Pennsylvania 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 Pennsylvania Credit Agreement regarding extension of credit is a legal document that outlines the terms and conditions under which a lender agrees to extend credit to a borrower. This agreement is crucial as it ensures both parties understand their rights and obligations when it comes to borrowing and lending money. It establishes a framework for the lending relationship and provides clarity on key aspects such as interest rates, repayment terms, and penalties for default. In Pennsylvania, there are different types of credit agreements that can be used to extend credit. Some common types include: 1. Revolving Credit Agreement: This type of agreement allows the borrower to have a predetermined credit limit, which can be borrowed and repaid multiple times within a specified period. The borrower has the flexibility to draw funds as needed and is only required to make payments based on the utilized amount. 2. Installment Credit Agreement: This agreement involves borrowing a fixed amount of money, which is repaid through equal monthly installments over a set period. The interest rate and repayment duration are agreed upon upfront, providing the borrower with a clear timeline for full repayment. 3. Line of Credit Agreement: This type of credit agreement establishes a maximum borrowing limit, but the borrower has the flexibility to draw funds as needed. Interest is charged only on the borrowed amount, and the borrower can repay and borrow again within the predetermined limit during the agreement term. 4. Secured Credit Agreement: In this agreement, the borrower pledges collateral (such as property or assets) to secure the loan. Collateral provides the lender with a means of recovering their money if the borrower defaults. This agreement typically offers lower interest rates due to reduced risk for the lender. In all Pennsylvania Credit Agreements regarding extension of credit, it is important to include essential details such as the parties involved, the amount of credit to be extended, the interest rate, the repayment schedule, and any applicable fees or penalties for late payment or default. The agreement should also outline the conditions under which the lender can terminate the credit agreement and the borrower's rights to prepayment or early termination. Overall, a Pennsylvania Credit Agreement regarding extension of credit is a legally binding contract that protects the rights and interests of both the borrower and the lender, ensuring transparency and clarity throughout the lending process.

Pennsylvania Credit Agreement regarding extension of credit is a legal document that outlines the terms and conditions under which a lender agrees to extend credit to a borrower. This agreement is crucial as it ensures both parties understand their rights and obligations when it comes to borrowing and lending money. It establishes a framework for the lending relationship and provides clarity on key aspects such as interest rates, repayment terms, and penalties for default. In Pennsylvania, there are different types of credit agreements that can be used to extend credit. Some common types include: 1. Revolving Credit Agreement: This type of agreement allows the borrower to have a predetermined credit limit, which can be borrowed and repaid multiple times within a specified period. The borrower has the flexibility to draw funds as needed and is only required to make payments based on the utilized amount. 2. Installment Credit Agreement: This agreement involves borrowing a fixed amount of money, which is repaid through equal monthly installments over a set period. The interest rate and repayment duration are agreed upon upfront, providing the borrower with a clear timeline for full repayment. 3. Line of Credit Agreement: This type of credit agreement establishes a maximum borrowing limit, but the borrower has the flexibility to draw funds as needed. Interest is charged only on the borrowed amount, and the borrower can repay and borrow again within the predetermined limit during the agreement term. 4. Secured Credit Agreement: In this agreement, the borrower pledges collateral (such as property or assets) to secure the loan. Collateral provides the lender with a means of recovering their money if the borrower defaults. This agreement typically offers lower interest rates due to reduced risk for the lender. In all Pennsylvania Credit Agreements regarding extension of credit, it is important to include essential details such as the parties involved, the amount of credit to be extended, the interest rate, the repayment schedule, and any applicable fees or penalties for late payment or default. The agreement should also outline the conditions under which the lender can terminate the credit agreement and the borrower's rights to prepayment or early termination. Overall, a Pennsylvania Credit Agreement regarding extension of credit is a legally binding contract that protects the rights and interests of both the borrower and the lender, ensuring transparency and clarity throughout the lending process.