Incidental Credit Agreement
This Incidental Credit Agreement ("Agreement") is made and entered into as of the 18th day of July, 2081, by and between ApexCorp, having its principal place of business at Arlington, TX 76001 ("Creditor"), and Beverly Haley, having its principal place of business at Buffalo, NY 14201 ("Debtor").
1. Purpose
The purpose of this Agreement is to establish the terms and conditions under which the Creditor will extend incidental credit to the Debtor. This Agreement sets out the rights and obligations of each party in connection with such credit extension.
2. Definitions
In this Agreement, unless the context otherwise requires, the following terms shall have the meanings ascribed to them herein:
2.1 "Credit Limit"
Refers to the maximum amount of credit that the Creditor agrees to extend to the Debtor under the terms of this Agreement.
2.2 "Interest Rate"
Means the annual percentage rate of interest applicable to any outstanding balances under this Agreement.
2.3 "Due Date"
The date on which payment is due from the Debtor, as specified in the statement of account provided by the Creditor.
3. Credit Limit
The Creditor agrees to extend to the Debtor a credit line not exceeding $800,000 ("Credit Limit"). The Debtor agrees not to exceed this limit in any event without the Creditor's prior written approval.
4. Terms of Payment
The Debtor is required to make payments on or before the Due Date specified by the Creditor. Any amounts not paid by the Due Date shall accrue interest at the Interest Rate.
5. Interest Rate
The Interest Rate applicable to this Agreement shall be 2.6% per annum, calculated on the basis of a 365-day year.
6. Default
In the event of a default by the Debtor, the Creditor reserves the right to demand immediate payment of all outstanding balances, including any incurred interest, legal fees, and related costs.
7. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of Texas.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.
Signatures
Party A:
Party B:
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