Bank Credit

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Bank Credit

The total amount an individual may borrow from all banks. For example, suppose there are only three banks that will lend to a certain person. If that person can borrow $1,000 from the first, and $2,000 from each of the other two, her total bank credit is $5,000.
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If LTC is not able to renew the bank credits it may be forced to seek the remedies previously disclosed.
While LTC believes they have an agreement in principle with the Administrative Agent bank and the other bank lenders regarding the terms and conditions of a new credit, no assurances can be given that all nine bank credit committees will approve the new credit or that a final agreement will be reached as the proposed credit is documented.