Trade Financing Credit Agreement
Introduction
This Trade Financing Credit Agreement ("Agreement") is entered into by and between the following parties, collectively referred to as "the Parties":
Party A: GoWorld, with its principal office located at Tampa, FL 33601
; and
Party B: GraceSpace, with its principal office located at Jersey City, NJ 07302.
Recitals
WHEREAS, Party A is engaged in the business of [describe business], and Party B is a financial institution providing trade financing services;
WHEREAS, Party A desires to obtain trade financing from Party B under the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the Parties agree as follows:
Definitions
Trade Financing
"Trade Financing" means the provision of credit by Party B to Party A for the purpose of facilitating international or domestic trade transactions.
Credit Limit
"Credit Limit" means the maximum amount of credit that Party B may extend to Party A under this Agreement.
Terms and Conditions
Credit Limit
The Parties hereby agree that the Credit Limit provided to Party A by Party B under this Agreement shall not exceed five hundred thousand dollars at any given time.
Interest Rate
The interest rate applicable to the Trade Financing provided under this Agreement shall be 5% per annum, calculated on a monthly basis.
Repayment Terms
Party A agrees to repay all amounts borrowed under this Agreement, including any accrued interest, on or before June 28, 2098.
Obligations of the Parties
Obligations of Party A
Party A shall use the Trade Financing exclusively for the purpose of facilitating trade transactions and shall comply with all applicable laws and regulations.
Obligations of Party B
Party B agrees to provide trade financing to Party A up to the Credit Limit and under the terms and conditions specified in this Agreement.
Events of Default
An Event of Default shall occur if Party A fails to make any payment due under this Agreement or breaches any other obligation herein.
Governing Law
This Agreement shall be governed by and construed in accordance with the laws of Florida, without giving effect to its conflict of laws principles.
Amendments
No amendment or modification of this Agreement shall be valid unless made in writing and signed by both Parties.
Signatures
IN WITNESS WHEREOF, the Parties hereto have executed this Trade Financing Credit Agreement as of the date first written above.
Party A:
Party B:
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