Primary Credit Facility Clause Samples
The Primary Credit Facility clause defines the main line of credit or loan arrangement provided by a lender to a borrower under an agreement. This clause typically outlines the maximum borrowing amount, the terms of repayment, interest rates, and any conditions precedent to accessing the funds. By clearly specifying the key terms and operational details of the primary credit arrangement, this clause ensures both parties understand their rights and obligations, thereby reducing the risk of disputes and facilitating smooth financial transactions.
Primary Credit Facility. The Pool Property has been, or will concurrently be, released as a “Pool Property” pursuant to the Primary Credit Facility. Any failure of any removal and release requested by the Company to meet all of the Release Conditions shall be deemed a rejection of the proposed Release Request and, subject to the other terms and conditions hereof as to whether any Real Property is a Pool Property, such Pool Property shall remain a Pool Property hereunder; provided that no Default or Event of Default has occurred and is continuing, upon the release of a Pool Property as set forth above, the Collateral Agent will release from the liens and security interests of the Note Documents the Pledged Membership Interest of the owner of such Pool Property pledged hereunder.
Primary Credit Facility. The words "Primary Credit Facility" mean the credit facility described in the Line of Credit section of this Agreement.
Primary Credit Facility. The Borrower will at all times use this Agreement as the Borrower's primary revolving credit agreement and will not at any time during the term of this Agreement permit that ratio of (a) the sum of the outstanding principal balance of the Loans PLUS the Maximum Drawing Amount to (b) the Total Commitment (the "OUTSTANDING RATIO") to be less than the corresponding ratio under any other revolving credit agreement maintained by the Borrower or any Guarantor, including MCRC, except that the corresponding ratio under the $100,000,000 credit facility with PSC (as amended, modified, restated or refinanced so long as the amount of such facility does not exceed $100,000,000) may exceed the Outstanding Ratio from time to time.
Primary Credit Facility. Lender agrees to make Advances to Borrower from the date of this Agreement to the Expiration Date, provided the aggregate amount of such Advances does not exceed the Borrowing Base. This facility is not a revolving line of credit, and thus, Borrower may not reborrow any amounts it pays or prepays under the credit facility.
Primary Credit Facility. The Borrowers will at all times use this Agreement as the Borrower's primary revolving credit agreement and will not at any time during the term of this Agreement permit that ratio of (a) the sum of the outstanding principal balance of the Loans plus the Maximum Drawing Amount to (b) the Total Commitment to be less than the corresponding ratio under any other revolving credit agreement maintained by any Borrower or any Guarantor, including CRC.