New York Credit Agreement regarding extension of credit

• Category: Corporations - Public - Credit
• State: Multi-State
• Control #: US-EG-9453
• Format: Word; Rich Text

Description

Credit Agreement among Citadel Broadcasting Company, Citadel Communications Corporation, Certain Lenders, Credit Suisse First Boston, Finova Capital Corporation, first Union National Bank and Fleet National Bank regarding extension of credit in various New York Credit Agreement is a legal document that sets out the terms and conditions for extending credit between a lender and a borrower in the state of New York. It serves as a contract, outlining the rights and obligations of both parties involved in a credit transaction. The agreement typically includes comprehensive details such as the loan amount, interest rate, repayment terms, and any collateral or guarantees provided by the borrower. Moreover, it specifies the rights and remedies available to both parties in case of default or breach of the agreement. There are various types of New York Credit Agreements regarding the extension of credit based on the specific needs and circumstances of the parties involved. Some common types include: 1. Revolving Credit Agreement: This type of credit agreement establishes a pre-approved credit line that the borrower can access repeatedly. It allows them to borrow, repay, and borrow again up to a set credit limit, providing flexibility in managing their financing needs. 2. Term Loan Credit Agreement: A term loan credit agreement is used when a lender provides a fixed amount of money to the borrower, which is then repaid over a predetermined period. It generally consists of regular repayments of principal along with accrued interest. 3. Syndicated Credit Agreement: A syndicated credit agreement involves a group of lenders, referred to as a syndicate, who jointly provide credit to a borrower. This agreement allows for larger loan amounts than a single lender could provide alone, and each lender has a proportional share of the loan. 4. Secured Credit Agreement: In a secured credit agreement, the borrower pledges specific assets or collateral to the lender as security for the loan. If the borrower defaults, the lender has the right to seize and sell the collateral to recover their money. 5. Unsecured Credit Agreement: Unlike a secured credit agreement, an unsecured credit agreement does not require collateral. In this case, the lender relies solely on the borrower's creditworthiness when extending credit, making it a riskier proposition for the lender. New York Credit Agreements are crucial in protecting the rights and interests of both borrowers and lenders. It is essential for all parties involved to review and understand the terms and conditions before entering into such an agreement to ensure a mutually beneficial and secure credit arrangement.

New York Credit Agreement is a legal document that sets out the terms and conditions for extending credit between a lender and a borrower in the state of New York. It serves as a contract, outlining the rights and obligations of both parties involved in a credit transaction. The agreement typically includes comprehensive details such as the loan amount, interest rate, repayment terms, and any collateral or guarantees provided by the borrower. Moreover, it specifies the rights and remedies available to both parties in case of default or breach of the agreement. There are various types of New York Credit Agreements regarding the extension of credit based on the specific needs and circumstances of the parties involved. Some common types include: 1. Revolving Credit Agreement: This type of credit agreement establishes a pre-approved credit line that the borrower can access repeatedly. It allows them to borrow, repay, and borrow again up to a set credit limit, providing flexibility in managing their financing needs. 2. Term Loan Credit Agreement: A term loan credit agreement is used when a lender provides a fixed amount of money to the borrower, which is then repaid over a predetermined period. It generally consists of regular repayments of principal along with accrued interest. 3. Syndicated Credit Agreement: A syndicated credit agreement involves a group of lenders, referred to as a syndicate, who jointly provide credit to a borrower. This agreement allows for larger loan amounts than a single lender could provide alone, and each lender has a proportional share of the loan. 4. Secured Credit Agreement: In a secured credit agreement, the borrower pledges specific assets or collateral to the lender as security for the loan. If the borrower defaults, the lender has the right to seize and sell the collateral to recover their money. 5. Unsecured Credit Agreement: Unlike a secured credit agreement, an unsecured credit agreement does not require collateral. In this case, the lender relies solely on the borrower's creditworthiness when extending credit, making it a riskier proposition for the lender. New York Credit Agreements are crucial in protecting the rights and interests of both borrowers and lenders. It is essential for all parties involved to review and understand the terms and conditions before entering into such an agreement to ensure a mutually beneficial and secure credit arrangement.