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Committed Facility |
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Committed Facility A credit facility whereby terms and conditions are clearly defined by the lending institution and imposed upon the borrowing company. Notes: In committed facilities, the borrowing companies must meet specific requirements set forth by the lending institution in order to receive the stated funds. |
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It is a two year committed facility which will mature on January 31, 2009. Advances on the committed facility are secured by the company's ownership interest in the residual cash flows from the securitized loans held for investment. Borrowings under the five-year, committed facility will be available for working capital requirements and general corporate purposes, including capital expenditures and to replace borrowings under Apogee's previously existing $125 million unsecured, revolving credit facility, which was terminated upon closing of the new facility. |
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Committed Facility
