Credit Facility Letters Sample Clauses
A Credit Facility Letters clause defines the terms and conditions under which a lender provides a borrower with a letter confirming the availability of a credit facility. This clause typically outlines the process for issuing such letters, the circumstances in which they may be requested, and any limitations or requirements for their use, such as the need for board approval or compliance with specific covenants. Its core practical function is to provide formal documentation of available credit, which can be used by the borrower to demonstrate financial backing to third parties, thereby facilitating business transactions or satisfying contractual obligations.
Credit Facility Letters. As of March 31 of each calendar year commencing on March 31, 1996, each Bank which is a party hereto shall, at the request of Pioneer, deliver to Pioneer a Credit Facility Letter therein indicating the maximum amount of each type of credit referred to therein which each Bank may be willing to extend to Pioneer during the next twelve (12) calendar months. Delivery of a Credit Facility Letter to Pioneer by any Bank shall not obligate or commit such Bank in any way to extend any credit referred to therein to Pioneer.
Credit Facility Letters. As of March 31, of each calendar year commencing on March 31, 2010, each Voting Bank which is a party hereto shall, at the written request of the Borrowers, deliver to the Borrowers a Credit Facility Letter therein indicating the maximum amount of each type of credit referred to therein which each Voting Bank may, without commitment, be willing to extend to the Borrowers during the next twelve (12) calendar months. Delivery of a Credit Facility Letter to the Borrowers by any Voting Bank shall not obligate or commit such Bank in any way to extend any credit referred to therein to the Borrowers. Non-Voting Banks shall not be required to deliver Credit Facility Letters. The Borrowers will provide copies of all current Credit Facility Letters of each Bank to the Agent for the benefit of the Banks. For each NV Note to be issued by a Non-Voting Bank, the Non-Voting Bank shall submit a statement of the amount of credit which such Non-Voting Bank will extend to the Borrowers to the Agent and each Bank prior to issuing such NV Note.
Section 2.5. Section 2.5 shall be renumbered 2.6 and a new Section 2.5 shall be inserted and shall read as follows:
Credit Facility Letters. As of March 31 of each calendar year commencing on March 31, 2008, each Bank which is a party hereto shall, at the request of the Borrowers, deliver to the Borrowers a Credit Facility Letter therein indicating the maximum amount of each type of credit referred to therein which each Bank may be willing to extend to the Borrowers during the next twelve (12) calendar months. Delivery of a Credit Facility Letter to the Borrowers by any Bank shall not obligate or commit such Bank in any way to extend any credit referred to therein to the Borrowers.
Credit Facility Letters. As of March 31 of each calendar year commencing on March 31, 2010, each Bank which is a party hereto shall, at the written request of the Borrowers, deliver to the Borrowers a Credit Facility Letter therein indicating the maximum amount of each type of credit referred to therein which each Bank may, without commitment, be willing to extend to the Borrowers during the next twelve (12) calendar months. Delivery of a Credit Facility Letter to the Borrowers by any Bank shall not obligate or commit such Bank in any way to extend any credit referred to therein to the Borrowers. The Borrowers will provide copies of all current Credit Facility Letters of each Bank to the Agent for the benefit of the Banks.