Credit Ceiling definition
Examples of Credit Ceiling in a sentence
No reduction or termination of the Revolving Credit Commitments or the Revolving Credit Ceiling may be reinstated.
Principal payments under the Credit Facilities shall become due immediately and without notice at such time that the outstanding principal balance of the Credit Facilities may exceed the Credit Ceiling, in an amount sufficient to reduce the outstanding principal balance to an amount no greater than the Credit Ceiling.
DHCD, as successor to the former Executive Office of Communities and Development (“EOCD”), is authorized by Executive Order 291 signed by the Governor of the Commonwealth of Massachusetts to administer the State Housing Credit Ceiling as defined in Section 42 of the United States Internal Revenue Code of 1986 as amended, (the “Code”) in connection with the allocation and administration of low-income housing tax credits (the “Low-Income Housing Tax Credit”).
Further, the Borrower shall have delivered to the Agent such additional documents which the Agent may reasonably request, including, without limitation, an amended and restated Revolving Credit Note to reflect the increase in the Revolving Credit Ceiling, the Amendment Fee Letter, and a ratification by each guarantor of their respective guaranties.
Unless otherwise notified by SunPower in writing, each invoiced Delivery pursuant to Section 6.1 above shall be paid by debiting the amount of such invoice from the amount of the Advance Payment until such time as the aggregate amount of the Advance Payment has been expended, subject to the Annual Credit Ceiling.
Pursuant to Executive Order 291, DHCD, as successor to the former Executive Office of Communities and Development (“EOCD”), is designated the State Housing Credit Agency authorized to administer the State Housing Credit Ceiling and carry out all of the provisions of Section 42 of the United States Internal Revenue Code of 1986, as amended (the “Code”) relative to the federal Low-Income Housing Tax Credit (the “Federal Tax Credit”) on behalf of The Commonwealth of Massachusetts.
In addition to the foregoing, the Letter of Credit Issuing Bank will not be required to issue a Trade Letter of Credit at any time if the sum of the aggregate outstanding Trade Letter of Credit Obligations plus the face amount of the requested Trade Letter of Credit is in excess of the Trade Letter of Credit Ceiling applicable at such time, to be determined pursuant to the table set forth on Schedule 3.01.
So long as an Event of Default shall not have occurred and be continuing or would result therefrom, and subject to all terms and conditions set forth in the Loan Agreement, the Borrower may request, by prior written notice to the Agent, that the Maximum Revolving Credit Ceiling be increased up to $300,000,000.
The Lead Borrower may reduce, or terminate, the Revolving Credit Commitments and the Revolving Credit Ceiling, in whole or in part from time to time, by furnishing three (3) Business Days' written notice to the Administrative Agent, whereupon the Revolving Credit Commitments of the Revolving Credit Lenders shall be reduced pro rata in accordance with their respective Revolving Credit Commitment Percentages.
The principal indebtedness of Borrower to Lenders under the Working Capital Loan shall not exceed the lesser of (i) Five Million Five Hundred Thousand and No/100 Dollars ($5,500,000.00), or (ii) the Credit Ceiling in effect from time to time.