Retail Credit Agreement
1. Purpose
This Retail Credit Agreement (hereinafter referred to as the "Agreement") establishes the terms and conditions under which TechEssa, whose principal place of business is located at Little Rock, AR 72201 (hereinafter referred to as "Lender"), agrees to extend credit to Franz Davis, with residence or principal place of business located at Grand Rapids, MI 49501 (hereinafter referred to as "Borrower"). The purpose of this Agreement is to facilitate the purchase of retail goods by the Borrower from various retail establishments under the conditions specified herein.
2. Credit Facility
2.1. Credit Limit
The Lender agrees to establish a revolving credit limit of $660,000 in favor of the Borrower. The Borrower may utilize the credit facility up to the agreed limit to purchase retail goods.
2.2. Interest Rates
The outstanding balance shall bear interest at the rate of [Interest Rate]% per annum, calculated on a monthly basis. Interest charges will begin accruing as of the posting date of each transaction.
2.3. Repayment Terms
The Borrower agrees to make monthly payments towards the outstanding balance in amounts no less than 50% of the balance due. Payment is due on or before the November 8, 2090 of each month.
3. Borrower's Obligations
3.1. Use of Credit
The Borrower shall use the credit facility exclusively for the purchase of retail goods. The Borrower shall not use the credit for any purpose prohibited by applicable laws or regulations.
3.2. Representations and Warranties
The Borrower represents and warrants that all information provided to the Lender in connection with this Agreement is accurate and complete. The Borrower further warrants that they have the authority to enter into this Agreement.
4. Lender's Rights
4.1. Modification of Terms
The Lender reserves the right to modify the terms of this Agreement upon providing [Notice Period] days written notice to the Borrower. Such modifications may include changes to the interest rate, fees, and credit limit.
4.2. Termination of Agreement
The Lender may terminate this Agreement at any time upon providing written notice to the Borrower in the event of non-payment or any breach of the Agreement by the Borrower.
5. Dispute Resolution
Any disputes arising out of or in connection with this Agreement shall be subject to arbitration under the rules of [Arbitration Association]. The place of arbitration shall be [Location], and the language of arbitration shall be English.
6. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of [State/Country], without regard to its conflict of laws principles.
7. Entire Agreement
This Agreement constitutes the entire agreement between the Parties and supersedes all prior agreements, understandings, and representations, whether oral or written.
8. Signatures
IN WITNESS WHEREOF, the Parties hereto have executed this Retail Credit Agreement as of the August 6, 2085.
Party A:
Party B:
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