity of, time of payments for, or time of presentation of, any drafts, acceptances, or documents, and (v) agree to any amendments, renewals, extensions, modifications, changes or cancellations of any of the terms or conditions of any of the applications, Letter of Credit Accommodations, or documents, drafts or acceptances thereunder or any letters of credit included in the Collateral. Lender may take such actions either in its own name or in Borrower’s name. (k) Any rights, remedies, duties or obligations granted or undertaken by Borrower to any issuer or correspondent in any application for any Letter of Credit Accommodation, or any other agreement in favor of any issuer or correspondent relating to any Letter of Credit Accommodation, shall be deemed to have been granted or undertaken by Borrower to Lender. Any duties or obligations undertaken by Lender to any issuer or correspondent in any application for any Letter of Credit Accommodation, or any other agreement by Lender in favor of any issuer or correspondent to the extent relating to any Letter of Credit Accommodation, shall be deemed to have been undertaken by Borrower to Lender and to apply in all respects to Borrower.

  • 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.

  • Revolving Line of Credit (a) The Bank hereby establishes in favor of the Borrower a revolving line of credit (the “Line of Credit”). The Borrower shall be entitled to borrow, repay and reborrow funds under the Line of Credit in accordance with the terms hereof so long as the total principal amount owed to the Bank under the Line of Credit does not exceed $25,000,000.00 (or such lesser amount as is set forth herein) during the Revolving Period. The Bank’s obligation to make advances hereunder shall terminate at the expiration of the Revolving Period. (b) The Borrower’s indebtedness under the Line of Credit shall be evidenced by a promissory note (as amended, extended or renewed from time to time, the “Line of Credit Note”) of even date herewith executed by the Borrower in favor of the Bank in the original principal amount of $25,000,000.00. The Line of Credit Note shall bear interest at the rate set forth therein and shall be payable as set forth therein. (c) The Bank shall make each advance under the Line of Credit upon written or telephonic notice from the Borrower to the Bank requesting an advance. The notice shall specify the date for which the advance is requested (which must be a Business Day) and the amount of the advance. The Bank must receive the notice prior to 12:00 noon (Eastern time) on the Business Day of the advance. Alternatively, the Borrower may request advances by drawing checks on a deposit account that is linked to the credit facility hereunder in accordance with disbursement arrangements that are mutually satisfactory to the parties. The Bank will make each requested advance available to the Borrower not later than the close of business on the Business Day of the request by crediting the Borrower’s account maintained with the Bank in the amount of the advance if as of such time: (i) the Bank’s obligation to make advances hereunder has not terminated or expired; (ii) a Default or Event of Default has not occurred; and (iii) all conditions to the advance set forth herein or in any other Loan Documents have been satisfied. The Bank may rely upon any written or telephonic notice given by any person that the Bank in good faith believes is an authorized representative of the Borrower without the necessity of any independent investigation. If any telephonic notice conflicts with a written confirmation, the telephonic notice shall govern if the Bank has acted in reliance thereon. (d) For purposes hereof, the term “Revolving Period” shall mean a period commencing on the date hereof and terminating on March 18, 2007.

  • No Extension of Credit The Company has not, directly or indirectly, including through a Subsidiary, extended credit, arranged to extend credit, or renewed any extension of credit, in the form of a personal loan, to or for any director or executive officer of the Company.

  • 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.