Initial Credit Clause Samples

Initial Credit. Employees engaged on an ongoing basis or for a specified or anticipated term in excess of 12 months receive an initial credit of three weeks of Personal/▇▇▇▇▇’s leave, where a week is based on the approved weekly hours for the employee. To this credit is added the accrual referred to at paragraph F8.

Initial Credit. The obligation of Lender to extend any credit contemplated by this Agreement is subject to the fulfillment to Lender's satisfaction of all of the following conditions on or prior to July 31, 1995:

Initial Credit. Customer must have and maintain credit satisfactory to NetWolves to receive and continue to receive Services. Customer agrees that NetWolves may request credit information from third parties and hereby authorizes the release of such information. Customer further authorizes NetWolves to investigate ▇▇▇▇▇▇▇▇’s credit history at any time and to share credit information about Customer with credit reporting agencies. NetWolves will review the Customer’s credit and NetWolves may assign a security amount and will notify the Customer of the amount by letter, fax or e-mail. Upon notification of the security amount the Customer shall provide NetWolves with security amount in the form of (a) a cash deposit, (b) an irrevocable, stand-by letter of credit from a financial institution and in a format acceptable to NetWolves, (c) a guarantee by one or more owners or affiliates of Customer or third parties, or (d) some other form of security acceptable to NetWolves in its sole discretion. NetWolves is not obligated to provide or continue to provide any Services, until NetWolves receives the required security.

Initial Credit. The obligation of Lender to extend any credit contemplated by this Agreement is subject to the fulfillment to Lender's satisfaction of all of the following conditions:

Initial Credit. The obligation of Lender to extend any credit under this Agreement, including the making of the initial Revolving Loan Advance and any future Loans, is subject to the fulfillment to Lender's satisfaction of all of the following conditions: (a) All legal matters incidental to the extension of credit by Lender shall satisfactory to counsel of Lender. (b) Lender shall have received, in form and substance satisfactory to Lender, each of the following, duly executed: (i) This Agreement; (ii) The Trademark Agreement; (iii) Borrower's borrowing resolutions, together with a secretary's certificate; (iv) UCC-1 Financing Statement(s); (v) An opinion of Borrower's counsel; (vi) Each Deposit Account Control Agreement for Borrower; (vii) The Lockbox Agreement with each of (i) SouthTrust and (ii) Regions Bank; (viii) A Processor Agreement with Stueben Foods; (ix) Each other Security Document; (x) A Landlord Waiver and Consent from each of Borrower's landlords; (xi) All releases, terminations, agreements and other documents as Lender may request to effect and evidence termination of the existing financing arrangements of Borrower and the interests of any other lender or lenders pursuant to any such financing arrangements in any assets and properties of Borrower; (xii) A Borrowing Base Certificate dated as of the Agreement Date; (xiii) The payoff letter from each existing lender to be paid from the initial Loan; (xiv) A current list of Interested Parties; and (xv) Such other documents as Lender may require under this Agreement. (c) Lender shall have received evidence of insurance and loss payee endorsements and/or certificates of insurance naming Lender as loss payee, as required under this Agreement, in form and substance satisfactory to Lender, at Borrower's cost and expense; (d) Lender shall have completed a field review of the records and other information with respect to the Collateral as Lender may require, the results of which (including evidence of segregation and identification of Collateral) shall be satisfactory to Lender in its discretion; (e) Lender shall have received and reviewed UCC search results for all jurisdictions in which assets of Borrower are located in the United States, in form and substance satisfactory to Lender; (f) Lender shall have received evidence, in form and substance satisfactory to Lender, that Lender has a valid perfected first security interest in all of the Collateral except as otherwise permitted under this Agreement; (g) The exces...

Initial Credit. Nothing contained herein shall limit or deny the authority of the Superintendent, with the consent of the Board, to place a new teacher entering first service as a permanent teacher with the Board, at an experience level of the salary schedule which is mutually agreeable between the teacher and the Board. In no event shall this agreement place a new teacher at a point on the salary schedule where the salary is less than that provided for by the step representing the half-way point between Step One and the step the teacher would attain if given full credit for all education and experience. However, no new employee will be placed on a step or column greater than that of a current employee with the same or similar education and experience. Prior to the agreement between the teacher and the Board, the candidate shall be given a copy of the negotiated agreement, including the appropriate salary for the teacher's education and experience. Any decision to credit a newly hired teacher with less than his or her full credit for experience to determine placement on the salary schedule shall be communicated in writing to the Association President within fourteen (14) calendar days.

Initial Credit. 1. Full-time Management Employees. Eligible employees in full-time positions shall be advanced an initial credit of forty (40) hours of administrative leave at the time of appointment to a management position. 2. Part-time Management Employees. Eligible employees in part-time positions shall be advanced an initial credit of administrative leave equal to the number of authorized weekly hours of their position at the time of appointment to management position.

Initial Credit. The obligation of Lender to extend any credit under this Agreement is subject to the fulfillment to Lender's satisfaction of all of the following conditions: (a) All legal matters incidental to the extension of credit by Lender shall be satisfactory to counsel of Lender. (b) Lender shall have received, in form and substance satisfactory to Lender, each of the following, duly executed: i. This Agreement; ii. The Trademark Agreement; iii. Borrower's borrowing resolutions, together with a secretary's certificate; iv. UCC-1

Initial Credit. As partial consideration for the assets obtained by Pharmexa from IDM in connection with the Asset Purchase Agreement, Pharmexa hereby grants to IDM a credit of USD$900,000 toward the receipt of Services during the [. . . *** . . .] of this Agreement. As a result, the Services provided by Pharmexa to IDM during such period shall be evidenced by invoices to IDM which are marked as “paid” until such USD$900,000 credit has been applied to amounts IDM would otherwise owe to Pharmexa therefor.