Credit Utilization Sample Clauses
The Credit Utilization clause defines how much of a credit line or facility a borrower is permitted to use at any given time. It typically sets a maximum percentage or amount of the total available credit that can be drawn, and may outline procedures for monitoring and reporting usage. This clause helps lenders manage risk by preventing borrowers from overextending themselves and ensures that credit is used responsibly within agreed limits.
Credit Utilization. The utilization, directly or indirectly, of ------------------ NEMLICO's or the Subsidiaries' credit, including, without limitation, recourse borrowings, guaranties, keep-well agreements, solvency agreements, stand-by commitments or agreements, master leases, completion guaranties and letters of credit reimbursement agreements; and (b)
Credit Utilization. At any time prior to the occurrence of both the Quaker State Credit Facility Termination and the merger of Quaker State Corporation and a Wholly Owned Subsidiary of the Borrower, the "aggregate utilization" under this Agreement and the Prior Credit Facility or the PennzEnergy Credit Facility, as applicable, does not exceed $1,000,000,000. For purposes of this Section 3.12, "aggregate utilization" means the amount equal at any time to the sum of (a) with respect to this Agreement, the aggregate amount at such time of commercial paper supported by the availability of Loan proceeds under this Agreement, the Committed Credit Exposure and the outstanding principal amount of all Competitive Loans, plus (b)(i) if prior to the occurrence of both the PennzEnergy Effective Date and the Prior Credit Facility Termination, the aggregate amount at such time of commercial paper supported by the availability of loan proceeds under the Prior Credit Facility, plus the principal amount of loans outstanding under the Prior Credit Facility, plus the face amount of letters of credit issued under the Prior Credit Facility or (ii) if after the occurrence of both the PennzEnergy Effective Date and the Prior Credit Facility Termination, the aggregate amount at such time of commercial paper supported by the availability of loan proceeds under the PennzEnergy Credit Facility, plus the principal amount of loans outstanding under the PennzEnergy Credit Facility, plus the face amount of letters of credit issued under the PennzEnergy Credit Facility.
Credit Utilization. The definition of "Credit Utilization" is added to read as follows:
Credit Utilization. 2.1. The loan can be used into a 9 month interval from the signature date of this agreement.
2.2. The loan granted equal to $4,116,680 will be used trough an irrevocable letter of credit, after the signature date of the Credit Agreement between BANCOREX and the refinancing American Bank.
2.3. The use of this credit as part of Credit Agreement will be made based on refinancing Bank communications.
2.4. The Client agrees that the installments to be made without checking the Bank documents, respectively only on Client's risk.
2.5. The Client agrees to all stipulated conditions in this Credit Agreement.