Common Contracts
1 similar Credit Agreement contracts
Administrative Line of Credit Agreement Terms and ConditionsCredit Agreement • July 20th, 2022
Parties. City of Hamilton (the “City”) and the Hamilton Tourism Development Corporation (the “Borrower”). The Borrower has applied to the City for a Line of Credit to provide funds for the administration operations of the Borrower. Purpose. The loan is being made to the Borrower relating to the financing of administration expenses of the Borrower. Expense examples include bookkeeping services, fees (e.g. banking, audit, insurance), computer software, and other supplies. Terms Loan Amount. The City will make available to the Borrower up to Two Hundred and Fifty Thousand Dollars ($250,000 CAN) by way of advances. Advances. Advances will be made from the available funding, on an as required basis. Closing Date. Closing Date means the date the agreement is fully executed; projected to be on or before December 31, 2022. Interest. The Borrower will pay interest on the outstanding principal amount of the loan advanced from time to time at a rate of interest per annum equal to 5.25% plus a 0.2
