Clean up clause in WRD

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What is the clean-up provision of a loan?

The clean-up provision requires that the loan balance outstanding under the line of credit be reduced, usually to zero, for a period of time, usually one or two months, with some specified frequency, usually annually. Sometimes called an out of debt requirement.

What is an example of a clean-up clause?

Contractor shall keep the worksite clean and free from debris. At completion of work and prior to requesting final inspection, the Contractor shall remove all traces of waste materials and debris resulting from the work. Final payment will not be made if cleanup has not been performed.

What is an example of a cleanliness clause?

Heres a sample clause for such a requirement: CLEANING. The Tenant(s) is responsible for cleaning all areas of the Premises, including but not limited to, living room, dining room, kitchen, hallways, laundry room, bedrooms, closets, bathrooms, outdoor walkways, and parking spaces. How to Get Your Tenants to Clean Regularly - Apartments.com Apartments.com resources maintenance Apartments.com resources maintenance

What is the 30 day clean up provision on a line of credit?

The clean-up period is a specified period (usually 30 days) during the term of the loan in which the borrower is required to pay off the loan. While this requirement is becoming less common, it provides the branch with proof that the borrower is not dependent on the lender for permanent financing. Commercial Loans Section 3050.1 - Federal Reserve Board Federal Reserve Board supmanual usbranches Federal Reserve Board supmanual usbranches

What is a clean up clause?

A cleanup clause is a contractual provision in a loan agreement which provides that all loans must be repaid within a specified period, after which no further loans will be made available to the debtor for a specified cleanup period. It may also refer to revolving line of credit. Cleanup clause - Wikipedia Wikipedia wiki Cleanupclause Wikipedia wiki Cleanupclause

What is the clean-up clause on a revolving loan?

A business that carries a clean-up clause on its revolving loan will have to periodically keep that balance at zero for a certain period of time. That means, money that could be used to help grow the business will have to go to pay down any outstanding debt on the loan, which would slow business growth.

What is an example sentence with clean up?

Examples from Collins dictionaries Nina and Mary were in the kitchen, cleaning up after dinner. Under pressure from the public, many regional governments cleaned up their beaches. After years of neglect and decline the city was cleaning itself up. Since then, the authorities have tried to clean up the sport. Examples of CLEAN UP in a sentence - Collins Dictionary Collins Dictionary sentences english Collins Dictionary sentences english

What is a clean-up clause?

A cleanup clause is a contractual provision in a loan agreement which provides that all loans must be repaid within a specified period, after which no further loans will be made available to the debtor for a specified cleanup period. It may also refer to revolving line of credit.

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