Common use of Purpose of Credit Facility Clause in Contracts

Purpose of Credit Facility. It is acknowledged that the Credit Facility provides an alternative to the Security Cover referred to in paragraph 15.1.2 and the Pool Funds Administrator will use the Credit Facility to cover banking error and payment error and to minimise reductions of payments to Pool Creditors unless it considers in good faith that an amount in default is not likely to be remedied by the non-paying Pool Debtor no later than the next Business Day.

Purpose of Credit Facility. It is acknowledged that the Credit Facility provides an alternative to the Security Cover referred to in paragraph 15.1.2 and the Pool Funds Administrator will use the Credit Facility to cover banking error and payment error and to minimise reductions of payments to Pool Creditors unless it considers in good faith that an amount Amount in default Default is not likely to be remedied by the nonNon-paying Pool Debtor no later than the next Business Day.

Purpose of Credit Facility. It is acknowledged that the Credit Facility provides an alternative to the Security Cover referred to in paragraph 15.1.2 and the Pool Funds Administrator will use the Credit Facility to cover banking error and payment error and to minimise minimize reductions of payments to Pool Creditors unless it considers consider in good faith that an amount in default is not likely to be remedied by the non-paying Pool Debtor no later than the next Business Day.