Purpose Credit definition

Purpose Credit has the meaning ascribed to it in Regulation U of the Board of Governors of the Federal Reserve System.

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Purpose Credit and "Margin Stock", shall have the same meaning set forth in Regulation U and X of the Board of Governors of the Federal Reserve System of the United States of America.

Purpose Credit. The meaning specified in Regulation U.

Examples of Purpose Credit in a sentence

• The credit extended under this Agreement does not constitute "Purpose Credit" within the meaning of the FRB's Margin Regulations.

• No Borrower will use any of the proceeds hereunder, directly or indirectly, to purchase or carry, or to reduce or retire any indebtedness that was originally incurred to purchase or carry, any Margin Stock or for any other purpose that might constitute the transactions contemplated hereby as a "Purpose Credit" within the meaning of the FRB's Margin Regulations.

• None of the proceeds of the credit secured hereby shall be used directly or indirectly for the purpose of purchasing or carrying any margin stock in violation of any of the provisions of Regulation U of the Board of Governors of the Federal Reserve System ("Regulation U"), or for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry margin stock or for any other purchase which might render the Loan a "Purpose Credit" within the meaning of Regulation U.

• None of the proceeds from the Facility will be used for the purpose of purchasing or carrying directly or indirectly margin stock or for any other purpose that would constitute this transaction a "Purpose Credit" within the meaning of Regulations U and X of the Board of Governors of the Federal Reserves System, as any of them may be amended from time to time.

• Notwithstanding anything to the contrary in this Agreement and to the extent applicable, no liabilities or obligations the Client has arising out of or constituting Purpose Credit shall be secured by, and the Custodian shall have no lien upon, any Margin Stock, and any such lien or security interest being hereby expressly disclaimed by the Custodian.

• The Purpose Credit Stock Options shall not constitute collateral or other direct or indirect security for the repayment of this Note.

• No Stock Options other than the Purpose Credit Stock Options shall constitute collateral or other direct or indirect security for this Guaranty or the repayment of the Note.

• None of the proceeds of the Advances or Letters of Credit will be used, or have been used, directly or indirectly, for the purpose of reducing or retiring any Debt which was originally incurred to purchase or carry any margin security or for any other purpose which might constitute any of the Advances a "Purpose Credit" within the meaning of said Regulation U or Regulations G or X of the Federal Reserve Board.

• Notwithstanding anything to the contrary contained herein, the Borrower will not, and will not permit any Subsidiary to, create, assume or incur any Purpose Credit other than the Loans made under this Agreement.

• None of the proceeds of the credit secured hereby shall be used directly or indirectly for the purpose of purchasing or carrying any margin stock in violation of any of the provisions of Regulation U of the Board of Governors of the Federal Reserve System ("Regulation U"), or for the purpose of reducing or retiring any indebtedness which was originally Incurred to purchase or carry margin stock or for any other purchase which might render the Loan a "Purpose Credit" within the meaning of Regulation U.

More Definitions of Purpose Credit

Purpose Credit as defined in Regulation U. “Reducing Percentage Lender” — each then existing Lender immediately prior to giving effect to a Commitment Increase, which Lender shall not increase its respective Commitment in connection with such Commitment Increase (with the result that the relative percentage of the aggregate total Commitments of such Lender shall be reduced after giving effect to such Commitment Increase).

Purpose Credit means credit for the purpose of: (1) Buying, carrying, or trading in securities; or

Purpose Credit secured "directly or indirectly" as defined in Regulation U by Margin Stock or (b) sell, transfer or otherwise dispose of any of its assets (other than as permitted in clauses (a)-(d) of Section 9.4 of the Revolving Credit Agreement), unless in the case of both clauses (a) and (b) the Administrative Agent shall have been given at least 10 days' prior written notice thereof and either:

Purpose Credit shall have the meanings ascribed to those phrases in Section 221.2 of Regulation U; (iii) "EXCESS PORTION OF MARGIN STOCK" means that portion of the margin stock directly or indirectly owned by the Company (and, where the value of all margin stock so owned by the Company exceeds the Regulation U Limit, the Company shall promptly identify to the Agent the particular shares from among them which shall be included in such portion exceeding the Regulation U Limit) that has a value, when added to the value all other margin stock indirectly securing the credit extended under this Agreement, that would cause the total value of the margin stock indirectly securing the credit to exceed the Regulation U Limit; and (iv) "REGULATION U LIMIT" means that amount equal to twenty-five (25%) of the value of the Company's properties or assets that are then subject to any restriction in this Agreement on the disposition thereof or the creation of Liens thereon.

Purpose Credit shall have the meanings ascribed to those phrases in Section 221.2 of Regulation U; (iii) "Excess Portion of margin stock" means that portion of the margin stock directly or indirectly owned by the Company (and, where the value of all margin