Unsecured Credit Facility Sample Clauses
An Unsecured Credit Facility is a lending arrangement in which a lender provides funds to a borrower without requiring collateral. In practice, this means the borrower can access credit based solely on their creditworthiness and financial standing, rather than pledging assets such as property or equipment. This type of facility is commonly used for working capital or general corporate purposes, and typically involves higher interest rates to compensate for the increased risk to the lender. Its core function is to offer flexible financing to borrowers who may not wish to encumber assets, while allowing lenders to extend credit based on trust and assessment of the borrower's ability to repay.
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Unsecured Credit Facility. The Credit Facility (including each Tranche thereof) will be unsecured and all present and future Indebtedness of the Borrower to the Agent and the Lenders under the Credit Facility will constitute at all times senior, unsecured Indebtedness of the Borrower ranking pari passu with all other senior, unsecured Indebtedness of the Borrower.
Unsecured Credit Facility. The Credit Facility and Guarantee Agreement will be unsecured and all present and future Indebtedness of the Borrower to the Agent and the Lenders under the Credit Facility and of the other Loan Parties under the Guarantee Agreement will constitute at all times senior, unsecured Indebtedness of the Borrower and the other Loan Parties, as applicable, ranking pari passu with all other senior, unsecured Indebtedness of the Borrower and the other Loan Parties, as applicable and which, for certainty, will include unsecured and unsubordinated indebtedness of the Borrower and the other Loan Parties, as applicable, under Hedging Agreements.
Unsecured Credit Facility. The Obligations shall be unsecured except (i) as provided in Section 5.2, (ii) for any setoff rights under this Agreement, and (iii) as provided in Section 2.9(d).