Agreement
PLEASE READ AND SIGN:
By signing below, you are asking, on behalf of the company identified above (the “Company”), American Savings Bank (the
“Bank”) to open a PowerLine revolving line of credit and/or a ProTecLine overdraft line of credit, and/or make a PowerLine term loan to the Company. By signing
below, you certify that you are authorized to sign this application in the capacity designated below on behalf of the Company pursuant to the authorization submit-
ted to the Bank with this application, and that all of the above information and any information submitted with this application, including but not limited to any
addendum, financial statements or supplemental documents is true and correct. You also authorize American Savings Bank to verify the information you have
provided to the Bank above and in connection with this application and to receive and exchange credit information about the Company and any principal owner(s)
of the Company, both now and in the future. You understand and agree that, if the Company requests a PowerLine revolving line of credit or a PowerLine term
loan in an amount greater than $100,000, the Company authorizes the Bank to consider this as an application for a commercial revolving line of credit or a
commercial term loan respectively. By signing below, you are agreeing that, if this application is approved, the Company shall be subject to all of the terms and
conditions of the PowerLine/ProTecLine/Term Loan Agreement (individually and collectively, the “Agreement”), and that the Company will be liable for all fees and
charges charged pursuant to the Agreement. You understand and agree that if the Bank approves Company's loan, Company authorizes Bank to disburse the
loan proceeds to an account at the Bank. You agree that required monthly payments under PowerLine revolving line of credit and/or ProTecLine overdraft line of
credit and/or a PowerLine term loan will be automatically deducted from the American Savings Bank business checking account listed on the front of this applica-
tion, and you agree to maintain the business checking account until all of the credit we have extended to you pursuant to this application is paid in full. In addition,
if an Event of Default occurs under the Business PowerLine/ProTecLine/Term Loan Agreement, the Bank may apply the funds held in the business checking
account to the outstanding principal balance of the credit facility. By signing below, the Company is hereby granting the Bank a Uniform Commercial Code
security interest in the American Savings Bank business checking account identified on the front of this application and any other deposit accounts
the Company maintains with the Bank to secure any current or future indebtedness the Company has with the Bank and authorize the Bank to file
one or more UCC-1 Financing Statements to perfect the Bank’s security interest in any other collateral securing the Company’s obligations under the
Agreement.
CONSENT TO ELECTRONIC DELIVERY OF DISCLOSURES AND NOTICES; ELECTRONIC SIGNATURES:
T
his loan is not for personal,
family, or household purposes; it is not a consumer transaction. By signing below, you consent to the electronic delivery of disclosures, notices, terms and
conditions, other account specific documents, and future changes to such disclosures and documents. You also agree that American Savings Bank does not
need to provide you with additional paper (non-electronic) copies of disclosures, notices, terms and conditions, other account specific documents, and future
changes to such disclosures and documents. Nevertheless, your consent does not prohibit American Savings Bank from providing disclosures and notices in
paper form. Also by signing below, you agree that the provisions of the Electronic Signatures in Global and National Commerce Act, 15 USC Ch. 96, and the
Uniform Electronic Transactions Act, Haw. Rev. Stat. Ch. 489E, apply to this transaction.
LLC Authorization
The undersigned Member Managers of the Company identified above, hereby certify as follows: (1) The Company is a limited liability company duly organized
under the laws of the State of its organization ; (2) The undersigned Members have the full authority to execute this Authorization; (3) The Member Managers are
authorized to submit this application and establish the credit facilities requested in this application; and (4) The signatures and titles of the signors of this applica-
tion are the genuine signatures and titles of the persons indicated.
Partnership Authorization
The undersigned general partners of the Company identified above (the “Partners”) hereby certify to the Bank as follows: (1) The partnership is duly organized
under the laws of the State of its organization ; (2) The Partners are all of the general partnership of the Company; (3) The Partners have the full power and
authority to execute this authorization and this application on behalf of the Company; (4) The Partners hereby ratify all actions previously taken and to be taken
in connection with this application and the credit extensions requested in the application; and (5) the Partners are jointly and severally liable for any indebtedness
incurred by the Company in connection with this application.
CreditLine/ProTecLine Annual Renewals
If the Credit Facility is a CreditLine and/or ProTecLine, the Bank may, in its sole and absolute discretion, renew the Credit Facility for an additional year under
terms and conditions satisfactory to the Bank, based upon a review of the Borrower’s performance under this Agreement and other underwriting criteria used by
the Bank from time to time. If the Bank renews the Credit Facility and extends the Termination Date, any new terms and conditions applicable to the renewal of
the Credit Facility and the new Termination Date will be communicated to the Borrower. If the Bank does not renew the Credit Facility, the Borrower must
immediately pay the entire principal balance of the CreditLine and/or ProTecLine and any accrued but unpaid interest, fees and charges in full. If the Bank does
not renew the Credit Facility, the Bank, in its sole and absolute discretion, may offer to convert the entire outstanding principal balance of the CreditLine and/or
ProTecLine and any accrued but unpaid interest, fees and charges to a Term Loan on the terms contained in the Commitment. If the Bank offers to convert the
Credit Facility to a Term Loan, the Borrower shall pay any applicable conversion fee then in effect, make payments on the Term Loan
*
and pay interest on the
principal balance of the Term Loan at the interest rate then in effect for Term Loans made to similar borrowers for the same or similar loan terms or any lesser
rate the Bank determines in its sole discretion. If the Bank offers to convert the Credit Facility to a Term Loan, the Bank will provide the Borrower with the
Commitment prior to the Termination Date, which shall include the interest rate applicable to the Term Loan, the maturity date for the Term Loan, the required
minimum monthly payment, the amount of the conversion fee, and any other terms the Bank applies to the Term Loan in its sole discretion. By making the new
required minimum monthly payments, the Borrower will be agreeing to the new terms and conditions of the Term Loan. Although the Bank may offer to convert
the Credit Facility to a Term Loan, the Borrower acknowledges and agrees that the Bank is not obligated in any way to do so. If the Borrower does not accept the
terms applicable to the Term Loan by making payments on the Term Loan, the Borrower must immediately pay the entire principal balance of the Credit Facility,
plus any accrued but unpaid interest, fees and charges.
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19B055.2 (4/19) © 2019 American Savings Bank, F.S.B.
Mahalo for letting us help your business. We will be happy to assist you in completing this application.
Savings Bank
Business Loan and Line Application – General
* The outstanding principal balance under the Credit Facility shall bear interest at a fixed interest rate per annum as indicated in the Commitment.
Interest shall be calculated on the basis of the actual number of days the unpaid principal balance is outstanding divided by a 365 or 366 day year
as appropriate.