Description of Credit Clause Samples

The 'Description of Credit' clause defines the specific terms and characteristics of the credit being extended under the agreement. It typically outlines the type of credit facility (such as a loan, line of credit, or letter of credit), the maximum amount available, the currency, and any relevant conditions or limitations. For example, it may specify whether the credit is revolving or term-based, and detail the purposes for which the credit can be used. This clause ensures that both parties have a clear understanding of the nature and scope of the credit arrangement, thereby reducing the risk of misunderstandings or disputes regarding the financial obligations involved.
Description of Credit. 20 2.1 Loans.....................................................20 2.2 The Notes.................................................21 2.3 Notice and Manner of Borrowing or Conversion of Loans....................................22 2.4
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Description of Credit. 10 2.1 The Revolving Loans...........................................................................10 2.2 Fees..........................................................................................11 2.3 Reduction of Revolving Commitment Amount/Biosphere Sublimit...................................12
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Description of Credit. 11 Section 2.1 The Revolving Loans 11 Section 2.2 The Acquisition Facility Loans 12 Section 2.3 The Term Loan 13 Section 2.4 Funding of Loans; Loan Account 13 Section 2.5 The Notes 14 Section 2.6 Reduction of Commitment Amounts 14 Section 2.7 Interest 14 Section 2.8 Fees 15 Section 2.9 Repayment of the Loans 16 Section 2.10 Prepayment of the Loans 16 Section 2.11 Manner and Time of Payments 19 Section 2.12 Overdue Payments 19 Section 2.13 Use of Proceeds 19 Section 2.14 Conditions for Basing Interest on the LIBOR Rate 20 Section 2.15 Break Funding Payments 20 Section 2.16 Change in Applicable Laws, Regulations, etc. 21 Section 2.17 Taxes 21 Section 2.18 Capital Requirements 22 ARTICLE 3 CONDITIONS OF LOANS 22 Section 3.1 Conditions Precedent to Initial Loans 23 Section 3.2 Conditions Precedent to all Loans 24 ARTICLE 4
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Description of Credit. 10 2.1 The Revolving Loans.............................................10 2.2 Fees............................................................11
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Description of Credit. 18 2.1 Revolving Credit Loans..........................................18 2.2
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Description of Credit. The Loan. Subject to the terms and conditions hereof, the Lender will make a loan to Borrower in the amount and on the terms set forth in the Note (the "Loan").
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Description of Credit. 11. 2.1 Commitment to Lend............................................................................
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Description of Credit. 4 2.1. The Loans ............................................... 4 2.2. Fees .................................................... 5 2.3. The Note ................................................ 5 2.4
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Description of Credit 
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Related to Description of Credit

  • Transcription of Credit For dual credit courses, high school as well as college credit should be transcripted immediately upon a student's completion of the performance required in the course. [TAC 19, Part 1, Chapter 4, Subchapter D, §4.85 (h)]

  • 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.

  • 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.

  • Application of credit balances Each Creditor Party may without prior notice: (a) apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of the Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum then due from the Borrower to that Creditor Party under any of the Finance Documents; and (b) for that purpose: (i) break, or alter the maturity of, all or any part of a deposit of the Borrower; (ii) convert or translate all or any part of a deposit or other credit balance into Dollars; (iii) enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party concerned considers appropriate.

  • Incorporation of Credit Agreement The provisions contained in Sections 11.9 and 11.13 of the Credit Agreement are incorporated herein by reference to the same extent as if reproduced herein in their entirety, except with reference to this Amendment rather than the Credit Agreement.