The Credit definition

The Credit agreement is amended as follows:
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The Credit shall bear interest as set forth in the Addendum to Revolving Credit & Loan Agreement dated as of December 1, 1998, which is incorporated in this Agreement by reference (the "Rate"); provided, however, the Credit shall bear interest from and after an occurrence of a Event of Default and without constituting a waiver of any such Event of Default on the Daily Balance Owing at a rate three (3) percentage points above the Rate otherwise in effect. All interest chargeable under this Agreement that is based upon a per annum calculation shall be computed on a basis of 360 day year for the actual number of days elapsed. With respect to any portion of the Credit which bears interest at the Base Rate Option (as defined in the Addendum), in the event the Base Rate is from time to time changed, adjustments in the Base Rate Option shall be made based on the Base Rate in effect on the date of such change. The Base Rate Option, as so adjusted, shall apply to the Credit until the Base Rate is adjusted again. The minimum interest payable by the Borrower under this Agreement shall in no event be less than $500 per month. All interest payable by Borrower under the Credit shall be due and payable on the first day of each calendar month during the term of this Agreement and Bank may, at its option, elect to treat such interest and any and all Bank Expenses as advances of the Credit, which amount shall thereupon constitute Obligations and shall thereafter accrue interest at the Rate applicable to the Credit under the terms of this Agreement."
Sample 1
The Credit. Agreement is amended as follows: 1.1 Section 4.13 of the Credit Agreement is hereby deleted in its entirety and the following inserted in its place:
Sample 1

Examples of The Credit in a sentence

  • The Credit (or a portion thereof as earned) under this Agreement may be assigned to an “Affiliated Corporation” in accordance with RTC section 23663.

  • The Credit awarded in section 2 of this Agreement will be allocated to Taxpayer by taxable year as set forth in Exhibit A, provided that Taxpayer achieves the Milestones associated with the applicable taxable year, which includes all investments agreed to in the prior years, as set forth in Exhibit A.

  • The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business.

  • The Credit Union may set other limits on the amount of any transaction, and you will be notified of those limits.

  • The Credit Union may refuse to honor any transaction for which you do not have sufficient available verified funds.

  • The Credit Union reserves the right to refuse any transaction which would draw upon insufficient funds, exceed a credit limit, lower an account below a required balance, or otherwise require us to increase our required reserve on the account.

  • The Credit Enhancement stipulated represents a limited loss cover to the Investors.

  • The Credit Union can delay enforcing any of its rights any number of times without losing them.

  • The Credit Agreement prohibits a withdrawal from the Credit account for the purpose of any payment to persons or entities, or for any import of goods, if such payment or import, to the knowledge of the Bank, is prohibited by a decision of the United Nations Security Council taken under Chapter VII of the Charter of the United Nations.

  • The Credit Union also has the right to demand immediate payment of any amount by which you are over your credit limit.


More Definitions of The Credit

The Credit the loans provided to the Borrower from time to time in accordance with this Agreement by one of the Lenders.
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Related to The Credit

  • Credit means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment.

  • Credit Risk Management Agreement The respective agreements between the Credit Risk Manager and the Servicer and/or Master Servicer regarding the loss mitigation and advisory services to be provided by the Credit Risk Manager.

  • Credit Risk Management Fee The amount payable to the Credit Risk Manager on each Distribution Date as compensation for all services rendered by it in the exercise and performance of any and all powers and duties of the Credit Risk Manager under the Credit Risk Management Agreements, which amount shall equal one twelfth of the product of (i) the Credit Risk Management Fee Rate multiplied by (ii) the Stated Principal Balance of the Mortgage Loans and any related REO Properties as of the first day of the related Due Period.

  • Credit Risk Manager’s Fee With respect to any Distribution Date and each Mortgage Loan, an amount equal to the product of (a) one twelfth, (b) the Credit Risk Manager’s Fee Rate and (c) the Scheduled Principal Balance of such Mortgage Loan as of the first day of the related Collection Period. Credit Risk Manager’s Fee Rate: 0.015% per annum.

  • ABL Credit Agreement as defined in the recitals hereto.

  • Consumer credit means credit offered or extended to a consumer primarily for personal, family, or household purposes.

  • Credit Risk Manager The Murrayhill Company, a Colorado corporation.

  • Prior Credit Agreement has the meaning specified in the Recitals hereto.

  • Senior Credit Agreement means that Credit Agreement dated as of December 1, 2006 (as amended, supplemented or otherwise modified from time to time), among the Issuer, Holdings, IV, Holdings V, Holdings III, each lender from time to time party thereto and the Administrative Agent.

  • the 2003 Act means the Health and Social Care (Community Health and Standards) Act 2003.

  • Credit and Collection Policy means Seller’s credit and collection policies and practices relating to Contracts and Receivables existing on the date hereof and summarized in Exhibit VIII hereto, as modified from time to time in accordance with this Agreement.

  • DIP Credit Agreement means that certain senior secured superpriority debtor-in-possession credit agreement, dated September 25, 2020, as amended, supplemented, amended and restated, supplemented or modified from time to time, by and among the Debtors, the DIP Agent, and the DIP Lenders, as approved by the DIP Order.

  • Bank Credit Agreement means the Credit Agreement dated as of May 9, 2005 by and among the Company, certain Subsidiaries of the Company named therein, the Administrative Agent, and the Bank Lenders and other financial institutions party thereto, as amended, restated, joined, supplemented or otherwise modified from time to time, and any renewals, extensions or replacements thereof, which constitute the primary bank credit facility of the Company and its Subsidiaries.

  • Letter of Credit Accommodations means the letters of credit, merchandise purchase or other guaranties which are from time to time either (a) issued or opened by Lender for the account of Borrower or any Obligor or (b) with respect to which Lender has agreed to indemnify the issuer or guaranteed to the issuer the performance by Borrower of its obligations to such issuer.

  • Letter-of-Credit Rights means "letter-of-credit rights" as such term is defined in the UCC, now owned or hereafter acquired by any Person, including rights to payment or performance under a letter of credit, whether or not such Person, as beneficiary, has demanded or is entitled to demand payment or performance.

  • Credit and Collection Policies or “Credit and Collection Policy” means the policies, practices and procedures adopted by the Issuer on the Closing Date, including the policies and procedures for determining the creditworthiness of Obligors and the extension of credit to Obligors, or relating to the maintenance of those types of receivables and the related equipment and collections on those types of receivables and the related equipment.

  • Cash Management System shall have the meaning assigned to such term in Section 9.01(e).

  • Card Account means the account maintained with the Bank in respect of the Card;

  • Credit Risk Manager Fee The fee payable to the Credit Risk Manager on each Distribution Date for its services as Credit Risk Manager, in an amount equal to one-twelfth of the Credit Risk Manager Fee Rate multiplied by the Stated Principal Balance of the Mortgage Loans immediately prior to such Distribution Date. Credit Risk Manager Fee Rate: 0.0165% per annum.