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." c. The first sentence of Section 3.1 of the Agreement is amended to read as follows: "This Agreement shall remain in full force and effect until May 1, 2000, unless earlier terminated by notice by Borrower." d. Section 6.8 (a) of the Agreement is amended to read as follows: (a) [Reserved];"
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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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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 can delay enforcing any of its rights any number of times without losing them.

  • The Credit Union reserves the right to change the terms and conditions upon which this service is offered.

  • The Credit Union is only required to attempt to communicate with you at the most recent address you have provided to us.

  • The Credit Union reserves the right to send any item for collection.

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

  • The Credit Union may disregard information on any check other than the signature of the drawer and amount of the item and any magnetic encoded information.

  • The Credit Union reserves the right to waive any term in this Agreement.