Initial Credit Date Clause Samples
The Initial Credit Date clause defines the specific date on which a credit, such as a payment, loan advance, or other financial benefit, is first made available to a party under an agreement. In practice, this clause sets a clear starting point for when funds are disbursed or credited, which may trigger other obligations or timelines within the contract, such as repayment schedules or interest accrual. By establishing a definite date for the initial credit, this clause ensures clarity for both parties and helps prevent disputes regarding when financial responsibilities or benefits commence.
Initial Credit Date. The obligation of each Lender to enter into this Agreement and make a Credit Extension on the Initial Credit Date is subject to the satisfaction, or waiver in accordance with Section 11.5, of the following conditions on or before the Initial Credit Date: